The Actuary July 2015 by Redactive Media Group

JULY 2015 theactuary.com

Interview: Fiona Morrison

The magazine of the actuarial profession

IFoA president on gender balance and aims for the year

Health and care Around the world with m-Health

Finance There’s no such thing as free banking

International issue Meet budding actuaries from around the globe

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People are inherently optimistic. But our job is to keep our eye on the tail of the curve. Our independence drives everything we do—without conﬂicts, we only deliver what the client needs, rather than what they want to hear. Still, if the goals are long-term solutions, there is no other way. uk.milliman.com

THE ACTUARY • May 2013 www.theactuary.com

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JULY 2015

Contents

33 20 UP FRONT 9

SIAS events

10 IFoA news 14 People/society news

OPINION 5

Editorial Kelvin Chamunorwa on possibilities for actuaries on the world stage

Letters Pensions freedom, derivative misselling and actuarial pioneers

President’s comment New president Fiona Morrison sets out her priorities for the year ahead

Soapbox Eurozone interest rates are proving to be a challenge, says Cathal Rabbitte

FEATURES

“There are significant opportunities for actuaries, risk consultants and others in the financial services industry looking for frontier markets to enter”

20 Business skills: Don’t crash and burn Social media must become a part of the DNA of all communications, says Mairi Mallon

22 Modelling: Data analytics at Qantas Hugh Miller reﬂects on the explosion of interest in analytics across industries

24 Finance: Free banking Garry Smith considers free banking and asks whether it provides transparency

26 m-Health: Remote access

REGULARS 29 Student Jessica Elkin gives a rundown of the most famous, and infamous, actuaries

30 Puzzles Try the latest cryptic crossword and Mensa puzzles, plus solutions

44 Spotlight Making life-changing decisions on the roll of a dice, Darryl Boulton speculates

Lisa Morgan and John Rogers look at how mobile technology can improve on healthcare delivery

34 International: A world to gain Derek Cribb examines the threats and opportunities facing the actuarial profession on a global scale

36 Commonwealth: On the move Global employment means actuaries must be aware of frequent changes in immigration rules. Tim McMahon reports

INTERNATIONAL ISSUE www.theactuary.com international actuary presents a snapshot of budding actuaries and topical issues from around the world

38 Pensions: Making great strides Matthew Seymour compares pension risk management in the US vs the UK

16 Interview: Fiona Morrison The new president of the IFoA meets The Actuary’s editor to discuss gender balance and her goal to ‘promote’

MORE CONTENT ONLINE Additional content can be found at www.theactuary.com

COVER: VINCE FRASER

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42 Risk: Nigeria calling Laura Llewellyn-Jones describes living and working as an actuary in Nigeria

WRITER OF THE MONTH Hugh Miller wins a £50 book token for his feature on data analytics, courtesy of SIAS

July 2015 • THE ACTUARY www.theactuary.com

24/06/2015 09:31

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©2015 SunGard. Trademark Information: SunGard, and the SunGard logo are trademarks or registered trademarks of SunGard or its subsidiaries THE ACTUARY • May 2013 in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. www.theactuary.com

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Opinion Editorial theactuary.com

Publisher Redactive Media Group 17-18 Britton Street, London EC1M 5TP +44 (0)20 7880 6200 Publishing director Joanna Marsh Sub-editors Kathryn Manning Caroline Taylor News editor Will Green +44 (0)20 7324 2742 will.green@redactive.co.uk News reporter Cintia Cheong +44 (0)20 7324 2743 cintia.cheong@theactuary.com Digital assistant Tania Forrester tania.forrester@redactive.co.uk Display sales executive Vlad Harmanescu +44 (0)20 7324 2726 vlad@redactive.co.uk Senior recruitment sales executive Emmanuel Nettey +44 (0)20 7880 6234 emmanuel.nettey@redactive.co.uk

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Internet The Actuary: www.theactuary.com Staple Inn Actuarial Society: www.sias.org.uk Institute and Faculty of Actuaries: www.actuaries.org.uk Managing editor Sharon Maguire +44 (0)20 7880 6246 sharon.maguire@redactive.co.uk Editor Kelvin Chamunorwa editor@theactuary.com Features editors Contact: features@theactuary.com Jeremy Lee, pensions, investment, ERM, banking

Richard Schneider, life, Solvency II, mortality/longevity, modelling and software Helen Lau, GI, reinsurance, environment, careers Gemma Gregson, pensions, GI People/society news editor Yvonne Wan social@theactuary.com Student page editor Jessica Elkin student@theactuary.com Arts page arts@theactuary.com

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IFoA news editor Alison Jiggins +44 (0)20 7632 2172 alison.jiggins@actuaries.org.uk

Print William Gibbons

Kelvin Chamunorwa considers developments across the world and the possibilities for actuaries

Richard Purcell, life, health and care

Senior designer Gene Cornelius

Production executive Rachel Young +44 (0)20 7880 6209 rachel.young@redactive.co.uk

Out of bounds

SIAS representative Mark Gorman Editorial advisory panel Peter Tompkins (chairman), Naomi Burger, David Campbell, Matthew Edwards, Martin Lunnon, Sherdin Omar, Nick Silver, Andrew Smith

Circulation 25,331 (July 2013 to June 2014)

Subscriptions For subscriptions from outside the actuarial profession, UK: £95 per annum. Europe: £125 per annum, rest of the world: £150 per annum. Contact: Alison Jiggins, The Institute and Faculty of Actuaries, 7th floor, Holborn Gate, 326-330 High Holborn, London WC1V 7PP. T +44 (0)20 7632 2100 E alison.jiggins@actuaries.org. uk. Students on actuarial science courses may join and they will receive The Actuary as part of their membership. Apply to: Membership Department, The Institute and Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. T +44 (0)131 240 1325 E membership@actuaries.org.uk Changes of address should inform the membership department as above. For delivery queries, contact: Rachel Young E rachel.young@redactive.co.uk Published by the Staple Inn Actuarial Society The editor, The Institute and Faculty of Actuaries and Staple Inn Actuarial Society are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the copyright owners. While every effort is made to ensure the accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein. Important information for contributors to The Actuary By submitting content for publication you confirm that: (a) You (and/or other named contributors) are the sole author(s) of the content submitted; (b) The content you submit is original and has not previously been published (unless you specifically advise us to the contrary); (c) You haven’t previously licensed the use of the content you submit; (d) So far as you are aware, the content submitted will not infringe any third-party rights, be defamatory or in any way illegal. © SIAS July 2015 All rights reserved ISSN 0960-457X

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The global financial crisis changed the course of the economy, with some commentators expecting a ‘new normal’ of sustained low growth. It has certainly been interesting to observe the adjustments policymakers, business and the public have had to make post-crisis. Surprisingly though, in the West, Europe has only just arrived to the quantitative easing (QE) party, as others are leaving. QE in the Eurozone has been part of the reason for negative sovereign bond yields recently, as actuary Cathal Rabbitte suggests in his article. The negative yield phenomenon defies convention around the time value of money. Rabbitte discusses the difficulties this causes for actuaries in capital allocation and valuing loss reserves (see p8). In this special issue of The Actuary, which has an international focus, we include other articles that look at interesting developments in other parts of the world. The implications of some of these trends demonstrate increasing possibilities for actuaries in grappling with the issues. Lisa Morgan and John Rogers look at the advent of m-Health in Africa and telehealth in the US. Mobile devices have been a boon to healthcare delivery in physically hard-to-reach areas. Morgan and Rogers describe how the benefit to the public, providers and insurers of these technological developments is not only access, but much more far-reaching (see p26). Moving geographically east, Hugh Miller, a consulting actuary in Australia, describes his data analytics work for Qantas Airways’ loyalty programme and the value it creates. He argues that although actuaries face stiff competition from others in this area, we have particular strong points. Our combination of technical skills, business insight and integrity can be applied to data analytics in any industry where there is a lot of data and decisions have longer term implications (see p22). Fiona Morrison, new president of the IFoA, shares a similar optimism for our profession during her interview. Morrison points to the wide range of possibilities for areas in which actuaries can have valuable input (p16). The articles in this edition amply testify to this view.

“Our combination of technical skills, business insight and integrity can be applied to data analytics in any industry”

Kelvin Chamunorwa Editor

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Opinion Letters to the editor editor@theactuary.com

Derivative mis-selling

Have your say online

More comments are posted online about news stories published on www.theactuary.com.

Pensions freedom for all? Since 6 April this year, providers of money purchase arrangements in the UK have been able to offer much greater flexibility in how benefits can be taken. But how has the industry reacted? The Association of British Insurers claims that the vast majority of customers have been able to access their pension pots (News, 11 June, bit.ly/1MLJiLL). My own research suggests otherwise, with many firms not prepared to offer uncrystallised funds pension lump sums (UFPLS). A typical reaction has been: “No, we are not providing that flexibility within your existing contract, as we are not required to do so by legislation. But if you would like to transfer to our more expensive plan...”. The personal money pages in the press have been full of letters from people complaining they are being denied access to the new freedoms, or that they come only at a price. Some insurers and trustees may be concerned about potential lawsuits from customers mis-spending their pensions pots, and there may be a problem for trustees of occupational money purchase schemes, but it is not the industry’s role to frustrate the wishes of parliament. The figures recently quoted by the chancellor of 60,000 people withdrawing £1bn suggests that either pensioners are exercising their new freedom sensibly, or are being prevented from doing so. Those figures are unlikely to result in much of an increase in Lamborghini sales. I would urge actuaries to encourage the industry to make the new flexibility available to all pensions customers at a reasonable cost. These days, the cost of making a payment, recording it and advising HMRC should be minimal. It is unacceptable to force customers to switch into significantly more expensive products in order to access new freedoms. The new pensions minister is reluctant to take action just yet, but unless the industry shows willingness, legislation may be the only course, unless naming and shaming has any effect. I will refrain from doing so here myself, but would mention one notable exception. Equitable Life, much maligned in the past, responded to me before the April date with all necessary details and forms for me to complete for taking flexible benefits. Much of the rest of the industry has some catching up to do, but is the new regime really that difficult to administer? Should it be regarded, as the Association of Consulting Actuaries suggests, as one of the industry’s “biggest challenges”? Tim Sheldon 18 June

MORE LETTERS ONLINE More letters are available online at www.theactuary.com/opinion

I endorse the view of Peter Crowley in his article An Ethical Question (bit.ly/1KNOePb), that actuaries can understand derivatives and the complex analysis required to determine mis-selling and quantify appropriate compensation. I can add to the debate that he asks for in two respects. Businesses deprived of cash, through selling of derivatives that do not correctly address the risks to which the businesses are subject, can suffer all sorts of detriment including, in some cases, the need to close down, causing losses to creditors and owners. The analysis of such situations is complex and actuaries have the ability to identify the key issues. Obviously, there are other professionals in the area, but an actuary is probably better placed than most to get the big picture and pass that onto others to act on. Sometimes court action cannot be avoided. Until 2014, solicitors had a monopoly for conducting litigation, but parliament’s wish to expand the choices available to consumers and businesses means that actuarial firms can now run cases in their own area of expertise – financial claims. Actuaries can identify the compliance failures, determine causation and quantify loss and instruct barristers to produce the court documents. This is an efficient and effective approach. Roger Grenville-Jones 17 June

Actuarial pioneers The editorial in the May issue of The Actuary mentions William Morgan as the first modern-day actuary. He has competition for that honour – the Church of Scotland Widows’ and Orphans’ Fund was set up in the 1740s on an actuarial basis and was “with profits” in the sense that the annuities were “subject to diminution or augmentation, according to the state of the assets and liabilities, actual and contingent”. A history of the fund was published to commemorate its 200th anniversary. Disclosure – I was briefly a beneficiary of the fund in the 1950s. John (Iain) Ross 10 June

Game of chance We can get a random number by throwing some dice. We can get a random answer to a yes/no question by tossing a coin. But beyond these trivial things, randomness is serious business. When a lottery winner is picked you want to make sure that the number picked is truly random. As the mathematician Robert Coveyou once said: “Random number generation is too important to be left to chance.” Brian A Jones 15 June

The editor welcomes readers’ letters but reserves the right to edit them for publication. Please email editor@theactuary.com. The deadline for receiving letters for the August issue is 17 July 2015.

THE ACTUARY • July 2015 www.theactuary.com

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24/06/2015 09:32

›

Opinion President’s comment

Fiona Morrison is the president of the Institute and Faculty of Actuaries

FIONA MORRISON

A worthy promotion I have read this column avidly over the years, never thinking that I would find myself penning it as president of the IFoA. I am delighted that my fellow Council members have given me this great honour and privilege. To be president of the IFoA is, for me, the pinnacle of my actuarial career. So I would like to thank Council for putting their trust in me, and thank my fellow partners at Lane Clark & Peacock for supporting me in taking up this opportunity of a lifetime. While I am filled with huge excitement about the year ahead, the enormity of what I am taking on is slowly starting to sink in, conscious that I am following in the footsteps of some great names in actuarial science. I have some big shoes to fill in taking over from Nick Salter, and I would like to thank him personally for championing diversity during his presidency. In promoting this issue, he took a bold and important step, grasping the key points, showing how and why it is vitally important for our profession to embrace diversity if we are to remain relevant and sustainable in the long term. As the second female president, this is also close to my heart; but gender diversity is just one element. I will continue to encourage and foster all forms of diversity within our profession, building on the excellent work that our past-president kicked off. It is important that there is continuity between the presidential themes, so that the seeds sown in previous years are encouraged to flourish and grow rather than wither on the vine. That is why I have decided to focus on ‘promote’ during my presidential year. I naturally gravitated to this, as it is a key element of our Royal Charter, which states: “The objects of the Institute and Faculty shall be, in the public interest, to advance all matters relevant to actuarial science and its application and to regulate and promote the actuarial profession.” As actuaries, we have skills, knowledge and insight relevant to businesses, governments and policymakers in both developed and emerging economies. Serving the public interest, as we do, gives us a great opportunity to do good things. Highlighting and promoting what we are good at supports the foundations laid by the most recent past presidents, David Hare and Nick Salter, who

In her inaugural column, the new president of the IFoA, Fiona Morrison, sets out her goals and priorities for the year ahead focused on ‘relevance’ and ‘diversity’ respectively. Promotion of who we are and what we can do as actuaries is critical, not just for our futures, but more fundamentally, for the long-term sustainability of the profession for the future generations of actuaries and the businesses and societies they will serve. During my presidency, I will be looking to undertake a series of activities, and identify opportunities, that promote the actuarial skill set and the beneﬁt it can bring to the business world, particularly in new and fast-growing industries that have not traditionally attracted large numbers of actuaries. I will also support members in acquiring new skills to aid their personal development and help them reach their true potential at whatever stage of their careers. But it’s not just our technical skill set that I want to promote. As someone who has volunteered for the profession for a number of years, I am passionate about regulation. What sets us apart is the rigour and quality regulation brings. This is something we should not only be proud of but should also promote. It is clear to me that the beneﬁts of

good regulation will open doors, rather than close them, by making our members sought-after because of our ethical standards and the professionalism that underpins everything we do. In a highly competitive environment, we need to promote the beneﬁts to business of our quality standards, ethical code, professionalism and regulatory oversight. It diﬀerentiates actuaries from others working in aligned spaces. It’s better for business, customers and clients, and that makes it better for actuaries. I am really looking forward to this year as your president and to meeting as many of you as possible. It’s going to be such a rewarding experience to do all I can to promote the actuarial skill set and build on the excellent work of my predecessors. This is something I’ll continue to do even after my year as president and I hope you will do so too. If we all work together, we can ensure that actuaries and actuarial skills remain valuable and desirable for solving the challenges that business, government and society face today, and in the future. a ● See interview, page 16

“During my presidency, I will be looking to undertake activities, and identify opportunities, that promote the actuarial skill set”

July 2015 • THE ACTUARY www.theactuary.com

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24/06/2015 13:18

›

Opinion Soapbox

CATHAL RABBITTE

Negative thinking The Eurozone crisis continues to morph in surprising ways. Goldman Sachs revealed on 14 April that over €2trn of outstanding Eurozone sovereign debt now has a negative yield. Previously restricted to theories in arcane economic textbooks, this may be one of the fastest growing asset classes in Eurozone finance. A mutant version of the common or garden sovereign bond, negative yield sovereign bonds are defined by what they don’t do – deliver a positive yield. Investment in these instruments involves losing money in the name of security. While certain investors may talk about potential currency upside, it looks very much like deleveraging. One company may be able to do it but the whole system cannot gain the benefit. Negative yields appear to be the end of growth illusions in the Eurozone. Klaus Regling of the European Stability Mechanism recently told a banking inquiry in Dublin that the design of the monetary union in 1988 was incomplete and that EU rescue funds were not included in the system as its designers did not believe a Eurozone member would lose market access. Underestimating tail risk has been a hallmark of the global financial system since well before 2007. The Eurozone is no exception – it does not have the regulatory infrastructure to deal with failed banks or debt deflation. Within the Eurozone there is no sharing of economic risk between countries. Neither is there any convergence of economic interests. Economic and political pressures are downplayed until they explode at times of crisis. The current Greek crisis is the third in five years – proof of the inadequacy of the design of the Eurozone. Bogus Greek deals have bought time but nothing else.

Into difficulties The emerging pattern of ineffective muddlethrough, the recurrent eruption of crisis and the impact of quantitative easing in pushing down yields has driven the growth of negative yield Eurozone sovereigns. The phenomenon has also reached the neighbours. In April, Swiss National Bank sold CHF232.51m of 10-year bonds to investors with a yield of minus 0.055%. For local insurance and reinsurance companies, negative yields are head-wrecking. Effective capital allocation becomes very difficult. Customers expect to be paid interest for money invested.

Eurozone interest rates are proving to be a challenge, says Cathal Rabbitte For Eurozone insurers and reinsurers, negative yields also generate significant difficulties. Insurance pricing implicitly assumes there is a time value of money when calculating the present value of cashflows from long tail lines of business such as life insurance. Globally, bond yields have been falling since the early ’80s when Paul Volcker at the Federal Reserve began to get a handle on inflation. For property and casualty business, the declining contribution of interest coupons to return on equity puts pressure on underwriting returns to make up the difference in order to keep the metric steady. Now that the yields of many sovereigns are negative, the pressure on reinsurers and property and casualty insurers to generate lower combined ratios is daunting. Increased competition via the flood of quantitative easing capital ratchets up the pressure. A larger question is whether stable pre-crisislevel insurance returns on equities are sustainable in a world where there is such an imbalance between supply and demand for capital. Central banks may have a limited influence on the level of real interest rates. Perhaps low real rates indicate that many players prefer to invest in ultra-safe assets rather than borrow and invest. Ultra-low interest rates may actually be the point of equilibrium

between a global oversupply of savings and a reduced pool of borrowers. Solvency II is set to go live in 2016. At the time the framework was developed, the notion of valuing loss reserves using negative interest rates might have been considered as likely as Burnley winning the Champions League, had it even been contemplated. ‘Discounting’ loss reserves only makes sense with positive yields – the concept is so embedded in insurance culture that there is no word to describe how to generate a net present value that is actually higher than the sum of future cashflows. It certainly wouldn’t be called discounting. As for Solvency II’s concept of ‘risk-free’ sovereigns – how can the framework deal with the mutant version where ‘risk-free’ actually means losing money? Negative bond yields influence valuations of other financial assets, which under financial theory use nominally ‘risk-free’ sovereign bonds as a benchmark. The UK has gilt yields that are still positive over 10 years, but it is not clear whether sterling can escape the negative yield trend, especially if the Bank of England cannot hit target inflation. The first thing actuaries should do is generate an appropriate word to replace ‘discounting’.

“Valuing loss reserves using negative interest rates might have been considered as likely as Burnley winning the Champions League”

Cathal Rabbitte is an independent actuary working in thought leadership and risk analysis

THE ACTUARY • July 2015 www.theactuary.com

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TUESDAY 7 JULY

The truth, the whole truth and nothing but the truth: Under- and overdisclosure in insurance applications Jonathan Hughes and Andrew Doran Staple Inn Hall High Holborn London WC1V 9QJ 5.30pm FRIDAY 17 JULY

SIAS boat party Westminster Pier 6.45pm

PROGRAMME

Based on survey data from 15,000 people representative of the British population, we have quantiﬁed the diﬀerences between what people say about their health generally and what they say on application forms. Which conditions are most consistently disclosed? Which are most under-disclosed? What sort of lives are prone to under- or indeed over-disclosing health conditions? How representative are insurance applicants of the British population? How could we design a better process for getting the information we need to underwrite? Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting and non-members are welcome. There will also be live tweeting available via #SIASJul15 during the talk – please do get involved with any comments and questions for the speakers.

SOCIAL

The summer event of the year is fast approaching – the SIAS boat at party. We invite you aboard to take a journey ‘around the world’ in n just one night. From Mexican sombreros to geisha girls, please join us for an evening of drinks and dancing as we sail down the Thames. See www.sias.org.uk for more details.

TUESDAY 4 AUGUST

IFoA’s strategic review of the qualiﬁcation process Members of the education team at the IFoA Staple Inn Hall

PROGRAMME

Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting and non-members are welcome. There will also be live tweeting available via #SIASAug15 during the talk – please do get involved with any comments and questions for the speakers.

5.30pm SATURDAY 15 AUGUST

SOCIAL

Save the date for the SIAS sports tournament 2015. This will be a day of fun where fellow actuaries and friends play against each other in ﬁve-a-side football, mixed netball and dodgeball. Teams will have a minimum of ﬁve players.

SIAS sports tournament 2015 PlayOn Sports 26-31 Raven Row Whitechapel London E1 2EG

FRIDAY 20 NOVEMBER

SIAS annual ball 2015

MORE EVENTS ONLINE For details of events, visit www.sias.org.uk

Tickets will be released on 20 July. Look out for more details at www.sias.org.uk.

SOCIAL

Save the date for the legendary SIAS annual ball, for a night of glamour, good food and entertainment

SIAS IS ON TWITTER! Follow us on @SIAScommittee for latest news on meetings, socials and more!

SIAS IS ON FACEBOOK! Check out the SIAS Facebook page for photos from the latest social events

July 2015 • THE ACTUARY www.theactuary.com

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24/06/2015 09:33

News IFoA NEWS UPDATES FROM THE ACTUARIAL PROFESSION

Upfront Get involved

Opinion CEO’s comment Derek Cribb welcomes Fiona Morrison’s ‘promote’ theme to counteract actuaries’ negative self-image

A crisis of conﬁdence? Derek Cribb is the chief executive of the Institute and Faculty of Actuaries

to extend my heartfelt thanks to Nick Salter for all of his work as president of the IFoA. Giving one’s time to lead the profession while heading up a busy consultancy must have been challenging, but Nick took on the role with aplomb. He focused our attention on many important matters, not least on diversity as his presidential theme. Nick, please accept our congratulations and thanks for a successful year. As Nick becomes immediate past-president, I am delighted to welcome on board Fiona Morrison as our new president. Fiona has a lifetime of volunteering experience and a real passion for the profession. As she explains in her first column for this magazine, she is taking ‘promote’ as her presidential theme, ensuring that we all work together as volunteers and staff to promote the value of the actuarial skillset, the wider fields in which actuaries could work, and the value of sound regulation. The importance of promoting actuarial skills to a wider audience has led me to think about the results of our latest stakeholder perception audit, an exercise undertaken annually for us by ComRes, which surveys stakeholders who are important to the success and sustainability of the IFoA to gauge their views about the actuarial profession. We will publish the full results of the survey on the IFoA website soon. Interestingly, a strong theme in this year’s audit was that the people who hold the most negative views of actuaries are actuaries themselves. They have a sound reputation among employers and regulators: the Morris Review of the profession following the closure of Equitable Life was not mentioned once by external stakeholders in the latest survey results. It is only actuaries who are still talking about it. It’s a vicious circle – actuaries lacking confidence in their abilities can mean that they do not push themselves forward, therefore their value and the quality of their work is not promoted and understood more widely. This is why I welcome Fiona’s ‘promote’ theme. I am incredibly proud of the ComRes results, which demonstrate just how far the profession has come. But actuaries must have confidence in themselves for us to continue moving forward. Retelling the old jokes about introverted actuaries perpetuates a negative image. Take pride in belonging to a profession that has a positive reputation amongst stakeholders for “expertise, professionalism and being highly qualified”.

DEREK CRIBB

As we move into a new sessional year, I wish

Over 10% of our members are currently involved in volunteering for the IFoA. Some of these volunteers have taken the time to write about their experience. You can read their thoughts on the volunteers’ experience section of our website. As one volunteer said: “Ultimately, what we as actuaries gain from the profession depends on what we put in.” All of the IFoA’s volunteer opportunities are advertised on the IFoA’s volunteer vacancies web page. When visiting this page, you will see 30 current opportunities. Click on a heading and the details will appear. Please also consider signing up to the RSS feed on the volunteer vacancies webpage. You will receive automatic updates each time a new vacancy is advertised. To oﬀer to write your own volunteer experience or to ﬁnd out more, email Debbie Atkins, head of volunteer engagement (debbie.atkins@ actuaries.org.uk). Volunteer vacancies: bit.ly/1oaKuJZ Volunteer experience: bit.ly/1KYhDs4

CPD year closed but still time to record activities The 2014/2015 continuing professional development (CPD) reporting year has now closed for all members, except practising certiﬁcate holders. Please remember you do have until 31 July to record any CPD activity that you have undertaken during the period 1 July 2014 – 30 June 2015 to ensure compliance. The 2015/2016 CPD Scheme is now available online (bit.ly/1CknQba) and we would encourage you to familiarise yourself with the content so that you can start to prepare your CPD activity in advance. One notable change to the scheme for 2015/2016 is the requirement for all student members to record their professional skills training in their online CPD record. All you need to do is log onto your own personal record using your actuarial reference number (ARN) as your user name and your date of birth in dd/mm/yyyy format as your password. Once logged on, you will see the option to add a new CPD record on the lefthand side of the page. If you have a query about recording your CPD activity, email membership@actuaries.org.uk

THE ACTUARY • July 2015 www.theactuary.com

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24/06/2015 09:34

Associateship workbased skills project

New qualifiers celebrate in Singapore David Hare, IFoA’s immediate past-president and Derek Cribb, IFoA’s chief executive, hosted a new qualifiers and prize awards ceremony in Singapore on 12 May. Eight new qualifiers and the two winners of the Charles M Stern Award and the Sir Edward Johnston Award celebrated this momentous occasion with their family and friends. Congratulations to all of them!

Make sure you stay connected with your profession Have you moved or changed your email address? Are your details up-to-date? The IFoA sends out regular communication to keep our members informed and up to date on all matters of relevance. To ensure that you receive these

Are you interested in education? Do you have experience and skills in the areas of the CA2 and CA3 examinations, particularly in modelling, reporting and documentation, and communications? The IFoA’s new associateship work-based skills project is currently seeking to appoint examiners and a principal examiner to deliver this new qualiﬁcation this summer. If you are a Fellow or Associate member of the IFoA with relevant experience, please consider becoming involved with this new initiative. To ﬁnd out more, we would like to invite you to join in a discussion later this month. These discussions will be held in London and via conference call and will provide further details about the role and your involvement. Full details are available on our volunteer vacancies web page (bit.ly/1oaKuJZ) or email Debbie Atkins, head of volunteer engagement, at debbie.atkins@actuaries.org.uk. Please note: that this is one of our professional development and responsibility roles (bit.ly/1IC3EZw) and, as such, a small fee will be paid to members in return for this support.

SEX IN THE 21ST CENTURY updates and don’t miss a trick, please check that your contact details are correct and that we hold your current employer details. You can do so by either logging into your members’

section of the website and clicking on ‘my account’ page (bit.ly/1G6Qvnl) or contacting the membership team via email (membership@actuaries. org.uk) or by phone +44 (0) 131 240 1325.

IFoA Longevity Bulletin: pandemics issue The IFoA Longevity Bulletin is usually published twice a year on topics relating to mortality and longevity around a particular theme. Past topics have included the gender gap and healthy life expectancy. With the current outbreak of Ebola in western Africa, as well as the recent MERS coronavirus and H7N9 avian ﬂu outbreaks, the risk of emerging infectious diseases and their potential to cause the next pandemic is a regular feature in the news. The sixth Longevity Bulletin from the IFoA will focus on the topic of pandemics,

written from the perspective of an actuary, an epidemiologist, a policy maker, and a technologist. There will also be three case studies on Spanish Flu, HIV/AIDS and Ebola. The Longevity Bulletin will be available on the IFoA’s web site at the end of June. If you would like to be added to the Longevity Bulletin mailing list, please email research@actuaries.org.uk To read the previous issue of the Longevity Bulletin, examining the gender gap, please visit bit.ly/1akMXzk

Monica Allanach, throughout her lifetime, supported and inﬂuenced many actuaries, particularly women, through her commitment and passion for her profession. To recognise her achievement, the IFoA and Prudential UK and Europe are holding a lecture in her name. This lecture will take place on 15 July at Staple Inn Hall, London, and will be presented by Kathryn Morgan, director of regulatory operations at the Gibraltar Financial Services Commission. Morgan oversees the commission’s supervision and authorisation activity. She joined the FSC in 2014 after a seven-year spell at the Prudential Regulation Authority (previously the Financial Services Authority) in the UK, where she worked on policy development for Solvency II and, more recently, supervising insurance companies. She is a Fellow of the IFoA and a chartered enterprise risk actuary, and was elected to the IFoA council in 2013. She was previously an appointed board member of the Casualty Actuarial Society. The evening will be chaired by incoming president, Fiona Morrison. Special thanks go to Prudential as sponsor. Book to attend this event at bit.ly/1d014OL

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News IFoA NEWS UPDATES FROM THE IFOA By Steven Yang Yu, director at Redington and chief editor of CANUK newsletter This May, I had the great pleasure to speak at IFoA’s inaugural Asia actuarial conference in Beijing. This was truly a fascinating event, as it was the IFoA’s first-ever conference in this region and offered a cross-practice and integrated event for different stakeholders working in the actuarial industry. The event opened with a welcome networking buffet dinner, which was a great opportunity for delegates to get to know each other. The conference began on day two, with opening speeches by Cynthia Yuan, chair of the IFoA Asia conference programme committee; Dongshen Chen, president of the China Association of Actuaries (CAA); as well as David Hare, immediate past-president of the IFoA. This was followed by keynote speeches from speakers such as Myron Scholes, winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and inventor of option valuations; Dr Yulong Zhao, deputy directorgeneral of the Finance and Solvency Regulation Department of the China Insurance Regulatory Commission (CIRC), and leading member for developing the country’s new insurance regulatory framework – the China Risk Oriented Solvency System (C-ROSS). There were also workshops covering a wide range of topics, such as C-ROSS, China’s pension market development, healthcare reform in China and the difference between UK and China in terms of pricing motor insurance etc. In the evening, we had drinks on a splendid roof garden, followed by a delicious Chinese meal accompanied by traditional Chinese opera. The third day brought two additional plenary talks, together with the final round of workshops. In the afternoon, an exhilarating Actuaries of the Future session aimed to inspire students to become market-leading actuaries in the near future. Three highprofile and influential industry figures (Johnny Chen, ex-chair of Zurich Insurance Group, China; Feifei Zhang, Solvency II technical director of Aviva; Dr Yan Liu, head of analytics at LV=) shared their ideas and experiences. The event took place at Kerry Hotel, Beijing, offering fantastic facilities and a panoramic view of world-famous skyscrapers such as the China World Trade Center, the China Central Television (CCTV) headquarters and Fortune Financial Center. Three secrets of success Personally speaking, I feel this was a fantastic event. I was super-excited throughout all three days, despite suffering from jet lag. There are three key reasons, which, in my view, explain why it worked so well.

Derek Cribb and David Hare presenting honorary fellow certiﬁcates to two professors from the University of Hong Kong and the Chinese University of Hong Kong

IFoA Asia Conference: view from a speaker ● At a country level, China’s current political

leaders have made an unprecedented effort to open up their economy. For instance, it has opened its financial market by implementing the Stock Connect programme, increasing foreign access, reducing currency control and promoting cross-border investment. It is encouraging foreign companies to do business in China by tightening regulations and reducing entry barriers – the Shanghai Free-Trade Zone has been a great example. Furthermore, it is enhancing connectivity and cooperation with neighbouring countries as well as Europe by launching strategic programmes such as the ‘Belt and Road’ initiative and the Asian Infrastructure Investment Bank (AIIB). It is the perfect time to encourage cross-border discussion between industry sectors and academic institutes, as well as our profession. Indeed, one of the highlights of the conference dinner was the presentation of two Honorary Fellowships by David Hare. ● At an industry level, the IFoA has treated the Asian market as a key one for development and membership growth. Most Asian countries, especially China, have experienced tremendous financial industry growth during the past decade. The overall size of the insurance market in China (measured by gross premium written) has reached an annual growth rate of 20% in the past 15 years, and it is the fourth largest insurance market in the world, just behind the UK. Despite this, it faces challenges, such as weak risk management capability, low capital efficiency and poor long-term investment performance. Therefore,

it is important to understand key issues in those markets, share experiences and adapt advanced actuarial techniques from developed markets. The conference attracted not only regional IFoA members but actuaries representing CAA, the Society of Actuaries, the Casualty Actuarial Society and the Actuarial Society of Hong Kong, showing the profession’s willingness to collaborate. ● At a business or individual level, it also provided a wonderful opportunity to develop relationships with thought-leaders from across the world. This is not just about business opportunities but allows eﬀective knowledge-sharing. I was able to speak to many people in various senior roles, including chief actuaries, senior risk managers and heads of asset allocation from various insurance and asset management companies. As we shared business rationales and discussed problem-solving in terms of both technical skills as well as soft skills, it was the ﬁrst time I realised how important diversity is and how it helps us move from mutual respect and understanding to creative synergistic communication. Lastly, as a committee member of the Chinese Actuarial Network in the UK (CANUK), I also had the chance to promote our society with our president, Feifei Zhang, and advisory board chairman Yan Ping Liu. This is an exciting time to start to develop our society as a globally recognised actuarial network. Overall, this is one of the best events I’ve attended, exceeding my expectation in almost every single aspect. I certainly look forward to next year’s IFoA Asia conference.

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Assuring quality: the new Quality Assurance Scheme In her first speech as president, Fiona Morrison confirmed that the IFoA will be launching a Quality Assurance Scheme (QAS) for organisations. The launch will be in September 2015 and follows a successful pilot scheme that took place in 2014. This is part of a range of measures that focus on the policies and procedures that assure the quality of work produced by members. The IFoA recognises the importance of the working environment to a member’s ability to produce high-quality actuarial work and that employees applying quality processes will lead to quality outputs. “This is driving an overall improvement in standards for the profession,” said Paul Bunzl, of BBS Consultants & Actuaries – one of the organisations in the pilot group. This voluntary scheme is open to any organisation (or identifiable part of an organisation) that employs IFoA members, regardless of the type of work that they do. Organisations must demonstrate their commitment to the quality of actuarial work. They will have to show that they maintain and apply appropriate policies and procedures. These relate to issues such as: quality assurance (including work review), conflicts of interest, the development and training of members, speaking up and the relationship with users. The QAS is outcomes-focused and looks at whether the organisation is meeting those outcomes, rather than simply how it achieves them. The Quality Assurance Scheme Handbook also provides help and suggestions for what might constitute good practice.

embedded within the culture and are applied by employees. The assessors will not only assess whether the organisation is meeting the requirements for QAS status but will also recommend areas for improvement or highlight diﬀerent approaches that could be taken. Organisations that are accredited will be able to use the QAS mark and branding on their communications and marketing materials. They will also be able to join a forum where they will be able to share good practice and be part of a community that supports its members. If your organisation wishes to apply for QAS status, then you will need to complete and submit an application form. Applications can be submitted from 1 September 2015. For further information and to register your interest visit: bit.ly/1GYgT6k, or contact: QAS@actuaries.org.uk

EVENTS TAILORED BUSINESS SKILLS FOR ACTUARIES Masterclasses are a series of tailored business, communication and personal development skills events that have been created speciﬁcally for actuaries as a result of research conducted with top actuarial employers. Hear what characteristics and skills Dominic Barton (pictured above), global managing director of McKinsey, looks for in today’s diverse actuary at bit.ly/1yfN9dY

GIVE GIRO A GO IN LIVERPOOL THIS AUTUMN The premier general insurance conference for actuaries is back from 20-23 October, oﬀering four days of informative plenaries, technical workshops, professional and business skills seminars . There will be a range of issues and hot topics covered, such as PPOs, pricing, reserving and risk management. The keynote speech will be delivered by professor John Kay CBE and plenary sessions by Steven Mendel, Markus Gesmann, Paul Goodwin and Duncan Minty. Places can be booked at bit.ly/1KkAOvW Join the Twitter conversation at #IFoAGIRO15

TELEMATICS IN HEALTH AND CARE INSURANCE: SLAVE TO THE MACHINE(S) 17 September

What does the assessment look like? An independent assessment team will conduct qualitative interviews with a range of staﬀ. As well as seeing that an organisation has in place appropriate policies and procedures, they will look to understand and get a feeling for whether these are

London Bookings for this networking event are now open at bit.ly/1JD6xrw

Putting Life on the table: IFoA publishes Mortality Data Directory The use of mortality data lies at the core of much of the research carried out by the actuarial profession. In the area of health, longevity and mortality, many readers will be aware of commonly used datasets such as those from the Oﬃce for National Statistics (ONS) or the World Health Organization. There is, however, a wealth of mortality data – much of it free to access and available online.

The Institute and Faculty of Actuaries has compiled a directory of datasets that cover the UK and Ireland as well as those that give an overview of European and world data. The directory not only lists the datasets and provides links to each but also provides some detail on data points of interest to actuaries and on the timeframe over which the data was collected.

It is hoped that greater access to and awareness of these datasets will enable more accurate modelling, allowing actuaries to make informed decisions regarding longevity and mortality in relation to life assurance, pensions and long-term care products. This resource, which is in Excel format, is available to download free of charge from the IFoA website at bit.ly/1JD9sPx

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News People & Society

TPASsing it forward By Tony Attubato For more than 30 years, The Pensions Advisory Service (TPAS) has been helping ordinary members of the public with their pension problems. Last year, over 100,000 people benefited from our service. That we are able to reach so many is largely due to our network of volunteer advisers. These volunteers help in a number of different ways. Some answer questions on our helpline. Others use their technical expertise to support other volunteers. But the majority help by resolving complaints raised by scheme members. Complaints range from simple misunderstandings to complex issues surrounding legislation and practice. Over 400 pension professionals give their time and expertise for free. We are very fortunate that many actuaries already give their time to assist, but we would love to recruit more. How much time you commit is up to you. We won’t swamp you with cases (unless you want us to). We will support you at all times, including mentoring and induction training. Once you’ve passed the mentoring stage, ongoing support is available via a section on our website, fellow volunteers, and our team in London. We are confident you would find volunteering rewarding and interesting, and a way to use your skills to help others. In the words of Robert Stenlake, formerly an actuary at Bacon & Woodrow, and a volunteer for over 15 years: volunteering for TPAS “is a rewarding way of using my actuarial and pensions knowledge to give something back to the community”. To find out more, contact Cathy Prenderville on 020 7630 2252 or cathy.prenderville@

pensionsadvisoryservice.org.uk

Can you hack it? By Jennifer Lang and Zhan Wang The actuarial services team at National Australia Bank (NAB) recently hosted a ‘Hackathon’ volunteer day to give back to the community. The aim was to utilise our analytical skills to solve problems for not-forproﬁt organisations. We were joined by individuals and representatives from four not-for-proﬁt organisations, including: ● Social Ventures Australia: which helps to create better education and employment outcomes for disadvantaged Australians; ● Good Beginnings Australia: which provides support for a good beginning for every child; ● Lifeline Australia: provides 24/7 crisis support and suicide prevention services; ● Life Changing Experiences Foundation: providing youth support to Australia’s most marginalised girls. We also had on hand a science researcher studying the population of koalas in a rural area.

The problems were mostly solved utilising our spreadsheet and data skills. For example, we helped the organisations make better use of Excel and databases; provided different ways of adjusting koala population statistics; analysed funding arrangements from different not-for-profit programmes; collected data to analyse the success of a programme helping teenage girls; and analysed past fundraising campaigns using cost-benefit analysis. The day was a great success and we are very pleased to see that our skills were of benefit for some really great causes. The Hackathon day was made available through NAB’s skilled volunteering programme offered to all employees and is a great example of how big organisations and professional people can participate and contribute to the community.

Marathon man to iron man Last year, Andrew O’Brien raised more than £10,000 for Adara Development (UK) by running 12 marathons in 12 months. He tells us about his latest challenge – the Ironman in Austria on 28 June. Once my year of running a marathon every month was over, I asked myself a question: “Is enough ever enough?” I mean, don’t get me wrong, 12-in-12 raised a good chunk of cash and I’m forever grateful for your generosity. Running all those marathons was a lifetime achievement to cherish, and I’m incredibly proud of what I accomplished. Yet once I’d heard that 12-in-12 was no longer the pinnacle of human endurance, there was no turning back. So I’m excited

to report that I’ve undertaken an even more ridiculous feat in order to entice you to donate funds to Kiwoko Hospital – Ironman. This was billed as a race for the insane, so I punished myself in Austria on 28 June trying to run a full marathon after cycling 112 miles, and swimming 2.4 miles in a lake – all back to back. With a cut-oﬀ time of 17 hours, it was always going to be a long day. To read more about the event and training or to make a donation, visit

www.justgiving.com/Marathon-Man-toIronman For more information about Adara Development (UK), visit

www.adaragroup.org

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Magical mixology

Obituary: Ian Isles By Paul Grace

By Nicole Tooze On 21 May, about 40 actuaries and their friends headed to Sway Bar in Holborn to test their mixing skills in SIAS’s magical mixology masterclass. Following a welcome drink of Prosecco, the group took it in turns to pour, shake, mix, stir, squeeze (and in some cases fumble) their way in making their cocktail of choice. There were strong, weak, odd-looking, and some particularly disgusting cocktails, but for the most part, we were a talented (and quite drunk) bunch. Despite some people deeming it cheating, we did enjoy some great food platters mid-way through to help line our stomachs. For those who had made some questionable drinks, there were also pre-made pitchers and tequila shots on oﬀer instead, to make sure everyone had a good time. Many thanks to all those who came to the Sway Bar for such an enjoyable evening.

The good times with Fifty-Nine By Ron Goldby

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Forr more information on the t 59 Club please contact Janet at

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Ian Isles MC FFA, died on 24 March 2015, aged 97. He had spent all of his business career with Scottish Equitable, serving as its chief executive for over 15 years from 1962. He continued on its board for a further 10 years. On leaving school in 1934, he joined Scottish Equitable, with a view to taking the actuarial examinations. The Second World War interrupted his studies and he relocated to Sandhurst where he was commissioned, joining the 1st Derbyshire Yeomanry. He was sent to Tunis in 1942 as part of a reconnaissance regiment of the 6th Armoured Division. The Allies progressed towards Tunis, but, when they were within 40 miles, the Germans made a counter attack, which disrupted the Allies’ plans. On 25 April 1943, Ian led a reconnaissance party towards Pont du Fahs, which obtained valuable tow information enabling the Allies to continue their inf progress. For his part in that exercise, he was awarded the Military Cross. Ian qualified as an actuary in 1947. He was vice-president of the Faculty of Actuaries from v 1977-81 and chairman of the Associated Scottish Life 1 Offi O ces from 1968-9. During his tenure as general manager, there were numerous changes at Scottish Equitable. Funds under nu management grew more than tenfold. In the 1970s, m there were a number of insurance company failures. At th that time, Ian played an important role in the creation th of the Policyholders’ Protection Fund, the forerunner of the Financial Services Compensation Scheme, and, in 1975, he was one of three from the insurance sector appointed by the government to its board. ap Ian was a keen sportsman and proud to have represented his office at soccer, cricket, skittles, golf, bridge and badminton. He enjoyed rugby both as a player and a supporter. He also enjoyed the social life associated with his various activities – his motto could have been ‘work hard and enjoy life’. Until relatively recently he was an active member of the Scottish Actuaries Club. Ian married Betty Boyd, who was herself an actuarial student, in 1947. They had three children – Donald, Morna and Keith, who between them had four children, one of whom, Douglas, qualified as an FFA in 1999. At the time of his death, Ian had five greatgrandchildren. Ian will be remembered as an inspirational leader yet a modest man who was extremely loyal and, as chief executive, was always interested in the wellbeing of his junior colleagues.

We would be delighted to hear from you if you have any newsworthy items for these pages. Please contact Yvonne Wan at social@theactuary.com

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“I have seen what people are doing in diﬀerent areas and how they are using their actuarial skills. My aim is to showcase this outside the profession, and also to future actuaries, to open their eyes to all the possibilities”

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Peak

of success Kelvin Chamunorwa meets Fiona Morrison, new president of the IFoA, to discuss issues close to her heart, including gender balance within the profession and how actuaries are viewed on the world stage Fiona Morrison’s actuarial journey began when she was just 13. The new president of the Institute and Faculty of Actuaries recalls her careers master colourfully describing the role of an actuary by using an example of a tight-rope walker, with an actuary calculating the probability of the acrobat falling and injuring themselves. He remarked, “Fiona would be really good at doing this,” and so sparked Morrison’s interest in the profession. She went on to attend Selwyn College at the University of Cambridge, graduating in 1979. She then joined Lane Clark & Peacock (LCP), where she still works today, advising primarily on UK pensions, and was admitted as a partner in 1984. Today, Morrison is in a cheerful mood. After congratulating her on her election, I ask her whether she thinks members will be able to vote for their president in future. Morrison suggests that the barrier to this is the likely level of member participation. “At the moment, Council elects the president-elect, and Council is voted for by members. But I think we need to get more engagement for

DEBBIE ROWE

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Council elections and then come back to this question. It is only when we have this that we will have a platform to consider president elections.” She goes on to say: “This year for the first time, candidates nominated for Council are submitting short election videos to explain what they are offering. The aim is to increase engagement, so we’ll see if that will have an impact.” It seems that the issue of low engagement is specific only to elections as the picture is very different when it comes to volunteering for the profession. “About 3,500 out of 26,000 of our members volunteer,” Morrison points out. “When non-actuary, lay members of our various practice boards see this statistic, they say that it is like no other profession they know. We have huge engagement generally, but fewer people vote than volunteer, so there’s a mismatch there.”

Tipping the balance Coming back to Morrison’s own election, it is not long before she makes her passion for gender diversity clear: “I have been overwhelmed by the way women view my election as president. Not because of me personally, but because I’m a woman. They say it enables them to see that they can progress, that it shows it is possible. That’s brilliant if, as a consequence of where I have ended up, it makes a difference by helping others to achieve their career ambitions.” As she discusses her career journey, Morrison talks about her time at Selwyn College, Cambridge. The college had just become co-educational and she was part of the first intake to include women. She describes the challenge it presented: “In a predominantly male environment, you find that you are very visible, and that visibility comes with responsibility. It was a good foundation for this role I’ve now taken on.” The experience at university seemed to have played a part in forming her priorities when it came to job-hunting for a

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On my agenda features@theactuary.com

graduate role. She recalls: “Seeing there was a woman among the senior leadership at LCP was encouraging. In fact, I didn’t bother applying to an employer where this wasn’t the case.” As more women are now entering the actuarial profession, I ask Morrison what needs to be done to also tip the balance at senior levels. Morrison is optimistic, and believes it is only a matter of time. “When I joined the profession there were fewer women than now. The proportion of female entrants to the profession has been increasing, and gradually that has followed through to those qualifying. Now, women comprise nearly 40% of students and over 30% of actuaries. The balance has changed over the years and that trend will continue.” Morrison mentions that a member survey on diversity was recently undertaken, and it triggered a high response rate. She confirms that the results of this survey will inform the diversity strategy, which will be published by the IFoA. The discussion moves to Morrison’s theme for the coming year, summed up as ‘promote’. She explains: “I started by looking at the mission in the Royal Charter, which talks about regulating and promoting all things actuarial science. So when I was standing for election, I focused on ‘promote’. One of the fascinating things as president-elect is that I’ve met many people outside the area in which I practise. I have seen what people are doing in different areas and how they are using their actuarial skills. My aim is to showcase this outside the profession, and also to future actuaries, to open their eyes to all the possibilities.” I ask Morrison for a prediction on what the profession will look like in 2035. Throughout the interview Morrison is frank and unreserved, but this time her response is non-committal: “20 years is a long time. Things move quickly, even in five years. People will be working in different areas. It will be a flourishing profession, I’m absolutely sure of that.” Her point is that it is difficult to foresee, and she uses the growth of the general insurance practice area as an example: “If I look back to when I joined the profession, it was a new area with only a handful of actuaries practising. Now, we have 3,500 members who say that they work in general insurance. It is the fastest growing area.” She continues, “If I compare that to the many areas today where only a few actuaries are involved, it demonstrates that the range of possibilities is wide.” Elaborating on what is being done to facilitate this, Morrison reveals: “Council, in looking at strategy, is looking at what people will be doing, which influences the exams.

“Things move quickly, even in five years. People will be working in different areas. It will be a flourishing profession, I’m absolutely sure of that” 18

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We need to make sure that the education structure supports that forward-looking view.”

Improving visibility I ask Morrison about the actuarial profession’s activity in the public eye, and why it doesn’t have a louder voice. Morrison takes a long pause, then states categorically that the aim is not to chase headlines. She explains: “Our approach is focused. Over the past year we decided on our four areas of priority [challenges of an ageing population, risk and investment, resource and environment and regulation], and we are now developing the thought pieces around those. What members will see is an increase in volume but underpinned by real quality in these areas, which are really important to help decision-makers such as governments and industry, as well as actuaries.” Inadequate pension saving, coupled with the risk of people underestimating their longevity, is one critical issue. I ask Morrison what part actuaries can play to encourage good outcomes. Morrison seizes the opportunity to emphasise that the profession is aware of the risks, saying: “I think it’s an absolutely huge challenge – people not appreciating how long they’ll live. This speaks to two of our priority areas: challenges of an ageing population and risk and investment.” She goes on to describe what the profession is doing: “We have put out some policy material on transfers from defined benefit to defined contribution arrangements, which is part of the issue. In terms of freedoms in retirement, people need to understand what they’re doing, and they also need to understand that it is a complex area.” Morrison believes there is a real need for input from pensions and life insurance actuaries, hence the precautionary note addressed to both constituents of the membership in April. She says, “There is a role for actuaries in ensuring that the risks of transferring from a defined benefit pension scheme to a defined contribution scheme to access the freedoms are properly communicated. There is also a role for actuaries to understand customers’ needs once they’ve transferred the money. This should inform the products that are developed. They need to be appropriate.” As an organisation that prides itself on having international reach, I ask Morrison to comment on the profession’s profile outside the UK. Morrison recalls interactions she had with members of the International Actuarial Association at an event hosted by the IFoA in London. She says: “At the event, people described us as the ‘mother actuarial organisation’. We are so highly regarded on the world stage. I have been pleasantly surprised at the extent of it. It’s great because the world will notice what we do, so we have a real opportunity.” Outside work, Morrison’s passion is skiing, particularly ski touring. As we conclude the interview and Morrison looks ahead to her presidential term, she alludes to having less time to pursue her interests. She says: “The challenge for the year ahead is finding the time. My passion at university was rowing and now it is skiing, particularly climbing mountains on skis.” She can lay claim to having climbed the 4,180-metre Nairamdal Peak, at the tri-border of Russia, Mongolia and China, on skis. Morrison has also achieved the feat of reaching the top of her profession. The challenge now is to display and promote its talents to the world. a

DEBBIE ROWE

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Learn more at www2.conning.com/gems THE ACTUARY • May 2013 www.theactuary.com

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Business skills Social media features@theactuary.com

Don’t crash and burn with your social media Mairi Mallon, aka @reinsurancegirl, explains why social media has to be become part of the DNA of all communications

Over the years I’ve heard the phrase “I don’t believe in social media” more times than I could care to mention from insurance and reinsurance professionals. Social or ‘new2 media’, however, is not the tooth fairy to be believed in (or not, depending on your age and gullibility). It is simply a useful communications tool, which when used well can be highly eﬀective. In the same way that we all have to learn how to use a new mobile phone, the applications of the diﬀerent types of social media simply have to be understood and mastered by individuals, then corporations. Without these basic building blocks of knowledge, companies cannot expect to harness the very real communication power these tools have, let alone deal with a fully-blown 21st century crisis exploding in the twitterverse. There are some platforms that are more useful than others. There are very few people who have not worked out the power of platforms such as LinkedIn. These are not just

THE ACTUARY • July 2015 www.theactuary.com

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for networking, but can act as a customer relationship management tool, used for research, hiring and market intelligence. They can also be an effective way of directly reaching thousands of relevant contacts instantly via groups and individuals posting content. Blogging is also a useful way of getting very specialist knowledge out to an audience. The more specific and select the topic, the more hungry individuals and companies are for detailed and useful information. Facebook, often dismissed in financial services, is great for corporate social responsibility and reaching graduates. The power of Twitter as a news source or a way to talk to journalists is well proven, but a harder medium to master. Information needs to be filtered and dialogues made real, avoiding celebrity gossip in favour of industry knowledge. YouTube is a winner for broadcasting clear and succinct video podcasts, while Google +… well, it does wonders for your Google rankings if nothing else. And check out other useful, industry-specific sites like YouTalk Insurance and Slipcase.com – both growing in reach and depth of content.

Starter tips – keep it clean Mastering these tools as an individual is very different from mastering them as a large financial services corporate. But there is no way a corporate can effectively use these tools without a team that knows how to use them. And there are a few basic rules that should keep individuals safe. The first is

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MAIRI MALLON is

the chief executive of rein4ce, with a speciality in social or new media: @reinsurancegirl

members of staff need to learn the new ways and younger staff need to learn how to be corporate on these platforms (there are many stories of inappropriate online behaviour with younger staff ) and how to be professional at all times. Then plan. A plan that integrates traditional marketing, PR and sales over a long period of time is the ideal. This is a simple thing to say, but can be very hard to execute as these teams are often not used to working together as tightly as they should for a common goal. This plan should have a budget, and people to execute it – without a dedicated resource the plan will not be effective. New media has to be learned and used, but it is only part of a large tool kit at your disposal to communicate. Remember your audience. Most of us, whether we like it or not, are trying to reach a particular demographic. In insurance and reinsurance it tends to be affluent, white males who are in their 50s or over. Many of these men have tablets and know their way around a smartphone. It does not mean they are necessarily active on Twitter or Facebook. Remember that social media is only a part of a communications or marketing plan – and traditional methods of reaching this demographic are still highly effective. If you only need to reach 70 of these people, perhaps the most effective way is not new media, but old school – meet them all individually, have a party or take them all for lunch. Spending an inordinate amount of time/ money/effort on, say, Twitter, when your audience is simply not there is just not sensible. Find where your audience is and talk to them in the way that they want to be talked to.

Crisis communications ‘don’t be an idiot’ – don’t post anything you would not want your boss to read or your mother to see. It is a very handy rule of thumb. If you are in doubt about posting something, then listen to that small niggling voice and don’t do it. Included in this are all the terms of your employment contract – so never disclose proprietary information, details about clients or deals without permission, or post pictures of colleagues or clients or documents from work. The same rules that apply at work apply online. Don’t say anything oﬀensive about other people. Don’t swear. Avoid religion and politics. Be professional in your dealings with others. Then there are laws that apply just as much in real life as in print and online – libel and defamation. If you RT (re-tweet) a post that is wrong and defames someone, you will be held liable for this. So be careful when you RT anything contentious or potentially libellous or defamatory. Once the tools and etiquette are mastered, you can then move on to a more sophisticated use for your company, in sales and marketing and public relations.

The big corporate (or small) The old model of reaching your audience through articles or advertising in the press is starting to date. New media is an eﬀective way of reaching clients or potential clients directly, without going through a third party (and often paying for it). But it all takes thought, planning and common sense in the way you communicate. Firstly, get training, for the old and the young. The older

All crisis communications plans should include social media. There was a moment when the Deep Water Horizon crisis turned from people hating BP to hating Britain. That moment happened on Twitter. And BP was so concerned about the print media and blind to Twitter, it did not even know it was happening. Monitoring what is being said online about your company or executives is vital. Only by doing this will you know how to react in a measured, corporate way. Simulations can be a good way to prepare for this, but a deep understanding of the company, the corporate culture and social media will always be the key to eﬀectively deal with a crisis. It is good risk management to lock down all your social media channels, and the names of your executives on them, even if you decide not to use them. As part of this risk management you also need to work out the kind of damage that could be done online to your reputation and how this can quickly escalate without an eﬀective plan. Insurance can be taken out against reputational damage. Good communication is good communication regardless of the tools you use. This is important to remember when setting out any plan. Whatever you do, stay true to your corporate voice and vision. So, train, plan, be sensible, and allocate a budget. Remember, you can crash and burn in all types of communications – but with social media you can do it faster. a

July 2015 • THE ACTUARY 21 www.theactuary.com

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24/06/2015 09:59

Modelling Data analytics features@theactuary.com

So you’ve just been bought by an

airline? Earlier this year, Qantas announced it had taken a controlling interest in a general insurance consultancy. Hugh Miller reﬂects on the explosion of interest in analytics across a range of industries

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“The complexity of things – the things within things – just seems to be endless. I mean nothing is easy, nothing is simple.” Alice Munro Insurance is an industry with remarkable complexity; pricing is often opaque to the consumer and can be individually tailored. Online quotes have intensified competition. Finally, there has been huge growth in the amount of data available (geographic, meteorological, demographic, telemetric, competitor and historical claims) to understand insurance risk and demand. This complexity creates significant upside in profits and market share if good pricing and price elasticity models can be fitted. Conversely, models that overfit to spurious trends or ignore the bigger strategic picture can lead to poor results. Thus complex modelling can lead to both a winner’s curse or a winner’s boon. The challenge varies across business lines. For instance, injury management schemes such as workers’ compensation have huge

heterogeneity in injury types and recovery pathways. Better understanding of these pathways via analytics allows optimisation of support for claimants. Insurance represented much of Taylor Fry’s early analytics work. Although the core functions (pricing, reserving, claims management) remain the same, the actuarial support work has been shaped by technological change and advancements in modelling.

Government and welfare “We should measure welfare’s success by how many people leave welfare, not by how many are added.” Ronald Reagan Many governments have recognised the power of data and analytics for maximising the effectiveness of finite fiscal resources. Our company provides an annual actuarial valuation of the New Zealand welfare system, estimating benefit payments that clients are expected to receive over their working age lifetime. By monitoring how this cost is changing, the effect of policy and operational changes can be measured, enabling better management. Targeted investments can be developed to improve employment outcomes and thus reduce lifetime cost – with measurable return on investment. The models build in a large variety of risk factors including region, education and age to show how people’s circumstances affect their pathways. Over the past three years the government has reduced lifetime welfare costs by over 10%, even after allowance for favourable economic performance. Disciplined measurement and implementation has made this ‘investment approach’ to welfare a powerful demonstration of effective government analytics, with other countries watching closely. Another notable feature of this work is that it

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jobs; calculation is spread across a bank of computers, with full projections quickly creating terabytes of information. There are many other government activities where analytics use has grown. There is huge potential to add value in areas such as fraud and compliance, health, justice, housing and education.

Other industries We have also been involved in some analytics projects in other industries, including telecommunications, energy and banking. Again, these industries are characterised by plenty of data and good planning, considering the long-term implications of decisions.

Recurring themes Airline and loyalty “If you want to be a millionaire, start with a billion dollars and launch a new airline.” Richard Branson With a new majority shareholder, airline analytics will continue to be a core part of our work. Most of the work is in the loyalty division; Qantas, like many airlines, has a large and profitable frequent flyer programme. Analytics provides the opportunity to help leverage this. First, engagement in the programme can be increased via effective communication and offers. Analytics can maximise the useful information given to customers while minimising ineffective communication; achieving this leads to better engagement and sales. Second, the airline is expanding its range of business services off the back of its data collection. This is helping third parties undertake digital advertising and market research, all with an emphasis on the scientific analysis of effectiveness. Part of this has involved exploration of web advertising analytics; how to effectively place ads to maximise impact, whether that be sales or brand recognition. Technically, this means the company now competes with companies like Google, which seems daunting. However, access to proprietary data and the chance to offer end-to-end solutions means there are significant opportunities to be developed.

“Twice and thrice over, as they say, good is it to repeat and review what is good.” Plato While every project is diﬀerent, there are a number of recurring themes in our analytics work: ● Ensuring the project adds value. This means constantly asking whether a solution will impact on business, and whether it is practically implementable. ● A bias towards understanding long-term implications. Traditional actuarial work often involves projecting over long terms, and this skill is vital in many contexts. ● It takes time to move into a new industry. One must learn the language, dynamics and challenges; it is rare to successfully model without context. This means learning from other experts. It also requires lots of reading. ● There is lots of competition. In Australasia, traditional actuarial work is performed by a relatively small number of ﬁrms. However in the broader analytics space, competitors include economists, technology companies, start-ups, management consultants, software vendors and even a company’s internal analytics team. This involves learning humility – recognising that many other people are doing lots of work, much of it of high quality.

Source of success

While all success relies on a mix of planning and luck, it is helpful to reﬂect on what factors contribute most to the analytics practice. First, strong technical skills are needed in data analysis and modelling. In a world where better prediction translates directly into revenue or savings, being able to provide a good technical solution to a problem is paramount. This increasingly requires expertise in statistics and computer coding. It also requires making your IT department your new best friend. Keeping on top of developments in academia can also be rewarding, as best practice continues to develop. Second is business insight. Many analytics projects have suﬀered from either ‘solving the wrong problem’ or ‘losing the forest for the trees.’ Best-practice analytics goes beyond describing current trends; it must recognise how a model can be used to drive change and improvement. Third is integrity. The actuarial ‘brand’ is widely respected because people believe that Fellows are appropriately skilled and give advice with honesty. We are fortunate to have inherited this reputation and recognise the need to maintain it in the advice we give. The analytics industry is wide and fragmented; actuaries are only a part of a landscape that is evolving rapidly. However, our experiences suggest that actuaries have a valuable role to play. a

HUGH MILLER is a

consulting actuary at Taylor Fry. He is also part of Institute of Actuaries of Australia’s data analytics working group

“Whatever you are, be a good one.” Abraham Lincoln

July 2015 • THE ACTUARY www.theactuary.com

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24/06/2015 10:43

Finance Free banking features@theactuary.com

Current accounts and

free lunches Garry Smith looks at the upsides and downsides of free banking and asks whether it really does provide fair value and transparency for customers

THE ACTUARY â&#x20AC;˘ July 2015 www.theactuary.com

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DR GARRY SMITH is a risk management actuary at Hymans Robertson LLP and a member of the IFoA’s Banking Member Interest Group

Milton Friedman’s 1975 book There’s No Such Thing as a Free Lunch laid

Getting the balance right

bare the economics behind bar owners in the US providing free food to patrons (as long as they wet their whistle while enjoying it), proving the book’s title. So why on earth does the UK bank customer remain wedded to the notion of free in-credit current account banking? We all know that free banking in aggregate is a myth. Maybe we can convince ourselves that it is always someone else, less financially astute than us, who pays fees for going into unauthorised overdrafts or having direct debits returned ‘insufficient funds’. Except, this stuff happens to most people – a straw poll around the office suggests quite a lot of us have succumbed, and that was only those prepared to admit to their personal financial mismanagement. Some charges are unavoidable – using an ATM abroad, for example. Regulators are concerned by the free banking model. It’s generally seen as a barrier to competition, and a major hurdle for challenger banks to overcome. The old Midland Bank started the ball rolling in 1984 with its fee-free current account, followed by the rest of the banks who needed to staunch the flow of customers moving to the Midland. However, once in place, the free banking model has proven almost impossible to dislodge. A more insidious side to an apparently free service is that it becomes valued that way by the customer. If there’s no explicit charge, there’s a tendency to underappreciate the service and potentially be profligate with it. You get some subtle behavioural aspects coming through depending on whether there’s a per-use charge applied to a service. Even if it’s a relatively trivial amount, it’s the principle that matters. I personally became aware of this when I moved to Canada in the late ’90s. I was initially appalled at the thought of actually having to pay for my banking (I was unaware that free banking is a peculiarly British phenomenon). I was given the option of paying $5 per month for unlimited use of the usual services, which seems to be the model that some UK banks have implemented or are currently considering. However, I could also opt to get a small number of transactions of each type at no charge per month. I could use my own bank’s ATMs five times per month, but each further transaction incurred a 25c fee.

The question of fees is usually considered separately from the question of the interest rates paid, or not, on our deposits. You can argue that they are two sides of the same coin and should be considered together. Why? Well, our deposits provide the bank with a large pool of stable funding that can be lent out, earning the bank a turn for taking on credit and other risks. But, in most cases, the bank pays no interest on those deposits – they are known in the industry as NIBLs – non-interest-bearing liabilities. So, to an extent, there is a fair but rather opaque mechanism for paying for our free banking – we provide the bank with a source of free funds, and in return the bank provides us with a range of free services – subject to remaining within the rules. The degree of fairness in this system is limited, due to the crosssubsidies among customers it creates. Customers with large, stable balances and who make few transactions provide valuable funding to the bank, without the bank incurring much expense in servicing the account. On the other hand, customers with small, erratic balances who make lots of small transactions cost much more to service than the value of the funding they bring. The former unwittingly cross-subsidise the latter. A model that awards interest on credit balances coupled to a pertransaction fee basis would be more transparent. Given the prevailing low interest rate environment, it would be difficult to offer much interest on deposits until the Bank of England raises interest rates. In economics, and free markets in particular, you often get the optimum outcomes when interests are aligned, and transparent and equitable allocations of costs vs benefits occur. It’s not clear that introducing a fixed monthly fee while still awarding no interest on current account deposits, as some banks are either considering or have actually implemented, meets these criteria. On the other hand, a model that awards credit interest while charging a per-transaction fee basis reduces cross-subsidies and is demonstrably fairer. It might just be a step in the right direction in restoring transparency and, dare I say, trust between banks and their customers. a

Seeing the other side

Charging up the hill...

Ever the parsimonious Scot, I decided to ‘do the math’ as they say on the other side of the Atlantic, and figured a per-transaction charging basis would be cheaper for me. But the subtle thing I discovered is by paying for transactions, I started to appreciate their true value. Rather than withdrawing 10 or 20 bucks every day or two, I started drawing down a hundred on a weekly basis. I went from making 20-odd ATM withdrawals per month (this was in the days before debit cards), to making one per week. So, there may be unexpected upsides for banks to institute a per-transaction fee model – they might just find their overall operational costs decline as customers become a bit more thoughtful about how they use the bank’s service. In comparison, the monthly-fixed-fee-for-unlimited-usage model looks a bit like the scenario where some people happily view the ‘eat as much as you like buffet’ offer as a challenge to ‘eat as much as you can’.

Let’s do a little thought experiment on how this might play out in practice. Jack has an average balance of £5,000 on which he receives interest of £25 p.a. (which will be tax-free next year due to the abolition of tax on interest income). He makes five transactions per month which may cost him £12 per year. Net-net, Jack will receive £13 p.a. credit from the bank and is better off over the free banking model. Rather than cross-subsidising others, he gets credited for the value he brings the bank. On the other hand, Jill has an average balance of £600 on which she receives £3 p.a. of interest. She makes 10 transactions per month and incurs fees of £24 and incurs a net cost of £21 p.a. Jill loses compared to the free banking model, but in a way that lays bare the myth of free banking. She starts paying for services used rather than benefiting from a hidden subsidy across the customer base. She might not like it, but can’t really argue that it’s less fair in a wider sense than the current set-up. This is fine in theory, but what would motivate a bank to adopt this model given the prevailing view that abandoning free banking is committing commercial suicide as it bids farewell to its customer base? Well, all banks like to attract customers like Jack and are less keen on customers like Jill. The proposed model plays well to this narrative – you generate a win-win with a ‘selection’ effect. The quality of the bank’s customer base improves as customers like Jack are drawn to the bank, and the less valuable customers like Jill leave to avoid paying for their banking, taking advantage of free banking offered elsewhere. The bank’s competitors, on the other hand, experience ‘anti-selection’ as they absorb customers like Jill coming to them. This is the mechanism by which the first mover of this proposed charging model actually steers the whole marketplace to adopt this pattern, finally dislodging the free banking model. This is not to neglect the undoubted social consequences for poorer customers who pay for their banking, although other providers of banking-type services, such as credit unions, might be a better option for them in any case.

GARY WATERS / IKON

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July 2015 • THE ACTUARY www.theactuary.com

24/06/2015 10:01

Health Mobile technology features@theactuary.com

m-Health: remote access Lisa Morgan and John Rogers give an actuarial perspective on how mobile technology improves access to health insurance and healthcare, focusing on the underserved

The adoption of mobile devices in the developed and emerging world alike has opened up a new information superhighway where none existed. We can store, process and transmit data roughly a billion times faster and more cheaply than 50 years ago. Astoundingly, any smartphone today has more computing power than NASA had when it put a man on the moon in 1969. A smartphone can now also be a transformational piece of medical equipment – providing 24-hour access to providers via calls, texts and emails, taking pictures of skin conditions or other issues for analysis, and, in areas with broadband, ‘visits’ via real-time teleconferencing. These activities have become known as ‘m-Health’. Technology is already starting to deliver in various corners of the world, from its use in microinsurance, helping low-income people to access healthcare, to providing health to rural Californians.

Microinsurance and mobile money According to the charity Health Poverty Action, the world faces a shortage of 4.2 million health workers. Hardest hit are countries in Africa, where only 3% of the world’s health workers are burdened with ﬁghting 24% of global disease, using less than 1% of world health expenditure. Africa is a net exporter of healthcare professionals, many of whom leave for the US and UK. But hope may be in sight. There are currently over 800 million mobile subscribers in sub-Saharan Africa alone, which bodes well, given what is becoming possible with m-Health.

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World-renowned American economist Jeﬀrey Sachs believes mobile phone access is “the most transformative single event in development work of our generation”. Health microinsurance (HMI) schemes seek to provide ﬁnancial protection and access to healthcare for the poor. Mobile phones can help reduce costs and address challenges with scale-up. They can help with client enrolment, premium collection and claims payment through mobile money platforms for populations in remote areas. Examples of HMI schemes using mobile money platforms include:

● Airtel ‘Three For Free’: Launched in Ghana in January 2014, this is one of the ﬁrst mass-scale HMI programmes to use the mobile for marketing, distribution, sales, customer education, customer servicing and claims adjudication and payment. The plan provides basic coverage for hospitalisation risk, life and personal accident. Buoyed by the success of the scheme in Ghana (over half a million customers enrolled in the product during 2014), Airtel has now scaled the model to over half a dozen other markets across Africa. Partners include MicroEnsure and Bupa. ● MTN Y’ello Health: Launched in July 2014, Nigeria’s National Health Insurance Scheme (NHIS) has partnered with mobile network provider MTN and with mobile insurance services aggregator Salt & Einstein MTS to establish mobile health microinsurance aimed at covering the poor. This initiative is hoped to help achieve universal health coverage.

● Kilimanjaro Native Co-operative Union (KNCU) Health Plan: The plan was created in collaboration with PharmAccess, KNCU, and Mission for Essential Medical Supplies. It serves individuals in the Kilimanjaro region of northern Tanzania. Mobile phones are used for enrolment and premiums collection. ● Linda Jamii: This microinsurance scheme is a partnership between Britam, Safaricom and Changamka Microinsurance. It provides Kenyans with comprehensive coverage for inpatient and outpatient services, and some dental and optical services. Members use mobile phones to register and make incremental payments toward the minimum threshold amount required to access services.

Telehealth and beyond There are many examples of telehealth in HMI schemes (typically telephone contact with a nurse or doctor). ‘Dial-a-doctor’ programmes are already reaching millions of members of large HMI schemes, as shown in Tables 1 and 2 (p28). Unsurprisingly, tech-savvy youngsters under 40 have proved to be the earliest adopters. According to Michal Matul of the ILO’s Impact Insurance Facility, health awareness is low everywhere, but the intensity of the problem is much higher in emerging countries because low-income households use substantially less primary care, if they use it at all. m-Health not only increases eﬃciency but has huge potential to change health-seeking behaviour. This in turn could translate to

July 2015 • THE ACTUARY www.theactuary.com

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24/06/2015 10:05

Health Mobile technology features@theactuary.com

Table 1 Examples of telehealth services in selected countries Country

Dial-a-doctor Service

India

Aircel and Idea in partnership with Health Net (part of the Apollo group), Airtel with Religare, and Tata Indicom with Healthcare Magic

Mexico

MedicallHome

Bangladesh

Grameenphone Health Line

Pakistan

TeleDoctor

Kenya

Safaricom’s ‘Call-a-Doc’

South Africa

Hello Doctor

Informed

NHS 111

Source: impactinsurance.org

signiﬁcant savings for entire healthcare systems. With recent experience in Africa, Jonathan Govender of Bupa sees shifting customers’ behaviour towards trusting mobile interactions as a key challenge. In the UK, Vitality has just launched its new app, ‘Vitality GP’. Time will tell whether we are ready for video chats with our doctors in the UK rather than face-to-face visits. Available to all members, the Vitality app provides direct access to a private GP from home or anywhere, video consultations within 48 hours, calls to doctors 24/7, direct referrals to consultants and delivery of written prescriptions.

Telehealth in California Patients in rural California also face significant barriers to accessing care. In some areas, the nearest specialist may be a few hundred miles away. While most specialities are not available in rural areas, shortages of psychiatrists, endocrinologists, dermatologists and neurologists are often noticeable. Several hundred Rural Health Clinics (RHCs) provide on-site primary care services, addressing a critical shortage of general practitioners for elderly and low-income beneficiaries of public health insurance (Medicare and Medicaid). Over the past decade, increasing numbers of RHCs also offer telehealth services to connect patients with specialists, through live-video consultations or technology that stores and forwards patient medical data. A critical challenge to these telehealth programmes is achieving sufficient revenue to cover costs. RHCs receive special funding each time an elderly or low-income patient with public health insurance uses the clinic. However, this payment does not vary depending on whether a telehealth visit occurs; therefore, clinics are not compensated for

providing access to medically necessary care. To address these issues, state and national US governments and NGOs have provided short-term grants to promote telemedicine. The grant is typically for two years, but rural clinics may continue to use telehealth equipment obtained through the grants for several more years. Some of the programmes sponsored by the grants aim to also calculate actual savings attributable to telehealth programmes. Savings could arise through reduced use of emergency medical transportation, A&E visits and hospitalisations. Additionally, reforms under the Patient Protection and Aﬀordable Care Act (ACA) have promoted the creation of rural accountable care organisations (ACOs). ACOs consolidate the health risk of rural individuals under one entity, regardless of whether care is performed at RHCs near the patient’s location or at other locations. These entities are exploring the use of telehealth to coordinate care, improve patient outcomes and reduce costs. Actuaries have been essential to projecting the ﬁnancial costs of these programmes.

The journey ahead According to John Smith, formerly of Bupa and founder of Pula Population Health Innovations and Technologies, we are experiencing a paradigm shift in healthcare owing to the unprecedented confluence of a number of forces of change. m-Health is increasing provider reach, effectiveness and productivity as much as it enables consumers to move to the centre of the healthcare universe and to receive care more naturally in daily life, whether in emerging or developed markets. As this relatively young technology matures, generates more insightful data, and comes to be better understood, it may help propel provider and insurance transactions beyond the zero-sum logic that has historically limited options for patients. Jeffrey Sachs in his address at the Global Health and Innovation Conference 2013 mentioned that the end of extreme poverty and the effective elimination of preventable disease by 2030 could be a possibility, saying: “We have phenomenal tools that we never had before, let’s use them and get the job done.” a

LISA MORGAN is a

consulting actuary in Milliman’s London Health Practice in the UK JOHN ROGERS is an associate actuary

Table 2: Activity of telehealth services by health scheme Country

Name of health scheme

Number of calls received per day

Population covered; Cost information if available

India

Aarogyasri (large governmentsupported HMI schemes)

25,000 to 30,000 calls per day

37.5 million people in Andhra Pradesh

United Kingdom

NHS 111

37,000 calls per day

55 million people in England

Mexico

MedicallHome

3,000 calls per day

5 million people in Mexico ; monthly enrolment fee is US$5 per month (£3.26)

India

Uplift, Naya Jeevan, and AKAM (smaller-scale HMI schemes)

10 to 15 calls per day

INR 50 (£0.51) per call

Sources: www.impactinsurance.org; www.england.nhs.uk/statistics; healthmarketinnovations.org

THE ACTUARY • July 2015 www.theactuary.com

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At the back Student student@theactuary.com

Student Jessica Elkin casts an eye over the antics and adventures of the famous – or should that be infamous – actuaries of yesteryear

NOTORIETY SOCIETY If someone told you their main goal in life was to ‘make a difference’ you might expect them to work for an NGO or become a teacher. Not work in finance. Yet, we actuaries shouldn’t be too hard on ourselves. Insurance protects people and their loved ones from the consequences of adversity, and pensions secure the future for those who live long enough to be too old to work. This month I’ve been thinking about famous actuaries – but there aren’t many. For example, you may have heard of Howard Winklevoss, the American actuary, academic and entrepreneur, but his name is probably more familiar due to his progeny, twins Cameron and Tyler portrayed in the film, The Social Network.

Bad times Unfortunately, James Crosby is one of the better-known actuaries, implicated as the ‘architect’ of the strategy that led to the downfall of HBOS in the 2008 financial crisis following seven years at the helm. A damning report by the Parliamentary Commission on Banking Standards savaged him for his ‘reckless incompetence’ as CEO. Crosby had quite a fall from grace given his 2006 knighthood for services to finance, which to his credit he offered to return, along with 30% of his pension to benefit shareholders. Talk about a U-turn. According to the Financial Times, the ‘world’s most influential actuary’ is David Li.

PHIL WRIGGLESWORTH

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In the early noughties he pioneered the use of Gaussian copula models for the pricing of collateralised debt obligations (CDOs), considered a primary driver of the US subprime mortgage crisis of 2007-9, which partly led to – that’s right – the financial meltdown! Unfortunately for Li, his model – which gave financial institutions a tool to ‘accurately’ price CDOs for a range of complex investments such as mortgages – has since been called a ‘recipe for disaster’. Fans of the model loved its mathematical elegance, but it floundered by relying on calculating co-association between securities using correlation. The underlying problem seemed to be that history cannot predict the future. Unlike Crosby, Li was not

directly blamed, since he was not the one adopting it for pricing – that would fall to those pesky bankers again.

Good times My favourite is Michael Shackleford, mostly for his nickname ‘The Wizard of Odds’. Shackleford is an American actuary best known for his work on the mathematics of casino games. In 2002 he published a groundbreaking paper ranking slot machine payout percentages – previously highly secretive – to show which Vegas casinos set their machines with the best, and worst, payouts. Shackleford’s two websites analysing strategy for casino games were sold in 2014 for $2.35 million. Today he analyses new games for developers and casinos, and brings media attention to unfair gambling practices. In 2011 he won the title of ‘Best Gambler in the World’ at the famed Blackjack Ball. All of this after his early years as an actuary. Well you have to start somewhere.

Old times Some actuarial pioneers were not strictly actuaries, mainly because the term hadn’t yet been invented. Take John Graunt, for example, a haberdasher-cum-demographer who kicked things off in the 17th century. I couldn’t tell you how he went from selling buttons to pioneering mortality studies, but he developed early human statistical and census methods, and is even credited with producing the first life table, giving probabilities of survival to each age. So you now know who to blame for CT5. Edmond Halley is best known for deducing the orbit of the comet (no, it wasn’t Bill Haley). In 1693, he published an article on life annuities allowing the British government to base prices on the holder’s age. Halley’s work followed on from Graunt’s and is now seen as a major event in actuarial science. He was also one of the first people to attempt the dating of Stonehenge – he was wrong by thousands of years, but at least he gave it a shot. Halley has a bunch of stuff named after him. Apart from the comet, there are a few craters in space, an Antarctica research station, a hospital ward in London, and a Wetherspoon’s. How’s that for success? So there you have it. While we may not all be so fortunate, or unfortunate, in our influence upon the world, at least we actuaries can have an impact of sorts. What will yours be? a

July 2015 • THE ACTUARY www.theactuary.com

24/06/2015 10:05

At the back Coﬀee break

Nylﬁa is an actuary who solves and sets cryptic crosswords created especially for The Actuary

puzzles@theactuary.com

Puzzles

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Across

PERFECT FORM

This crossword contains a loose description of an all-encompassing formula and the man whose identity is considered a work of mathematical beauty 1

For a chance to win a £25 Amazon voucher, please email your crossword solution to: puzzles@theactuary.com by Monday 20 July

10 11 12 13 14 17 19 20 21 22 24 26 27 28

Authoritative sources of frequent university lectures delivered by expert (9) Allow nuptials accepting evidence of cough (3,2) Rousseau reinstated deposit of gold coins (5) Fictional characters from Bible yarn suffered pursuing Israelites leader (9) Beast crossing a river sounds harsher (7) Illegal trade movement (7) Actuarial standard assumed with some hesitation - that’s a shocker (5) Nylfia’s written about article in this month (3) Mathematician showing straight line initially adjusted by taking radius as exponent (5) It’s not a straightforward phobia (7) Buns spotted after wave washed up on beach? (4,3) Ring on Beachy Head lost curiously causing American to whinge (9) Change of tack embracing setter somewhere in Italy (5) Ocular confusion but forget about Wallenberg, for instance (5) Doorplate screw hides large flea (9)

Down 13

1 2

3 4 5 6 7 8 15 16 18 19 22 23 24 25

Having feelings for European politician, muscular liberal left (10) Song played back supporting one Saint prominent in the Adriatic region? (6) A-lister rap composer seen around stars (10) Stiﬀ skier just 60% more uncertain (6) Agreeably carry on at nil rent included (7) Places to solicit labour when position dismissed (4) Nasty end to International organisation’s Latin criminal (8) Flower of Scotland? (4) Mistake at airborne performance (10) Miracle one performed in ritual (10) Alcoholic drink making men so ill (8) Team involved in spreading of malice in town on border with USA (8) Sails when water trickles about Welsh Head (6) Dog or two eating pasta (6) Writer producing nothing after ridicule reversal (4) Key location for short time at University? (4)

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HAVE YOU GOT WHAT IT TAKES? For information on IQ testing in your area, visit www.mensa.org.uk For a chance to win a £25 Amazon voucher, email your solution to puzzle 631 to: puzzles@theactuary.com by Monday 20 July

PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Score on the door Mensa puzzle 631

25 people rated a hotel and gave it an average of only 2 out of 10. After improvements, 20 of them returned to stay again and the hotel’s average score rose to 5 out of 10. What was the average score given by the guests on their second visit? TERMS AND CONDITIONS The prize will be awarded for the ﬁrst correct entry drawn at random from those received before the closing date. The winner’s name will be announced in the next edition. Please note, the puzzle editor’s decision is ﬁnal and no correspondence will be entered into. We reserve the right to feature the winner’s name in The Actuary. Your details will not be passed to any third party in connection with this draw.

Bridge puzzle 54 You have the evidence! Here are two defensive problems where, if you use the evidence, you can defeat the contract. In each case, Dummy is North. In the ﬁrst, you are West and the second, you are East.

Food for thought Mensa puzzle 632

Missing link Mensa puzzle 633

On Hand 1, you lead ♣A and Partner plays ♣J. Is it a singleton? How should you continue?

On each row place a word beginning with ‘D’ to ﬁt the clue given. When completed, a food item will be read down the red shaded column.

On each row place two letters that can be attached to the end of the word to the left to give a longer word. When completed the name of a capital city will be read downwards.

How should you continue?

What is it?

On Hand 2, Partner leads ♣3 and you win with ♣A.

ME__ TA L E _ _ I N E RT _ _ MAN__

A TROPICAL GRAIN A DUKEDOM FIRST APPEARANCE UNCERTAINTY BAN WEDDING ENDOWMENT A RACE

1 The bidding W N E Pass 1♠ 2♦ 3♣ Pass Pass Pass Pass Pass

♠ AQ9743 ♥4 ♦♣ AK8652

♠ 73 ♥ A5 ♦ KQJ8543 ♣ 62

Line of questioning Mensa puzzle 634

The following words all have something in common.

What is it?

SMART REWARD

BUNS

STRAP

PAWS

S 2♥ 4♥

DENIM

E S

♠ J2 ♥K ♦ AQJ1098 ♣ Q943

N W

E S

2 The bidding S N 2♦ 1♠ 2♥ 3♦ 3NT

♠ 104 ♥ K863 ♦ 1096 ♣ A765 Bridge puzzle provided by David Lampert

These puzzles are sponsored by:

SHUTTERSTOCK

p30_31_jul_crossword_puzzles.indd 31

July 2015 • THE ACTUARY www.theactuary.com

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puzzles@theactuary.com 11

SOLUTIONS FOR JUNE 2015 PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Tracking time Mensa puzzle 627

S N F E T O U R I S M E C N M L I L A C A L E H N A F O R T U R S I E H Y M N A L O N D A S T R O N O R H C X F R E D H O Y I S I G S C I E N C E H S A N 12

A A I M E L A N G I G D N D R O M E D S M E P R T L E N E C T N T R E N D Y H R E M E R U N D D O C L E S L E E R A D B I G B A N Y E Y 10

R E M A R K S

At the back Coﬀee break

P O S T A G E

Congratulations to this month’s winner – Sarah Softley of the Pension Insurance Corporation

Bridge puzzle 53 Gone slamming A train covers its outward journey at 98 mph. It returns, over exactly the same distance, at 73.5 mph. What is the train’s average speed over the entire journey? ANSWER 84 mph Congratulations to this month’s winner – Henry Pollock of Prudential

Doing the rounds Adding values Mensa puzzle 628 Mensa puzzle 629 What letter should replace the question mark?

ANSWER M. Moving clockwise, the alphabetical value of the ﬁrst letter along each edge, minus double the alphabetical value of the second letter, gives the alphabetical value of the corner letter.

ANSWER 3 (on a clock).

Strip teaser Mensa puzzle 630 What number is missing in this sequence?

56 392 401 401

? 4424 66360

ANSWER Four 4411. Add 1, multiply by 3, add 5, multiply by 7, add 9, multiply by 11 etc

Is East’s ♦ Q a singleton or has East played ♦ Q holding ♦ QJ? If it is a singleton, West has 4 diamonds headed by ♦ J. You can restrict ♠ K632 your losses to one ♠ 875 N by leading from your ♥ 10765 ♥ J9842 hand towards ♦ 10. W E ♦ QJ ♦ 963 However, that is only ♣ 987 useful if the ♣K is ♣ K5 onside, otherwise your S contract is defeated anyway. If W has the ♠ Q9 ♣K, you cannot afford ♥3 the safety play and ♦ A8742 have to hope for a doubleton ♦ QJ with ♣ AJ1064 East, Love all; dealer south Bidding Therefore, you must (1) Applying the Rule of 20 (no of S N take the club finesse HCPs + no of cards in two first. It fails. West wins 1♠ 1♦ (1) longest suits to equal 20 or more) and plays a spade. You (2) 2♣ 2♥ must take tha ♠A, play (2) Fourth Suit Forcing asking for (3) a heart, discarding 2♠ 4♦ some more information. ♠Q and now play a 5♦ 6♦ (4) (3) low diamond to your Could bid 3♣ to show 5-5, ♦ A. You are rewarded but prefers to show some when ♦ J appears as spade support. you now play a third (4) Arguably 6NT is better. diamond drawing the Things are not very promising. It last trump and cash the club and heart looks as though you need a 3-2 winners for twelve diamond break and the club tricks. finesse to work – about a 1 in 3 chance. West leads a heart and Note that the spade finesse does not help you win and decide to lead K♦. you. The club finesse is East follows with Q♦. still required. Plan the play.

♠ AJ104 ♥ AKQ ♦ K105 ♣ Q32

Bridge puzzle provided by David Lampert

THE ACTUARY • July 2015 www.theactuary.com

p32_jul_puzzle_solution.indd 32

SHUTTERSTOCK

24/06/2015 12:12

Actuaries on the move

Nigeria calling

Great strides in US pensions

Be aware of frequently changing immigration rules in a global employment market, says Tim McMahon

Laura Llewellyn-Jones looks at the beneﬁts and risks of working in the pensions and insurance sectors

Matthew Seymour compares pension risk management in the US to that in the UK

JULY 2015 theactuary.com

international actuary The magazine of the actuarial profession

Market movement What’s in a destination? IN ASSOCIATION WITH

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The International Issue Contents

Actuary proﬁles Q&A: United Kingdom Jonathan Allenby had a varied career before deciding to become an actuary

Q&A: India Roopal Shard’s favourite pastimes include reading about theoretical physics, and singing

Q&A: Greece Nikolaos Kefallinos enjoys music and arts, and playing basketball with friends

ONLINE Q&A: The Netherlands Pieter Tjerkstra

Q&A: Singapore Joanne Gyte

Q&A: United States of America Jessica Hussong

Q&A: South Africa Francis Kocks

Q&A: Brazil Leonel Rodrigues Lopes Junior

Q&A: Spain El Lemdani Mustapha

Q&A: South Africa Joshay Harkoo

Q&A: India Carl Anthony

and many more... Editor Kelvin Chamunorwa editor@theactuary.com International features editor Areti Kalkani features@theactuary.com Managing editor Sharon Maguire sharon.maguire@redactive.co.uk +44 (0)20 7880 6246 Display sales Vlad Harmanescu vlad@redactive.co.uk +44 (0)20 7324 2726 Recruitment sales Emmanuel Nettey emmanuel.nettey@redactive.co.uk +44 (0)20 7880 6234 Design / pictures Gene Cornelius / Akin Falope Sub-editors Kathryn Manning Caroline Taylor Production Rachel Young +44 (0)20 7880 6209

Circulation 25,331 (July 2013 to June 2014)

A world to gain Chief executive Derek Cribb joined the IFoA in 2010. He has worked with IFoA staﬀ and volunteers to turn the professional body into a modern, forward-looking organisation, putting it in a strong position to support its global membership. Five years on from the launch of a major strategy review and organisational restructure, he discusses the threats and opportunities facing the actuarial profession on a global scale

How has the external environment facing actuaries, and the IFoA, changed in the last five years? That’s a big question to kick off with! It’s also something the IFoA’s council has been giving a lot of consideration to of late. A big change is the make-up of our membership. We have more members than ever before living and working outside of the UK. As of October 2014, 57% of IFoA students were based outside the UK, with most of the growth coming from emerging markets, particularly China, South and South East Asia, and Africa. In addition, general insurance has become the fastest growing of our major practice areas, and based on current projections, will become the largest community of IFoA student members within the next 10 years. Risk management and health are also very strong growth areas, albeit from a smaller base. Another change is the evolution of business models. We have seen an increasing amount of work being done by those who are utilising actuarial skills, such as data analysts, but who do not necessarily want or need to qualify as actuaries. This goes hand in hand with a blurring of the lines between what is viewed as actuarial, versus more general analytics or IT work. Firms are also becoming increasingly globalised. More UK pensions work is being carried out by those based overseas, and the growth of the insurance industry has reached parts of the globe where there has historically been little economic investment, as seen in the recent need for microinsurance in places like Africa. What impact have these changes had on the profession? The impact has been huge. We’ve had to review how we deliver our charter objectives to ensure that we are relevant on a global scale to an increasingly diverse membership. Equivalence of service and accessibility have become our mantras! We have been working hard to ensure that as we develop new offerings we recognise the needs of our members, not just in our traditional centres, but overseas and indeed those based regionally in the UK. The change in business models has led us

to re-examine our core education proposition to ensure that our qualifications are equipping students with the skills required by employers. This has led to the development of the Certified Actuarial Analyst: the only qualification based on actuarial techniques aimed at those in more general financial, analytical and financial IT roles. We have also revised our Associate qualification to bring it in line with International Actuarial Association requirements and to address the increasing demand for broadly qualified actuaries. What initiatives has the IFoA launched to meet the needs of international members? Well, as I said, equivalence and accessibility are a major theme. In May we held our first-ever Asia conference in Beijing, a cross-practice event that saw a high calibre of speakers assemble to discuss issues impacting the profession, not only in Asia, but all over the world. This received the highest satisfaction rating of any conference we have produced. We are also developing a Virtual Learning Environment which, once in place, will enable members to access conference plenaries and CPD events around the world, regardless of where those events have been held. Our online professionalism CPD has now been accessed nearly 100,000 times – that’s four times as many members as we have. Our new website when launched will also greatly facilitate access to our services. Why would a potential actuarial student choose to be a member of the IFoA? I’m obviously biased, but I do think our global offering is truly market leading. We have offices in Beijing and Singapore staffed full time by Fellows, accreditation agreements with the leading universities around the world, and a unique and innovative suite of qualifications designed to meet the different needs of actuarial professionals. We also know that, because of the way IFoA actuaries are trained, with a focus on business application and communication skills, our members are regarded very highly by employers. An independent survey in South

THE ACTUARY • July 2015 www.theactuary.com

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The International Issue Derek Cribb East Asia, where many different actuarial bodies are present, showed us that IFoA Fellows tend to earn in excess of $1 million more than other actuaries through their career. In your view, what is the biggest risk facing the IFoA globally? Just as the broadening of the areas we see actuaries working in highlights an opportunity, it also represents a threat. Other professionals will seek to expand into common areas, so we need to be responsive as a profession and be able to demonstrate the unique value of actuaries. We must continue to be in a position to attract the brightest and best students to join the IFoA, as the quality of our members, their education and business relevance is key to the longevity of the profession. I also see the broadening of the areas as a massive opportunity for us to collaborate with other professions. We should remember that while we have a strong position within the actuarial field, this is still only a small fraction of total professional activity and financial services. We must be

open to joint initiatives not just with other actuarial associations, but other professions, in pursuit of our charter objectives. What can members do to ensure the longevity of the actuarial profession? Relevance, diversity of skills, promotion and collaboration are all keys to success, and are all in the hands of our members. I would encourage actuaries around the world to do more to develop their local communities – set up a local society; act as a mentor to students in your organisation; give talks in local universities about actuarial careers; volunteer. The only way we can get the word out about the value of the actuarial skillset is by being more outward facing, and the best actuaries will be ones that can beneﬁt from the investment of those that have come before them. The development of communities is vital here – especially in those areas where there are only a handful of actuaries. I would encourage every actuary to support those around them, for the good of the overall profession.

“Relevance, diversity of skills, promotion and collaboration are all keys to success, and are all in the hands of our members”

Institute and Faculty of Actuaries

Certiﬁed Actuarial Analyst Predictive analytics, big data, unstructured data modelling, climate change, health system modelling The world is changing faster and faster and the need to analyse data, produce new models and use actuarial skills in more industries is growing. The actuarial analyst qualiﬁcation is internationally recognised. You will be equipped with the relevant modelling, statistical and actuarial skills to be a valued team member in any company. Become a member of a professional body and if you choose to become a Fellow later then there is a conversion route available from 2017.

For more information visit our website: www.actuaries.org.uk/becoming-actuary/caa or contact the Education Services team: +44 (0) 1865 268 207 email: caa@actuaries.org.uk

July 2015 • THE ACTUARY www.theactuary.com

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The International Issue

Actuaries on the move Actuaries are in a good position to meet the relevant immigration criteria of many popular migrant destinations, says Tim McMahon. But in today’s increasingly global employment market, actuarial professionals who want to take advantage of overseas opportunities need to be aware of frequently changing immigration rules

With employment opportunities growing worldwide, actuaries wishing to work overseas should keep up to speed with immigration regulations in various destinations. Here is a look at how things work in Australia, Canada and the UK, and how this impacts on actuaries. Australia Actuarial professionals looking to move to Australia for work should be aware of the option to secure permanent residence and not rely on an employer-sponsored visa. In the last few years, the Australian government has reduced the numbers of occupations that are eligible for skilled independent migration and instead are moving to steer their migration programme towards employer sponsored visas. This allows an applicant to work for a specific employer in a specific position. But here’s the rub – it does not readily allow an applicant to move from one employer to another, or indeed, even to switch positions with the same employer. In effect, the applicant is ‘tied’ to the sponsoring employer and position. Despite the reduction in the number of occupations on the skilled occupation list –

the role of ‘actuary’ is still present for skilled independent migration. The main entry requirement is a relevant degree and at least one year of work experience. Importantly, professional actuarial exams or membership of a professional actuarial body are not mandatory to migrate to Australia under the nominated occupation of ‘actuary’. So this can include actuarial graduates, part-qualified actuaries or fully qualified actuaries. Before one can apply for skilled independent migration, an applicant must have received a positive skills assessment and meet the basic entry requirements on age and English language. The skills assessment remains a vitally important and timeconsuming part of the process for actuaries. This involves an assessment of the applicant’s qualifications and work experience. Once the skills assessment is passed, the next stage is to apply for permanent residence through the skilled independent subclass. This is a pointstested system, with the main points awarded shown in the table on page 37. Getting full marks The required pass mark to attain for an application is 60 points. Applicants can also be awarded extra points for: Australian qualifications, Australian employment experience, state/territory sponsorship, partner skills, or sponsorship by an eligible relative living in Australia. The main advantage to skilled independent migration is that it allows the applicant to secure full permanent residence at the outset without needing an offer of employment. It can be seen that many actuaries

THE ACTUARY July 2015 www.theactuary.com

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The International Issue Tim McMahon (including those not fully qualified with a professional actuarial body) will score highly on this points test providing a pathway to permanent residence in Australia. The overall timeframe to secure permanent residence is about 6-9 months. Obviously, occupations are present on the skilled occupation list for Australia due to a recognised demand. Therefore, actuaries can be confident that their inclusion on the list means very good employment prospects ‘Down Under’. Canada In January 2015, Canada launched its ‘express entry’ system to select immigrants. Express entry involves applicants submitting an electronic profile form to be considered under the main immigration programmes such as that for federal skilled workers. Applicants are ranked according to a points-based system called the comprehensive ranking system. Points are awarded using the information in the applicant’s profile relating to age, education, language ability in English/French and employment history. Additional points are awarded for an offer of employment in Canada. Regular selections are made from the system, inviting the highest ranked applicants to then apply for permanent residence. Such a permanent residence application has to be submitted within 60 days. Actuaries are included on the Canadian national occupational classification and are eligible to apply under the express entry system. Although it is too early to review its merits, the system certainly seems to be meeting one key goal – the process to secure permanent residence is now much quicker than before. UK immigration changes May 2015 saw the election of a new Conservative majority government with its pledge to reduce net migration. While the focus now seems to be more on low-skilled EU migration, it should be remembered that in April 2011, an annual cap of 20,700 Tier 2 (general) visas was introduced. The cap created an annual limit on the number of workers that UK employers could sponsor to come from overseas. However, this annual cap has not resulted in anyone being denied entry to the UK since it was introduced. This is because many applicants are not subject to the cap, such as: ● UK university graduates on student visas ● High earners ● Those in the UK on a current work visa ● Those coming to the UK on an intracompany transfer visa

GETTY

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The 20,700 available places are issued on a monthly allocation (as certificates of sponsorship) but demand has not yet exceeded the available places, so the cap has never been reached. Indeed, most months see a rollover of available places to the next month. However, while the new government has pledged to continue the annual cap – it is important to note that in recent months the demand for available places has been increasing, month-on-month. So, for instance in May 2015 there were 2,277 granted out of 2,285 allocations available. Once demand exceeds supply, the available places are allocated on a points system. This point system has not yet been relevant but as demand for overseas workers increases with the growing economy, it could soon be very important. The points system is heavily biased towards offered salary, meaning that, in time, those who are paid more will get priority in the allocation. This gives an advantage to actuaries and other finance professionals who typically would be paid more than other sponsored workers in sectors such as healthcare, education and others. UK employers can be confident that actuaries can continue to be sponsored for Tier 2 (general) visas within the annual cap. Some other UK visa options include:

“The main advantage to skilled independent migration is that it allows the applicant to secure full permanent residence at the outset without needing an oﬀer of employment”

Australia’s skills assessment points system for independent migration Educational qualiﬁcations Diploma / trade qualiﬁcation

10 points

Bachelor degree / Masters degree

15 points

Doctorate degree

20 points

● Tier 5 (youth mobility scheme)

Citizens of the following countries are eligible for this two-year visa: Canada, Australia, New Zealand, Japan, Monaco, Hong Kong, Taiwan and South Korea. Applicants must be between 18 and 30 (so not have reached their 31st birthday) when they apply. It is not possible to switch from this visa to another work visa category while in the UK. The applicant would need to return to their home country to submit a fresh application. ● Ancestral visas

If you have a UK-born grandparent and you are a citizen of a Commonwealth country such as Australia or Canada, then this visa can allow you to work in the UK and later to obtain settlement. The visa is issued for ﬁve years. A sponsoring employer is not required and the visa holder has freedom to work on a self-employed or employed basis. ● European Union (EU) nationals and spouses Although EU nationals do not require a visa to work in the UK, their non-EU spouses do. This includes those who are married or in a civil partner/unmarried partner relationship with an EU national.

Age 18-24 (inclusive)

25 points

25-32 (inclusive)

30 points

33-39 (inclusive)

25 points

40-44 (inclusive)

15 points

45-49 (inclusive)

0 points

English language ability Proﬁcient English

10 points

Superior English

20 points

Employment experience 3 years

5 points

5 years

10 points

8 years

15 points

Required pass mark

60 points

Tim McMahon is an immigration adviser with Commonwealth Immigration Consultants: www.commonwealthimmigration.com. Contact the organisation through its website for any assistance with immigration

July 2015 THE ACTUARY 37 www.theactuary.com

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The International Issue

Matthew, what do you see as the key differences between pension risk management in the UK and the US? Working alongside plan sponsors, actuaries and investment consultancies on both sides of the pond, particularly through our alliance with Winklevoss Technologies, we have noticed a number of key differences. The UK has been one of the leaders in pensions risk management, driven by changes made by the UK regulator. However, the US is following hot on the UK’s heels and is taking action quickly. In the US, not having the same organisational structure – no separate trustees – appears to make a noticeable difference when it comes to how actively sponsors can push their advisors, and how more decisively they can act in relation to risk management. There is also a lot more fragmentation and specialisation in the US intermediary market, which means more often than not, you have multiple advisors working with a single plan. Each advisor will have their own slightly different slant on risk management and will be pushing to provide advice in the ‘middle ground’. So you see different types of intermediaries playing the lead role in providing risk management advice. What are the big trends in pension risk management in the US? Liability-driven investment (or LDI) has become very popular, and we are seeing a lot of asset managers building up LDI solution teams. Also, more and more plans are implementing long-term investment strategies to manage the risk – such as using glide paths. In terms of risk elimination, bulk lump sum cash-out windows have become common practice in the US – allowing corporates to reduce both the size of the pension plan in dollar terms, and also reduce the administrative cost of running the plan. Elsewhere, the annuity buyout market is warming up, with high-profile cases such as GM, Verizon and Motorola paving the way for more activity in this area. An interesting development is the release of new US mortality tables, which have already started to be reflected in accounting valuations – and will imminently be used in funding valuations. From what we have witnessed so far, the change will increase the accounting liability for plan sponsors by between 5 to 10%. This is likely to have a dual impact. First, plan sponsors may want to beat the changes and pay out as much as the liability through lump sums as possible before the impact on funding valuations is felt. Second, it is making buyouts appear more attractive: annuity providers already use equivalent

Making great strides

Jeremy Lee talks to RiskFirst managing director, Matthew Seymour, about the differences in approach to pension risk management in the UK and US, and the role of pension risk analytics levels of mortality when valuing liabilities, so the relative cost of a buyout valuation in comparison to the accounting valuation is lower than before. Whether in relation to risk management or risk elimination, there is a major trend of intermediaries looking for ways to differentiate themselves and demonstrate the credibility of their teams and their solutions. A number of firms have embraced the use of risk management platforms and more of their clients are implementing derisking flight plans that use these analytics to better monitor their evolving position and decide when to execute changes in strategy.

Why has the US tended to follow in the footsteps of trends in the UK? Good question. In general, US plans provide less valuable benefits than UK schemes and so the cost of running these plans has taken longer to come to the fore. Also, government regulation on inflation-linked pensions in the UK means that companies there have less scope to design schemes that can lower cost. So the incentive to implement de-risking solutions has been greater in the UK. The US is now benefiting from replicating many successful UK practices – although only to the extent that they are applicable to the US market. For example, there is no big inflation swap or longevity swap market developing in the US due to differences in pension benefit plan design between the two countries. Also, US accounting standards – where equity returns play a large role in determining the benefit cost – have also for a long time discouraged US plans from increasing their fixed income allocations with lower expected returns, or seeking to implement LDI or other de-risking measures. Do you see a difference in focus between US advisors and their UK counterparts? In the UK, because the advisory market is more consolidated, I think there has long been a focus on providing a broad range of advice. Most UK consultancies have a full-service offering encompassing actuarial advice, investment and risk consultancy. I think we are witnessing somewhat of a replication of this model in the US – with many consultancies seeking to broaden their range of services, either to offer more to current clients, or to win new clients by displaying a broader understanding of the risks and issues they face. Certainly, when seeking new clients and mandates, many advisors are very keen to provide a much fuller suite of analytics and to demonstrate their own understanding of a holistic, cross-balance-sheet view. This allows them to interact not only with the plans in a more credible way, but also with the other advisors the plan may be involved with.

THE ACTUARY July 2015 www.theactuary.com

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The International Issue United States of America Ultimately, sponsors are becoming much more focused on the risks in their pension plans, and increasingly looking at these risks holistically. Is this driving a changing skill set necessary to be an actuary in the US? The role of a traditional pension actuary in the US is still very much driven by satisfying regulatory requirements such as annual valuations, determination of annual contributions, and completion of annual ﬁnancial disclosures. Pension risk management activities are generally under the remit of the plan’s investment consultant. However, many investment consultants typically have experienced pension actuaries on their staﬀ and as pension risk management in the US grows, it would seem likely that more opportunities will arise for pension actuaries in these roles. This will require actuaries to have a deeper understanding of both sides of the balance sheet.

Do diﬀerent types of advisors tend to consume risk analytics in diﬀerent ways? I think the way advisors and consultants use technology – and the data and analytics it drives – depends heavily on what they are trying to accomplish. For instance, the actuarial consultancies are naturally much more focused on the funded status, so use technology principally to better value assets and liabilities, and to produce a ‘big picture’ view. The investment consultants and the asset managers, on the other hand, are much more focused on risk or asset liability management (ALM). Obviously, the asset managers are trying to showcase their own products and want to do that inside a risk framework that includes the liabilities. The investment consultants are trying to put together a long-term plan for a plan sponsor and therefore they often need systems with detailed ALM functionality. Yet, they are all increasingly trying to stretch beyond these boundaries.

What are the barriers to plans and consultants implementing external technology? Barriers come from a number of different areas. A big one historically was the fact that many consultancies and intermediaries already had existing in-house analytics. The key question is whether it makes sense for them to continue to maintain those systems, and develop them to keep pace with the industry and technological change. Today we see intermediaries scaling their businesses in different ways, focusing on the elements of their work that are most valuable to clients – providing advice and solutions – rather than number crunching. They are also far more willing to outsource the development of technology to experts in the field. What other markets have a growing demand for pension analytics tools? We are seeing interest in Canada and also in the Eurozone. Demand is increasing for a global risk view and consistent analytics – across clients’ numerous pension plans globally. We are developing our platform to meet this.

Aon Benﬁeld

ReMetrica: Bringing stochastic modelling to Life ReMetrica for Life, Health & Pensions now offers a fully stochastic framework to evaluate the key risks of long term products and more accurately influence reinsurance purchases, predict cash flow and analyse financial strategies. Discover more at aonbenfield.com/remetrica_demo

Risk. Reinsurance. Human Resources.

July 2015 THE ACTUARY 39 www.theactuary.com

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Make the move to ASIA :PUJL 6SP]LY 1HTLZ (ZZVJPH[LZ VWLULK [OL /VUN 2VUN VÉ&#x2030;JL PU ^L OH]L ZLLU HU PUJYLHZPUN KLTHUK MVY <2 X\HSPĂ&#x201E;LK HJ[\HYPLZ [V ^VYR HSVUNZPKL [OLPY Asian counterparts within the APAC region. ;OLYL PZ UV ZOVY[HNL VM HJ[\HYPLZ PU (ZPH I\[ Ă&#x201E;UKPUN [OVZL ^P[O Z[YVUN JVTT\UPJH[PVU ZRPSSZ JHU IL KPÉ&#x2030;J\S[ ^OPJO PZ ^OLYL [OL <2 [YHPULK (J[\HY` JHU Z[HUK V\[ <2 X\HSPĂ&#x201E;LK HJ[\HYPLZ OH]L HU HK]HU[HNL UV[ VUS` ILJH\ZL [OL` SLHYU to communicate complex concepts in laymanâ&#x20AC;&#x2122;s terms but also due to exposure to advanced regulatory developments such as Solvency II and Basel II.

Why Asia? Salary Our recent salary survey showed that on average the annual salary for a UK Actuary in Asia was up to ÂŁ13,000 higher than their international peers with UK actuaries being the highest paid across the board. Career Progression Asia is fast becoming a recognised insurance hub; many of the top 20 insurance companies are making their Asian operations a priority, Hong Kong and Singapore in particular are experiencing rapid growth across all sectors which means there are numerous job opportunities for the ambitious Actuary. Lifestyle It goes without saying that the weather is slightly more attractive than what is VU VÉ&#x2C6;LY VU <2 ZOVYLZ OV^L]LY (ZPH OHZ T\JO TVYL [V VÉ&#x2C6;LY [OHU HU HNYLLHISL climate. The Asian culture is diverse, rich and rewarding, in the last 15 years Asian cuisine has grown to become one

of the most popular foods around the world; those bold and spicy dishes will be on your doorstep. Travel both around the major cities and to a number of farĂ&#x2026;\UN JV\U[YPLZ PZ HTVUNZ[ [OL ILZ[ PU the world, with incredible accessibility to many of the most beautiful and sort after destinations (Bali, Borneo, Thailand) meaning your annual leave will be well spent. How easy is it to move? As a business we specialise in relocation and can make what might seem a daunting task very easy, we UV[ VUS` VÉ&#x2C6;LY JHYLLY HK]PJL I\[ JHU provide guidance on housing, culture, language, schooling and much more. Having helped so many actuaries make the move we also have a great group of professionals willing to share their experiences with you. It really is an opportunity not to be missed.

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0M `V\ HYL PU[LYLZ[LK PU HU` VM V\Y YVSLZ VY ^V\SK SPRL H JVUĂ&#x201E;KLU[PHS JOH[ HIV\[ JHYLLY VWWVY[\UP[PLZ WSLHZL NL[ PU [V\JO ^P[O 1VUU` VY .HY` THE ACTUARY â&#x20AC;˘ May 2013

Jonny Plews jonny.plews@ojassociates.com Gary Rushton gary.rushton@ojassociates.com

Why Oliver James?

Largest actuarial recruitment team in the world Unrivalled market knowledge

Placed over 1000 actuaries Unparalleled network of top-tier clients Relocated 35 UK actuaries to Asia in the last 2 years

Some of our live opportunites include: VP - Pricing Actuary Life/Non-Life Hong Kong Up to HK$100k/ month Chief Actuary 4HSH`ZPH <W [V 94 R TVU[O IVU\Z Head of Valuations - Life Indonesia <W [V R <:+ TVU[O Director, Pricing - Life & Health Singapore <W [V R :.+ TVU[O

www.theactuary.com

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OLIver james associates heads to the big apple In October this year Oliver James Associates will be expanding our global MVV[WYPU[ I` VWLUPUN V\Y Ă&#x201E;YZ[ Z[H[LZPKL VÉ&#x2030;JL PU 4HUOH[[HU 5L^ @VYR ;OL VÉ&#x2030;JL VWLUPUN PZ WHY[ VM V\Y WSHUULK international expansion strategy but also in response to a need from our existing clients to provide a proactive resourcing strategy within the United States. >L HSYLHK` ^VYR ^P[O H ZPNUPĂ&#x201E;JHU[ number of the worldâ&#x20AC;&#x2122;s leading insurance HUK Ă&#x201E;UHUJPHS ZLY]PJLZ I\ZPULZZLZ HJYVZZ the UK, Ireland, Continental Europe and (ZPH 7HJPĂ&#x201E;J >L HYL L_JP[LK [V IL HISL to develop our existing relationships with our current clients in the United :[H[LZ HZ ^LSS HZ [OL JVTTLYJPHS ILULĂ&#x201E;[ in developing new working relationships with organisations who have historically operated within the Americas. ;OL 5L^ @VYR [LHT ^PSS PUP[PHSS` specialise in actuarial resourcing services within life insurance, healthcare HUK 7 * ^P[O H ]PL^ [V VÉ&#x2C6;LYPUN V\Y M\SS services across; accountancy, audit, tax, risk, compliance, legal, change & I.T. and digital. :[L^HY[ *OLYY` VUL VM [OL 5L^ @VYR VÉ&#x2030;JL +PYLJ[VYZ ZHPK Â¸>L OH]L HSYLHK` made a number of placements in the U.S. - client interaction has been incredibly positive. As a team we are extremely excited about delivering a high quality, proactive resourcing methodology into the U.S. where the clientsâ&#x20AC;&#x2122; need to source key talent being in high demand. I am very fortunate to be joined by an experienced team, who all share equal levels of ambition to NYV^ H ZPNUPĂ&#x201E;JHU[ YLJY\P[TLU[ WYLZLUJL and develop Oliver Jamesâ&#x20AC;&#x2122; global brand.â&#x20AC;? 0M `V\ HYL PU[LYLZ[LK PU Ă&#x201E;UKPUN V\[ TVYL HIV\[ V\Y VWWVY[\UP[PLZ VY ^VYRPUN ^P[O \Z PU [OL M\[\YL WSLHZL NL[ PU [V\JO ^P[O VUL VM [OL [LHT Meet some of the key Actuarial Team:

Current Opportunities P&C: Actuarial Roles 6\Y [LHT PU 5L^ @VYR PZ ^VYRPUN ^P[O a leading non-life P&C insurer who are enjoying sustained growth and looking to develop a number of new business units across the organisations. The roles range from Associate (ACAS) to CRO across various business units, with particular demand for actuaries with a strong analytical background including: predictive modelling, LJVUVTPJ JHWP[HS TVKLSSPUN ,*4 HUK CAT, as well as traditional actuarial WVZP[PVUZ +\L [V V\Y JSPLU[Z NYV^[O plans, actuaries who are looking to make a strong impact and add value to new business units will be particularly interested in these opportunities. The successful candidates will have strong technical, commercial and communication skills with a background PU PUZ\YHUJL HUK VY Ă&#x201E;UHUJPHS ZLY]PJLZ

Stewart Cherry stewart.cherry@ojassociates.com

Vinny Hughes vinny.hughes@ojassociates.com

Chris Lee chris.lee@ojassociates.com

Anna Davies anna.davies@ojassociates.com

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Life: Chief Actuary Oliver James Associates USA, is proud to be partnering a world renowned life insurance business as they seek to hire H *OPLM (J[\HY` [V IL IHZLK PU 5@* This role will be reporting directly into the Global Chief Actuary and will have responsibility for a key division within the actuarial department which includes H TP_ VM X\HSPĂ&#x201E;LK HUK WHY[ X\HSPĂ&#x201E;LK actuaries. The department is responsible MVY Ă&#x201E;UHUJPHS YLWVY[PUN JHWP[HS TVKLSSPUN including Solvency/ORSA, EV, US GAAP. The Chief Actuary, which will be a credited (FSA/FIA), will lead and represent the actuarial function for the life business internally and externally, demonstrate strong commercial and technical understanding, working closely with senior management to deliver success within the U.S. business.

General Contact Details E info@ojassociates.com W www.ojassociates.com @OJAssociates oliver-james-associates

May 2013 â&#x20AC;˘ THE ACTUARY www.theactuary.com

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Nigeria calling Laura Llewellyn-Jones describes the opportunities, beneﬁts and risks of working in a country with underpenetrated insurance and pensions sectors

THE ACTUARY • July 2015 www.theactuary.com

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The International Issue Laura Llewellyn-Jones

Nigeria is the largest economy in Africa, since taking over from South Africa in 2014. It also has the largest population in the continent, of around 170 million inhabitants. Oil and gas are currently the major foreign exchange earners but the country has massive potential, not just for actuarial work, insurance and investment, but for a wide variety of different sectors. There are about 60 insurance companies in Nigeria, regulated by the National Insurance Commission (NAICOM). The insurance sector is relatively underpenetrated. Regulation is improving, and growing foreign influence is providing more product innovation. However, there appears to be a fairly low market perception of insurance, due to legacy issues such as non-payment of claims and fake insurance firms. The law around insurance provision is not well understood. For example, it is compulsory to have at least third-party motor insurance in Nigeria before using or keeping a vehicle on public roads. However, many drivers see the insurance documentation as proof of ownership or paperwork to show law enforcement agents, rather than for the cover it provides them in case of accident or loss. Raising awareness Following an accident, drivers may well pay for the repairs themselves as they simply do not appreciate the insurance cover they already have in place. This highlights that more education is required about insurance so individuals can understand its value. It also underscores the importance of insurance companies building confidence with their client base that they will pay out if legitimate claims are made. There are a small number of consulting firms based in Lagos who complete the actuarial reporting for the bulk of the insurance companies. There is significant growth potential in the consulting sector, for product development and innovation as well as within the regulatory framework. The pension sector is regulated by the Pension Commission (PENCOM). The Pensions Act 2004 obliged firms with a certain number of employees to provide workers with a pension, and introduced individual retirement savings accounts. This has increased pension take-up, although in practice, individuals in the informal sector who make up the majority of the population (those who are not taxed or monitored by any form of government) do not have pension provision. Take ‘Grace’ for example. She is 24 years old, and works as a housekeeper in Abuja. From her salary, she puts money each month into her mother’s bank account in order for her to buy

ALAMY

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food. She has never considered paying for a private pension. If she does not have children herself who could support her in retirement, she intends to keep working in order to survive. She would, however, like to have a pension, so that her savings are secure and they grow with interest. A growing and tailored pension industry could reach people like her, providing not just a safety net but also greater access to finance for businesses within Nigeria. In the formal sector, individuals are empowered to select their own Pension Fund Administrator (PFA) who will then manage their individual defined contribution retirement savings account. The choice of administrator may depend on the investment choice it offers, its network of branches and the service and communication it provides. For example, as an employee changes job, they may keep their retirement savings account with the same PFA. Employers may therefore need to pay into a number of PFAs depending on where employees have their accounts, and have to pay at least a minimum percentage of salary as contribution. Over recent years, there has been a deliberate move away from defined benefit provision, a push for greater coverage of the population, as well as a clampdown on fraud and mismanagement. There is still a long way to go, but the perception of the pension sector has improved. This has been helped by better communication. Recent political developments may also provide opportunities. Entering into a new market requires fully understanding the politics and monitoring them carefully to try and anticipate any potential changes that could impact business. For example, if an economy is particularly reliant on one sector, should there be instability within that area this will have a greater impact on the whole country than if the economy is reliant on a larger number of sectors. In the case of Nigeria, oil and gas form the significant part of the economy and provide well over 70% of federal tax receipts. The drop in oil price has therefore had a significant impact. Nigeria held the most expensive election ever in the African continent on 28 March 2015. The opposition candidate, Muhammadu Buhari won by more than 2.5 million votes and the incumbent president Goodluck Jonathan conceded defeat. This is the first time an incumbent president has lost re-election in Nigeria. These events show a growing maturity and sense of expectation from the voting public: they wanted a peaceful election and change of government, and they got it. President Muhammadu Buhari was sworn into office on 29 May 2015. The atmosphere in Abuja is still full of optimism and excitement. He has vowed to tackle corruption, insecurity

and create jobs and is keen to bring in more international businesses – particularly when it comes to diversifying the Nigerian economy and bringing in new capital to invest in infrastructure. Connecting So how should those who are interested begin thinking about Nigeria? First, engage with its culture. Diverse and vast, the country can be overwhelming for some, however keen they are to do business. But there are some common traits that matter when engaging with Nigerians, wherever they are from. They are often more direct compared to people in the UK, less willing to talk around the point and more clear about what they want and need. That can be off-putting but it can also be quite refreshing. It makes conversations about business or anything more vibrant, fun and engaging. Fuel shortages, bad roads and crazy driving are some things people complain about and these are not going away in a hurry. But they are also not good reasons to quit and there is always a way around whatever shortage you are faced with. Nigerians are among the most entrepreneurial people in the world, and most impressive are those who sidestep, swerve and overcome obstacles with good grace and resilience. They show us how it can be done. Finally, don’t be put off by the concerns about insecurity. It is true Boko Haram in the north-east of Nigeria is still a cause for serious concern. Also that crime and kidnapping are a problem. But by being sensible, taking precautions and following good advice you can still come to Nigeria and do business safely. At any one time, there are between 10,000 and 20,000 British nationals living and working in Nigeria. The vast majority do so without security problems, and come to enjoy the cut and thrust of the business and social environment Nigeria offers. Doing business in Nigeria is not easy, corruption is a challenge and there are many other issues that can make people stop and want to look for an easier market to enter. But there are significant opportunities for actuaries, risk consultants and others in the financial services industry looking for frontier markets to enter. Now is the time to take advantage of political changes, demographics, economic growth and the keenness of the new government to bring in foreign businesses. It might not be easy but Nigeria will be rewarding, exciting and certainly never dull.

Laura Llewellyn-Jones is an independent actuarial consultant in Africa

July 2015 • THE ACTUARY 43 www.theactuary.com

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The International Issue Spotlight

Let the dice decide A game of chance for making life-changing decisions, or just a bit of fun? It’s all in your hands, says Darryl Boulton

As a small boy I exhibited some early actuarial traits; speciﬁcally I loved playing with dice. Home computers were still at a very early stage so I employed all manner of combinations of dice to mimic tennis, football and cricket matches with loadings for better players and teams. Whether this prepared me best to be a bookmaker or an actuary is a moot point, but it certainly helped my early understanding of probability. Whether I have any other actuarial traits is best judged by others, although I generally take it as a compliment when people express astonishment that I am an actuary. They could, of course, be considering my intellect but unfortunately the profession still has a reputation as being full of dullards, and I hope I can at least demonstrate that is not true of all actuaries. So this article had better be interesting… no pressure then. My favourite book Some years ago, drawn by the title, I bought a book called The Dice Man by Luke Rhinehart. I recall it had rather a slow start, which perhaps reﬂected the boredom the psychiatrist in the book had with life. But this all changed one evening when he made a bold decision all based on the throw of a die. From that point on he becomes obsessed with dice, such that virtually every decision he makes is based on the roll of one or two of these little cubes. His life degenerates hilariously and rapidly to such an extent that at one point he tries

to eat and sleep all according to the roll of the dice. The secret behind an exciting dice life is to have a balance of options, in particular there should be at least one option that you do not care for – however if that is what the dice decides then you must do as it decrees. Go with the throw In line with the international theme this month a good place to dip your toe in the water, so to speak, would be on deciding your holiday destination. If I had to list six choices – assuming no tight budgetary constraints – then I would list Canada, Croatia, India, Poland, South Africa and Thailand. In line with my own rules for a good dice game I am very happy with two of these, broadly neutral on three and not too keen on one option. Please note I have listed in these destinations in alphabetical order which is not necessarily the order of my preference! So what else? Well, meal choice is a relatively harmless area you can dabble in. Anyone following the 5:2 diet may want to vary it slightly by letting the dice decide each week between 4:3, 5:2 and 6:1 perhaps. Actuarial couples can of course have twice the fun. Do or die Fans of Heartbeat may recall a scene where a man was put in the same cell as a hardened criminal who held a grudge

against him. He was a fair man though and said only if, on the throw of a dice, the man threw anything from one to five would he beat him up. When the trembling man asked what would happen if he threw a six he was told: “It’s Christmas, you get to have another roll”. Then there’s work. I think it was David Brent of The Office fame who threw half the CVs he had to look at straight in the bin on the basis he did not like to employ unlucky people. So the dice can certainly help there! Actuarial connotations On a more serious note can dice help in actuarial work? Not in 2015 I think, but the concepts of chance and probability do play a big part in our work and a few harmless dice games may even help your general level of understanding, particularly early on in your career. Life insurance is a game of chance and, from a personal perspective, if the dice fall wrong you win big. Something for fun So it may not be Christmas, but I am nearly at the end of this article and am feeling suitably de-mob happy, so how about a dice game? If you throw: 1 – donate £5 to charity 2 – go for a brisk walk 3 – fetch a coffee for your colleagues 4 – write a letter to The Actuary 5 – treat yourself in a small way 6 – point this article out to your colleagues. Darryl Boulton is an independent actuarial consultant

THE ACTUARY • July 2015 www.theactuary.com

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The international actuary The actuarial profession is recognised worldwide as a leading player in promoting professionalism, developing educational standards and encouraging research within the finance and insurance sectors. Actuaries can be found in all corners of the world, and their skill set is growing in demand; not only in the traditional pensions and insurance markets but also in other fields of practice, such as banking, risk management and the environment.

The international actuary issue serves as a reminder of what a truly global profession it is. Our aim is to provide a snapshot of the roles, responsibilities, risks and challenges of actuaries on the global stage. We have invited student and newly qualified actuaries living and working in an international capacity to discuss their experiences and provide an insight into the actuarial practices of their own homelands.

To read more from our international actuaries, visit www.theactuary.com/international

IN ASSOCIATION WITH

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The International Issue United Kingdom

I am a student actuary working for Ernst & Young in London. I originally graduated in natural sciences from Cambridge, and have had a varied career working in publishing, training and software development. Most recently, I ran my own software and design agency for 14 years. Apart from spending time with my children, I love photography, cycling, kung-fu and throwing parties. I am also passionate about understanding the cultural and philosophical dimensions of technical decision-making; I spent a lot of my spare time over 10 years working towards my doctorate in cultural studies from Goldsmiths.

Jonathan Allenby

Which actuarial field(s) do you specialise in? Non-life and insurance data analytics. Why did you decide to study and work in this specific field? When the recession hit my business, I decided to rethink my future career by looking at career profiles for different professions, and matching them up with my own existing and potential skill set. Having spent 14 years as an entrepreneur, I felt I wanted a high level of professional guidance, mentoring and CPD to help me on my way. I also wanted to re-engage my maths skills. As a technical career with a reasonable work/life balance, good career prospects and a high level of professionalism, the actuarial field strongly appealed. To get the CT1 – CT8 exemptions I did a part-time distance-learning PGDip in Actuarial Science with Leicester University – and I’m very happy I did, as the actuaries I’ve met so far are very nice people. Which actuarial society are you a member of? I’m a member of the Institute and Faculty of Actuaries

Which actuarial ﬁelds are most dominant in the UK and why? Solvency II has driven the expansion of capital modelling. Tell us a bit about the market that you work and study in? I am involved in non-life personal lines, mainly home and motor. I am interested in usage-based insurance (UBI) and the opportunities opened up for insurers by the internet of things. I think we will see some very interesting developments in non-life within the next few years and I hope to be closely involved. What kind of support do students get in your company and elsewhere in the market? At EY, students get excellent study leave and support for exams. There is a general understanding among the team of what the exams involve, and how challenging it may be to combine studies with work, particularly near year end. From what I hear, there is pretty good support for exams in all the big consultancies and many of the major insurers in the UK.

THE ACTUARY • July 2015 www.theactuary.com

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What kind of activities does the actuarial student society in the area where you work organise? The Staple Inn Actuarial Society (SIAS) arranges a wide variety of activities both professional and social, which are designed to appeal primarily to students and recently qualified actuaries. Can you tell us about the challenges and benefits of your actuarial activities outside your day job? I am a member of the Herd-Like Behaviour working party, looking at areas where actuaries ‘follow the herd’ in decision-making, due to regulatory pressures, benchmarking and other factors. So far this has involved some research, writing and presenting at a break-out session of the CIGI (Current issues in general insurance) conference. It has been a brilliant opportunity for engaging with a variety of senior actuaries and other industry figures about issues which don’t get talked about very often. The main challenge has been to find the time to meet commitments on top of work, but overall it has been very rewarding. What do you believe are the social and economic drivers for actuarial work in the UK? In the area I’m interested in, a lot of the factors driving change are technological in nature: the digitisation of things, telematics, big data, advances in online policy applications and claims handling. In the longer term, technologies like driverless cars will completely transform the nature of motor risk and insurance. What’s the reputation of actuaries and the profession in the UK? Amongst those who know us, there is a lot

of respect for actuaries, our technical capabilities and professionalism. We are generally perceived as quite risk-averse, a good foil for the more buccaneering approach of some other financial professionals. How does the professional body try to enhance its image? Actuaries are perceived as being highly uncommunicative and introverted, which is usually not true in my experience. The IFoA is trying hard to change this perception, by promoting the importance of communication, which will be vital if actuaries are to play a central role in articulating risk at board level, to the media and public at large. What are your views on the role of an actuary in the market you work in, now and in the future? It is a very exciting time to be an actuary. Emerging technologies will require actuaries to develop new skill sets and understanding of a more integrated risk environment. At the same time, the actuarial skill set will be needed by data-driven risk businesses in order to critically assess the limitations of the data they rely on. What were the influences that shaped your career decisions to date? As a career changer, my decisions have been focussed on how best to repackage and reuse my existing skills whilst looking to build a solid foundation of actuarial skills and experience. It has been difficult to work out the best route into the profession, but I would say it is vital in this situation to make as many relevant contacts as possible, get plenty of advice and work out exactly what you want. The programme director for actuarial

distance learning at Leicester, Leena Sodha, gave me lots of useful tips and encouraged me to volunteer for the IFoA – which was very helpful. I also benefited by knowing someone who could pass my CV to the relevant people. However, I think more help and guidance could be provided for career-changers by the IFoA, particularly because the profession gains from expanding the diversity of experience and viewpoints amongst actuaries. Could you tell us about your immediate and longer term goals? In the short-term I aim to become fully qualiﬁed and build up my industry knowledge by working on a variety of jobs: analytics, reserving, capital modelling, actuarial review. Longer term I want to be involved in formulating innovative strategies for customer engagement throughout the whole lifecycle from the marketing of insurance products right through to claims handling. What do you say when asked “What is an actuary”? Usually it starts with “no, I’m not like an accountant”. My short answer is “a mathematically skilled adviser on risk, mainly involved in insurance”. How will you celebrate the day you qualify? Whatever I do, it will probably start with a glass of champagne!

July 2015 • THE ACTUARY www.theactuary.com

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The International Issue India

I am an economics graduate from the University of Delhi. I currently work at Milliman India specialising in pensions. I am also part of a nongovernment organisation in Delhi that looks into matters of public interest. I have an avid interest in singing and passed my grade 4 exam from Trinity College, London. I plan to sit further singing exams. As well as my interest in ﬁction, I also enjoy reading about theoretical physics and the latest discoveries in the ﬁeld of science

Roopal Shard

Why did you decide to study and work in this specific field? I chose to be an actuary because I wanted to pursue a career that uses mathematics practically, and is also a part of the financial services industry. Which actuarial society are you a member of? I am a member of both the Institute and Faculty of Actuaries and the Institute of Actuaries of India. Which actuarial fields are most dominant in India and why? Life insurance is the most dominant field because it is one of the first actuarial services in India and is in high demand. Tell us a bit about the market that you work and study in? I work in the employee benefits team at Milliman, focused on Asian clients. We value the liabilities of firms with respect to end-ofservice-benefits the company are obliged to pay to their employees. What kind of support do students get in your company? The exam fee is paid by the company if the student passes the exam. There are also exam-based salary increments to encourage students to pass exams, and study leave. Is there an actuarial student society in the area where you work? If so, what kind of activities does it organise? The Institute of Actuaries of India regularly organises seminars and workshops for actuaries specialising in various fields. However, most of these events take place in Mumbai. What do you believe are the social and economic drivers for actuarial work in India? The main driver for gratuity benefits and health insurance is the lack of a strong social security system and a universal healthcare system provided by the government. What’s the reputation and image of actuaries and the profession in India? The Institute of Actuaries of India is very highly regarded in India. It is also recognised by the IFoA.

The IAI exams are extremely difficult and have a low pass percentage year after year. The IAI makes sure that member actuaries follow the guidelines and law laid down by it. What are your views on the role of an actuary in the market you work in, now and in the future? I think the role of an actuary has become quite important in the field of end-ofservice-benefits because as companies expand, so do their liabilities. Firms are facing a pressing need to actuarially certify their liability figures. There is also a growing awareness among clients about what an actuary does and why it is important. In the UK the skill set of an actuary is being recognised across many non-traditional disciplines. Is this also true of India? I don’t think this trend is very popular in India as there are a large number of management graduates with similar skill sets that are able to secure jobs in challenging areas such as investment banking, financial risk management and enterprise risk management. What were the influences that shaped your career decisions to date? My love for economics and mathematics led me to choose a career in actuarial science. The mix of mathematics and finance was one of the key attractions of this field. What are your immediate and longer term goals? My immediate goals are to learn more about my field and work on more challenging projects. My long-term goal is to become a fully qualified actuarial consultant in the field of pensions and employee benefits. What do you say when asked “What is an actuary”? My reply is that an actuary quantifies the level of risk for a company or individual, designs complex insurance products and/or helps clients make risk-driven decisions. How will you celebrate the day you qualify? I will take a really long vacation.

THE ACTUARY • July 2015 www.theactuary.com

Q&A p48 India Shard SM-1.indd 48

24/06/2015 10:23

The International Issue Greece

I was born and live in Greece and work for Ernst & Young in Athens. I am a student actuary specialising in non-life and risk – mostly related to the quantitative elements of the Solvency II framework. Outside the actuarial world, I am one of the shareholders of a company that promotes music and the arts in general. When I ﬁnd some free time I spend it playing basketball and other sports with friends, listening to music and watching movies

Nikolaos Kefallinos

Why did you decide to study and work in this specific field? Given the theoretical nature of a pure mathematics undergraduate degree I was keen on specialising in a field that is closely related to applied mathematics and statistics and so I continued to study by pursuing a MSc in actuarial science and risk management. Which actuarial society are you a member of? I am a member of the IFoA. Which actuarial fields are most dominant in your country and why? In past years the life business would be considered as dominant. However, more recently growth in the non-life actuarial field has been observed since companies have begun to use more ‘sophisticated’ methods. The non-life sector is expected to develop significantly in the near future. Tell us a bit about the industry or market that you work and study in? I have already worked on projects for the largest insurance companies in Greece, Italy, Turkey and Cyprus covering a wide range of different assignments from technical reserves estimations to embedded valuations. What kind of support do students get in your company? There is a structured plan for study leave, which depends on the course the student will be examined on. The costs of exam fees and study materials are also covered. Is there an actuarial student society in the area where you work? Not a student society as such, but there is the Hellenic Actuarial Society which established the profession in Greece. What do you believe are the social and economic drivers for actuarial work in Greece? The main social-economic drivers are related to healthcare and pension issues. Until recently, the main healthcare coverage was provided by the state but due to the recession, the government’s budget for the healthcare system has been decreased dramatically. Therefore, the private healthcare insurance business has already seen notable development, which is expected to increase in the near future. Similarly, the pension system is expected to be restructured, which in

combination with an ageing population, can be considered a very hot topic. What’s the reputation and image of actuaries Greece? In general, the profession is highly regarded – at least by other professionals who know what an actuary does. During the last year, possibly due to the upcoming Solvency II implementation, the number of actuaries has begun to increase. The Hellenic Actuarial Society is currently under reorganisation in order to enhance the quality of its study programme. What are your views on the role of an actuary in the market you work in, now and in the future? Most actuaries work in insurance companies in actuarial and the risk management functions. They have a very important role within an insurance company, as they have a wide range of responsibilities, such as pricing, reserving, capital modelling. Is the skill set of an actuary being recognised across many non-traditional disciplines in Greece? It is true for the insurers’ risk management departments, which mostly consist of actuaries. On the other hand, the banking sector has not yet absorbed professionals with actuarial experience; that is expected to happen in the near future. What were the inﬂuences that shaped your career decisions to date? From day one I tried to learn quickly, in depth and with minimum supervision in order to improve my skills and develop professionally. In general, this is something that is encouraged by the company. Could you tell us about your immediate and longer term goals? The immediate goal is to become a qualiﬁed actuary. In the long term I would like to specialise in capital modelling related to non-life underwriting risk. What do you say when asked “What is an actuary”? A professional that uses applied mathematics and statistics to assess an insurance company’s risks. How will you celebrate when you qualify? I will probably organise a multi-day party.

July 2015 • THE ACTUARY www.theactuary.com

Q&A p49 Greece Kefallinos SM-1.indd 49

24/06/2015 10:23

,6 7+( */2%$/ 67$1'$5' )25 '% 3(16,21 6&+(0(6 :+<" WinTechâ&#x20AC;&#x2122;s ProVal is used by thousands of pension professionals at more than 250 top consultancies throughout the world. Our licensees are secure and comfortable in knowing they have the best of the best supporting them. They recognize value. When they analyzed their current valuation and forecasting tools, they chose ProVal over their homegrown spreadsheet programs and other third party systems. ProVal has passed the litmus tests for cutting edge performance and for on-going technical support at reasonable cost. They know WinTech is North Americaâ&#x20AC;&#x2122;s #1 DB solution because of its commitment to serving ProValâ&#x20AC;&#x2122;s many users. Its backbone is a dedicated staff of more than 15 actuaries/software developers who continually deliver product improvements, comprehensive training and highly regarded technical support. This highly experienced team stands ready to help you solve the most vexing scheme issues. For the UK, ProVal not only meets all key needs of its pension schemes, it has two very clear competitive advantages: stochastic forecasting and straightforward integration with existing systems. Users commonly capitalize on its stochastic and deterministic forecasting, ALM, LDI and more. Its many features include grid processing, fully automated surplus analysis and a valuation report writer. But keep reading. There are even more reasons why ProVal is chosen by leading consultants to serve their clients the way they deserve to be served. Many ProVal licensees appreciate ProVal PS, a simple desktop tool that is an option powered by ProVal. Designed to improve communications between consultants and their clients, it enables both parties to run real time â&#x20AC;&#x153;what-ifâ&#x20AC;? scenarios, even in the board room. If your business model includes administrative services, ProVal licensees gain access to ProAdmin, a market leading pension administration system â&#x20AC;&#x201C; one that is designed to grow with you as your business needs change. The cornerstone is ProAdmin Desktop. BeneďŹ t analysts can easily set it up using existing data sources. Estimated and ďŹ nal beneďŹ t calculations are completed in sub-seconds. Multiple exit and retirement dates are done in just one run. If you already have an existing portal for administration and member access, simply use ProAdmin Server technology for integration and XML communication. To see how ProVal meets your speciďŹ c needs, arrange an in-depth web demo. Call Colin Gilbert at +1 203 861 5504 or email him at cgilbert@winklevoss.com. You will ďŹ nd it to be the best use of your time this year!

WINKLEVOSS TECHNOLOGIES, LLC I www.winklevoss.com 2

THE H ACTUA ACTUARY U RY â&#x20AC;˘ May M 2013 www.theactuary.com www.theactuary. y.com co

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22/06/2015 11:42

www.theactuaryjobs.com

Appointments

A P PO I N TME N TS To advertise your vacancies in the magazine and online please contact: Emmanuel Nettey +44 (0) 20 7880 6234 or emmanuel.nettey@redactive.co.uk

Highlighting Opportunities HFGâ&#x20AC;&#x2122;s consultants specialise in matching you to the right role at the right company. Call us Â&#x2013;Â&#x2018;Â&#x2020;Â&#x192;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2026;Â&#x160;Â&#x192;Â&#x2013; Â&#x192;Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013; Â&#x203A;Â&#x2018;Â&#x2014;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022;ÇĄ Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x2018; Ć¤Â?Â&#x2020; Â&#x2018;Â&#x2014;Â&#x2013; Â&#x2122;Â&#x160;Â&#x192;Â&#x2013; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x192;Â&#x2DC;Â&#x192;Â&#x2039;Â&#x17D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Ç¤ Ben Hickey GI Perm +44 (0) 207 220 1106 ben@hfg.co.uk

William Gallimore Director: GI Perm +44 (0) 207 337 8826 william@hfg.co.uk

Rupa Pithiya GI S2/Interim +44 (0) 207 337 1200 rupa@hfg.co.ukk

David Curran GI Perm +44 (0) 207 337 1201 david@hfg.co.uk

General Insurance - Permanent roles GI Partner & Director

Í&#x2039; Â&#x2018;Â?Â&#x2019;Â&#x2021;Â&#x2013;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2019;Â&#x192;Â&#x2026;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x2022;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x160;Â&#x2039;Â&#x2021;Â&#x2C6; Â&#x2039;Â&#x2022;Â? ĆĽÂ&#x2026;Â&#x2021;Â&#x201D;

Í&#x2039;Í&#x2122;Í?Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

After a key partner hire, this consultancy is looking for another Partner and Director on the GI side to help with their continued growth. This person should enjoy winning business, going to market and networking. There are aggressive growth plans in place and these roles will be heavily involved in growing the practice. For more information please contact: william@hfg.co.uk REF: WG0601

Â&#x2013;Â&#x192;Â&#x201D;Â&#x2013; Â&#x2014;Â&#x2019; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2013; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x160;Â&#x2039;Â&#x2021;Â&#x2C6; Â&#x2039;Â&#x2022;Â? ĆĽÂ&#x2026;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x2018; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D;ÇĄ risk, actuarial, compliance and cat modelling teams. This person should have a strong Actuarial and Risk background, ideally with good capital modelling experience. The right candidate will be ambitious, looking for a challenge and enjoy leading and building a team. For more information please contact: william@hfg.co.uk REF:WG0602

Actuary

Mixed Actuary

Í&#x2039;Í Í&#x2DC; ÇŚ Í&#x2039;ÍĄÍ&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Í&#x2039;ÍĄÍ&#x2DC; ÇŚ Í&#x2039;ÍĄÍ?Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x2C6; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x192;Â&#x201D;Â&#x2021; Â&#x192; Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x160;Â&#x2018; Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x2021;Â&#x2013; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2C6;Â&#x201D;Â&#x2018;Â?Â&#x2013; Â&#x17D;Â&#x2039;Â?Â&#x2021; of insurance then this In-House consulting role could be of interest. The team are the leaders in what they provide and you will be a strong Â&#x2039;Â?ĆŞÂ&#x2014;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â? Â&#x2013;Â&#x192;Â&#x2039;Â&#x17D;Â&#x2018;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Ć¤Â&#x2026; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2020;Â&#x2014;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2021;Â&#x192;Â&#x2026;Â&#x160; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Ç¤ Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021; Â&#x2022;Â&#x2026;Â&#x2018;Â&#x2019;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; progression and stakeholder management. For more information please contact: david@hfg.co.uk REF: DC0601

Â&#x2C6; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x192;Â&#x201D;Â&#x2021; Â&#x192; Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x192;Â?Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x2021;Â&#x161;Â&#x2013; Â&#x2022;Â&#x2013;Â&#x2021;Â&#x2019; Â&#x2039;Â? Â&#x203A;Â&#x2018;Â&#x2014;Â&#x201D; career then this role with a leading Lloydâ&#x20AC;&#x2122;s Syndicate is for you. It has the opportunity to work with multiple lines of businesses and mentor junior members of the team. General Insurance market experience is essential for this role. For more information please contact: david@hfg.co.uk REF: DC0602

Pricing Analyst

Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Č&#x2039;Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020;Č&#x152;

Í&#x2039;Í?Í&#x2DC; ÇŚ Í&#x17E;Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â&#x2014;Â&#x2013;Â&#x160; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

A global leading composite insurer is looking to develop their personal lines pricing team. This team acts as a resource pool to multiple areas of the actuarial function and is a great opportunity for someone working outside of the insurance market in an analytical role hoping to make the move. For more information please contact: ben@hfg.co.uk REF:BH0601

Í&#x2039;Í&#x;Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

A medium sized syndicate is looking to make a new hire into the capital team. This role is reporting directly into the head of capital and previous experience in capital is not essential. The successful candidate will have sat their last exam or have 1 or 2 exams to go. This is a good opportunity for anyone looking to move into capital with no prior experience. For more information please contact: ben@hfg.co.uk REF: BH0602

General Insurance - Contract roles Pricing Contractors

Í&#x2039;Í Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2DC;Č&#x20AC; Â&#x2020;Â&#x192;Â&#x203A; ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Capital Contractors

Í&#x2039;Í&#x;Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;ÍĄÍ&#x2DC;Í&#x2DC;Č&#x20AC; Â&#x2020;Â&#x192;Â&#x203A; ÇŚ Í&#x17E; Â?Â&#x2018;Â?Â&#x2013;Â&#x160;Â&#x2022;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

A highly renowned insurer is looking for a pricing contractor for maternity cover. Working closely with the Underwriters you will be Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2020; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x192;Â&#x17D;Â&#x17D; Â&#x2026;Â&#x17D;Â&#x192;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;ÇĄ Â&#x2018;ĆĄÂ&#x2021;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2122;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;ÇĄ as well as developing and enhancing existing rating models . To be considered you must have a commercial lines pricing experience. For more information please contact: rupa@hfg.co.uk REF: RP0601

This established insurer is looking for an initial 6month contractor (subject to extension) to work within theirActuarial team.You will be involved across the business predominantly within capital modelling and be involved in validation and parameterisation work. You will also be exposed to other teams and be expected to assist in ad-hoc risk, reserving and pricing work. For more information please contact: rupa@hfg.co.uk REF: RP0602

Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2022;

Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022;

Í&#x2039;Í Í?Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2DC;Č&#x20AC; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

With the recent changes within this Lloydâ&#x20AC;&#x2122;s entity, my client Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; experience for their reserving team. You will be responsible for managing the team heads as well as getting involved with the work on a daily basis in order to meet tight deadlines. For more information please contact: rupa@hfg.co.uk REF: RP0603

+44 (0) 207 337 8800

Í&#x2039;Í&#x;Í?Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Í&#x2DC;Č&#x20AC; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

This leading insurer is looking to recruit a Solvency II actuary with Internal Model and regulatory interpretation experience.To be successful you must have up to date S2 knowledge and know how to apply them practically to the business as well as experience in reviewing and challenging the model. For more information please contact: rupa@hfg.co.uk REF: RP0604

Â&#x2122;Â&#x2122;Â&#x2122;Ç¤Â&#x160;Â&#x2C6;Â&#x2030;Ç¤Â&#x2026;Â&#x2018;Ç¤Â&#x2014;Â? July 2015 â&#x20AC;˘ THE ACTUARY 51 www.theactuary.com

ACT Rec July15.indd 51

22/06/2015 16:14

Appointments

THE ACTUARY • July 2015 www.theactuary.com

ACT Rec July15.indd 52

22/06/2015 16:14

London : Chicago : Hong Kong : Singapore : Shanghai : Zurich

www.theactuaryjobs.com

Capital Actuary - London άϲϱ͕ϬϬϬ Ͳ άϴϱ͕ϬϬϬ н ĞŶĞĮƚƐ

dŚŝƐ ůĞĂĚŝŶŐ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ƐƉĞĐŝĂůƚǇ ŝŶƐƵƌĞƌ ŝƐ ůŽŽŬŝŶŐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞŝƌ ĂĐƚƵĂƌŝĂů ĐĂƉŝƚĂů ŵŽĚĞůůŝŶŐ ƚĞĂŵ ďǇ ƌĞĐƌƵŝƟŶŐ an experienced actuary. The principal task is to undertake capital analysis and to assist in the development of ƚŚĞ ŝŶƚĞƌŶĂů ĐĂƉŝƚĂů ŵŽĚĞů͘ KƚŚĞƌ ƚĂƐŬƐ ŝŶĐůƵĚĞ ƚŚĞ ƉĂƌƟĐŝƉĂƟŽŶ ŝŶ ƐƚƌĂƚĞŐŝĐ ƉƌŽũĞĐƚƐ͕ ƵŶĚĞƌǁƌŝƟŶŐ ƌĞǀŝĞǁƐ ĂŶĚ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ŝŶĨŽƌŵĂƟŽŶ͘ dŚĞ ŝĚĞĂů ĐĂŶĚŝĚĂƚĞ ŝƐ ĂŶ ĂĐƚƵĂƌǇ Žƌ ƐƚƵĚĞŶƚ ĂĐƚƵĂƌǇ ǁŝƚŚ ƌĞůĞǀĂŶƚ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ŝŶƐƵƌĂŶĐĞ ĂŶĚ ŝĚĞĂůůǇ >ŽŶĚŽŶ DĂƌŬĞƚ ƐĞĐƚŽƌ͘ 'ŽŽĚ ŬŶŽǁůĞĚŐĞ ŽĨ ĞŝƚŚĞƌ ZĞŵĞƚƌŝĐĂ Žƌ /ŐůŽŽ͕ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ƉƌŝĐŝŶŐ ĂŶĚͬŽƌ ƌĞƐĞƌǀŝŶŐ ǁŽƵůĚ ďĞ ĂŶ ĂĚǀĂŶƚĂŐĞ͘ ŽŶƚĂĐƚ ƉŚƵ͘ŶŐŽĐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

ĐƚƵĂƌŝĂů ŶĂůǇƐƚ Ͳ >ŽŶĚŽŶ ŽŵƉĞƟƟǀĞ ^ĂůĂƌǇ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

DǇ ĐůŝĞŶƚ͕ Ă ƐƉĞĐŝĂůŝƐƚ ŝŶƐƵƌĂŶĐĞ ĐŽŵƉĂŶǇ͕ ŝƐ ůŽŽŬŝŶŐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ƌĞƐĞƌǀŝŶŐ ƚĞĂŵ ďǇ ŚŝƌŝŶŐ ĂŶ ĂĐƚƵĂƌŝĂů ĂŶĂůǇƐƚ ĨŽƌ ƚŚĞŝƌ ƌĞƐĞƌǀŝŶŐ ƚĞĂŵ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ƋƵĂƌƚĞƌůǇ ƌĞƐĞƌǀĞ ƌĞǀŝĞǁƐ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ƌĞƐĞƌǀŝŶŐ ƚĞŵƉůĂƚĞƐ ĂŶĚ ĐĂůĐƵůĂƟŽŶ ŽĨ ƚĞĐŚŶŝĐĂů ƉƌŽǀŝƐŝŽŶƐ ĨŽƌ ^ŽůǀĞŶĐǇ //͘ dŚĞ ĂĐƚƵĂƌŝĂů ĂŶĂůǇƐƚ ǁŝůů ĂůƐŽ ďĞ ŝŶǀŽůǀĞĚ ŝŶ ĐĂƉŝƚĂů ŵĂŶĂŐĞŵĞŶƚ͘ dŚŝƐ ŝƐ Ă ŐŽŽĚ ĐŚĂŶĐĞ ĨŽƌ Ă ŶĞǁůǇ ƋƵĂůŝĮĞĚ Žƌ ƐƚƵĚĞŶƚ ĂĐƚƵĂƌǇ ǁŝƚŚ ŐŽŽĚ ĞǆĂŵ ƉƌŽŐƌĞƐƐ ƚŽ ǁŽƌŬ ŝŶ Ă ǀĂƌŝĞĚ ƌŽůĞ ǁŝƚŚ ŚŝŐŚ ǀŝƐŝďŝůŝƚǇ ƚŽ ƚŚĞ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ͘ <ŶŽǁůĞĚŐĞ ŽĨ ǆĐĞů ĂŶĚ s ƉƌŽŐƌĂŵŵŝŶŐ ǁŽƵůĚ ďĞ Ă ĚŝƐƟŶĐƚ ĂĚǀĂŶƚĂŐĞ ĂŶĚ ŐŽŽĚ ĐŽŵŵƵŶŝĐĂƟŽŶ ƐŬŝůůƐ ĂƌĞ ŝŵƉŽƌƚĂŶƚ͘ ŽŶƚĂĐƚ ƉŚƵ͘ŶŐŽĐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

WĞŶƐŝŽŶ ĐƚƵĂƌŝĂů ŽŶƐƵůƚĂŶƚ Ͳ ƌŝƐƚŽů ά ǆĐĞůůĞŶƚ WĂĐŬĂŐĞ

dŚŝƐ ŚŝŐŚůǇ ƌĞŐĂƌĚĞĚ ĂĐƚƵĂƌŝĂů Įƌŵ ŝƐ ůŽŽŬŝŶŐ ƚŽ ďŽůƐƚĞƌ ŝƚ͛Ɛ ƌŝƐƚŽů WĞŶƐŝŽŶƐ ƚĞĂŵ ďǇ ƌĞĐƌƵŝƟŶŐ ĂŶ ĞǆƉĞƌŝĞŶĐĞĚ ƋƵĂůŝĮĞĚ WĞŶƐŝŽŶƐ ĐƚƵĂƌǇ͘ WƌŽǀŝĚŝŶŐ ĂĐƚƵĂƌŝĂů ƐĞƌǀŝĐĞƐ ƚŽ Ă ŵŝǆĞĚ ƉŽƌƞŽůŝŽ ŽĨ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ƚƌƵƐƚĞĞ ĐůŝĞŶƚƐ͕ ǇŽƵ ǁŝůů ůŝŬĞůǇ ŚĂǀĞ Ă ŵŝŶŝŵƵŵ ŽĨ ĂƌŽƵŶĚ ϱ ǇĞĂƌƐ ĞǆƉĞƌŝĞŶĐĞ ŐĂŝŶĞĚ ǁŝƚŚŝŶ Ă ƉĞŶƐŝŽŶ ĐŽŶƐƵůƟŶŐ ĞŶǀŝƌŽŶŵĞŶƚ͘ /Ŷ ĂĚĚŝƟŽŶ ǇŽƵ ǁŝůů ŚĂǀĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĨŽƌ ŝŶĨŽƌŵĂů ŵĞŶƚŽƌŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ůĞƐƐ ĞǆƉĞƌŝĞŶĐĞĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƚĞĂŵ ĂŶĚ ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƐŽŵĞ ĐŚĞĐŬŝŶŐ ǁŽƌŬ͘ dŚĞ ƐƵĐĐĞƐƐĨƵů ŝŶĚŝǀŝĚƵĂů ǁŝůů ƉŽƐƐĞƐƐ ƐƚƌŽŶŐ ĐŽŵŵĞƌĐŝĂů ĂǁĂƌĞŶĞƐƐ ĂŶĚ ĂŶ ŝŶ ĚĞƉƚŚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ h< ƉĞŶƐŝŽŶƐ ĐŽŶƐƵůƟŶŐ ĂŶĚ ĂĐƚƵĂƌŝĂů ŵĂƌŬĞƚ͘ ŽŶƚĂĐƚ ĚĂŶ͘ŚĂǇŶĞƐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

/ŶͲ,ŽƵƐĞ WĞŶƐŝŽŶƐ WƌŽũĞĐƚƐ ^ƉĞĐŝĂůŝƐƚ Ͳ >ŽŶĚŽŶ ŽŵƉĞƟƟǀĞ ^ĂůĂƌǇ н ŽŶƵƐ Θ ĞŶĞĮƚƐ WĂĐŬĂŐĞ

dŚŝƐ &d^ ϭϬϬ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ŝƐ ůŽŽŬŝŶŐ ĨŽƌ Ă ƉƌŽũĞĐƚƐ ĂĐƚƵĂƌǇ ǁŝƚŚ ƵƉ ƚŽ ϯ ǇĞĂƌƐ ƉŽƐƚ ƋƵĂůŝĮĐĂƟŽŶ ĞǆƉĞƌŝĞŶĐĞ ƚŽ ǁŽƌŬ ǁŝƚŚŝŶ ƚŚĞ ŽƉĞƌĂƟŽŶĂů ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ͘ ,ĞͬƐŚĞ ǁŝůů ǁŽƌŬ ĐůŽƐĞůǇ ǁŝƚŚ ƚŚĞ dW ŽŶ ƐƉĞĐŝĂůŝƐƚ ƉƌŽũĞĐƚƐ ĂŶĚ ŵŽŶŝƚŽƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ƐĞƌǀŝĐĞ ĚĞůŝǀĞƌǇ͘ ,ĞͬƐŚĞ ǁŝůů ĂůƐŽ ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƉƌŽũĞĐƚƐ ŵĂŶĂŐŝŶŐ ĐŽƌƉŽƌĂƚĞ ƌŝƐŬƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ͕ ŐŽǀĞƌŶĂŶĐĞ͕ ůĞŐĂů ĂŶĚ ƌĞŐƵůĂƚŽƌǇ ĐŚĂŶŐĞƐ ĂŶĚ ŝŶƚĞƌĨĂĐĞ ǁŝƚŚ ƚŚĞ ƐƉŽŶƐŽƌ ŽŶ ŽƉĞƌĂƟŽŶĂů ŝƐƐƵĞƐ͘ ĂŶĚŝĚĂƚĞƐ ǁŝůů ŚĂǀĞ ĞǆƚĞŶƐŝǀĞ ĞǆƉĞƌŝĞŶĐĞ ĞŝƚŚĞƌ ĨƌŽŵ Ă ĐŽŶƐƵůƟŶŐ ĞŶǀŝƌŽŶŵĞŶƚ ĂĚǀŝƐŝŶŐ ďŽƚŚ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ƚƌƵƐƚĞĞ ĐůŝĞŶƚƐ ŽĨ ŵĞĚŝƵŵ ĂŶĚ ůĂƌŐĞ ƐĐŚĞŵĞƐ Žƌ ĨƌŽŵ ĂŶŽƚŚĞƌ ŝŶͲŚŽƵƐĞ ƐĐŚĞŵĞ͘ dŚĞǇ ǁŝůů ŚĂǀĞ ƐƚƌŽŶŐ ĐŽŵŵƵŶŝĐĂƟŽŶ ĂŶĚ ƉƌĞƐĞŶƚĂƟŽŶĂů ƐŬŝůůƐ ĂŶĚ ĞŶũŽǇ ǁŽƌŬŝŶŐ ŝŶ Ă ĚĞŵĂŶĚŝŶŐ ďƵƚ ƌĞǁĂƌĚŝŶŐ ƚĞĂŵ ĞŶǀŝƌŽŶŵĞŶƚ͘ ŽŶƚĂĐƚ ĂŶƚŚŽŶǇ͘ĐŚŝƚŶŝƐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

>ŽŶĚŽŶ KĸĐĞ͗ /W^ 'ƌŽƵƉ͕ ĞǀŝƐ DĂƌŬƐ ,ŽƵƐĞ͕ Ϯϰ ĞǀŝƐ DĂƌŬƐ͕ >ŽŶĚŽŶ ϯ ϳ: dĞůĞƉŚŽŶĞ͗ нϰϰ ϮϬϳ ϰϴϭ ϴϲϴϲ

ŵĂŝů͗ ĂĐƚƵĂƌŝĂůΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ tĞďƐŝƚĞ͗ ŚƩƉ͗ͬͬǁǁǁ͘ŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dǁŝƩĞƌ ͗ Λ/W^'ƌŽƵƉh< >ŝŶŬĞĚŝŶ͗ /W^ 'ƌŽƵƉ ACT Rec July15.indd 53

July 2015 • THE ACTUARY 53 www.theactuary.com

22/06/2015 16:15

Appointments

VALUE BETTER PEOPLE? VALUE BETTER RECRUITMENT Backed by practising actuaries, we’re the true General Insurance recruitment specialists. OUR EXPERIENCE, YOUR ASSET

CAPITAL ACTUARY

PRICING ACTUARY

RESERVING & PRICING ANALYST

A provider of specialist insurance to the Lloyd’s and London Market is looking for a Capital Actuary to sit within their Risk, Capital and Exposure Management division. You will support the Group, Europe and Asia across all business lines.

A leading specialist insurance group which underwrites risks at Lloyd’s are looking for a Pricing Actuary. You will carry out pricing and portfolio analysis work in respect of commercial lines business across various underwriting divisions.

An International Speciality Insurance company with operations at Lloyd’s is looking for an outstanding junior candidate to undertake a mixed Reserving and Pricing role. To be considered you’ll have 6 - 24 months experience in GI Actuarial

b ¸

London £65,000 - £85,000 PERMANENT

London £75,000 - £90,000 PERMANENT

London £30,000 - £40,000 PERMANENT

WWW.FENASSOCIATES.COM

INFO@FENASSOCIATES.COM | +44 (0)20 7256 9777

High performer OPPORTUNITIES, OPPORTUNITIES, OPPORTUNITIES Demand for actuarial talent is very high. Our clients seek high performers. For a confidential discussion call one of our experienced consultants (Clinton, Adam, Victoria, Bradley, Raphael) on 0207 929 7667 or alternatively email actuarial@darwinrhodes.com

Current opportunities include: • • • • • • • • •

Consultancies (Life, GI, Pensions, Investments) £40k - £120k Deputy CRO (Life) £120k, Capital Actuary (Life) £75k Life Investments £85k+ Head of Motor £120k Actuarial Analyst (Pension) £30k - £40k Pensions Consultant £65k+ Actuarial Analyst Reporting (Life) £30k - £50k Pensions Risk Governance £60k+

• • • • • • • • • •

SII Actuary (FTC) £85k Head of Models (Life) £70k - £80k Insurance Risk (Life, GI) £40k £80k Senior Actuary (Life) £75k Pricing GI Analyst £50k Pricing Manager (GI) £70k Actuarial Analyst (Pension) £35k Risk Co-ordinator £35k - £50k Actuarial Analyst Capita (Life) £30k - £50k Senior Pricing Analyst £45k - £60k

plus many more….

THE ACTUARY • July 2015 www.theactuary.com

ACT Rec July15.indd 54

23/06/2015 11:20

Abby Tempest Life Perm +44 (0) 207 337 8810 abby@hfg.co.uk

George Bird Life Interim +44 (0) 207 337 8806 georgeb@hfg.co.uk

www.theactuaryjobs.com Erin O'Donnell Risk +44 (0) 207 337 1202 erin@hfg.co.uk

Life Insurance roles In- House Pension Actuary

ÂŁ60 - ÂŁ90k basic, London

Senior Pricing Analyst

ÂŁ30 - ÂŁ45k basic, Bournemouth

Â&#x2014;Â&#x201D; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x192; Â?Â&#x2014;Â?Â&#x201E;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x2C6; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D; Â&#x192; Â&#x2022;Â&#x2039;Â&#x2030;Â?Â&#x2039;Ć¤Â&#x2026;Â&#x192;Â?Â&#x2013; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2C6;Â&#x192;Â&#x2026;Â&#x2021;Â&#x2020; Â&#x201E;Â&#x203A; Â&#x2018;Â&#x2014;Â&#x201D; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Ç¤ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2022; Â&#x192; Â&#x201E;Â&#x17D;Â&#x2021;Â?Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013; management skills and strong communication skills. For more information please contact: abby@hfg.co.uk REF: AT0601

Â?Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x2018;Â&#x2022;Â&#x2013; Â&#x2039;Â?Â?Â&#x2018;Â&#x2DC;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x160;Â&#x2021;Â&#x192;Â&#x17D;Â&#x2013;Â&#x160; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192;Â? Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2014;Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x192;Â?Ç¤ Â&#x2018;Â&#x2014; Â?Â&#x2021;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192;Â&#x2013; least passed your CTs and have experience working in pricing within insurance. It is essential to have a comprehensive understanding of databases such as SQL and have strong relationship building skills. For more information please contact: abby@hfg.co.uk REF: AT0602

Head of Stochastic Modelling

Life Insurance Advisor

ÂŁ100k+ basic, London

ÂŁ60k +, London

Â&#x201D;Â&#x192;Â&#x201D;Â&#x2021; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x160;Â&#x192;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2021;Â? Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2018;Â?Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; ÇŻÂ&#x2022; Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x2022;Â&#x2013; Â&#x2039;Â&#x2013;Â&#x160; Â&#x201D;Â&#x2018;Ć¤Â&#x2013; Â&#x2C6;Â&#x2014;Â?Â&#x2020;Â&#x2022;Ç¤ Â&#x2018;Â&#x2014;Â&#x201D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019; Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2014;Â? Â&#x2013;Â&#x2018;Â&#x2026;Â&#x160;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2026;Â&#x2014;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; Â&#x2018;Â&#x2C6; Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Ç¤ Â&#x160;Â&#x2021; Â&#x2026;Â&#x160;Â&#x2018;Â&#x2022;Â&#x2021;Â? Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2019;Â&#x201D;Â&#x2018;Ć¤Â&#x2013; Â&#x2C6;Â&#x2014;Â?Â&#x2020;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2039;Â? Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030; Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; reporting and forecasting. Moses experience is preferred whereas managerial experience is essential. For more information please contact: erin@hfg.co.uk REF: EO0601

Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x203A; Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x192;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x2039;Â?Â&#x2013; Â&#x192; Â?Â&#x2014;Â?Â&#x201E;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x2C6; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC; Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Life Actuaries to assist with their growing number of Solvency II projects. Candidates from all actuarial backgrounds will be considered but particularly those who have gained credit risk and capital management exposure. For more information please contact: erin@hfg.co.uk REF: EO0602

Solvency II Pillar III Actuary

Actuarial Prophet Developer

ÂŁ750 - ÂŁ850 / day, London

ÂŁ450 - ÂŁ850 / day, Flexible Location

A leading life insurer is looking for a Solvency II Actuary to join their London Â&#x2018;ĆĽÂ&#x2026;Â&#x2021;Ç¤ Â&#x160;Â&#x2021; Â&#x2039;Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x203A; Â&#x2C6;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2122;Â&#x2018;Â&#x201D;Â?ÇĄ Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â&#x17D;Â&#x17D;Â&#x192;Â&#x201D;

Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2021;Â&#x192;Â?Ç¤ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x2022;ÇĄ Â&#x2030;Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022; Â&#x192;Â?Â&#x2020; Â?Â&#x192;Â?Â&#x2039;Â&#x2019;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030; large data sets. For more information please contact: georgeb@hfg.co.uk REF: GBI0601

A FTSE 100 composite insurer is looking to bolster their team of Prophet Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2021;Â&#x161;Â&#x2013;Â&#x201D;Â&#x192; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2018;Â&#x2014;Â&#x201D;Â&#x2026;Â&#x2021;Ç¤ Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192;Â? Â&#x2014;Â&#x201D;Â&#x2030;Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; with the possibility of working 1 day from home. The ideal candidate will have at least 5 years of hands-on Prophet coding experience. For more information please contact: georgeb@hfg.co.uk REF: GBI0602

Solvency II Actuary

Spreadsheet Developer

ÂŁ600 - ÂŁ800/ day, North

An upper tier Life insurer is looking for a Solvency II expert from an actuarial background to join their team. The role will involve composing methodology compliant with the regulatory directive and liaising across the actuarial Â&#x2020;Â&#x2021;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2018; Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x160; Â?Â&#x2021;Â&#x192;Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2019;Â&#x17D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2021;Â&#x2020; Â&#x2021;ĆĄÂ&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x203A;Ç¤ For more information please contact: georgeb@hfg.co.uk REF: GBI0603

ÂŁ450 - ÂŁ650/ day, West Midlands

A market leading life and pensions insurer are looking for an actuarial spreadsheet developer to join their team. The ideal candidate will have exhibited Â&#x2030;Â&#x2018;Â&#x2018;Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2030;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â? Â&#x2013;Â&#x160;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x192;Â?Â&#x2022;ÇĄ Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;Ç¤ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2019;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2022;Â&#x160;Â&#x2021;Â&#x2021;Â&#x2013;Â&#x2022;ÇĄ Â?Â&#x192;Â?Â&#x2039;Â&#x2019;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030; large sets of data and expanding functionality of models. For more information please contact: georgeb@hfg.co.uk REF: GBI0604

Risk roles ERM Manager

ÂŁ75- ÂŁ95k basic, London

Senior Risk Analyst - Life Finance

ÂŁ40 - 50k, Midlands

An opportunity to join a large global organisation in a lead ERM position. Coming from a general insurance background you will support the Head of Risk with model change and validation as well as embedding the risk management framework. The ideal candidate will have previous management experience as well as relevant actuarial and ERM experience. For more information please contact: erin@hfg.co.uk REF: EO0601

Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2018;Â&#x2C6; Â&#x192; Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021; Â&#x192; Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2039;Â&#x2022;Â? Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2013; Â&#x2013;Â&#x2018; Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; that all key risks for the Life Finance team are accurately represented in the Â&#x2C6;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2122;Â&#x2018;Â&#x201D;Â?Ç¤ Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x17D;Â&#x2039;Â?Â&#x2021; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D;Â&#x2022;ÇĄ Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2022; Â&#x2C6;Â&#x192;Â&#x2026;Â&#x2039;Â?Â&#x2030; each team and suggest the relevant controls needed. Solvency II and regulatory experience would be an advantage but are not necessary. For more information please contact: erin@hfg.co.uk REF: EO0602

Insurance Risk Senior Analyst ÂŁ65 - ÂŁ75k basic, London

Validation Risk Analyst

A leading global Insurer are looking for a Senior Risk Analyst to join their small Insurance Risk team. The chosen candidate will have a background in Insurance Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; Â&#x2026;Â&#x2018;Â?Ć¤Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D;ÇĄ CAT and Underwriting teams. The main duties of the position are to assist with embedding the risk framework and exposure management. For more information please contact: erin@hfg.co.uk REF: EO0603

An opportunity for an actuary to pursue a career in Risk. Working at one of the leading reinsurers you will play a crucial role in the coordination and production of Model Validation across the group as well as engaging in all risk management responsibilities. The chosen candidate may come from a capital modelling or validation background and be looking to gain exposure to risk. For more information please contact: erin@hfg.co.uk REF: EO0604

ÂŁ40 - ÂŁ60k basic, London

July 2015 â&#x20AC;˘ THE ACTUARY 55 www.theactuary.com

+44 (0) 207 337 8800 ACT Rec July15.indd 55

www.hfg.co.uk 22/06/2015 16:15

Appointments

ILS Practice Lead London A global Insurance business with signiďŹ cant captive management capabilities are currently looking for an ILS Practice Lead. London

This role will manage the ILS stream of their business globally and can be based in most geographical locations including London, Bermuda, Cayman or Dublin.

Zurich

This work will include Cat Bond and Collateralised Reinsurance depending on the location and will be fully involved through every part of the deal process. You will work closely with local teams to set strategic direction and ensure delivery of deals to completion, minimising the risk to the business and ensuring that all regulatory demands are adhered to.

Hong Kong

Singapore

You will have a background in risk management and an understanding of the deal cycle of cat bonds and other ILS vehicles, as well as leadership skills as you will be a signiďŹ cant part of the executive team. Contact: Andy Cannon, Managing Consultant andy.cannon@eamesconsulting.com | +44 (0)20 7092 3262

Jason Sykes Managing Director EA Reg: R1333193 +65 6829 7153 jason@hfg.com.sg

Graeme Braidwood Senior Consultant EA Reg: R1434568 +65 6829 7153 graeme@hfg.com.sg

Tong Yu Consultant +44 (0) 207 337 8853 tong@hfg.co.uk

Asia roles Re-Insurance Actuary

HKD$1.1m - $1.3m + bonus Hong Kong

This dynamic insurance business which has a global footprint is seeking to hire a talented actuary who has strong reinsurance market experience. The candidate will possess strong pricing skills combined with either reserving or capital modelling. The incumbent can have experience either from reinsurance broking or a carrier, but must possess superb communication and interpersonal skills For more information contact: jason@hfg.com.sg REF: JS0601

Commercial Director

Í&#x2020;Í&#x2122;Ç¤Í?Â? ÇŚ Í&#x2020;Í&#x161;Â? ÎŽ Â&#x201E;Â&#x2021;Â?Â&#x2021;Ć¤Â&#x2013;Â&#x2022; Hong Kong

Pricing Manager

HKD $600,000 - $800,000 + bonus Hong Kong

This high growth insurer is hiring a regional pricing actuary who possesses strong Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;ÇĄ Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2018;Â&#x2013;Â&#x2018;Â&#x201D; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Ć¤Â&#x2026; Â&#x2019;Â&#x201D;Â&#x2021;Â?Â&#x2039;Â&#x2014;Â?Ç¤ Ideally, the candidate will be able to operate in a hands-on environment and be instrumental in building intelligent pricing structures to compete in the growing APAC territories, as well as contribute to leading edge product development. For more information contact: jason@hfg.com.sg REF:JS0602

Financial Reinsurance Actuary

Í&#x2020;Í&#x2122;Í&#x17E;Í&#x2DC; ÇŚ Í&#x2020;Í&#x161;Í&#x2DC;Í&#x2DC;Â? ÎŽ Â&#x201E;Â&#x2021;Â?Â&#x2021;Ć¤Â&#x2013;Â&#x2022; Singapore

Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160;Â&#x2013; Â&#x201E;Â&#x203A; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Ć¤Â&#x201D;Â? Â&#x2013;Â&#x2018; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x2039;Â?Â&#x2014;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; impressive growth and dominance in the market. The role is challenging, technical and at the forefront of the business, working with key stakeholders on integral transactions and strategic direction. It is essential that you are technically astute, Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x2022;Â&#x192;Â&#x2DC;Â&#x2DC;Â&#x203A; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Ć¤Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x161;Â&#x2021;Â&#x2026;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Ç¤ For more information contact: graeme@hfg.com.sg REF: GB0601

Â&#x2122;Â&#x2039;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2021;Â&#x2020; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ć¤Â&#x2021;Â&#x2020; Â&#x192;Â?Â&#x2020; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x2013;Â&#x2021;Â&#x192;Â?Ç¤ Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Ć¤Â&#x2026; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Ć¤Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2018;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; Â&#x192;Â&#x2014;Â&#x2013;Â&#x2018;Â?Â&#x2018;Â?Â&#x2018;Â&#x2014;Â&#x2022;Â&#x17D;Â&#x203A; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2018;Â&#x2014;Â&#x2013;Â&#x160; Â&#x192;Â&#x2022;Â&#x2013; Â&#x2022;Â&#x2039;Â&#x192;Â? markets with leading industry experts. This is an excellent opportunity to diversify your market knowledge and international exposure. For more information contact: jason@hfg.com.sg REF:GB0602

Health Pricing Actuary

Reinsurance Pricing Actuary

HKD $60 - $100k basic, Singapore

HKD $500k - $800k basic, Hong Kong

Seeking a high calibre professional to join regional team as Health Pricing Manager. The successful candidate will be responsible for the development and enhancement of the existing pricing models and tools, work closely with business development team to enhance client relationships and new business opportunities. Solid health product pricing and development knowledge in the past is essential. For more information contact: tong@hfg.co.uk REF: TY0601

Looking for an innovative, proactive individual to join a fast growing global reinsurer. You will work very closely with the Chief Pricing Actuary assisting local Â&#x201E;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x160; Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2018;ĆĽÂ&#x2026;Â&#x2021;Â&#x2022; Â&#x2039;Â? Â&#x192;Â&#x17D;Â&#x17D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030;ÇĄ product design, product development and marketing. The applicant must have relevant experience in the region and making good progress towards Actuarial fellowship. For more information contact: tong@hfg.co.uk REF: TY0602

EA Licence Number: 14C7034

www.hfg.com.sg | +65 6829 7153

THE ACTUARY â&#x20AC;˘ July 2015 www.theactuary.com

ACT Rec July15.indd 56

22/06/2015 16:15

www.theactuaryjobs.com Ground Floor Pellipar House, 9 Cloak Lane, London EC4R 2RU | 0207 332 5870 | actuarial@mansionhouse.co.uk www.mansionhouse.co.uk

LIF E AND PEN S I O N S

PENSION & INVESTMENTS Ben Whalley whalleyb@mansionhouse.co.uk

INVESTMENT CONSULTANT LONDON Up to £90,000 + bonus + beneŵts

SCHEME ACTUARY LONDON Up to £140K + bonus + beneŵts

Our client, a global professional services Ƃrm, is seeking to recruit an individual from a leading consultancy Ƃrm or investment advisory business, who can contribute to sustained growth plans within their Investment Advisory team. The team works within a unique multi-disciplinary environment across a number of specialist areas; covering all aspects of pension scheme risk, as well as working with Sovereign Wealth and Insurance clients. A background in asset-liability modelling would be highly advantageous. Ref: bw21667

Excellent opportunity to join this London based team of a global pensions, employee beneƂts and investment consulting Ƃrm, currently seeking a Scheme Actuary. The successful candidate will be a strong client facing actuary, capable of taking on a portfolio of existing key clients. Excellent long term career path for talented individuals. Ref: bw20342

NON - LIFE

NON-LIFE Samantha Yee yees@mansionhouse.co.uk

CAPITAL MODELLING ACTUARY LONDON c£85,000 + bonus + beneŵts

SENIOR PRICING ANALYST LONDON Up to £65,000 + bonus + beneŵts

Experienced nearly or newly qualiƂed Capital Actuary, with existing Lloyd’s/London Market experience, required for a leading specialty insurer who writes niche lines of business. Assisting in capital returns and looking after model development and validation you will be expected to manage junior members of the team and play a key part in the growth of the actuarial function as well as business aspects of the Ƃrm. You must have signiƂcant hands on experience using a capital modelling platform. Ref: sy21286

One of the UK’s largest and most progressive Motor insurers are seeking an ambitious, talented and experienced Pricing Analyst to join a new team in London. You will be responsible for pricing new business for Motor and Breakdown products, designing Ƃnancial promotions as well as developing pricing structures and performing analyses in support of commercial objectives. You will be commercially focused, action-oriented and not afraid of trying new ideas. You will have extensive experience in the use of SAS and Excel with any additional experience of EMBlem, Rate Assessor/Radar highly advantageous. Ref:sy23432

PRICING ACTUARY LONDON Up to £100,000 + bonus + beneŵts

FRANCE/BELGIUM/LUXEMBOURG

Prominent Managing Agent, are now looking for an experienced Actuary to join their Pricing team. Working directly with the Chief Actuary, you will take responsibility for the Pricing of 50% of the Syndicate business including reviewing and enhancing models, price monitoring, and developing rate adequacy analysis as well as providing input into the RI purchasing and capital modelling. This role is extremely front facing and will work with the underwriters on a daily basis, providing training where necessary. As a result gravitas, conƂdence and strong interpersonal skills must be second nature. Ref: sy23472

Dior Musombo musombod@mansionhouse.co.uk

REINSURANCE ACTUARY HONG KONG HKD Extremely Competitive Salary – dependant on experience Global Reinsurer is now seeking a nearly or newly qualiƂed Actuary to join the team in a highly autonomous role. You will provide expert Actuarial Analysis and cutting edge modelling across various business lines for the Taiwan region. Work will include traditional Reinsurance pricing, capital modelling as well as model and tool development. Fluent Mandarin and English are pre-requisite, with any other languages highly beneƂcial. You will be both commercially astute as well as technically gifted and will enjoy interacting with key stakeholders at all levels – Ƃrst rate communication skills are key. Ref: sy22820

E UROP E AN O PPO RT U N I T I ES

FRANCE Emmanuel Frossard frossarde@mansiohouse.co.uk

PROPHET EXPERT – LIFE ACTUARIAL BENELUX € Daily Rate Contract (negotiable dependant on experience)

LIFE ACTUARY PARIS €competitive salary and package, dependant on experience.

Global Risk Consulting Ƃrm are currently recruiting for a Life Actuary with strong Prophet and DCS skills to join the team. You will have a proven track record within Life Insurance and, if not already qualiƂed, be making excellent progress with your Actuarial exams. Successful candidates must possess strong technical modelling skills alongside excellent communication skills as this opportunity will provide excellent exposure to a base of international clients. To be considered for this role you must be IMMEDIATELY AVAILABLE and have the right to work without restriction in the UK and Europe. Ref:

Global Consulting Firm are hiring for an experienced Life Actuary to join their team in Paris. To be considered you will need a degree from an Actuarial or Engineering school and 2 to 6 years of experience on the Life side. Strong modelling experience on Prophet and/or Moses would be highly advantageous as would any experience of Embedded Value, ALM or Economic Capital. Ref:

dm23523

ACTUARIAL MANAGER PARIS From €65,000 + bonus +beneŵts

GERMANY Zainab Ali aliz@mansionhouse.co.uk

ACT Rec July15.indd 57

Boutique Actuarial Consultancy, part of a larger group, is looking to hire an Actuary to join at manager level, based in Paris. To be successful, you will need at least 5 years of experience working within Personal Lines and previous experience of managing a small team. A Strong working knowledge of Solvency II would be a distinct advantage. Ref: ef23493

ef21604

SENIOR ACTUARIAL AND FINANCIAL RISK CONSULTANT BRUSSELS € Excellent remuneration package QualiƂed P&C and Life Actuaries (IABE or similar) with signiƂcant consulting and managerial experience required for this dynamic Brussels based Professional Services Ƃrm. You will have a solid track record within Life/P&C and be well connected in your market, leveraging off your network to help grow the business. With a minimum of 5 years of experience you will be expected to take a leadership role generating, executing and overseeing work as well as mentoring more junior members of the team. Ref dmBRUS July 2015 • THE ACTUARY 57 www.theactuary.com

22/06/2015 16:16

Appointments

We’re looking for a Commercial Development Actuary Joanne Wells, Head of Commercial Development at LV=, is looking for a Commercial Development Actuary to join her successful and expanding team! Joanne joined LV= in December 2014, bringing with her 20 years experience in Life and Health Reinsurance. Having taken on a brand new role within LV= she has an exciting opportunity to grow her team.

This is an excellent opportunity to be a leader for your business area; working collaboratively with colleagues across disciplines to create a cohesive and commercial approach to a competitive market.

As a Commercial Development Actuary you’ll be responsible for driving the development of the internal longevity expertise within the Life Finance and Commercial sectors.

Should you wish to discuss the role further, please feel free to contact Joanne at joanne.wells@lv.com

You’ll inspire actuarial thought leadership, and motivate and coach those around you. You’ll support Joanne in providing actuarial challenge to new pricing proposals and assist in the development and embedding of Economic Proﬁt and Solvency II within Pricing and Reinsurance.

Closing date: 17th July 2015. To ﬁnd out more please visit www.jobs.lv.com/actuarial To apply, please do get in touch with Chelsea Bain on 01202 754 737 or via email chelsea.bain@lv.com

Insurance Recruitment

www.hfg.co.uk 020 7337 8800

Are you looking for your next step? Or simply want to discuss the options available to you? At HFG, we cover a wide range of both temporary and permanent roles from across the Insurance sector. Chat to one of our highly experienced Consultants: William Gallimore Director +44 (0) 207 337 8826 william@hfg.co.uk

Rupa Pithiya Principle Consultant - GI Interim +44 (0) 207 337 1200 rupa@hfg.co.uk

David Curran Consultant - GI Actuarial +44 (0) 207 337 1201 david@hfg.co.uk

Ben Hickey Consultant - GI Actuarial +44 (0) 207 220 1106 ben@hfg.co.uk

Erin O'Donnell Consultant- Risk +44 (0) 207 220 1101 erin@hfg.co.uk

George Bird Consultant - Life Actuarial Interim +44 (0) 207 220 1103 georgeb@hfg.co.uk

Abby Tempest Consultant- Life Actuarial +44 (0) 207 337 8810 abby@hfg.co.uk

Tong Yu Consultant - Actuarial & Risk (Asia Pac) +44 (0) 207 220 1100 tong@hfg.co.uk

Actuarial - Audit - Broking - Change - Claims - Compliance - Finance /ŶǀĞƐƚŵĞŶƚ Ͳ >ĞŐĂů Ͳ ZŝƐŬ Ͳ ^ƚƌĂƚĞŐǇ Ͳ dĞĐŚŶŽůŽŐǇ Ͳ hŶĚĞƌǁƌŝƟŶŐ 58

THE ACTUARY • July 2015 www.theactuary.com

ACT Rec July15.indd 58

23/06/2015 11:26

www.theactuaryjobs.com EXECUTIVE OPPORTUNITIES EXCLUSIVE - CHIEF ACTUARY - LIFE REINSURER

EXCLUSIVE - CHIEF ACTUARY - LIFE INSURER

£ to attract the very best

£ excellent package STAR2566

LIFE LOCATION UPON APPLICATION

STAR2491

Our client is seeking a qualified life actuary to take up a position on its management committee and provide leadership on all aspects of its reinsurance business including strategy, pricing, treaty terms, financial analysis, reporting, tax and risk management.

Leading global life insurer seeks qualified actuary with strong influencing skills and an entrepreneurial approach to take up the position of Chief Actuary responsible for reporting, pricing and capital. The ideal candidate will have experience of M&A and product development.

EXCLUSIVE - MARKETING ACTUARY - LIFE REINSURER

DIRECTOR LEVEL LIFE CONSULTANT

£ to attract the very best

£ excellent + bonus + benefits

LIFE LONDON

STAR2565

LIFE LONDON / SCOTLAND

STAR2080

Our client is seeking a qualified life reinsurance actuary to take the lead in the research, development and implementation of pricing structures and methodologies. The successful candidate will have strong client management skills together with an excellent understanding of life insurance risks.

Take this opportunity to join a leading actuarial practice and apply your skills in projects reaching beyond traditional actuarial boundaries. Lead teams, build strong client relationships and contribute to the growth of the business.

CHIEF ACTUARY - NON-LIFE

HEDGE FUND ACTUARY

£ excellent + bonus + benefits

£ up to director level

NON-LIFE SOUTH EAST

STAR2603

NON-LIFE LONDON

STAR2539

Leading insurer seeks Chief Actuary to take responsibility for the management and development of its Actuarial and Risk & Capital teams. You will play a key role in determining the optimal risk-based capital of the business and calculating the technical provisions.

Our client is seeking a catastrophe pricing actuary to take up a key role in the development of its ILS offering. You will join a deal team focusing on risk analysis and model development.

PARTNER LEVEL INVESTMENT

PENSIONS DIRECTOR

£ to attract the best

INVESTMENT FLEXIBLE LOCATION

STAR2429

Our market-leading client seeks an investment expert to take up a leadership role within its growing practice. Please contact us for further information on this career-defining opportunity.

PENSIONS LOCATION UPON APPLICATION

STAR2474

Leading firm seeks qualified actuary with proven business development experience to take up a leadership role within its pensions practice. Please contact us to take your pensions career to the next level.

Antony Buxton FIA

Louis Manson

Irene Paterson FFA

Lance Randles MBA

Jo Frankham

Jan Sparks FIA

MANAGING DIRECTOR

PARTNER

ASSOCIATE DIRECTOR

+44 7766 414 560 antony.buxton@staractuarial.com

+44 7595 023 983 louis.manson@staractuarial.com

+44 7545 424 206 irene.paterson@staractuarial.com

+44 7889 007 861 lance.randles@staractuarial.com

+44 7950 419 115 jo.frankham@staractuarial.com

+44 7477 757 151 jan.sparks@staractuarial.com

www.staractuarial.com ACT Rec July15.indd 59

Star Actuarial Futures Ltd is an employment agency and employment business

LIFE LONDON

July 2015 • THE ACTUARY 59 www.theactuary.com

23/06/2015 10:02

Appointments N ON - LI FE RI S K

N O N - L I F E L IFE R IS K P E N S IO NS I NVESTM ENT HEALTH HEAD OF PRICING ANALYTICS

EXCLUSIVE - HEAD OF RESERVING

£ excellent package

LONDON MARKET CAPITAL

£ excellent package

NON-LIFE LOCATION UPON APPLICATION

STAR2560

up to £100k + bonus + benefits

NON-LIFE LOCATION UPON APPLICATION

STAR2480

NON-LIFE LONDON

STAR2442

Major insurer seeks a qualified non-life actuary with excellent technical and communication skills to take up a leadership role within its pricing team.

We are currently working on this exclusive opportunity for a qualified non-life actuary with strong interpersonal skills to join a leading insurer as Head of Reserving.

Leading London Market company seeks a qualified, non-life, capital actuary. You will be a team player with good interpersonal skills and a desire to be at the leading edge of capital modelling.

PRICING AND ANALYTICS

RESERVING OPPORTUNITIES

NON-LIFE CAPITAL ANALYST

£ dependent upon experience

£ excellent + bonus + benefits

up to £40k + bonus + benefits

NON-LIFE HEALTH SOUTH COAST

STAR2537

NON-LIFE SOUTH-EAST

STAR2583/2584

NON-LIFE LONDON

STAR2534

Working closely with your actuarial colleagues, you will provide insight and direction to the wider business based on the application of cutting-edge modelling and analytical techniques.

Our client seeks a part-qualified and a qualified actuary to take up the positions of Reserving Analyst and Reserving Actuary. You will take responsibility for the maintenance, enhancement and documentation of reserving processes.

Our client, a leading global reinsurer, seeks a part-qualified GI actuary to develop its internal model, ensuring that it continues to reflect the risk profile. You will be an excellent team-player with strong modelling and programming skills.

COMMERCIAL LINES PRICING

CAPITAL AND RESERVING ACTUARY

FULFIL YOUR POTENTIAL

£ dependent upon experience

up to £100k + excellent bonus + benefits

£ highly competitive package

NON-LIFE LONDON

NON-LIFE SOUTH EAST

STAR2540

STAR2523

STAR2500

We are working with a major insurer on a number of opportunities for part-qualified and qualified actuaries with existing general insurance experience as well as outstanding candidates from a life or pensions background.

Our client, an international insurance business, is looking to strengthen its Londonbased actuarial team with a high-calibre qualified non-life actuary with capital or reserving experience.

Our client is offering a unique opportunity for an ambitious and forward-thinking capital modelling actuary to experience rapid career growth within an organisation that works with the best in the industry.

PRICING ANALYSTS

PRICING AND RESERVING ACTUARY

SENIOR MANAGER - CAPITAL OPTIMISATION

up to £45k, dependent upon experience

up to £70k + generous benefits package

£ excellent + benefits

NON-LIFE MIDLANDS

NON-LIFE LONDON

STAR2555

STAR2522

STAR2460

Two vacancies have arisen within our client’s non-life pricing team. The ideal candidate will have existing GI experience and be making good progress with the actuarial exams.

Our client has a fantastic opportunity for a part-qualified or qualified actuary to join its non-life actuarial team. You will get involved in the quarterly reserving process, pricing analyses and the wider business planning process.

Global financial services firm seeks a qualified non-life actuary with strong experience in capital management to work closely with M&A specialists on a wide range of strategic projects.

LONDON MARKET PRICING

MAKE YOUR MARK

PRICING, RESERVING OR CAPITAL

£ very attractive package

£ dependent upon experience

NON-LIFE LONDON

STAR2501

We are working on an exciting role for a pricing actuary with experience of the London Market looking to make an ambitious step in their career.

NON-LIFE LONDON

STAR2582

NON-LIFE NORTH

STAR2588/2589/2590

An incredible career development opportunity for a non-life actuary. This wide-ranging role will include reserving, pricing, capital and risk, while taking advantage of your well-developed communication skills.

Leading insurer seeks part-qualified and qualified actuaries with pricing, reserving or capital experience. Take this opportunity to join a growing team with innovative ideas and an exciting future.

EXCLUSIVE - NON-LIFE PRICING

PRICING AND RESERVING ACTUARY

CAPITAL MODELLING LEAD

£ depends upon experience

up to £80k + bonus + benefits

£ highly competitive package

STARVACANCIES NON-LIFE SOUTH EAST

STAR2503

Our client is looking to recruit talented part-qualified and qualified actuaries with pricing experience to join its growing team. Please contact us for more information about these exclusive opportunities.

Antony Buxton FIA THE ACTUARY • July 2015 MANAGING DIRECTOR www.theactuary.com +44 7766 414 560 antony.buxton@staractuarial.com

ACT Rec July15.indd 60

NON-LIFE LONDON

STAR2187

High-calibre actuary sought to join a global leader in the non-life market. You will lead a team in the provision of technical pricing and reserving advice across the home and motor portfolio.

NON-LIFE SOUTH EAST

STAR2476

Our client has an exciting opportunity for a qualified non-life actuary with capital experience to lead the development of its general insurance modelling capability.

Louis Manson

Joanne O’Connor

Irene Paterson FFA

Lance Randles MBA

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

ASSOCIATE DIRECTOR +44 7889 007 861 lance.randles@staractuarial.com

23/06/2015 10:04

LI FE www.theactuaryjobs.com

RI SK PENSI ONS I NVESTM ENT "$56"3*"- 1045 3&$36*5&3 0' 5)& :&"3 t t £ excellent + bonus + benefits LIFE LONDON

STAR2607

REINSURANCE RESERVING ACTUARY

EXCLUSIVE CONTRACTS

£ excellent + benefits

up to £1,000 per day

LIFE LONDON

STAR2549

LIFE LONDON

STAR2524

Award-winning life insurer seeks a qualified life actuary to manage its reinsurance operation. This is a great chance to utilise your exceptional relationship management and technical skills.

Leading global reinsurer has a fantastic opportunity for a qualified life actuary with experience in financial reporting and excellent technical and communication skills to make a real difference.

We are currently working on multiple 3-6 month contract roles with a leading client. Opportunities exist for part-qualified and qualified actuaries with reporting or modelling experience.

PRICING & PRODUCT DEVELOPMENT

REPORTING ACTUARY

£ competitive + bonus + benefits

£ excellent + bonus + benefits

LIFE LONDON

STAR2401

LIFE LONDON

STAR2520

LIFE SOUTH COAST

STAR2424

An exciting role for a qualified life actuary with pricing and product development experience. You will have an analytical and strategic approach, together with strong management skills.

Major life insurance company seeks a qualified life actuary to provide support in the delivery of reporting requirements and risk capital metrics, including relevant aspects of business planning and actuarial management information.

Market-leading insurer seeks a qualified life actuary with reporting experience and a strong customer focus to take the lead in specifying, developing and implementing large scale process change.

CAPITAL ACTUARY

LIFETIME VALUE

PRICING ANALYTICS ACTUARY

£ excellent + bonus + benefits

£ dependent on experience

£ excellent + bonus + benefits

LIFE LONDON

STAR2359

LIFE MIDLANDS

STAR2527

LIFE LONDON

STAR2521

Major life company seeks a qualified actuary with strong technical skills to join its capital team. You will develop and maintain tools to assess, monitor and manage the capital position of the group.

A leading life business is working closely with Star Actuarial to grow its team. Opportunities exist for part-qualified and qualified actuaries to develop their skills in modelling, capital, systems, pricing, risk, and more.

Seeking a part-qualified or qualified life actuary to make an impact within our client's pricing analytics team, providing insight into the market that will help to shape pricing decisions.

MODELLING ANALYST

PRICING ANALYST

ALM ACTUARIES

£ excellent + bonus + benefits

£ excellent package

LIFE LONDON

STAR2505

LIFE HEALTH LONDON

STAR2519

INVESTMENT LONDON

STAR2541

International reinsurer seeks a talented part-qualified actuary to support a number of diverse workstreams within its modelling team. Hands-on experience of Prophet or Moses an advantage.

Leading global insurer is seeking a part-qualified actuary with knowledge of the UK life and health market to support the development of new and existing protection products.

Leading Asset Manager seeks part-qualified and qualified investment actuaries with strong ALM and communication skills to provide strategic advice to a wide range of clients.

INVESTMENT IN INSURANCE

INVESTMENT PROPOSITION DEVELOPMENT

HIGH-FLYING PENSIONS

£ depends on experience + bonus + benefits

£ competitive + bonus + benefits

£ excellent + bonus + benefits

LIFE INVESTMENT LONDON

LIFE INVESTMENT SOUTH WEST

STAR2367

A superb career opportunity for a professional with investment experience gained in an insurance context. Together with a leading team, you will build propositions, develop the business pipeline, and deliver on projects.

STAR2451

Our client seeks candidates with a background in investment consultancy or asset management to support the future development of its investment proposition through investment research, strategy and analysis.

PENSIONS NATIONWIDE

STAR2568/2569/2570

Leading global consultancy is seeking part-qualified or qualified actuaries with pensions experience and proven relationship management skills to join its regional offices.

Star Actuarial Futures Ltd is an employment agency and employment business

REINSURANCE ACTUARY

www.staractuarial.com BULK ANNUITIES

PRICING ACTUARY

INSURER SEEKS PENSIONS ACTUARY

£ excellent + bonus + benefits

£ dependent upon experience

LIFE PENSIONS LONDON

STAR2586/2587

Leading financial services group seeks part-qualified or qualified actuaries to join a new team as Pricing Manager or Quotations Manager. A thorough understanding of Bulk Annuities is essential.

LIFE PENSIONS LONDON

STAR2606

Our client is seeking a qualified actuary with life or pensions experience to join its new business team as a pricing actuary. The succesful candidate will be a self-starter with strong people management skills.

LIFE PENSIONS LONDON

Leading insurer seeks a qualified pensions actuary to contribute to the development of its defined benefit proposition. You will lead the delivery of quotations and support the enhancement of the pricing approach.

Peter Baker

Paul Cook

Jo Frankham

Jan Sparks FIA

Clare Roberts

ASSOCIATE DIRECTOR +44 7860 602 586 peter.baker@staractuarial.com

ASSOCIATE DIRECTOR +44 7740 285 139 paul.cook@staractuarial.com

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7477 757 151 jan.sparks@staractuarial.com

SENIOR CONSULTANT +44 7714 490 922 clare.roberts@staractuarial.com

ACT Rec July15.indd 61

STAR2608

Carolina JulyEmmanuel 2015 • THE ACTUARY 61 SENIOR CONSULTANT www.theactuary.com +44 7495 564 958 carolina.emmanuel@staractuarial.com

23/06/2015 10:04

Appointments GENERAL INSURANCE - UK Qualiﬁed/Senior G.I. Consultancy London Rachel Kelly £70,000 - £200,000 + Bonus + Beneﬁts

Syndicate Pricing Actuary Paul Francis

I am working with a specialist G.I. consultancy that has a number of openings for individuals with strong reserving and capital skills. Excellent work-life balance, no hard sales targets and varied projects with Lloyd’s clients on offer. Call me to ﬁnd out more.

Extremely successful Lloyd’s business is seeking a syndicate actuary to manage a small team. You will have extremely good support and training. You will have exposure to all classes and provide transactional support and analyse underwriter performance.

Capital Actuary – Personal Lines London Robert Gormley £70,000 - £90,000 + Attractive Beneﬁts

Pricing Actuary Ross Anderson

European division of global insurance business seeks Capital Actuary. Small team, great exposure to senior management. Growing insurance sector. Development, parameterisation, operation of capital models. You will be a nearly / newly-qualiﬁed actuary. Knowledge of capital modelling and Solvency II technical standards a must.

A leading Lloyd’s syndicate is recruiting for a Pricing Actuary to interact with the underwriters and develop the pricing models across all classes of business written. This is an outstanding opportunity to cultivate pricing skills in a collegiate environment.

G.I. - Head of Pricing Analytics Surrey Sarah Robins Competitive + Bonus + Beneﬁts

G.I. – Actuarial Analyst Sarah Robins

A leading personal lines insurer with a great reputation requires a Head of Pricing Analytics. Advanced knowledge of Excel, VBA, SAS and Emblem are a must. You must also be able to demonstrate strong leadership capabilities. There is large team to manage.

My client is looking for candidates with strong analytical skills to join their team. You will ideally be a part-qualiﬁed actuary with 1-2 years G.I. experience. Knowledge of Emblem and Radar is desirable.

London £100,000 + Bonus + Beneﬁts

London £55,000 + Bonus + Beneﬁts

South West Competitive + Bonus + Beneﬁts

CONTRACTS - GENERAL INSURANCE - UK Reserving Actuary Elise Ogden

London £900 - £1,000/day

Our client is seeking a Reserving Actuary to assist with BAU reserving activities during a busy period. You must have extensive reserving experience preferably Lloyd’s experience. Knowledge of ResQ and Excel are essential.

Interim Chief Actuary Elise Ogden

London £1000 - £1300/day

Our client, a personal lines life insurer is seeking an Interim Chief Actuary. The main responsibilities include capital, reserving and SII. A good knowledge of technical provisions and personal lines reserving experience is beneﬁcial.

LIFE INSURANCE - UK London (City) £160,000 + Package

London Head of Financial Reporting £100,000 - £150,000 + Package Natalie Lightfoot

My client, a major life insurer, is looking to appoint a senior qualiﬁed actuary in a Head of Risk position for the group business. The successful candidate will directly support the CRO on setting risk framework, appetite and limits. Extensive experience of a senior risk management positon is key along with familiarly with the UK regulatory environment.

Excellent strategic leadership opportunity for an experienced reporting actuary. This role will be responsible for group actuarial reporting working with the senior leadership team. The ideal candidate will be an excellent communicator.

Senior – Bulk Purchase Annuities London Natalie Lightfoot Up to £110,0000 + Beneﬁts

Senior Risk Actuary Greater London Richard Howard £85,000 - £100,000 + Bonus + Beneﬁts

Multiple opportunities to join a prestigious bulk annuity team. This role will require a qualiﬁed actuary with extensive DB knowledge, who can lead the quotes relating to inception pricing and/or reinsurance.

We are managing an exclusive search for a Senior Risk Actuary in London. The role will report to the CRO and have signiﬁcant visibility across the organisation. They are looking for a qualiﬁed actuary who has broad actuarial risk experience.

Head of Risk Clare Nash

Manager - Consultancy Hugo Chambers

London (City) Up to £80,000

Multiple opportunities to join a specialist life insurance consultancy in a high-proﬁle, client facing position. My client is seeking qualiﬁed actuaries with expertise across risk, Solvency II, pricing or ALM to support their senior team. The ideal candidates will have exceptional communication skills with strong core technical skills. Prior consultancy experience is not essential.

Systems Actuary Richard Howard

London £50,000 - £70,000 + Bonus + Beneﬁts

Excellent opportunity for an actuary to be involved in a wide range of modelling activities within a leading team in London. They are looking for a professional candidate who has strong coding skills (VBA, C#, Matlab) and excellent knowledge of actuarial systems.

CONTRACTS - LIFE INSURANCE - UK EV Project Actuary Benjamin Moses

London £600 - £900/day

I am currently working with one of the world’s leading life insurers to help them establish a project team to implement EV into their business reporting structures. This is an exciting global project and one which requires part qualiﬁed actuaries with a variety of skills. THE ACTUARY • July 2015 Please contact me for more details on the project. www.theactuary.com

ACT Rec July15.indd 62

Spreadsheet Developer Ani Pannell

London £500 - £650/day

A number of opportunities available for nearly / newly-qualiﬁed actuaries with good spreadsheet development experience. The successful developer will have documentation experience, ideally SII exposure, and will be available to join the life insurer within four weeks.

22/06/2015 16:16

www.theactuaryjobs.com General Insurance – UK

ASIA Executive Director, Financial Solutions Hamza Mush

Hong Kong / Singapore Up to HKD1.5 million

An award-winning global insurance business is seeking an extremely intelligent and commercial actuary to drive product development and innovation for their financial solutions business with a specific focus on highly complex capitally-motivated assetintensive transactions for their top-tier clients across Asia Pacific.

Investment Actuary Philip Chau

Hong Kong Up to HKD1.5 million

Leading multinational insurer is seeking a commercial actuary with a minimum of 10 years’ experience in capital / ALM to join the investment team where you will be working on the assets side, managing investment portfolios and implementing strategies.

AVP, Modelling Hamza Mush

Hong Kong Up to HKD1.5 million

An international insurer expanding aggressively across Asia is embarking on a global initiative to develop cutting-edge ﬁnancial modelling frameworks as they move to becoming a top-tier insurer in the region. You will drive strategic thinking, model development, and global governance required to ensure long-term success.

Regional Prophet Actuary – Asia Paciﬁc Rhoda Rivera

Hong Kong Up to HKD1.2 million

Top global life insurer seeks a qualiﬁed actuary to work within their regional prophet team. Candidates must have at least eight years’ experience in prophet stochastic and ALS modelling with EV, Solvency II and economic capital knowledge. Strong communication skills are a must.

Manager – Capital and Valuation Wynlim Wong

Malaysia Up to MYR 120,000

A leading general insurer in Malaysia is seeking a PQ actuary to help drive changes through the actuarial department. The individual will be involved in numerous exciting projects across valuation and capital; hence, those skills are a must. Local market experience needed.

Senior Executive Wynlim Wong

Singapore Up to SGD 65,000

Top-tier general insurer in Singapore are seeking an enthusiastic PQ actuary to assist in pricing projects across Asia Paciﬁc. You must have experience in pricing and strong communication skills. Knowledge of the Asian market is necessary.

EUROPE General Insurance Pricing Manager Patrick McMahon

Dublin Up to €150,000

My client, a large and respected multinational insurance company are looking to recruit a senior pricing manager. This is an excellent opportunity for someone with strong general insurance experience to lead a team and gain international market exposure.

Senior Pricing Actuary Natalie Bogner

Munich €75,000

Paul Francis

0207 649 9469

Sarah Robins

0207 310 8552

Rachel Kelly

0207 310 8579

Ross Anderson

0207 649 9357

Robert Gormley

0207 310 8546

Contracts - G.I. - UK Elise Ogden

0207 649 9355

Life Insurance - UK Clare Nash

0207 649 9350

Richard Howard

0207 649 9356

Natalie Lightfoot

0207 310 8547

Hugo Chambers

0207 310 8642

Contracts - Life Insurance - UK/Europe Benjamin Moses

0207 310 8793

Ani Pannell

0207 310 8572

Dermott Bradley

+353 144 75159

Asia Gary Rushton

+852 5804 9223

Toby Weston

+852 5804 9042

Philip Chau

+852 5804 9287

Hamza Mush

+852 5804 9048

Rhoda Rivera

+852 5804 9225

Wynlim Wong

+852 5804 9090

France Emérique Opou

+33 1 76 77 46 30

Agathe Ibazizen

+33 1 76 77 46 31

Audrey Arrighi

+33 1 76 77 46 02

Ireland Patrick McMahon

+353 1 437 0625

Jack Lynch

+353 1 695 0001

Benelux

A leading insurance company is looking to hire a qualiﬁed Senior Pricing Actuary to join their growing team in Munich. My client is looking for a strong communicator with 3-4 years’ experience in developing pricing models for commercial lines.

Robrecht Geraerts

Marketing Actuary Emina Biscevic

Emina Biscevic

+49 89 3803 8965

Leading primary insurer is looking to hire a Marketing Actuary with strong technical actuarial skills, especially in pricing mechanics and with good life product knowledge. My client is looking for a strong communicator and a marketing savvy candidate.

Natalie Bogner

+49 89 2109 3935

Policy Advisor – Prudential Regulation Robrecht Geraerts

Alessio Montaruli

Cologne €75,000

Brussels €Competitive

An advisory lobbying institution is looking for an actuary with good experience in Solvency II, preferably within PI & PIII. This company offers you the possibility to work as a Policy Advisor who will work on projects that can change the European insurance sector.

Capital Budgeting Manager Alessio Montaruli

Italy €Competitive

Our client is looking for a senior actuary with international experience to coordinate the capital management team responsible for managing the solvency planning process and monitoring the KPIs for the solvency position development at group level.

Actuarial & Risk Consulting Audrey Dadon

Zurich / Dublin €Competitive

Leading a global team, you will drive non-life pricing governance, frameworks and best practices. This role offers high visibility and requires a lot of stakeholder management and ability to handle various priorities. Strong leadership and inﬂuencing skills required.

ACT Rec July15.indd 63

+31 20 29 000 38

Germany

Italy +39 02 3600 6810

Switzerland Audrey Dadon

+41 43 508 0444

Please contact one of the team for further information on any of the opportunities above or visit www.ojassociates.com/jobs

General Contact Details:

actuary@ojassociates.com

www.ojassociates.com July 2015 • THE ACTUARY 63 www.theactuary.com

@OJAssociates

oliver-james-associates 22/06/2015 16:16

Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Business Actuary London

General Insurance Circa £90K

Senior Reserving Analyst London

General Insurance Circa £60K

This established London Market business is after a newly qualified actuary for a varied role including pricing, reserving, capital model parameterisation and business planning across a number of classes of business. The client will be looking for an academically strong candidate from a commercial general insurance background who can provide a consultative approach in support of the underwriting team. Ability needed in project management and in managing more junior members of staff. Ref: ARC26289

This Lloyd’s insurer is looking for a senior actuarial analyst to support the reserving work for the business in London. The role will be involved in quarterly reserving and reporting and will work closely with claims and underwriting teams to update reserve estimates. Work will also include development of the reserving models, processes and new analytical techniques. Good communications skills will be required as presentations to senior management and underwriters will be expected. Ref: ARC26290

Capital Actuary London

Pricing Actuary London

General Insurance To £85K

A nearly or newly qualified actuary, ideally with a Remetrica background is needed to support capital modelling for a specialist P&C insurer and reinsurer. The role will involve development and running of the company’s internal capital model for ICA and Solvency II requirements. Previous capital experience from a London market or other equivalent environment will be required. Good career progression within the organisation possible. Ref: ARC26285

General Insurance To £100K

This pricing position reports into the Chief Actuary within this Lloyd’s insurer. Covering a range of lines of business in a small pricing team, the successful candidate should have the technical and communication skills to work autonomously with support as required. Contribution on ideas about best practice and ability to question and influence underwriters will be required skills, in addition to development of pricing tools and analytics. Ref: ARC26205

Call us anytime including evenings and weekends on 020 7717 9705 or email enquiries@the-arc.co.uk Andy Clark BSc FIA Roger Massey BSc MBA FIA

0781 333 7891 0781 398 9016

andy@the-arc.co.uk roger@the-arc.co.uk The Actuarial Recruitment Company is an employment agency

THE ACTUARY • July 2015 www.theactuary.com

ACT Rec July15.indd 64

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