The Actuary March 2016

MARCH 2016 theactuary.com

Interview: Mike Brockman The magazine of the Institute and Faculty of Actuaries

Actuary turned businessman on using wider skills

Risk A CERA route to the construction industry

Investment Opportunities for income-generating assets

Opinion Do life actuaries have a future?

FASHION YOUR FUTURE Opening up opportunities for actuaries in wider ďŹ elds p01_mar_cover.indd 1

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Contents

MARCH 2016

14

“Being part of my client’s CRO task team gave me exposure to other professions that I would not normally encounter as an actuary”

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20 UP FRONT 9

IFoA news The latest news, updates and events from the Institute and Faculty of Actuaries

OPINION 4

Editorial Editor Richard Purcell comments on the many opportunities open to actuaries

5

Letters Actuaries discuss the relevance of Solvency II, news from Zimbabwe and behaving irrationally

7

President’s comment Fiona Morrison addresses gender parity in the profession

FEATURES

AT THE BACK

14 Interview: Mike Brockman

32 Student

The actuary turned businessman shares his views on telematics and autonomous cars with Gemma Gregson

17 Investment: Lifetime opportunities Arno Kitts and Olivier Defaux suggest that lifetime mortgages can be attractive as income-generating assets

20 Risk: Actuary in a hard hat The CERA qualification opens new doors for Arthur Els as he shares his experiences in construction

22 Liquidity: Go with the flow Con Keating and James Walton report on actuaries encountering liquidity more frequently

25 Risk: Big data, big issues 8

CEO’s comment Derek Cribb says widening an actuary’s role to new industries is key to the profession’s growth

13 Soapbox Marcus Bowser on how life insurers can emerge from a challenging era

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

COVER: GETTY / CRAIG ZADUCK

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Big data presents actuarial opportunities but also potential threats, says Brian Gedalla

Actuaries managing the risks of technocracy? Jessica Elkin reports

33 Books James Male reviews Figures of Death by P J Sweeting

35 Puzzles Try the latest cryptic crossword and Mensa puzzles

36 People/society news 38 Actuary of the future Bronagh Traynor of Invesco Ireland

ONLINE CERA: a versatile approach to risk management Cintia Cheong talks to Joshua Walters on his path to qualification

28 Technology: Great expectations Gurpreet Johal and Graham Robertson consider how reserving might evolve in the current technological age

Agony actuary: Twitter away Advice on winning entries.

Read more at bit.ly/1oDC7PF

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Editorial editor@theactuary.com

Building our brand Richard Purcell comments on the many opportunities open to those actuaries who demonstrate their value

(CERA) qualification? Like me, you may be surprised to know that we have just seen our 3,000th actuary, Chu Lee, achieve this accreditation (p11). There is no doubt CERA is also helping to open doors to new industries like construction, as Arthur Els (p20) explains.

When it comes to promoting ourselves, Brian Gedella (p25) observes that we should shout about our professional education and standards, believing this sets us apart from other technical experts with whom we compete. However, Mike Brockman, founder of Insure the Box, argues that we need to strike the right balance, ensuring we don’t focus on ticking boxes at the expense of innovation (p14). He is evidence, if any were needed, that the core actuarial skill set, together with a dose of personality and communication skills, can be a winning combination. What’s clear is that we all have a role to play in building our brand, by demonstrating the value we can add to our employers and wider industry. Before long, construction actuaries could be as commonplace as pensions actuaries.

We often talk about moving into wider fields, but many of us find it’s easier said than done. Either because we lack the opportunity, skills, or simply do not sell our existing abilities. Opportunities should not be lacking, according to Derek Cribb (p8), who points to new research by the IFoA showing that our expertise is highly valued by businesses.

However, it also flagged the need to ‘promote’ ourselves more, underlining the importance of Fiona Morrison’s presidential theme.

There is no doubt that being actuaries gives us a broad range of skills to leverage, but maybe we do need to fine-tune them if we are to become risk specialists in wider fields. Perhaps more of us should consider completing the Chartered Enterprise Risk Actuary

“There is no doubt that being actuaries gives us a broad range of skills to leverage, but maybe we do need to fine-tune them”

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Richard Purcell Editor

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THE ACTUARY • March 2016 www.theactuary.com

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Opinion Letters to the editor

Have your say online

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

Solving problems of the past Karel Van Hulle (The Actuary, Jan/Feb, bit.ly/1RbR1FW) notes that the development of Solvency II into its current form took 15 years.

Since 2001, global stockmarkets have crashed horribly twice.

The post-Lehman meltdown was more than business as usual.

It marked the beginning of the end for the current system that we call neoliberalism but in the UK is better known as Thatcherism.

The macroeconomic principles that anchor the architecture of modern neoliberal finance can be summarised in three points: ● Fiscal policy is ineffective ● Responses to shocks are reflected quickly in a return to full employment ● Inflation is solely a function of the money supply.

The ongoing financial crisis has destroyed these key principles.

Monetary policy in the form of quantitative easing has been unable to generate target inflation anywhere in the OECD, including the UK. Full employment is a very long way off, seven years post-Lehman.

Real unemployment in the US is 10% and even worse in the Eurozone.

Monetary policy is currently ineffective. The financial system is prone to stagnation and current policies have led to another phase of this.

Solvency II is also praised for its market-consistent approach.

John Authers of the Financial Times notes three weaknesses of financial markets: ● They are prone to herding. Markets can follow trends long after they should be given up ● Emotions dominate over reason ● Markets are unable to price tail risk.

Insurance companies following Solvency II today all assume market pricing is correct. UK equities are propped up by Central Bank actions and priced on the assumption of growth, while gilts are priced on the basis of future deflation. They can’t both be correct. We are going through a phenomenally destabilising phase of capitalism where neoliberalism is breaking down, yet there is nothing coherent to replace it. Market consistency must be treated with care.

Perhaps a margin may be in order.

Solvency II was designed for a world that no longer exists.

Cathal Rabbitte 17 February

News from Zimbabwe A commission of inquiry was set up in Zimbabwe in 2015 to investigate the process of converting the value of pensions and life assurance benefits following the dollarisation of the Zimbabwean economy in 2009. The commission is to determine if there was any prejudice in the process used for conversion valuations.

Though the commission is yet to conclude on its findings, it is generally agreed that the whole conversion process could have been more transparent, through consultative engagement of the key interested parties. The commission

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

is scrutinising the role played by the key market participants, with some focus on actuarial professionals and the various unconventional valuation approaches.

The conversion process was mired with a plethora of challenges for actuaries. First, there was an acute shortage of actuaries, with only two practising in Zimbabwe. There was also difficulty in setting assumptions owing to the instability of key macro-economic fundamentals, including prior hyperinflation, and very few funds to benchmark accrued benefits at rates commensurate with the underlying inflation rate. In some cases, this led to the unintended transfer of fund assets from older generations to both younger generations and shareholders.

The conversion process has been a steep learning curve for the actuarial profession, as well as the insurance industry at large in Zimbabwe. When the Actuarial Society of Zimbabwe (ASZ) was re-launched in 2010 to represent actuarial interest in Zimbabwe, its tag-line was ‘Doing things right’. This emphasises the need to firm up on professionalism and have a collective approach to confront the industry’s problems.

David Mureriwa Chief actuary of African Actuarial Consultants and president of the ASZ 17 February

Actuaries: Behaving irrationally February’s edition of The Actuary featured my book review of Misbehaving: The Making of Behavioural Economics by Richard Thaler (bit.ly/1PKsp6A). The science of behavioural economics is important for us in our work persuading people to take out insurance, contribute to pensions policies or plan for their financial well-being. But perhaps more importantly, the book is great fun to read, dealing with all kinds of anomaly in human interaction.

My favourite conundrum, which I posed to readers, was: “Guess a number from 0 to 100 with the goal of making your guess as close as possible to two-thirds of the average guess of all those participating in the contest.”

I am pleased to say we had a number of respondents. Now, if everyone had responded rationally, they would all have answered zero and won the prize. But of course not everyone answers rationally. So the right answer to this particular conundrum is usually to choose a number pretty low that accommodates a few irrational (illogical or normal) people.

Well, in this experiment, it seems there were quite a few rational respondents, answering zero. But the average was 4.6 – a lot less than answers of around 20 from a typical cross-sections of ‘humans’. So two-thirds of the average is 3.1. It means that our canny winner is Ian Rogers, who was closest with a guess of 1. No prizes for our winner I’m afraid, other than the recognition of being the canniest of them all.

So what does this small experiment tell us? Well, it highlights how people do not always behave as rationally as we might expect, and this is worth bearing in mind when we’re designing insurance or pension products. It also shows that actuaries are not immune to irrational behaviour, though much better than the population as a whole!

Peter Tompkins 18 February

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 April 2016 issue is 21 March 2016.

March 2016 • THE ACTUARY 5 www.theactuary.com

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ADVERTORIAL

Insurers’ search for added returns: directions of travel Life and non-life insurance companies faced with the challenge of earning a return on their shareholders’ own funds are continuing to explore various trends in asset allocation strategies. Just how far they are prepared to go in their search depends on their starting point, with absolute return strategies being a constant and recurring theme. A number of options around the dial of absolute return (see diagram below) are available to accommodate the different investment profiles of insurance investors.

Absolute benefits For insurers used to holding a mixed portfolio of growth assets benchmarked against suitable bond and equity indices, there is a move towards absolute return strategies that offer a similar return with greater diversification, lower volatility and varied investment strategies whilst managing the downside risks.

Directions of travel for different insurers

preferable to high yield and emerging markets, although value can be found in the higher quality securities of these sectors once capital costs are taken into account.

Hedging out the market beta whilst harvesting style risk premia Life companies typically lead the insurers in search for uncorrelated returns as they tend to favour market neutral strategies in recognition of the investment risk (usually credit risk) they already carry via their assets held to back their liabilities.

Their greatest interest lies in market neutral strategies designed to hedge out the market beta whilst harvesting the alpha obtained through active management. This can be achieved through long / short strategies offering fundamental, bottom-up stock selection or the systematic analysis of investment styles to extract the risk premia associated with active management.

Diversifying benefits Another set of absolute return investors has emerged in the Diversified Growth Fund (‘DGF’) sector. These funds, that run a mix of traditional asset classes with added diversification through alternative assets and other trading strategies, are increasingly appealing to non-life insurers. These insurers whose balance sheets are dominated by underwriting risk, are less concerned about optimising to Solvency II capital requirements, and are more comfortable accepting a higher level of market risk.

Greater flexibility on the horizon Despite the opportunities afforded by all these trends, current solvency capital treatment for Solvency II remains an outstanding concern that could inhibit the large-scale adoption of some of these innovative strategies, especially for capital constrained insurers. It is hoped that regulatory guidance will emerge that will enable insurers to allocate an effective level of capital in those areas where there is currently ambiguity. Life and non-life insurers can then take full advantage of the multiple investment solutions able to help drive returns in their funds with due regard to investment risk. ●

Evolving appetite for credit Where insurers have no comfort beyond credit risk there has been an emergence of interest to extend their appetite to absolute return bond funds designed to have lower correlation to credit markets. These funds extract additional returns through the active management of interest rate, credit and foreign exchange exposure over time. They aim to deliver a stable ‘cash plus’ return via investment in fixed income markets whilst providing the flexibility to provide downward protection via thematic overlays.

Refining liquidity ladders Some insurers have historically kept their own funds in highly liquid, high quality, short dated ‘treasury assets’. The last few years have seen these portfolios accept longer dated, lower rated, less liquid assets as a means of maintaining a higher yield.

These more cautious insurers continue to refine their liquidity ladders, taking a more diversified exposure to credit risk. Higher quality investment grade credit remains

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Contact: Dick Rae | Director, Sales and Client Relationships +44 (0)20 7011 5229 Dick.Rae@bmogam.com Andrew Douglas | Senior Sales Assistant +44 (0)20 7011 5232 Andrew1.Douglas@bmogam.com BMO Global Asset Management (EMEA) | Exchange House, Primrose Street | London | EC2A 2NY

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

President Comment

Glass ceiling showing cracks

I recently read an interesting article in the London Evening Standard newspaper on my commute home from work. The headline was “Government ‘silent’ on university gender gap”. As a keen advocate of diversity in all its forms, I was naturally drawn to it.

In the article, the head of UCAS, the UK’s University clearing house for higher education applications, Mary Curnock Cook, called for “positive action to secure equal education outcomes for boys”. According to figures from UCAS, women outnumber men in 112 out of 180 degree subjects. The overall gap has nearly doubled in eight years, with 66,840 more women on degree courses than men.

I was quite taken aback by those statistics, and suspect there is some ‘hollow laughter’ from women reading this. However, it did get me thinking. Universities are the natural ‘breeding ground’ for the next generation of business leaders and captains of industry.

I was therefore intrigued to understand whether the UCAS experience was playing out in the corporate world, and whether we were seeing more women filling executive director and non-executive director roles in FTSE 100 companies and on boards.

This issue has rightly attracted political interest recently, with the governmentbacked reports by Lord Mervyn Davies, former chairman and chief executive of Standard Chartered, which have proposed targets for the number of women on boards.

In his first report, Lord Davies recommended FTSE 100 boards target a minimum of 25% female representation by 2015. In his final report, published last October, he said that 33% of all board seats at FTSE 350 companies should be held by women by the end of the decade.

Intrigued to understand whether industry had responded to these targets, I discovered a fascinating website, called ‘BoardWatch’, which tracks appointments of women to UK boards.

Figures published by BoardWatch show that the number of women directors at FTSE 100 companies is currently 26%, up from 15.6% in 2010. While on the face of it that seems to paint a very positive picture, dig a little deeper and a very different story unravels.

Yes, women holding 26% of directorships is

Gender parity appears to be on the horizon. Fiona Morrison takes a closer look to see whether this is all it’s cracked up to be a huge step in the right direction, and I am sure that those companies have truly benefited from the diversity it has brought them. However, only 9.8% of executive director roles in FTSE 100 companies are held by women. While it is an increase from 5.5% in 2010, this is the bigger issue for businesses to address in reaping the benefits of diversity.

It is reassuring to see that there are no ‘all male’ FTSE 100 boards, but the topic has not been addressed in the FTSE 250, where 6.8% are still ‘all male’.

Will industry rise to the challenge?

If they are interested in share prices they will. According to research conducted

by Credit Suisse, companies with some female board representation outperform those with no women on the board in terms of share price performance.

Looking closer to home, the FTSE 100 statistics are fairly representative of what we see here at the IFoA when I look at Council, where women comprise 36% of members, and the practice boards, where between 5-10% are women.

Diversity was my predecessor, Nick Salter’s, presidential theme, and is one I have been keen to champion during my presidency.

“It will be interesting to see how long it takes before businesses can reap the benefits of diversity”

I am heartened by our profession’s response to this issue. We will shortly be publishing a diversity strategy on our website, alongside a diversity action plan, focusing on real actions that will deliver tangible benefits for our profession and our members.

We will also be hosting an event on 14 March at Staple Inn, entitled ‘The elephant in the room’. Helena Morrissey, chief executive of Newton Asset Management and founder of the 30% Club, along with Jeremy Spira from Willis Towers Watson and Siobhan Martin from Mercer UK, will lead a panel discussion on diversity. Don’t worry if you can’t physically attend, you will be able to watch it online.

My rationale for focusing on gender diversity this month was not just the UCAS article, but also that 8 March marks ‘International Women’s Day’. This is a global day celebrating the social, economic, cultural and political achievements of women, and makes a call to action for accelerating gender parity.

While the UCAS experience has not as yet filtered down into the corporate world, it will be interesting to see how long it takes before more businesses can reap the many benefits of diversity.

In the words of Chuka Umunna, Labour MP and former shadow business secretary: “Yes, the glass ceiling for women now has cracks, but we have yet to smash it.” a

March 2016 • THE ACTUARY 7 www.theactuary.com

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23/02/2016 09:20

Derek Cribb is the chief executive of the Institute and Faculty of Actuaries

CEO Comment

Through the actuarial looking glass Is there really a demand for actuarial skills outside the traditional businesses? And if there is, what are the potential barriers to actuaries taking up these opportunities?

There has been a lot of talk within the profession over recent years about the need to broaden horizons for actuaries and seek new opportunities in non-traditional areas.

Recognising the diversity of the actuarial skill-set, and promoting it to employers and stakeholders, is something we have been actively championing at the IFoA. But are we on the right track?

To help inform our thinking in this area we commissioned some research to gain a greater understanding of the demand in non-traditional areas for the actuarial skill-set. Taking a pool of 50 HR directors, from industries ranging from retail distribution to mining, we undertook a ‘mystery shopping’ exercise, where the actuarial skill-set was presented to them without the term ‘actuary’ attached to it. The results were as interesting as they were worrying. While it was extremely heartening to learn that 47 out of the 50 HR directors rated the skill-set as valuable to their business, and reflected what they look for in their senior management appointments, they also highlighted key absences. The missing competences covered people and leadership skills, with a lesser issue around industry knowledge. Employers held technical skills, honesty and integrity as hygiene factors, not necessarily reasons to employ someone.

Once the skill-set was divulged as being specific to actuaries, and we asked if the skills were transferable and useful to non-traditional employers, the rating went from a whopping 94% right down to 58%!

The survey revealed a strong preconception within the sample that actuaries are involved in narrow roles, with the knowledge generally restricted to encountering members working with company pension schemes. While a significant minority greeted the revelation positively, welcoming a better understanding of actuarial skills, the majority were unsurprised.

For me this was the biggest insight from the research, and highlights the enormous challenge that we, as a professional body – and you as individual actuaries – face if we are to be successful in promoting the actuarial skill-set and get actuaries into more diverse fields.

Actuaries face a unique challenge; the roles of

Derek Cribb says defining the actuary’s role to non-traditional industries is key for the profession to explore new territories doctors, dentists, lawyers or accountants are easily defined and their value proposition easily understood by the general public. Actuaries do not have this luxury, our members work in a number of specialised functions across industry.

How, in the same breath, do you explain the proposition of a life actuary as opposed to one in banking? Well, perhaps we are making it hard for ourselves. We understand what qualified doctors do, they look after your health. A specialised doctor might be an expert in any number of fields but is still understood to be a doctor first.

For me, perhaps the right approach is similarly to define the actuary by the first level of qualification, the associate.

By having people understand that an actuary is a qualified professional with higher level of modelling, mathematical and broad financial risk management skills, we can raise understanding more quickly, without closing out future opportunities by being perceived as too narrow by wider industry.

It is undeniable that decision makers, such as HR directors in non-traditional industries, do not have a good understanding of what actuaries do and where they do it – this is often based on a preconceived view. These barriers need to be addressed, and are being addressed by the IFoA. A good example of this is the work recently undertaken by Council with engagement from

“47 out of the 50 HR directors rated the actuarial skill-set as valuable to their business”

8

the wider membership to develop the ‘actuarial pitch’ – a short and snappy descriptor of what actuaries do. Seems simple on the surface, but when you get down to the words, and a concise message, this has proved to be very difficult.

To try and gain an understanding direct from the membership, we developed our #whatactuariesdo campaign. This has been fun and insightful and yet only leads to more questions and fields of interest for us to explore.

My message to all actuaries remains, that if you want to move out of the non-traditional business areas, you need to develop broader business skills. Actuaries themselves already have the detailed technical skill-set that employers crave. Developing those business skills will not only help you broaden your horizons and opportunities, but will also make it easier to climb the corporate ladder.

We recognise that we have a role to play here, both in terms of our education syllabus and also through the CPD we offer our members.

Looking specifically at business skills, we have developed a suite of online Masterclasses.

As your professional body we are constantly striving to innovate, to help you develop the skills you need to succeed.

It is clear to me, and to 50 HR directors, that the actuarial skill-set has the potential to provide enormous value to a wide range of businesses and industry sectors. Our future relies on overcoming the perceptions that have developed over time. I ask all our members – be proud to be an actuary. It’s time for the business world to look at actuaries through a new lens. a

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:21

News ARIAL PROFESSION

Upfront IFoA welcomes infrastructure investment boost signalled by creation of commission

In October 2015, the government announced the creation of a National Infrastructure Commission (NIC), with a remit to provide an integrated assessment of the country’s infrastructure needs for each parliament, in the context of a much longer-term (up to 30-year) outlook.

The commission will aim to build political consensus on the country’s long-term infrastructure needs and provide greater certainty for investors.

It is headed by chief executive Phil Graham, formerly secretary

to the Airports Commission at the UK Department for Transport, and chaired by former Labour transport secretary Lord Adonis. The commissioners include former deputy prime minister Lord Heseltine and Sir John Armitt, who chaired the Olympic Delivery Authority.

The IFoA welcomes the new energy and commitment from government that the creation of the NIC signals. Although infrastructure projects help to generate economic growth, tough economic conditions in recent years have reduced the available capital, as well as the electorate’s appetite for higher taxes or user fees. We hope that the NIC will be a catalyst for an increase in the number and credibility of public-private projects.

The European regulatory environment seems to be moving in the same direction: for example, the European Insurance and Occupational Pensions Authority (EIOPA) has reduced

risk charges for qualifying infrastructure investments.

The IFoA is actively involved in the infrastructure debate.

We have already begun to engage with the NIC to promote the distinctive contribution we can make as actuaries in this area.

The Risk and Returns in Infrastructure Working Party produced a paper in 2015, providing evidence that wellchosen infrastructure can support sustainable and socially responsible investment that also provides long-term, inflationlinked cashflows for pension funds and insurers. The group’s chairman, Chris Lewin, made a well-received speech at a major infrastructure event at thinktank Chatham House last autumn.

So what is our distinctive contribution? Actuaries understand how to implement a risk management approach to infrastructure investment, including scenario analysis of possible financial outcomes that

can give potential investors an exhaustive and balanced view of the risks they might face.

The approach known as risk analysis and management for projects (RAMP), for example, has been used in the UK’s largest engineering project, Crossrail 2.

At the same time, actuaries are also involved in advising long-term institutional investors, so we can offer depth of insight into the perspectives of both project sponsors and investors.

Working with the Risk Board, the IFoA’s policy and public affairs team is developing a policy briefing aimed at parliamentarians, officials and regulators, which will flesh out the IFoA’s position on infrastructure investment and the scope for actuaries in this area. It will also include three detailed case studies – on renewable energy, transport and housing – where we can highlight examples of actuaries’ innovative thinking on financing models.

Key information for IFoA chairs A new resource has been created to assist the IFoA’s volunteer chairs. The ‘Key Information for Chairs’ resource is available on our website, and in hard copy, and has been created as an aide memoire to help our chairs to keep to the principles set out in the Governance Manual and the Volunteer Induction Pack (VIP).

The IFoA’s current Governance Manual was approved by Council on 9 October 2014, and came into force on 1 July 2015.

All volunteers comply with the terms of the IFoA’s Governance Manual and VIP. You can view the ‘Key Information for Chairs’ resource online in the VIP at chapter 8

on p31: bit.ly/1PkaGUX. Alternatively, email debbie.atkins@actuaries.org. uk for a hard copy.

The IFoA currently supports over 80 working parties, and a second new resource has also been created to specifically assist these volunteer chairs.

View the ‘Key Information for Working Party Chairs’ resource, created with the help of Patrick Kelliher, at bit.ly/1WhIvqd In addition to our volunteer chairs, over 3,500 volunteers have given their time, skills and expertise to volunteer for the IFoA in the past year alone. So why volunteer? Members have told us what volunteering means for them and what they get out of it, highlighting

encouragement from their employer. Read their stories and listen to the film clip online at bit.ly/1QoOCVo In particular, if you are interested in getting into wider fields, or work in that area, take a look at the case studies written by John Young and Andrew MacFarlane. More case studies will be added soon.

March 2016 • THE ACTUARY 9 www.theactuary.com

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23/02/2016 09:22

News

IFoA launches diversity strategy

“Formalising our commitment to diversity ensures that it becomes central to everything we do. Our diversity strategy addresses diversity in a meaningful and appropriate way, enabling us to support our members in their day-to-day work, while ensuring the sustainability of the profession,” Nick Salter, immediate past-president.

The IFoA recently launched the first part of its diversity strategy, formalising its broader commitment to ensuring equality and diversity in the profession.

The strategy includes a commitment to publish an annual Diversity Action Plan, setting out the priorities for the coming year.

Gender diversity is identified as the key priority for 2016/2017.

Research carried out by an independent market research firm, on behalf of the IFoA, showed that over a third of men believe that it is easy for female actuaries to climb the career ladder. In contrast, this view was shared by fewer than 10% of women. Why do men and women have such differing views, and what can we or should we do about it?

Helen Crofts, co-chair of the IFoA’s member-led Diversity Advisory Group, notes: “It is fairly clear in the research that has been done over the past few years that investing in gender diversity, especially at the top levels, pays dividends across the spectrum – companies make better decisions, are more creative and fare better in the marketplace.”

In 2015, the Diversity Advisory Group produced a report entitled ‘Bringing the Benefits of Gender Diversity to All: First Steps’. Their recommendations, together with those from the research, will form the basis of the action plan for the coming year.

“The research conducted over the past year clearly indicates

that members who take a career break would value more support from the IFoA. Our first task will be to work with the executive team to think about ways to provide this support and make the transition back to work easier,” says Craig Edmondson, a member of the Diversity Advisory Group.

To capitalise on this momentum, the IFoA is hosting an event on 14 March, entitled

‘The Elephant in the Room: the Diversity Questions You’ve Always Wanted to Ask’.

The event will feature a panel of experts, including Helena Morrissey, founder of the 30% Club, and Fiona Morrison, IFoA president.

Visit the Diversity Advisory Group webpage for more information: bit.ly/1RlbHNx To read the full strategy visit bit.ly/1KY4xNY

EU referendum: IFoA engages with regional groups The UK government plans to renegotiate its relationship with the EU and then hold a referendum to stay in, or leave, the EU. The public debate is already heating up, with many media outlets commenting, and stakeholders taking views publicly. The outcome of both the renegotiation and the referendum itself may have a significant effect on many parts of British society, in the short and in the long term.

The IFoA believes that it can help inform the debate on issues that are relevant and important to the public interest, using the specific actuarial skills its members have. The IFoA’s EU Referendum Working Party would like to involve regional actuarial societies in the debate and discuss their thoughts, questions and concerns at regional meetings.

At these meetings, the IFoA will set the scene, giving you the latest state of play, plus activities it has planned. This will be followed by discussions and question-and-answer sessions. The full schedule of events is listed to the right. Members are invited to join one of the upcoming regional group meetings.

For updates, please visit bit.ly/1XfptSi To join the debates online, please visit Insurance and the EU Referendum at bit.ly/1Sdhrdl Pensions and the EU Referendum at bit.ly/1TacAty 10

Date

IFoA Regional Group

Location

Time

27 Jan 16 Feb 29 Feb 01 Mar 16 Mar 17 Mar 17 Mar 17 Mar 21 Mar 5 April 11 April 20 Apr 3 May

YAS FASS MANX SIAS KSS Stirling KSS Edinburgh GASS Birmingham Bristol National Event National Event Society of Actuaries, Ireland Chinese Actuarial Network UK

Leeds Edinburgh Isle of Man London Stirling Edinburgh Glasgow Birmingham Bristol Edinburgh London Dublin London

18:00 - 19:00 18:00 - 19:00 17:30 - 19:00 17:30 - 18:30 17:30 - 18:30 08:30 - 10:00 17:30 - 19:00 17:30 - 19:00 18:00 - 19:00 17:00 - 20:00 17:00 - 20:00 TBC 18:00 - 19:00

For questions about regional group meetings, please email tess.joyce@actuaries.org.uk

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:22

Globally recognised risk management credential celebrates 3,000th award The CERA Global Association (CGA) is pleased to announce that Chu Lee (right) has become the 3,000th person to earn the prestigious Chartered Enterprise Risk Actuary (CERA) credential.

Chu is a member of the Society of Actuaries (SOA) in the US and assistant actuary in the corporate actuarial department of Munich Re (Life).

Ron Hersmis, chairman of the CGA, is delighted to congratulate Chu Lee on this significant achievement and recognise this important step forward for global risk management. “There is a global demand for skilled enterprise risk management professionals. CERA is one of the most comprehensive and rigorous enterprise risk management qualifications available.”

Chu said: “I was surprised and honoured to be the 3,000th CERA. I did not realise so many CERAs existed, nor did I know that within a one-year timeframe the group would grow by another 500 members!

“I have been interested in understanding the risk related to my work throughout my career, and my interest has grown exponentially in my current role in asset liability management at Munich Re. When

the SOA offered enterprise risk management as part of the Fellow of the Society of Actuaries (FSA) track to attain the CERA qualification, I jumped at the chance. I truly believe that the value of the training I received far outweighs the additional work involved in attaining the qualification.”

To read the full press release, visit bit.ly/1O102wI For more information on becoming a CERA or on how employing a CERA can benefit your business, visit www.ceraglobal.org or email Dawn McIntosh, CERA marketing project leader at dawn.mcintosh@actuaries.org.uk

CPD as easy as ABC 28 January saw a key strand of the IFoA digital strategy realised – the latest iteration of the Virtual Learning Environment (VLE).

The latest release of the VLE allows members to access exclusive continuing professional development (CPD) videos and content from our many events, while also providing a platform for online exams and professionalism training.

It features a responsive design, allowing for seamless use on smartphones, tablets or desktop. You can access the VLE through direct links to video content on the website or by clicking on the ‘My learning environment’ icon under ‘My account’ on the website. The new CPD functionality allows you to watch a video and then click the ‘Claim CPD’ button to update your CPD record.

User research indicated that, with increasing time pressures, offering a more integrated and easier digital journey for your CPD requirements was vital. The new VLE does just that, while also aligning with our digital strategy aims – to better enable our members to find our content, and to promote high-value content for thought leadership, international engagement and learning.

We hope you will enjoy using the new VLE and that it will make it easier to record your CPD.

EVENTS AND CONFERENCES experience in the industry.

Although primarily aimed at actuaries, the seminar will also be of value to CURRENT ISSUES IN anyone with an interest in GENERAL INSURANCE general insurance.

(CIGI) 12 April, London bit.ly/1Q6vy4c CIGI is a well-established one-day seminar that offers education, entertainment and debating forums. There will be an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics. The programme is broad, covering technical and professional areas, and will be of most value to those with some

HEALTH, CARE AND PROTECTION CONFERENCE 18-20 May, Liverpool bit.ly/20lAL7w Aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations, this three-day conference uses a combination of workshops by individuals who work at the coalface and ‘big name’ experts to explore how changes in

innovation, technology, medical advances (including genetics), the political landscape and other market movements will affect the future of insurance risk management in the Health, Care and Protection markets.

ATRC 2016 4-5 July, University of East Anglia bit.ly/1QSwlTe We are delighted to announce that the 2016 Actuarial Teachers’ and Researchers’ Conference (ATRC) will take place this summer in Norwich.

Further information and a call for presentations will be issued shortly. In the

meantime, queries should be directed to maria. lyons@actuaries.org.uk

INTERNATIONAL MORTALITY AND LONGEVITY SYMPOSIUM 7-9 September, Surrey bit.ly/1Q6vCRr This three-day conference offers a forum for the exchange of information on the latest relevant research, plus an opportunity to mix and meet with key players in the field. From actuaries to modellers and researchers, from epidemiologists to medical scientists, professionals interested in mortality and

longevity will gather together to share their knowledge and experiences.

CURRENT ISSUES IN PENSIONS SEMINARS March to April bit.ly/1QStg5t The Current Issues in Pensions seminars (CHIPs) have been developed for actuaries, newly qualified actuaries and non actuaries alike.

With six different sessions planned, this is great opportunity to gain valuable CPD and network with others in the profession. Visit the website to view the upcoming dates and locations.

March 2016 • THE ACTUARY 11 www.theactuary.com

p09-12_Mar_IFoA_news_1•CT.indd 11

23/02/2016 09:23

P R I

Book your place now: bit.ly/23UTE5S

Pensions, Risk and Investment Conference 2016 with AFIR/ERM 31 May - 2 June 2016, EICC, Edinburgh In May 2016, the IFoA will hold the first Pensions, Risk and Investment Conference, joining three large practice area events under one roof with each stream running independently of each other. The benefits of hosting this unique conference is to offer delegates the opportunity to attend a wide range of cross practice sessions and topics outside their immediate specialisms, get involved in knowledge exchange and network with those from different areas to discuss mutual interests and experiences. Offering up to 11.75 hours of CPD learning alongside a variety of current and topical plenary sessions,

Pensions

workshops and technical skills workshops, join your peers for three days of insights, updates and to share forward-thinking ideas and strategies.

The IFoA has invited the Actuarial Approach for Financial Risks/Enterprise Risk Management (AFIR/ERM) section of the IAA to join the IFoA Pensions, Risk and Investment Conference 2016. We are delighted to be able to offer our members the opportunity to engage with members of AFIR/ERM from all over the world.

Risk

Investment

Key pensions topics:

Key risk topics:

Key investment topics:

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www.actuaries.org.uk p09-12_Mar_IFoA_news_1•CT.indd 12

23/02/2016 09:23

Soapbox Opinion

Marcus Bowser is chair of the IFoA Risk Management Board Dr Konstantinos Drakos is and sales and practice leader associate professor at Athens for UK life consulting, University of Economic Willis Towers Watson

Prognosis critical Do life insurers have a future? I think so.

Equally, it’s clear that their future looks very different to their past. Quite simply, if they’re to survive they will need to dismantle and reassemble their business models. Otherwise, in the same way that Uber is disrupting the taxi and private car hire market globally, someone will come along and do the job for them.

How did we get here?

It’s fair to say that UK life insurers have not had an easy ride, thanks to an increasingly unsupportive regulatory and tax environment.

Tax changes that removed the incentive to repay a mortgage with an endowment policy were just the start of a catalogue of changes.

More recently, changes to pensions have dramatically reduced the numbers purchasing annuities. And while the government has introduced auto enrolment, substantially increasing the numbers saving into pensions, this has been partially offset by the erosion of yearly and lifetime saving limits, leaving pension savings less attractive for those with larger incomes and pots.

But many of the industry’s problems are self-inflicted. The public’s trust in life insurers dropped significantly after the Equitable Life court case, which shone a light on the complex and obscure nature of with-profits management.

Insurers’ reputations took a further knock after with-profits and pension mis-selling scandals.

The demand from companies for buy outs of their defined benefit schemes should be a bright spot, but annuity business is now subject to much more stringent regulatory capital requirements. As a result, insurers have begun to pull back from the annuity market, which can only lead to higher prices and consequently further pressure on annuity sales.

Where do we go from here?

How will winners emerge from this disruption?

Four areas commonly top the CEO’s agenda: ● Back book optimisation ● Consolidation ● Customer centricity ● Digital and big data.

CEOs are clearly betting that focusing on these will help to ensure their organisations remain relevant and progressively more successful.

Back book optimisation is often viewed as a product area in its own right, with senior insurance industry specialists brought in to squeeze out extra value, whether that be from more efficient policy administration,

Marcus Bowser explains how life insurers can emerge from a challenging era by reinventing their business models outsourcing, rethinking investment strategy or applying capital management techniques.

More efficient policy administration, whether executed internally or externally, is to be commended and should lead to an increase in the earnings associated with the back book.

However, most insurers have been active in this space for years, meaning that optimisation is increasingly about investment, particularly for insurers with large annuity books, and better capital management.

The low interest rate environment has left insurers, along with every other investor, searching for yield. Yet the illiquid nature of insurers’ annuity books allows them to turn to increasingly illiquid assets, such as lifetime mortgages, commercial mortgages and infrastructure investments, in an attempt to increase the performance of the asset side of their balance sheet.

Capital management can help to ensure a business is managed efficiently under Solvency II, including reducing the volatility of the surplus. Common techniques include: Part VII transfers combining legal entities; establishing reinsurance captives; notional hedging of unit linked business; and actions to manage transitional arrangements and the risk margin.

However, many of these actions lead to one off increases to the free capital and hence, do not lead to a sustainable increase in earnings.

Indeed, some bring forward earning recognition to the detriment of longer-term earnings.

Solvency II favours larger insurers with diversified balance sheets, rewarding them with lower capital requirements. This provides an incentive to act as a consolidator, while also offering an opportunity to apply one insurer’s

expertise in back book optimisation to another.

But neither back book optimisation nor consolidation are likely to secure the future of the life insurance industry in the UK. This will require rethinking how insurers interact with customers to remain relevant and investment in the use of big data and digital platforms.

Investing to win?

Some insurers have already taken the requisite steps. For some this has meant reinventing themselves as investment managers, slowly running off, transforming or even divesting their traditional insurance businesses. But with the charges levied being driven ever lower in a race for volume, efficiency of management, differentiation through branding and improved digital access are likely to be key success factors.

Those that fall behind are likely to become further consolidation fodder.

Others remain committed to operating as an insurer with a focus on the protection market, albeit this is unlikely to ever sustain a market of the current scale and diversity. Critically, those insurers with strong survival instincts are recognising the need to excel at costing through enhanced underwriting, pricing through optimising the amount charged, and differentiating themselves through their brand and values. This means significant investment in data analytics accessing ever larger pools of information on customers to both better understand their risks and behaviours.

All of which plays to the strengths of the big players. Could it be that bigger really is better? a Marcus Bowser is the sales and practice leader for UK life consulting, Willis Towers Watson March 2016 • THE ACTUARY 13 www.theactuary.com

p13_Mar_soapbox.indd 13

23/02/2016 09:36

If you have the right communication skills and have got the actuarial T-shirt, don’t be afraid to use those skills in wider industry”

14

THE ACTUARY • March 2016 www.theactuary.com

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MANUEL VASQUEZ

23/02/2016 09:37

On my agenda features@theactuary.com

The rise of a

maverick Mike Brockman, actuary turned businessman, shares his views on telematics, autonomous cars, and the actuarial profession with Gemma Gregson Mike Brockman is the founder and chief executive of Insure The Box, a UK telematics insurer whose majority shareholding was acquired by Aioi Nissay Dowa Insurance Europe in 2015. A self-confessed rebel, he started the venture in 2009 in the midst of the recession, against the advice of others. But with an extensive career in motor insurance and prior experience of setting up companies, if anyone could make it happen, he could.

Brockman’s career began in the actuarial department of Pearl Life Insurance in 1979. “I hated it,” he says. “It was everything I thought actuaries were not.” With a postgraduate university position lined up and a letter of resignation on his boss’s desk, things could have turned out very differently. Luckily, Pearl saw his potential and offered him the chance to transfer to personal lines motor pricing.

“It was a very small unit that did multivariate pricing. I was one of the first trainee actuaries to be involved in the pricing of personal lines insurance and I loved it so much that I stayed.”

In 1986, Brockman moved to Bacon & Woodrow, a pension-based consultancy, where he helped set up its general insurance practice. Then in 1993, he embarked on his first start-up, co-founding EMB, an actuarial and software company, which grew and flourished internationally. He also did a lot of work on pricing techniques, which resulted in being presented with a lifetime achievement award

by the Institute and Faculty of Actuaries (IFoA) in 2008. “I was very pleased and honoured to receive it,” he says.

“It was centred around my pure actuarial achievements throughout my career at EMB and also my influence with pricing using generalised linear models.”

The award was a fitting end to Brockman’s actuarial career, as by that point the seeds of setting up a new company had been sown. “I had already decided that my actuarial career was finished and that I was going to move on to something quite different. Throughout my career I had advised on everything, including pricing, capital, reserving and new start-ups. I became interested in telematics because motor insurance was getting boring, with customers seeing it as a necessary evil and aggregators dominating the markets.”

Breaking new ground With low profit margins in motor insurance, Brockman looked towards telematics as a way to make a profit despite increasing the cost of the product. He explains: “I saw telematics as a way of using technology to maximise customer satisfaction at all aspects of the customer value chain.”

Deciding that he couldn’t develop his ideas as a consultant, he set up Insure The Box. Around that time, his former EMB colleagues decided to sell the business to Towers Watson, releasing funds to use as seed capital. With the support of colleagues, and with underwriters such as Catlin and Munich Re on board – providing underwriting expertise and, in Catlin’s case, capital – the product was developed and the first policy sold in June 2010.

Telematics is described by Brockman as “the concept of machine-to-machine communication”. In the context of motor insurance, a black box is fitted to a car and relays real-time information to the insurer. While the information can be used in underwriting decisions, Brockman is keen to point out that the benefits are more than just financial.

“We had one driver who crashed his car in a ditch. We were able to inform the emergency services who were there within five minutes, saving this young person’s life.”

While there are benefits to telematics, for some the idea of being ‘monitored’ in such a way may seem a step too far. When I ask whether this has been a challenge in bringing the product to the market, he replies: “The whole ethos of being monitored is that there is a benefit to go with it. The benefits of technology far outweigh the cost of

March 2016 • THE ACTUARY 15 www.theactuary.com

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23/02/2016 16:03

On my agenda features@theactuary.com

perceived data privacy issues.”

Consumers are embracing similar technology in their homes, with products such as those allowing energy usage to be monitored or central heating and hot water to be controlled remotely, thereby saving energy.

Brockman thinks the idea has huge potential for resource management.

“If we extrapolate the concept across the commercial world and understand performance in the realms of efficient use of commodities, then that could be hugely beneficial in terms of reducing the amount of waste in the world.”

With technology at the forefront of the company, we discuss the impact it has had on our lives and what the world may look like in the future.

It is hard to imagine life without smartphones and yet they are a recent invention. With websites seeing an increasing amount of traffic from these sources, firms have to invest in digitalisation to stay competitive.

“In a technological world, systems always have to be reappraised,” says Brockman. “Telematics is ‘super-direct’ in the sense that we are dealing with customers all the time through channels such as live chat or social media. We also have to be ready for the fully-connected car that uses the idea of the ‘internet of things’, where you control entertainment needs, for example, through smart interactive voice software.”

The driverless car is another concept that is advancing rapidly. “In my personal view, fully autonomous cars will never happen,” says Brockman. He explains that although anti-collision capabilities are being introduced in certain makes and models, it will take years for it to work through all the cars on the road in order to be in a position, for insurance purposes, where no cars crash.

Even if this does happen, Brockman is sceptical about its success. He says: “Think of a world where every car is programmed not to crash. It will be the biggest traffic jam the world has ever seen!” Nevertheless, he does think that technology will change our driving habits and envisages that perhaps drone cars will be the reality. But he points out that technology is changing so rapidly that it is difficult to predict what the future will look like: “The flaw is that people think of technology as it is now. Don’t listen

If, as actuaries, we take off our own shackles, then the world is our oyster” 16

THE ACTUARY • March 2016 www.theactuary.com

p14_16_mar_interview_brockman•FINAL•CT.indd 16

to people who say what the world will be like tomorrow.

One thing for certain is that they will be wrong. We need to be flexible in our approach and do something different.”

Risks on the horizon I ask whether regulation such as Solvency II has made it difficult to be different. “I try not to think of regulatory issues,” he states candidly, but explains: “My guiding principle is that if you do what you think is best for customers and put their interests before shareholders, run your business in a financially sound way and also are open and honest, then you can’t go far wrong with regulators.”

With Solvency II presenting an issue for many actuaries, it is perhaps an unconventional response.

However, Brockman no longer sees himself as an actuary.

“I see myself as a businessman with experience in a number of areas,” he says. “I have to have more flexibility in my mindset than in a strict actuarial role.”

He acknowledges that not all actuaries would like his job, but would like to see actuaries developing broader business skills. “The profession should do more to make actuaries ‘rounder’. If actuaries keep to a narrow view and skill set then they will never develop to their own potential.” Citing the example of pricing products, he explains that technical pricing, the forte of actuaries, is only half the story behind successful pricing. “Actuaries have to know product design and price things customers want to buy. That may be uncomfortable sometimes so then the question becomes one of risk management.”

Brockman would like to see actuaries play a greater role in adding value to business. “The claims side is a frustrating area,” he says. “It should be compulsory that every actuary signing off reserves should have at least two visits to the claims department each year.” He suggests that the IFoA should run courses on the wider aspects of business and how actuaries could add value. “Actuaries are interesting people with a unique mathematical ability, but that needs to be turned into something that is a real asset for the business.”

Brockman thinks that the area of ‘big data’ is one that actuaries could contribute to, but he warns that it needs a change in attitude. “Actuaries need to learn new tricks, but they need the environment to breathe. The profession, in my mind, has constrained the ability to innovate in order to tick all the boxes. While this is fully justified in certain circumstances, it mustn’t stop proper research and innovation in new areas.”

With companies such as Google, Microsoft and Amazon developing machine-learning tools that are available to the public, Brockman is concerned about the threat to actuaries. He says “there are huge risks on the horizon; the profession needs to keep its eyes open and adapt to the rapidly moving world around it”.

Brockman obviously enjoys his work. Driven by customer satisfaction and with a solid background in actuarial techniques, he appears to have found a successful combination. He says: “Actuarial skills never leave you, they are just applied in a different way. My advice is that if you have the right communication skills and personality, and have got the actuarial T-shirt, then don’t be afraid to use those skills in wider industry. If, as actuaries, we take off our own shackles, then the world is our oyster.” a MANUEL VASQUEZ

23/02/2016 09:38

Investment Lifetime mortgages

Arno Kitts and Olivier Defaux suggest that lifetime mortgages can be attractive for investors looking for incomegenerating assets In the pursuit of yield, investors are searching more widely as government bonds and other traditional income-generating assets have become increasingly expensive and therefore more risky. For some investors, such as pension funds and insurers, investing in lifetime mortgages (LTMs) can offer a combination of factors that long-term investors may find attractive in the current environment, including high duration, yield, correlation with mortality and, if desired, inflation protection by linking returns to the Consumer Price Index (CPI) or the retail price index (RPI) .

An LTM is a form of mortgage for over-55s, the average borrower being around 70. The mortgage proceeds are used by borrowers to meet their retirement expenses and/or to refinance maturing interest-only mortgages that require repayment of the mortgage capital.

Unlike traditional mortgages, they typically have no monthly payment and no term.

Interest payments ‘roll-up’ into the mortgage balance at an agreed interest rate (typically a fixed rate but it can be linked to consumer or retail price inflation or LIBOR or some other index), with the loan repayable on the borrower’s death or their move into long-term care, at which time the home is sold.

Important variants to the lump sum product exist as follows: ● Interest served: If borrowers wish, some LTM products allow interest payments to be made.

At any time, the borrower can cease interest

Lifetime

opportunities

ICON

p17_19_march_equity•FINAL•CT•NEEDS GRAPHS.indd 17

March 2016 • THE ACTUARY 17 www.theactuary.com

23/02/2016 11:40

Investment Lifetime mortgages

Millions

Figure 1 Cashflow profile of example scheme’s assets and liabilities

120 Lifetime mortgages

100

Corporates

Biennial cashflows

80

19% 34%

ILG Fixed gilts

60

Liabilities

10%

40

37%

20

0 2014 - 2016

2024 - 2026

2034 - 2036

Owing to their long duration, longevity linkage, low-risk cashflows and diversification potential, LTMs are particularly appealing for pension schemes” 18

2044 - 2046

2054 - 2056

2064 - 2066

payments, at which point, the loan switches to the traditional interest roll up. ● Drawdown: Where borrowers regularly borrow against their home up to a given amount rather than in one single borrowing.

Each drawing rolls up along with the interest.

This form represents around 65% of the current market.

Borrowers cannot be evicted before death or long-term care as they are not required to make monthly payments, and recourse is solely to the property, not to the borrower’s estate or beneficiaries. Initial loan-to-values (LTVs) are much lower than for standard mortgages, typically around 30%. As the interest rolls up LTVs increase over time.

Lifetime mortgages in a cashflow matching portfolio While any investment in providing LTM finance will be illiquid, it distributes cashflows over time as borrowers pass away, enter long-term care or repay early due to other ‘life events’ such as divorce or moving to a smaller property.

These mortgages therefore offer investors a secure and long-dated set of cashflows.

Owing to the high yield on these assets, pension schemes have an opportunity to meet their liability cashflows at a potentially significantly lower cost than investing in a portfolio of government bonds.

By originating new LTMs, the mortgage portfolio of any investment can be tilted to the

investor’s requirements – for example, inflation-linked return exposure, interest rates, LTVs and borrower age – subject to market response. Owing to their long duration, longevity linkage, low-risk cashflows and diversification potential LTMs are particularly appealing as an investment opportunity for pension schemes. The main investment risks associated with LTMs are to house prices and longevity.

Figure 1 (above) shows the liability cashflow profile of an example pension scheme and illustrates how these mortgages can be used as part of a pension scheme liability cashflow matching strategy. In addition, given the yields that can be achieved, incorporating a 10% allocation to lifetime mortgages in the cashflow matching profile reduces the cost of meeting the liability cashflows by 4%.

The market for LTMs is currently small in relation to the overall mortgage market at £1.6 billion in annual flows compared with £209 billion for the overall mainstream market.

Typically, borrowers have used them to supplement inadequate pensions or fund lifestyle purchases. However, demand has been growing significantly as LTMs become a key component of retirement planning. They have also been popular with borrowers with maturing interest-only loans who have insufficient means to fully repay these, because of a shortfall on an endowment policy. The Financial Conduct Authority (FCA) estimates there are 1.25 million so-called ‘interest-only prisoner’ borrowers in

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 16:05

ARNO KITTS is head of

OLIVIER DEFAUX is

UK institutional client business at BlackRock

head of European mortgage strategies at BlackRock

Figure 2: Volume of interest-only mortgages maturing in coming years

35 Sold as

30

Converted

£ billion

25

20

15

10

5

20 20 21 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41

18

17

19

20

20

20

16

15

20

20

13

14

20

20

20

20

12

0

Source: Experian

the UK, representing around 12% of all mortgage borrowers outstanding.

Figure 2 shows the estimated volume of interest-only mortgages maturing in the coming years, either ‘sold as’ such, or having ‘converted’ to interest-only terms at some point.

Mis-selling: perception and reality LTMs benefit from a lending code of conduct (the Safe Home Income Plan rules managed by the Equity Release Council), as well as the introduction of mortgage regulation by the FSA in 2004. Among many features designed to protect consumers, this code requires the use of a solicitor to meet the borrower prior to purchase and also that they have in-built provisions regarding transparency and fairness.

It is important for all involved to ensure that LTMs are entered into with full knowledge of the implications. Instances of complaints with the Financial Ombudsman Scheme have been limited, with no decisions upheld in favour of the consumer compared with a lender.

In addition, as of February 2015, research commissioned by BlackRock indicated no reported decisions by English courts upholding any mis-selling. They therefore stand out in terms of their low incidence of complaints compared with other consumer financial products, such as current accounts, pensions, insurance and investments.

Why consider LTMs? LTMs can provide long-term investors with an asset class that helps solve a number of asset-liability challenges. In return for accepting illiquidity, an investor can receive long-dated secure cashflows, inflation protection and a substantial increase in yield over government bonds.

Traditionally, the finance for this type of product has been provided by insurance companies originating mortgages for their own portfolios. As such, the product has traditionally been viewed as relatively niche, with product features tailored to the constraints of insurance companies. Through partnerships with established residential LTM lenders, asset managers are able to acquire new mortgage loans that meet the cashflow characteristics required by investors.

An additional advantage for some investors may be the social benefit these products offer – for example, through helping to finance retirement or enabling older homeowners to stay in their homes while unlocking stored equity value.

With the ability to capture an illiquidity premium, pension schemes – particularly those open to future accrual, such as local government pension schemes – are best placed to take advantage of these opportunities.

An investment in LTMs could help to not only reduce the cost of providing benefits but also provide cashflows that can be used to meet liability payments as they fall due. a

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March 2016 • THE ACTUARY 19 www.theactuary.com

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23/02/2016 12:24

Risk CERA qualification

Actuary in a hard

hat

Arthur Els shares some of his experiences in a major construction company after taking the CERA qualification and encourages others to venture beyond the financial arena The Chartered Enterprise Risk Actuary (CERA) qualification is opening new doors to actuaries. We have traditionally been restricted to financial institutions but now have an opportunity to add real value in the nonfinancial business arena, which dwarfs the financial arena. As a CERA I was fortunate to be appointed to the chief risk officer’s task team in a major construction firm three years ago.

I have been a pension fund valuator, as well as a life office statutory actuary, and thought that I had a good idea of what risk involves. However, my exposure to the construction industry has given me a whole new perspective.

Consider a construction company that has won a tender to construct a power plant in a remote area in a foreign country. The price is a fixed amount, and guarantees have been given regarding the project completion date and the minimum amount of power that will be generated.

The list of risks to which the construction company is exposed is mindboggling – 20

funding, counterparty, geographical, the elements, corruption, labour, culture, politics, and many more. Yet there are many non-financial companies whose regular business is to take on this level of risk.

It is not easy for actuaries to enter the non-financial business world, since the CERA qualification is still unknown outside actuarial circles. However, the marketing material provided by the CERA Global Association is helping to raise our profile.

I have also found helpful the chapter in Robert J Chapman’s book, Simple Tools and Techniques for Enterprise Risk Management, which gives practical advice on securing a consulting appointment.

Being part of my client’s CRO task team gave me exposure to other professions that I would not normally encounter as an actuary, including engineers and corporate lawyers.

I quickly came to realise that engineers, in particular, have a different mindset to actuaries. They work in a world of concrete and have little tolerance for, in their view,

‘airy-fairy’ concepts such as value-at-risk.

This has led to some robust debates during our presentations to the client’s executive committee. Fortunately, not all engineers feel this way and those high up the corporate ladder appreciate that the CERA can play a part in the company’s risk management.

CERA’s role Larger non-financial companies have been doing risk management for many years, but this has generally been limited to mitigating risks based on risk registers. Thus, from my observations, the level of ERM in most non-financial companies is immature relative to financial institutions that need to comply with the Basel and Solvency directives.

The CERA study materials and examination equip the actuary with certain ERM skills and tools. It can add real value in the non-financial arena by incorporating the company’s balance sheet in the risk management process – the company is then aware of its financial risk-bearing capacity (RBC).

The CERA is also able to quantify many of the risks to which the company is already exposed, using the value-at-risk approach.

These two sets of values allow the client’s risk committee to check that the company has not overextended itself and determine what capacity is still available for new projects. The client is thus able to directly link future strategy, the strength of its balance sheet and current risks.

Many of the members of the client’s board of directors are non-executive. I have observed that the non-executive directors draw reassurance from the fact that an independent and impartial ERM expert, the CERA, is involved in the compilation of risk reports that are presented to them.

Risk appetite The RBC exercise determines the amount of capital that is available to meet expected and unexpected losses. We currently take this as the value that a potential debtholder would place on the company, using a derivative of the Merton model.

One input is the probability of the company defaulting on its debt. Thus the company’s credit rating is a major factor, and any changes in credit rating have a very substantial impact on the level of the RBC. This is particularly relevant in South Africa at the moment – the sovereign rating is hovering just above junk status, which impacts the credit rating of South African companies.

The company needs to decide how much of the RBC it is willing to place at risk, that is its ‘risk appetite’. For this we re-run the RBC exercise but assuming a credit rating one

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:38

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Figure 1 Value at risk for a single project compared to risk-bearing capacity

Figure 2 Assessing current and future projects against risk-bearing capacity

Source: Author’s own

Source: Author’s own

140.00

140.00 Buffer

120.00

Capacity VaR new project

100.00 80.00

Capacity VaR new project

100.00 80.00

60.00

60.00

40.00

40.00

20.00

20.00

0.00

Buffer

120.00

VaR new project

0.00 0

6

12

18

24

30

36

0

6

Months

notch lower than the actual credit rating.

This has resulted in the risk appetite being set at about 80% of the RBC. We show this figure in our reports to the risk committee, but the final decision lies with the board of directors.

Value at risk The value-at-risk (VaR) for a project is the figure that is expected, with 95% confidence, to exceed losses arising from the project.

For this exercise the key risk drivers for the company need to be identified with their probabilities – these are based on historical information adjusted for expected future developments. The methodology is adapted as more is understood about the business and further information becomes available.

Figure 1 gives an example of a VaR run-off

12

18

24

30

36

Months

profile for a project that has 18 months until completion. Note that as the VaR reduces, the company’s capacity to take on more work increases. Our client closely examines the risk graphs when considering taking on new work. It is possible, for example, that the VaR for a potential new project might increase the total VaR above the risk appetite, as shown in Figure 2.

In this case, the client has to consider whether to: not tender for the project; or delay commencement until sufficient capacity becomes available; or enter into a joint venture with another company, which will reduce the client’s portion of the VaR.

The inclusion of a CERA in the ERM process has resulted in the risk report becoming an important tool in the client’s business strategy.

The non-financial business arena is enormous and actuaries are well placed to add real value in the risk management process. We must grasp the opportunity that the CERA qualification has created, and play our part in that arena. a

ARTHUR ELS is a senior actuary at ARGEN Actuarial Solutions in Johannesburg

March 2016 • THE ACTUARY 21 www.theactuary.com

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23/02/2016 09:39

Investment Liquidity

Go

liquidity is about having sufficient access to money. There are three main types of money: currency, bank deposits and central bank reserves.

Liquidity has a cost

with the

flow?

Actuaries are encountering liquidity more often, whether it is to do with essence, risk, institutions, markets or regulation, say Con Keating and James Walton

‘Liquidity’ is a confusing topic with many interpretations. Actuaries are encountering the concept in a number of contexts: ● Investment practitioners increasingly operate in a world where liquidity appears deceptively deep but evaporates overnight ● New regulation in both insurance and banking is generally requiring more liquid assets to be held ● Long-term investors in both life and pensions are increasingly searching for additional yield in less liquid asset classes ● Credit risk capital under Solvency II can be affected by identification of an ‘illiquidity premium’, through the matching adjustment.

In order to understand these different, but related themes, we go back to basics and consider the definition of liquidity, the meaning of a liquid market, and how current market and regulatory conditions may affect institutional investment strategy.

Here we focus on market liquidity and do not describe in detail other aspects of liquidity management from the firm’s perspective, such as retaining dividends or utilising borrowing facilities.

What is liquidity?

Liquidity, as an asset class characteristic, is the degree of inter-exchangeability of money and the asset. In other words, having sufficient 22

Investors want liquidity as they value the option of liquidating an asset for money.

With deliberately provocative language, we might say that liquidity affords investors the luxury of a lack of commitment to their investments. It provides investors the opportunity to participate in markets without incurring the costs of research and information discovery. The purchase of this embedded liquidity option has a cost to the holder, through a higher purchase price or lower yields.

In practice, it is convenient to compare prices of less liquid assets to the most liquid, low-risk asset (usually government bonds), as the market price of these low-risk assets are readily observable. It is common to then attempt to decompose the price or spread difference into compensation for credit risk and ‘illiquidity premia’. Looking through this lens only – particularly when the ‘illiquidity premia’ is a balancing item in this analysis – can often obscure the mechanism that liquid asset prices are being driven, in part, by the price of liquidity itself. This is a different dynamic to the ‘illiquidity premia’ being a necessary compensation for the risks and costs of investing in an illiquid asset.

A market context Assets are liquid only to the extent that markets in them are liquid. Liquidity in a market may be measured by: ● Market ‘depth’, or the ability to execute large transactions without influencing prices unduly ● ‘Tightness’, or the gap between bid and offer prices ● ‘Immediacy’ or the speed with which transactions can be executed ● ‘Resilience’, or the speed with which underlying prices are restored after a disturbance.

Information asymmetries in markets between buyers and sellers – for example, in the market for secondhand cars or for mortgage-backed securities in 2008 – generally give rise to declining trade with price clearing at the lowest quality asset.

Conventions and common knowledge among market participants improve the liquidity of markets.

Market liquidity is improved when there is active trading that can be facilitated by market markers. The withdrawal of market makers means liquidity is deceptively

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:40

JAMES WALTON is

investment strategy manager at Legal and General America Retirement

IKON

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CON KEATING is head of research at Brighton Rock

March 2016 • THE ACTUARY 23 www.theactuary.com

23/02/2016 09:40

Investment Liquidity

shallow in credit markets. USD stock in trading books has fallen at least five-fold, since pre-2007.

Larger issue sizes are more liquid, both in terms of the volume of stock that can be traded and in terms of the fact that active trading is concentrated in a small number of the largest issues. This effect is getting more extreme as Figure 1 (right) demonstrates.

This decline in liquidity has not just been confined to credit. We have seen the Treasury ‘Flash Crash’, and equity volatility in August 2015 seems to have been far in excess of that justified by fundamentals.

Are liquid markets beneficial?

The benefit to society from liquid markets comes through the facilitation of outside trade, that is, outside the financial system, not necessarily from increased activity among insiders. A market can be highly liquid, as measured by velocity of circulation, without this necessarily giving rise to the benefits of outside trade.

For example, the FX market in USD is extremely liquid as measured by turnover, with $4.5trn in 2013. The stock of USD, defined as liabilities held by the USD banking system, is a similar figure. Very few of these FX transactions are driven by consideration of real trade or capital flows; rather, it is trade between insiders of the banking system.

There is a similar situation with high frequency trading, which has enhanced inside flows in many markets in recent years.

While some short-term market activity may facilitate the execution of real economy enhancing outside exchange, excessive volumes of short-term activity can even be to the detriment of the outside welfare.

Figure 1 Corporate bonds ranked by annual traded volume in block trades, $bn 8

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THE ACTUARY • March 2016 www.theactuary.com

Opportunity cost of holding fewer liquid assets to take advantage of future market dislocations and regulatory changes ● Costs incurred upon asset sales for any other reason.

2013

7

In evaluating the likelihood of forced sales in the future, institutions may examine the extent to which asset cashflows match liability cashflows.

2007

6 5 4

Policy and regulation

3 2 1 0 0%

20%

60%

40%

80%

100%

Source: TRACE

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Considerations for actuaries

While a pension scheme or insurer may be comfortable and have excess liquidity in terms of withstanding shocks and meeting liabilities, all other motivations for asset sales should be considered when evaluating the economic value they should place on the liquidity options inherent in their asset strategy.

The value institutions place on this liquidity option should reflect the additional compensation they require when reducing the liquidity of their investment strategies, which institutions are increasingly doing to enhance yield. At an extreme, a theoretical ‘buy-andhold’ investor would expect to lose money, relatively speaking, if they bought liquidity options that they never intended to exercise.

Any assessment should include: ● Increased capital required against an illiquid asset that is downgraded and cannot be sold

●

More is not always better; so-called liquid markets may not remain so and are not necessarily beneficial to the wider economy”

Given the cost of holding liquidity, it is to be expected that, left to their own devices, financial institutions will tend to minimise their holdings of liquidity stores and under-provide for contingent events where significant excess liquidity is required.

The response to the crisis has included direct regulation relating to the liquidity of institutions, as well as many other areas that may affect liquidity in the financial system.

Incentives have been created to generally hold low-credit-risk assets. Central clearing requirements have placed additional liquidity requirements on institutions.

The effects of liquidity regulation are still developing, but most appear to be detrimental. Minimum liquidity requirements at the institutional level do not necessarily improve liquidity in the system or mitigate the impact of liquidity shocks alone.

Fundamentally, as economist John Maynard Keynes said nearly 80 years ago: “There is no such thing as liquidity of investment for the community as a whole.”

In summary, the crisis, and the response to it, have brought shifts in the liquidity of markets and management within institutions. More is not always better; so-called liquid markets may not remain so and are not necessarily beneficial to the wider economy. Holding liquid assets has a cost that is often not recognised.

In addition to the impact of liquidity on capital calculations, actuaries are well placed to understand and communicate the themes in this article so that our clients have an appropriate investment strategy and liquidity management framework. This can improve outcomes for the financial system and, for example, by giving institutions the confidence to invest in long-term projects, provide a real economic and social benefit.

Perhaps in doing so, ‘liquidity’ can even become a less confused topic. a The authors wish to thank Jon Hatchet, Andrew Smith and Tony Zhao of the IFoA Liquidity Working Party. This article is based on the IFoA Sessional Research paper, Liquidity: Essence, Risk, Institutions, Markets and Regulation (bit.ly/1R9G7Ck).

Risk management Big data

Big data, used in insurance product design, presents actuarial opportunities but also potential threats, both to the profession and to public interest, says Brian Gedalla

‘Big data’, after ‘Solvency II’, is probably the hottest topic at actuarial seminars in recent years. Every self-respecting consultancy has an opinion to give or some cute software to sell.

But what does it mean in the insurance world and should actuaries be worried about it?

If you were to ask the pricing managers from personal lines insurers what big data meant to their firms and how they were taking advantage of new data sources, my guess is they would say their companies had been big data users for decades, utilising ever more sources in increasing volumes and sophistication. We are constantly told that new sources, such as social media and data mining techniques, are key to identifying potential customers and developing pricing

big issues March 2016 • THE ACTUARY 25 www.theactuary.com

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23/02/2016 09:41

Risk management Big data

Is microsegmentation damaging, or even destroying, the very principle of insurance as a pooling of risk?”

models, but this is where conduct risk and business ethics come in.

One of the principal aspects of conduct-risk awareness we encourage insurance businesses to adopt is the need to always keep customers at the heart of every consideration. That involves thinking about customers throughout the lifecycle of a product, from the earliest concept meetings to the design phase and pricing process and on into sales, post-sales and claims. Most importantly, it also includes identifying the target market for a product right at the start of the process.

How comfortably does that sit with new methodologies, largely based on data mining techniques that set out to ‘find’ new marketing opportunities otherwise hidden in the data?

In truth, none of this is new as insurers have been on that path for decades. I started out in the personal-lines pricing department of a major insurer when firms still considered themselves to be ‘tariff ’ or ‘non-tariff ’, even though the tariff system had actually been abolished some years earlier. The concept of providing insurance ‘from cradle to grave’ still held sway. The arrival of new entrants selling direct to specific market segments was met with much disapproval by the old hands.

These newcomers realised the old paternalistic approach meant that young

customers were charged less than office premium and overcharged in later years to balance the account. By aiming only for 35- to 50-year-olds with good records and with no young drivers on the policy, they could carve that specific market away from the big players and rapidly establish themselves.

Today’s price comparison websites, price optimisation techniques and other methods are only the logical extension of the same process, which is possibly gathering pace as well as being applied to other classes of insurance beyond the traditional motor.

Could market segmentation as an underwriting and pricing tool become over-segmentation to the detriment of whole groups of customers? Nobody is disputing the cleverness of modern actuarial modelling, but if teenage drivers cannot afford to buy insurance, then how is the industry that created this situation serving the public good? If housepurchasers, encouraged to buy properties in new estates, find their homes are uninsurable owing to flood or other risks only identified by sophisticated models after purchase, is the industry serving them? And what of private medical insurances that become essentially unaffordable at precisely the point in life when their consumers most want them?

Over-segmentation In short, is micro-segmentation damaging, or even destroying, the very principle of insurance as a pooling of risk? Is the marketing ploy of ‘why pay for his mistakes’ nothing more than the latest manifestation of ‘I’m all right, Jack’?

This leads to the question of actuarial responsibility. Going back to my early role in personal lines, there wasn’t an actuary in sight.

Most pricing was done by underwriters with a sprinkling of statisticians to help out. But then the pricing models started to get more complex. Actuaries have been very successful at creating roles as pricing experts, and pricing actuaries have held the reins in most major insurers’ pricing functions for many years.

Good thing too, I hear you say!

There are good reasons to agree with you.

Actuaries are professionally trained, members of a body that regulates their behaviour, subject to a code of conduct and held to account under their disciplinary scheme. The IFoA is now a participant in the Joint Forum on Actuarial Regulation (JFAR), under the aegis of the Financial Reporting Council and alongside the three main industry regulators (the Prudential Regulation Authority, the Financial Conduct Authority and the Pensions Regulator). JFAR has set out to identify the risks actuaries contribute to and how actuaries can help to mitigate them. It provides a useful forum in which all the regulators can discuss these issues and agree how to address them.

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THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:41

BRIAN GEDALLA

is employed by the Financial Conduct Authority. He is a chartered statistician and affiliate member of the IFoA

Perhaps more importantly, actuaries are now trained to see themselves as key players in the management of the companies they serve. It is right that today’s young and aspiring actuaries no longer want to be back-room technical specialists but dream of a seat on the board and an office in the C-suite.

But this comes with an increased sense of responsibility for all of the business’ activities, way beyond the models and the numbers, to ensure that the business meets all of its obligations, particularly to its customers.

Failure to do so can and should bring due censure from both regulators and professional bodies. That increased understanding of professional duty and responsibility could well be one of the best protections against customer abuse.

We can reasonably expect that an actuary will start from the principle that the product and pricing structure must meet customer, as well as business, needs and that customers will not be unfairly disadvantaged by the design.

Conduct risk means putting customers’ interest first and that is what is now demanded of businesses. It certainly doesn’t mean “the risk of being fined by the Regulator”, as has been known to appear in some firms’ business plans and risk assessments!

Could the role of the actuary be under threat? Actuaries are expensive to recruit as graduates, while the cost of training, providing them with support through their exams and meeting their salary expectations makes them

much more costly than almost any other group of employees. Once they have qualified, their expectations again make them very expensive.

Profession of choice Are actuaries necessarily the people of choice for businesses trying to take advantage of the latest theoretical developments in data exploration and model design? How many firms are turning to PhD students and post doctorates to do this work? In many cases, these people will be markedly cheaper than actuaries, and certainly less onerous in terms of development commitment than actuarial students. They may also have skill sets no less applicable, and perhaps more so, to the task at hand.

Will we see specialist data scientists take over roles that we have come to think of as the

‘traditional’ preserve of the pricing actuary?

Will firms start to feel that they no longer need their head of pricing to be an actuary at all?

If that happens, who will monitor their behaviour? Such specialists need have no professional membership or qualifications.

They might choose to be members of a learned society such as the Royal Statistical Society.

They might even choose to take that society’s ‘Chartered Statistician’ status, but they don’t have to. Without a formal professional qualification, they have no obligation to take part in continuing professional development (CPD) – even an affiliate member of the IFoA has no CPD obligation. Likewise, they have no requirement to attend professional skills training, no professional standards to uphold and no professional body to hold them to account if they fall short of the standards actuaries are expected to maintain.

While firms are free to decide to employ actuaries, data scientists, statisticians or whoever they please, it is for actuaries to make the case that their professional education and standards make them much better equipped to take a business forward than others whose skills are perhaps purely technical.

There is a bright future out there for actuaries, but you need to make it happen. If other professions take it from you, it is unlikely to lead to the best outcome for customers. a The views expressed in this article are the author’s alone and should not be taken as those of the FCA March 2016 • THE ACTUARY 27 www.theactuary.com

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23/02/2016 09:41

General insurance Technology

Great

expectations Gurpreet Johal and Graham Robertson consider how reserving might evolve in the current age of technological advancements

The role of the general insurance reserving actuary is becoming increasingly difficult.

The introduction of Solvency II has increased the workload of reserving teams through the introduction of technical provisions, the need to improve the documentation of expert judgment and the measurement and articulation of reserve variability.

With IFRS 4 Phase II on the horizon, the pressure is only going to increase. New emerging risks, such as cyber, new sources of information and increased scrutiny on reserving adequacy are requiring the actuary to question how they approach reserving and the methods they use. Organisations are adding to the pressure by looking for faster results, greater accuracy and more involvement of the business in the reserving process. All of this is occurring in a soft market with pressures to cut cost base.

Something needs to change for reserving teams to meet the higher expectations.

Reserving and finance processes have built up over an extended period of time, with limited investment in infrastructure. This creates processes that have legacy issues and inefficiencies contained within them. Leading insurers are investing in reserving and finance transformations, redesigning their processes and how they use their data. A successful transformation will provide a quicker, cheaper and scalable quarter-end process through automation, leaving the actuary with more time to engage with underwriters, finance and management on the key issues.

What is technology enabling?

Thanks to actuaries’ familiarity with them, spreadsheets are usually involved in many of the reserving tools. What often emerges is an inefficient reserving process that takes time to 28

move data around different tools with many manual interventions. Switching between two to three tools is irritating for frequent operations.

The end-to-end reserving process, defined from source system cut-off to reserve estimates in the ledger, can be made very quickly through a transformation involving a single data warehouse, fast interfaces and efficient code for large calculations like roll-forwards or detailed allocations to ledger fields.

IT support is needed to achieve these advantages. However, it is important actuaries retain the flexibility to adapt and improve the modelling parts of the reserving process. An increasing number of database tools in the market provide business-orientated spreadsheet front-ends to allow that flexibility. This is putting enterprise model build, like reserving templates backed up by databases, in the hands of actuaries. In many cases, additional controls have been added to spreadsheets to remove many of the risks associated with them.

We expect this trend to continue so that more power is put in the hands of business users, not IT. This means improved access to the detailed data so that actuaries can analyse it better.

For example, actuaries could view models applied to different levels of granularity, including policy and claim level. Another area that has improved greatly over the past five years is around visualisation. Even the more traditional vendors are enhancing their products in this area. In our experience, the visual representation and drill-down capability is greatly improving the understanding and communication of reserving work, including explaining reserve uncertainty.

It is also important that the reserving tools can interface well with surrounding tools and databases, like the source systems and the

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:42

GURPREET JOHAL is an insurance partner at Deloitte and leads the actuarial, reward and analytics practice

IKON

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GRAHAM ROBERTSON

is a senior manager in Deloitte’s actuarial, reward and analytics practice, with focus on finance, risk and actuarial transformations

March 2016 • THE ACTUARY 29 www.theactuary.com

23/02/2016 09:42

General insurance

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Technology

ledger. The next-generation reserving tools will meet the needs of the organisation and not just individual users. These would be scalable and more robust than those grown organically in reserving functions, which are already creaking without additional demand for detailed data and additional methods. A coherent reserving architecture is fundamental to achieving reserving process efficiency.

Removing process delays caused by issues in data processing or reporting also frees up time for proper review of alternative reserving methods. Reserving actuaries have a tendency to select from their favourite methods and adjust assumptions for those, rather than selecting a more appropriate method. Fast access to detailed data needs to be available to support the reserving methods, but this is something that many insurers don’t currently provide. This is usually owing to legacy systems and processes that could be transformed to give the reserving actuaries the detailed data fast.

The technology is now available to support the demands of the reserving actuary, and the better reserving functions already have the data they need.

Better triangle-based methods The methods of life actuaries were disrupted and improved with advanced technology in the 1980s and 1990s, allowing a move away from commutation factors to valuations on millions of individual policies. General insurance reserving methods are at a similar level of disruption now, owing to advanced technology

The main limitation of using triangles is that they summarise the data, which means reserving actuaries may not spot trends” 30

longer settlement patterns into the future.

Dashboards can be constructed that summarise the detailed data and flag important features to the actuary. These may cause the actuary to choose a different method or to change the assumptions within a method. For example, a simple colouring of the large positive and negative link ratios in a chain ladder model can enable an actuary to spot calendar year effects that should be adjusted for, or the use of residual plots can alert actuaries to bias in their selected parameters. It is important that the breadth of predictive factors are captured and summarised well. Dashboard indicators need to be effective and add insight to allow the actuaries to make informed judgments quickly.

When constructed well, interactive dashboards can add much value by enhancing transparency and enabling drill-down investigations. and the opportunities arising from this.

Reserving actuaries predominately use triangle-based methods and there is much familiarity with these techniques. Triangles help visualise the data and are useful for conversations with underwriting and claims teams. However, reserving methods should not be limited to the analysis of triangles only.

The industry may be waking up to this, as a number of new research papers have emerged in recent years that propose alternative methods to the traditional ones. Some of these focus on reserving the variability at the same time as producing the best estimate, which can remove duplication from processes.

The main limitation of using triangles is that they summarise the data, which means that reserving actuaries may not spot trends that should affect their reserving.

Examples of trends that may be lost are claims development patterns speeding up, owing to changes in claims processing, average limits changing on excess of loss policies or a change in mix of business by broker. This information is often captured by the reserving actuaries through conversations with other functions. The reserving actuary then uses this knowledge in their judgments.

Unfortunately, the judgments often get applied within the constraints of certain methods, for example, by changing development percentages in a chain-ladder model or prior loss ratios in a BornhuetterFerguson model. What the actuaries should really be considering is whether the information invalidates their preferred methods.

To help make that decision, the actuary needs hard information from the detailed underlying data. Simple statistics showing trends and changes in mix can help the reserving actuary decide which method to use. For example, if recent claims are settling more quickly than older claims, this should deter the actuary from using triangle-based methods and projecting the

Reserving in the future It is always bold making predictions about the future, but we envisage a technology-enabled evolution in reserving, rather than a revolution.

In the next five years, we believe reserving will: ● Have a very lean quarter-end process. Time will be freed up so that actuaries can aid better decision making and governance, rather than crunching data ● Be capable of more frequent updates. Assets can be revalued on a daily basis and liabilities could be too, via a daily roll-forward mechanism ● Be database driven. The detailed data will be available for other reasons like claims analytics, as well as reserving ● Still involve spreadsheets. These will be pulling data from and to the databases instead of being in offline use ● Include triangle-based methods. These methods will still be relevant in many cases and the visualisation of development graphs is a useful tool for review and communication ● Include triangle-free methods. These will become more mainstream as insurers transform their legacy systems to provide the required detailed data ● Contain visualisation diagnostics to aid method selection and communication. These are key time-savers to help actuaries choose appropriate methods.

Technology is advancing to make some of these things happen and reserving actuaries should be the leading advocates of the change.

We should focus on getting the balance right between process automation freeing up time for valuable analysis and our communication of the information. The ambition is not analysis for analysis’ sake, but to be able to provide the business with better information quickly.

The most successful actuaries of the future will be those with excellent communications skills who can deliver high-quality insight faster. a

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:42

The magazine of the Institute and Faculty of Actuaries

Download The Actuary APP today Enjoy every issue wherever you are, whenever you like The Actuary app allows you to access each monthly issue via any tablet or Android phone.

Download The Actuary app for free and enjoy a broad range of research-led features, in-depth analysis, news, interviews and much more.

The interactive version has simple navigation to help you see what’s new this month and ďŹ nd your regular favourites.

www.theactuary.com/ipad www.play.google.com

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23/02/2016 09:43

At the back student@theactuary.com

Student The age of technocracy may be soon upon us, says Jessica Elkin, so who better than actuaries to manage the possibilities and mitigate the risks?

RISE OF THE MACHINES You know you’re reaching a certain age when you hear about some new technology and it feels as though you’re living in the future. You marvel at the wonders of science and wonder what your younger self would have said to any of this.

Often I imagine what it would be like to tell another generation that I knew a time without the internet; to watch the horror descend as they imagine a life sans social networking and FaceTime. I’ll teach them to play analogue cards and enjoy their baffled faces. I’ll start to wear purple á la Jenny Joseph. I already use phrases like “in my day” and recoil when music is played too loudly.

This works both ways. There is usually someone older around telling you of a time when TV didn’t exist, and they travelled by horse and carriage (or barefoot six miles to school, depending on who is telling the story).

I think about this more at work than anywhere else. Imagining performing pension-scheme valuations by hand is quite a disturbing exercise. Checking whether you’d qualified by scanning the newspapers first thing in the morning was once the norm. Not to mention reading paper copies of The Actuary. Just imagine!

Actu-wary Oh, didn’t I mention? We’re available by app now, on both iPad and Android.

You can read this hallowed publication secretly on the train, interchangeably with your Kindle version of Fifty Shades of Grey, and no one will be any the wiser.

32

If you’re so inclined, search the app store or Google Play for ‘actuary magazine’ and you’re away. It is better for the environment than a hard copy and better for your intellect than E L James.

Never let it be said that actuaries are afraid of technology. We adopt it to help us perform our work better, more accurately, and faster.

To free up our time to be brilliant in new and innovative ways. A friend of mine

even recreated the old Nokia game Snake in a spreadsheet. Things like that.

Aubrey de Grey, our fascinating interviewee for next month’s issue, reckons that in years to come we’ll have loads of free time as everything will be automated and there’ll be nothing for us to do anymore. Not to mention that we may be living to a thousand years old and will need to occupy ourselves somehow.

Machines will have taken over, but in a good way, like when someone bossy takes over a tiresome, mundane project and you’re secretly glad they have. I’ll finally have time to read Crime and Punishment. And still choose not to.

For actuarial students, the exams are going to become far more computer-based over time.

Computing is likely to become part of the Fellowship syllabus. New technology is already available that allows remote invigilation via webcam, and the ability to see what is open on the candidate’s computer.

Concerns about data theft and spyware will ebb and flow before these new possibilities become humdrum reality, but they will ultimately be eroded one way or another.

You can’t stop the future.

Virtual insanity There are downsides to our human cleverness.

We’re all sleeping terribly due to all the blue light, and everyone is depressed because life doesn’t have an Instagram filter.

I saw a play called The Nether last year set in a future, in which everyone lives their entire lives on a virtual network – education, work, and play. Brilliant and alarming new possibilities were opening up, and new ways to fight and commit crimes alongside.

It felt like an insight into what was to come. The morality of this progress is a moot point, since it’s all inevitable.

I wrote last month about actuaries being replaced by robots. Before that happens we’ll be using the machines to our advantage, and maybe when it does happen we’ll be more than happy to hand over the rubbish work to them. De Grey refers to this as a humanitarian concern – no one wants to do boring things, so we find a way to get machines to do them instead. Laziness is the mother of invention.

The question of what will come about as a result of our bulky brains and opposable thumbs is of interest, but the outcomes are hardly controllable. It is only left to embrace change and attempt to mitigate the future risks as far as possible – and who are better placed to think about this than actuaries? Perhaps we’ll be needed after all. a

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 09:44

BOOK REVIEW

Figures of Death by P J Sweeting PUBLISHER: Endeavour Press ASIN: B019QFL68E Kindle price: £2.99

Many detective novels are published each year, so it can be challenging for a book to stand out. For the most part, Figures of Death succeeds in this regard.

The book starts well with an intriguing in medias res prologue, before kickstarting the story with an unexpected and shocking death.

This links the two storylines that play out across the book. The first concerns Tom Chambers, chief actuary of a fictional insurer that was given start-up capital by the victim’s company, and a perpetual layabout. The second describes DI Steve Norfolk, who must investigate the death of the victim. The two parts begin with no apparent connection; but as events unfurl, it becomes clear that there is more to the victim’s death than a regular car crash, and both men must search for the truth. Inevitably the two narrative threads intertwine towards the conclusion as more deaths occur, and the killer is unmasked.

The two storylines take alternate chapters, which keeps them both absorbing with neither side ever feeling too stale, and the surprises unfold at a rate that is tense without being melodramatic. As a result, I was engaged by the book, consistently keen to see what would happen in the next chapter and always interested in catching up again with the other character’s progress. This made the book very hard to put down.

That is not to say Figures of Death is without fault. Norfolk’s story sometimes veers into predictable territory. It employs a ‘maverick cop who plays by his own rules to get the job done’ trope, which has been done many times by various TV shows. There are good parts to the story – in particular Norfolk’s visit to and discussion with his therapist, which was taken to an unexpected place – but I found myself wishing there had been more of these and less of the played-out themes.

Tom Chambers’ actuarial backdrop at times has the opposite issue– a setting so uncommon that it may alienate some readers. As an actuary reading the book, I was thrilled to see our profession featured in a fictional context and found the various in-jokes and references to the actuarial lifestyle genuinely funny. It was also impressive that actuarial issues were written into the core of a crime story in a way that didn’t feel forced. However, this may lead to problems for the non-actuary reader. Occasionally, actuarial concepts are explained in a way that assumes too much about the reader or their

I was thrilled to see our profession featured in a fictional context and found the various in-jokes and references to the actuarial lifestyle genuinely funny”

knowledge. As critical plot points and twists depend on an understanding of these ideas, the book may at times feel inaccessible to someone without an intermediate knowledge of finance.

The ending is also quite mixed. Enjoyably, it manages not to deviate into the ridiculous or contrived twists that too many modern crime stories mistake for originality. But as a result it plays its twist and killer’s identity a little too straight, which renders it rather predictable.

I suspect that anyone who has read a few crime books before would be able to name the murderer 40 pages out. This is not a killer blow, but does reduce the effectiveness of the last few pages and left me feeling slightly disappointed.

More frustrating than any of the above is that as all the police officers are referenced by surname and all the actuarial staff by first name, it makes it very confusing. I found myself wishing I had written down a full character list.

Ultimately, however, Figures of Death is to be recommended. It maintains a sense of suspense well and kept me fascinated until the end.

Although it does at times delve into more predictable territory, it will nevertheless satisfy any reader searching for a solid page-turner that is superior to many of its literary rivals. ● James Male is a consultant in analytics and quantitative modelling at Deloitte

MORE ONLINE Latest reviews at www.theactuary.com/opinion

March 2016 • THE ACTUARY 33 www.theactuary.com

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New Year. New Opportunities. New Website.

w ww. oj a s s o c ia t e s . c o m

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18/02/2016 15:33

At the back

1

2

3

4

5

6

7

8

Coffee break

iQ

9

10

12

11 13 14

22 OF 20 BY 5 DOWN 1 23

15 16 18

17 19

21

20 22

23

24 25

BY NYLFIA

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This puzzle celebrates the anniversary of a famous phrase coined by a pupil of one 24 at another 24 Across 1 5 9 10 11

© Nylfia

12 14 15

Which urchins provide members for temple? (6) Kind of feeble demon disrupting ambition (7) Peaty gin produced by African (8) Issue raised about current lack of information (2,4) Press has short article on current barrier to travel (4,7) Making a comeback, green campaign (3) Outlaw left after ascertaining leader is far from fresh (5) Palace backing call for help to

offspring by King (7) 18 Nylfia follows host welcoming 24 President (7) 20 Other half is quiet? (5) 23 Dicky spilled guts (3) 24 Term witness used to confuse Government (11) 26 Scene of chaos blamed on correction (6) 27 First class return backing degree taken in state of prayer (3,5) 28 Opression variable in old radio (7) 29 Slate shelf added to top of stove (6)

What’s down the line?

Mensa puzzle 653

27

28

29

Down 2

Morally superior approach to Chief taking direction (4,4) 3 Regret writer is found in a Centre for Bewilderment (10) 4 Hospital help brought to country outlaw (6) 5 Foreign currency used to secure dated American cigarettes (7) 6 A number following the point bedevilling Satanism (8) 7 Regionally central island (4) 8 WW2 traitor makes inarticulate utterance repeatedly (3,3)

13 The way in which flame takes hold? (6,4) 16 Official denial farm releases, if taken out of context (8) 17 Devious barman on edge with gin sling? (8) 19 SE accent coming from mouth (7) 21 Possession granted in court to customer (6) 22 Tissues function with small amount of snot (6) 25 Aim of Troll using net lures bats without energy? (4)

Rainbow road Mensa puzzle 654

www.mensa.org.uk Should A, B or C appear next in this sequence?

What letter should appear next in this sequence?

P A

M D

?

G

FOR PUZZLES SOLUTIONS – March 2016 Answers and more can be found online.

Please go to www.theactuary.com/puzzles A

B

C March 2016 • THE ACTUARY 35 www.theactuary.com

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23/02/2016 16:08

News NEWS UPDATES FROM THE ACTUARIAL

People & Society

Red carpet glamour

By Nicole Tooze

A fantastic mixer

By Sarah Keane The Society of Actuaries in Ireland student committee held a cocktail-making master class for students and recent qualifiers in The Grafton Lounge on Thursday 26 November.

On arrival, the student mixologists were divided into two interactive groups, each directed by an expert. They went on to give a detailed introduction to basic techniques and shared many tricks of the trade. Instructions were provided on how to create the classic ‘mojito’ cocktail, meeting the needs of traditionalists on the night. For the more adventurous, the students were also shown how to make a ‘Solero’. This is a signature cocktail of The Grafton Lounge and satisfied the taste-buds of those who were looking for an even sweeter option, reminiscent of the well-known ice-cream.

Once the students had soaked up as much knowledge as possible from the experienced mixologists, each got the opportunity to step behind the bar and mix their own concoctions.

The expert mixologists kept a watchful eye and were very impressed by the talent and skills displayed by the students. Many seemed to favour the liberal approach in their pouring techniques! The top two student mixologists were chosen from each group and rewarded with bottles of Champagne and vouchers to spend at The Grafton Lounge. The deserving winners were Ruairi Sweeney, Mairead Glass, Luke O’Malley and Aisling Muldoon.

The night proved to be a great success, with many continuing the celebrations until the early hours, taking full advantage of our own exclusively reserved area. The committee would like to thank The Grafton Lounge for running such an enjoyable event – we will be sure to return.

Thanks also to all the students and recent qualifiers who were in attendance. We hope to see you all at the next event.

Club classics

By Marian Elliot The Argonauts dining club is for actuaries working outside traditional areas and was established in 1955. It has a rich heritage going back to the time of Frank Redington and George Ross-Goobey, and the varied membership of today is made up of investment management professionals, independent trustees, academics and others.

On 19 November, the club celebrated its 60th

anniversary with a splendid dinner in Staple Inn, with over 60 members and guests in attendance. In his opening speech, this year’s chairman, Bill Smith, paid tribute to the members of the club. Bill noted that, in 1955, the vast bulk of long-term savings assets in the UK were managed in departments within life insurance companies and corporate pension funds. Today, investment management in the UK is a world leading stand-alone industry managing over £6trn. Many members have, over the years since the club’s foundation, contributed to this achievement.

Following a dinner, an actuarial and non-actuarial speaker each gave an excellent talk: Martin Clark, the government actuary, generated a lot of interest from the audience with his outline of the history of the Government Actuary’s Department and the scope of its activities. Jane Platt, chief executive

SIAS held its 2015 Annual Dinner, themed ‘A night at the awards’, at the Roundhouse in Camden on 20 November. Guests were treated to a red carpet entrance along with our very own paparazzi. They indulged in a Champagne reception on the circle balcony, giving impressive views of the grand venue.

Around 700 guests were then seated for a three-course dinner, followed by plenty of dancing. A selfie stick was given to each table to keep guests entertained. Pictures that were Instagrammed using #SIASSelfie2015 were shown on a big screen at the venue, giving guests the chance to feel like real celebrities.

A charity raffle was drawn on the night and the prestigious SIAS ‘awards’ were given out to the winners – some of whom were brave enough to give an acceptance speech. Those who were still standing joined us for the after-party at Gilgamesh.

SIAS would like to thank all attendees who embraced the theme and in doing so made it such a fantastic and memorable night.

The social team are already working hard to bring you an even better 2016 Annual Dinner.

For details of 2016 events, go to sias.org.uk

of National Savings & Investments, provided a fascinating insight into the challenges and achievements of a business that today has 28 million customers and is a cornerstone of savings in this country.

The Argonauts meet three times a year, starting with drinks at 6.30pm, dinner at 7pm and two speakers at 9pm – one actuarial, one non-actuarial, for around 20 minutes each.

Our dinners are mostly held in Livery halls and members are therefore assured an interesting venue and a high-quality dinner.

On 5 May, our annual gala dinner will take place at the newly refurbished Ivy Restaurant, and the speakers will be Adrian Waddingham (co-founder of Barnett Waddingham) and Helen Pitcher (chairman, Advance Boardroom Excellence). New members are always welcome.

Contact marian.elliott12@gmail.com or request to join the Argonauts group on LinkedIn.

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ARIAL PROFESSION

If you have any newsworthy items for these pages please email social@theactuary.com

Save the date

Obituaries

The dress code is smart

NORTH WEST N NO ACTUARIAL SOCIETY

Peter Douglas Johnson MA FIA FSS

ANNUAL DINNER – THURSDAY 26 MAY 2016

15 April 1929 – 18 December 2015

Peter Johnson was an eminent and respected general insurance actuary whose charisma and innovative thinking made a significant impact on our profession. Born in Carlisle, his zest for learning led to academic excellence across the curriculum and the award of an exhibition to read mathematics at Selwyn College, Cambridge.

Formal invites and menu We are pleased to announce that this choices will be sent in After graduating in 1952, Peter took up year’s annual dinner will be held at: early April. employment at the Co-operative Insurance The Albert Square Chop House Memorial Hall, Albert Square To be added to the NWAS Society, qualifying as an actuary in 1958. He spent Manchester, M2 5PF mailing list for invites please his whole career at the CIS, becoming deputy chief go to eepurl.com/bdfj2X general manager in 1987. Peter was a leader in the A drinks reception will start from and sign up.

6.30pm and dinner will be at 7pm development of the understanding of general insurance by UK actuaries and his 1971 sessional paper Statistical Studies in Motor Insurance, co-authored with the late Brian Hey, contained many innovative ideas and detailed actuarial analyses, upon which the approach of the Motor Risks Statistics Bureau was based.

He was an early member of GIRO, the annual UK general insurance convention, and I first came across him when he was ‘Mr GIRO’ in the chair.

By Sally Bridgeland, senior warden 2015-16 His impressive performances and depth of Staple Inn was again the scene for the Worshipful Company of Actuaries’ knowledge attracted respect, along with his notable Livery Lecture. The guests were Masters from a wide range of Livery witticisms and catchphrases. In 1993, Peter was Companies, and our Master, Peter Thompson, started the evening in an awarded the prestigious Finlaison Medal in actuarial fashion, gathering data on the years of birth of those present. acknowledgement of his pioneering work. At ASTIN The vast majority were baby boomers, according to guest speaker and Colloquia, while promoting the views of UK general former Conservative MP Lord Willetts’ definition.

SIAS was delighted to insurance actuaries, Peter was also interested in It is five years since he published The Pinch: How the Baby Boomers what actuaries were doing internationally. He valued award its ‘Best Took Their Children’s Future – And Why They Should Give it Back, which his lifelong friendships across the globe and was Contribution to put the issue of fairness between generations firmly on the political known for encouraging younger actuaries.

Programme prize’ agenda. The audience was reminded that baby boomers have a Peter was exacting about the correct use of for the SIAS year disproportionate share of personal wealth. The distribution of pension language and had a lifelong passion for crosswords. ending June 2015 to rights is an example, with baby boomers making low contributions based He would avidly polish off The Listener crossword Sacha Dhamani. on high discount rates and strong asset values, leaving the next Sacha presented his and once remarked that he had solved all the clues generation to face the cost of meeting deficits in their DB pension plans. but had still to determine how they were to be excellent The Nature Whether looking at tax payments to meet the costs of the welfare state, entered into the grid. Peter was a man of prodigious of Longevity Risk at a or calories expended by Amazonian tribes feeding their youth and elderly, talent, integrity and enthusiasm who will be greatly SIAS talk during the the presentation highlighted that globally we are net consumers before the year. He was awarded missed by his family, friends and colleagues. age of 17 and after the age of 60. In a stable population, with longevity

By Colin Czapiewski his prize during the

GUEST OF HONOUR: COLIN WILSON, PRESIDENT-ELECT OF THE INSTITUTE AND FACULTY OF ACTUARIES

The price is £20 per person, which includes arrival drink, a three-course meal and accompanying wine.

A private bar will be available.

Boomers = bust for next generation

A natural winner

fixed, this works well and is the heart of the intergenerational social contract. But as a demographic ‘bulge’ passes through, economic growth supports their increasing wealth but leaves successors overstretched.

They also dominate democratic processes and policies.

The multi-century history of many Livery Companies bears witness to the understanding that our forebears had of this social contract and to the truly long-term investments they made for future generations. And I now understand why my parents downsized and started spoiling my son when I gave my mum a copy of The Pinch five years ago. Baby boomers take note! The Worshipful Company of Actuaries would like to thank Aon Hewitt for their generous support for this annual lecture.

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

December programme talk at Staple Inn by Deaths Mrs Jillian Evans died honorary secretary recently, aged 76.

Mark Gorman. Many She was a Fellow. congratulations to Sacha.

Mr Roger George Radford died recently, aged 71. He was an Associate.

Wedding Congratulations to Majella McDonnell (Allianz) and Ciarain Kelly (Milliman) who got married in 2015.

March 2016 • THE ACTUARY 37 www.theactuary.com

p36_37_mar_soc_news•FINAL•CT.indd 37

23/02/2016 16:09

This month at HFG...

New atHFG HFG New Hires Hires at

HFG are pleased to announce the appointment of Paul Fox and David Crawford into their UK Actuarial team.

We are pleased to announce that Paul Fox has joined HFG to lead the Risk desk across the insurance market.

Paul has over 10 years in Actuarial and Risk recruitment, with a diverse network across the Lloyd’s and London market. He has a proven track record working on senior and junior level roles.

David joins HFG with over 15 years experience of recruiting for both contract and permanent Actuarial positions throughout the UK and Ireland. David will focus on opportunities in the Life and Health sector.

hfg.co.uk 0207 337 8800

Actuarial Vacancy Trends

Success in 2016

Over the last year, HFG have partnered with data provider Vacancysoft to measure vacancy trends across the Insurance market.

ƪ the last year and what you can do to make 2016 work for you.

Scan the QR code here to view his latest blog.

Already featured on theactuary.com, the report Ƥ ǣ • An increase of published roles across the board in 2015 • Non-Life vacancies reaching a higher increase than Life vacancies • A comparison of regional, company & consultancy trends To obtain a copy of the full report, please email: marketing@hfg.co.uk.

ǣȀȀ Ǥ Ȁ ͚͙͘͞ Contact our Actuarial team now to discuss career opportunities or the current market.

William Gallimore Director ή͜​͜ ȋ͘Ȍ ͚͘͟ ͛​͛͟ ͠​͚͠͞ william@hfg.co.uk

Making moves in insurance recruitment

BRONAGH TRAYNOR Employer and area of work

Favourite Excel function?

Greatest risk you have ever taken?

Invesco Ireland – pensions and investments

PROPER – I think it’s the attention to detail that makes things stand out.

Last year, I took part in a skydive from 10,000 feet over County Kilkenny in Ireland. I put my life in the hands of a qualified instructor (well, that’s what we were told). While I was parachuting back down I was given the chance to take the reins.

How would your best friend describe you?

Loyal, hardworking, smart, but with a few blonde moments added into the mix and always the last to be at the party.

What motivates you?

On a Monday morning, very little. I set myself goals and with my relentless attitude to succeed I continue until I surpass them.

What would be your personal motto?

Carpe diem.

Name five dream companions to be stuck on a desert island with?

Bill Gates – to provide some insight on how to make millions, Lady Gaga for entertainment, Dara Ó Briain to make light of the situation, Barack Obama and Richard Branson – to get us off again.

What’s your most ‘actuarial’ habit?

Using spreadsheets for everything. I use them for creating lists, planning events, monthly budgeting and keeping my diary in order.

38

ACTUARY OF THE FUTURE

How do you relax away from the office?

When not studying I enjoy playing tag rugby, trampolining and baking. Anyone that has seen my wardrobe knows that shopping is never too far off my mind at any time.

What is the funniest thing that has happened to you recently?

On a recent night out I was wearing a pencil skirt with a zip that went the whole way up the back. While trying to bust some awesome moves on the dance floor, the zip burst leaving me with a gaping split in my skirt.

I spent the rest of the night with a coat tied around my waist – a quite embarrassing experience, but one that I thought I covered up well – until now.

Alternative career choice?

I have always have had a fascination with hats. I love all their different shapes and colours, and if I wasn’t studying towards the fellowship, I would be a milliner.

What song best describes your work ethic?

Never Gonna Give You Up, by Rick Astley

If you could go back in history, who would you like to meet?

I would like to meet Nelson Mandela. He was a man of great courage, fighting for racial equality in his native home and gave us some great inspirational quotes.

If there was a movie produced about your life, who would play you, and why?

Cate Blanchet, as I think she bears some resemblance with her blonde hair. She already has experience in the Irish accent, so she might be able to master the Northern Irish one without making it sound American.

If you could be anyone else, who would it be?

Chris Hadfield – after reading his recent book about his space explorations, he has definitely seen the world through different windows.

Do you know an actuary destined for greatness?

You can nominate an Actuary of the Future by emailing

aotf@theactuary.com

THE ACTUARY • March 2016 www.theactuary.com

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23/02/2016 14:01

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 HFG’s consultants specialise in matching you to the right role at the right company. Call us ǡ Ƥ Ǥ Ben Hickey GI Perm +44 (0) 207 337 8859 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.uk

GI Perm +44 (0) 207 337 1201 ̻ Ǥ Ǥ

General Insurance - Permanent roles

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General Insurance - Contract roles Igloo Contractors

͋͘͠​͘ Ǧ ͙͋͘​͘​͘ ǡ

͞ Ǥ ǡ ǡ ƥ Ǥ

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+44 (0) 207 337 8800

Reserving TP Contractors

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ǡ Ǥ ǡ Ƥ Ǥ ǣ ̻ Ǥ Ǥ ǣ ͙͘͘͜

Ǥ Ǥ Ǥ March 2016 • THE ACTUARY 39 www.theactuary.com

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Appointments

2nd Floor, 32 Cornhill, London, EC3V 3BT | 0207 332 5870 | actuarial@mansionhouse.co.uk www.mansionhouse.co.uk

LIF E SENIOR MANAGER

CHIEF OF STRATEGY

Experienced consultant or middle management industry expert from within the Life Insurance space, as a qualiƂed actuary you must be able to demonstrate an ability to communicate to business and board, being technically focused with a good business mind and rounded knowledge of Data to work within Modelling and Pricing. This position will allow you to work for a well-established management consultancy that is now looking to generate activity within the Data Analytics Consulting arena, speciƂcally offering services to the wider Life Insurance sector. This Big four opportunity will allow you to become a member at the forefront of this industry practice standing behind a globally recognised brand.

Ref: ls24389

This organisation have gone through extensive restructuring, increased headcount due to a recent acquisition offering numerous new products to the Life Insurance arena. With ownership of over 50% Market share of Wealth and Life products.

This direct insurers global presence and a newly created executive team has generated enough curiosity to encourage some of the industry’s most exclusive talent to join. If you would appreciate, radical strategy deployment, new product strategy execution and further growth to align with current vision then this actuary focused business and internationally recognised brand may be of interest. Ref: ls24397

c£120,000 + bonus + beneƓts

NON-LIFE

Samantha Yee yees@mansionhouse.co.uk

c£330,000 + executive bonus + extensive bonus

E UR OP E

LIFE

Lloyd Seaborn seabornl@mansionhouse.co.uk

SENIOR ACTUARIAL CONSULTANT BRUSSELS

AND

FINANCIAL

RISK

€ Excellent remuneration package

Dior Musombo musombod@mansionhouse.co.uk

Actuarial professional with a Ƃ rst working experience, preferably within the Pensions sector. It’s an interesting role for an Actuarial professional as you will have large responsibilities and a broad exposure towards the whole Belgian insurance sector. You will be responsible for monitoring the Belgian regulatory initiatives, in particular in the Pensions sector.

University degree in Actuarial Sciences or likewise. Good knowledge of the Belgian Pensions system - second Pillar.

Fluent in Dutch, French and English, you will have a strong inter-personal skills and you will be an active listener and good communicator. Ref: DM/24173

DATA SCIENTIST FRANCE

SENIOR VALIDATION SPECIALIST – NON-LIFE COLOGNE

Individual with excellent Programming Skills (C#, R, Python, Etc.) and expertise in manipulating large scale data required for a leading consulting Ƃrm. You will apply statistical or machine learning techniques design and develop processes meant to operationalize derived analytical models into business applications within the Ƃnancial services sector. Good understanding of predictive analytics and proƂciency in data sourcing, data capture, data transformation and data preparation techniques is compulsory. Ref: ehth24464

A well-known German insurance company is looking for a Senior Validation Specialist Non-Life in Cologne with at least 5 years PQE in non-life risk modelling, knowledge of the standard as well as of the internal model, used to apply statistical methods and experienced in CAT modelling. You fit perfectly if you have a Master degree in mathematics or equivalent, fluent English skills, good German skills and combine analytical skills with the ability to act independently as well as working in a team.

Ref: jd23648

Elodie Hong Tuan Ha Elodie@mansionhouse.co.uk

€80-85,000 + package + beneƓts

SENIOR SOLVENCY II ACTUARY FRANCE

MATHEMATICIAN HEALTH MUNICH, GERMANY

Actuary with strong expertise in capital modeling required for a leading reinsurance company. You will be in charge of the 3 pillars of Solvency II, especially the validation of the internal model as well as ORSA. You will grow within a dynamic and international team. ProƂ ciency in English is required. You must be proactive, have team spirit and strong experience in Igloo, Remetrica or ResQ. Ref: ehth24511

A well-known German insurance company is looking for a Mathematician Health in Munich with at least 2 years PQE within Health insurance covering tariff calculation, developing IT concepts, knowledge of the legal components, a Master degree in mathematics, high soft skills, communicative and conƂdent behaviour, interested in working independently as well as working in a team. Our client supports the DAV qualiƂcation. Ref: jd24305

€75-90,000 + bonus + beneƓts

FRANCE

€ 50K – 65K

QualiƂed Life/NL Actuaries (IABE or similar) with signiƂcant consulting and managerial experience required for this 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 and maintain 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. Dutch is an advantage.

Ref: DM/23971

€60-80,000 + bonus + beneƓts

FRANCE/BELGIUM/LUXEMBOURG

PENSION ACTUARY BRUSSELS

€60,000 + package + beneƓts

ACTUARY – RISK TRANSFER LONDON £ market leading package

My client is a team has consistently delivered the largest transactions within the market. The successful candidate will manage a team in involved in all aspects of pension scheme de risking activity, in an extremely high proƂle role – integral to the continued growth and success of this critical business line.

GERMANY

40

Julia Dunkelberg dunkelbergj@mansionhouse.co.uk

THE ACTUARY • March 2016 www.theactuary.com

ACT Rec Mar16.indd 40

•

You will be an acknowledged specialist in pricing and capital optimisation; including non-standard propositions

•

You will be dealing with senior stakeholders both internally and externally including, but not limited to banks, asset managers reinsurers and EBC’s

The successful individual will be a qualiƂed actuary with extensive expertise in this area, and will have a commercial attitude that ensures ambitious growth targets are reached. Ref: BW/24542

For further information regarding this role and multiple opportunities in the risk transfer arena – please contact Ben Whalley on 0207 332 5883 or whalleyb@mansionhouse.co.uk for a conƂdential discussion.

22/02/2016 15:54

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

www.theactuaryjobs.com

Head of Motor Partners Pricing, Leeds dŽ άϴϬ͕ϬϬϬ н ĞŶĞĮƚƐ

A leading Commercial Insurer is looking for an experienced insurance pricing manager to lead their Motor Partners Pricing team. The successful candidate will be responsible for delivering pricing on motor products and should have extensive demonstrable experience in technical insurance pricing at a management level. A post-graduate ƐƚĂƟƐƟĐĂů͕ ĂĐƚƵĂƌŝĂů ƋƵĂůŝĮĐĂƟŽŶ Žƌ ƐŝŐŶŝĮĐĂŶƚ ƉƌŽŐƌĞƐƐŝŽŶ ƚŽǁĂƌĚƐ ŽƚŚĞƌ ƌĞůĞǀĂŶƚ ƉƌŽĨĞƐƐŝŽŶĂů ƋƵĂůŝĮĐĂƟŽŶƐ ǁŽƵůĚ be advantageous. This is a rare opportunity to establish a successful career with an established insurance company.

Contact: stacey.richards@ipsgroup.co.uk Tel: 0113 202 1577

Senior Investment Consultant – Insurance, London ƩƌĂĐƟǀĞ ^ĂůĂƌLJ н ŽŶƵƐ Θ ŵƉůŽLJĞĞ ĞŶĞĮƚƐ

ƐƉĞĐŝĂůŝƐƚ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝƐŽƌLJ ĂŶĚ ĂƐƐĞƚ ŵĂŶĂŐĞŵĞŶƚ Įƌŵ ǁŚŝĐŚ ŚĂƐ Ă ĚLJŶĂŵŝĐ ĂŶĚ ĞŶƚĞƌƉƌŝƐŝŶŐ ĐƵůƚƵƌĞ ĞĂŐĞƌ ƚŽ ĚĞǀĞůŽƉ ŝŶŶŽǀĂƟǀĞ ŝĚĞĂƐ ĂŶĚ ŝŵƉůĞŵĞŶƚ ůĞĂĚŝŶŐ ĞĚŐĞ ƐŽůƵƟŽŶƐ ŝƐ ůŽŽŬŝŶŐ ƚŽ ĞdžƉĂŶĚ ŝƚƐ ŝŶƐƵƌĂŶĐĞ ĂĚǀŝƐŽƌLJ ƚĞĂŵ with the appointment of an experienced consultant. This role focuses on both client management and development ƉƌŽǀŝĚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝĐĞ͕ ŝŶĐůƵĚŝŶŐ ĂƐƐĞƚ ĂůůŽĐĂƟŽŶ ĂŶĚ ŵĂŶĂŐĞƌ ƐĞůĞĐƟŽŶ͕ ƚŽ ŶŽŶͲůŝĨĞ ŝŶƐƵƌĞƌƐ͕ >ůŽLJĚƐ ƐLJŶĚŝĐĂƚĞƐ ͕ ŵƵƚƵĂů ĂŶĚ ĐĂƉƟǀĞƐ͘ zŽƵ ǁŝůů ƚĂŬĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ Ă ƉŽƌƞŽůŝŽ ŽĨ ƐƉĞĐŝĮĐ ĐůŝĞŶƚƐ ƉƌŽǀŝĚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝĐĞ ĂŶĚ ĚĞůŝǀĞƌŝŶŐ ĐůŝĞŶƚ ŶĞĞĚƐ ĂŶĚ ŽďũĞĐƟǀĞƐ͘ zŽƵ ǁŝůů ŚĂǀĞ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ĂĚǀŝƐŽƌLJ ƌŽůĞ ĂŶĚ ďĞ ĂďůĞ ƚŽ demonstrate a successful track record in a similar role preferably within the Lloyds Market or the non-life insurance ƐĞĐƚŽƌ͘ zŽƵ ƐŚŽƵůĚ ŚĂǀĞ Ă ďƌŽĂĚ ŬŶŽǁůĞĚŐĞ ŽĨ ĚŝīĞƌĞŶƚ ĂƐƐĞƚ ĐůĂƐƐĞƐ ĂŶĚ ŝŶƐƵƌĂŶĐĞ ŝŶǀĞƐƚŵĞŶƚ ƐƚƌĂƚĞŐLJ ŝĚĞĂůůLJ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƚĞĐŚŶŝƋƵĞƐ ƵƐĞĚ ďLJ ŝŶƐƵƌĂŶĐĞ ĐŽŵƉĂŶŝĞƐ͘ džƉĞƌŝĞŶĐĞ ŽĨ ƚŚĞ ŶŽŶͲůŝĨĞ ĂŶĚ >ůŽLJĚƐ ŵĂƌŬĞƚ ƌĞŐƵůĂƚŽƌLJ ĞŶǀŝƌŽŶŵĞŶƚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŝŵƉůŝĐĂƟŽŶƐ ŽĨ ^ŽůǀĞŶĐLJ Ϯ ǁŽƵůĚ ďĞ ĂĚǀĂŶƚĂŐĞŽƵƐ͘ ĂŶĚŝĚĂƚĞƐ ǁŚŽ ŚĂǀĞ ƚŚĞ right skillset but are currently advising on pension fund assets and would be interested in moving into the insurance asset management sector would also be considered.

Contact: phu.ngoc@ipsgroup.co.uk Tel: +44 207 481 8686

Investment Consultant, London or Leeds £45,000-£70,000+ &ĂƐƚ ŐƌŽǁŝŶŐ͕ ŚŝŐŚ ĞƋƵĂůŝƚLJ͕ ŝŶĚĞƉĞŶĚĞŶƚ ĐŽŶƐƵůƚĂŶĐLJ ƐĞĞŬƐ ŽŶƐƵůƚĂŶƚƐ ĨŽƌ ƚŚĞŝƌ ďƵƌŐĞŽŶŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƉƌĂĐƟĐĞ͘ tŽƵůĚ ƐƵŝƚ ƐŽŵĞŽŶĞ Ăƚ Ă ůĂƌŐĞƌ Įƌŵ ǁŚŽ ǁĂŶƚƐ ŐƌĞĂƚĞƌ ĨƌĞĞĚŽŵ ĂŶĚ ďƌĞĂĚƚŚ ŽĨ ĞdžƉŽƐƵƌĞ͘ dŚŝƐ ŝƐ Ă ĐŚĂŶĐĞ ƚŽ ƚĂŬĞ ĞĂƌůLJ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽŶ ĐůŝĞŶƚƐ ĂŶĚ ǁŽƌŬ ƚŽǁĂƌĚƐ ĨƵůů ĞƋƵŝƚLJ ƉĂƌƚŶĞƌƐŚŝƉ Ăƚ Įƌŵ ǁŚĞƌĞ ƚŚĞ ĨŽĐƵƐ ŝƐ ŽŶ ŚĂƉƉLJ ĐůŝĞŶƚƐ ĂŶĚ ƉƌŽĚƵĐƟǀĞ ƐƚĂī͕ ŶŽƚ ďŝůůĂďůĞ ŚŽƵƌƐ ƚĂƌŐĞƚƐ Žƌ ƉƌĞƐĞŶƚĞĞŝƐŵ͘ Contact: david.higgo@ipsgroup.co.uk Tel: +44 207 481 8686

>ŽŶĚŽŶ KĸĐĞ͗ /W^ 'ƌŽƵƉ͕ ĞǀŝƐ DĂƌŬƐ ,ŽƵƐĞ͕ Ϯϰ ĞǀŝƐ DĂƌŬƐ͕ >ŽŶĚŽŶ ϯ ϳ: Telephone: нϰϰ ϮϬϳ ϰϴϭ ϴϲϴϲ ŵĂŝů͗ ĂĐƚƵĂƌŝĂůΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ tĞďƐŝƚĞ͗ ŚƩƉ͗ͬ​ͬǁǁǁ͘ŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dǁŝƩĞƌ ͗ Λ/W^'ƌŽƵƉh< Linkedin: IPS Group ACT Rec Mar16.indd 41

March 2016 • THE ACTUARY 41 www.theactuary.com

22/02/2016 15:55

Appointments

BROKING ACTUARY $ WRS 8. %URNHUDJH DUH ORRNLQJ IRU D 4XDOLþHG 3 & $FWXDU\ ZLWK OHDGHUVKLS VNLOOV to develop and maintain client relations. You will have full autonomy and need to be able to manage and juggle many deals at once.

6RPHRQH ZKR KDV HLWKHU D 3ULFLQJ RU &DSLWDO EDFNJURXQG SUHIHUUHG 0RYLQJ WR Reinsurance broking gives the chance to broaden technical experience in a fresh environment and retain many of things Actuaries enjoy.

You will have between 5-10 years’ experience in the GI market.

Ideally you’ll have experience from either another broker or consultancy.

b London

|

¸ £120,000 - £160,000

|

­ PERMANENT

OUR SERVICES, YOUR ASSET Backed by practicing Actuaries, we’re the true general insurance recruitment specialists.

+44 (0)20 7256 9777 |

VISIT OUR WEBSITE FOR ALL POSITIONS IN: › › › ›

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DARWIN RHODES . . . Selecting the perfect job… for the perfect candidate DATA AND SYSTEMS ANALYST Up to £40,000 London

ACTUARIAL PRICING CONSULTANTS Up to £65,000 London

Opportunity for a part qualified student actuary to join this growing UK insurer. Based in the city with full study support, this new role has developed as a result of expansion plans.

Seeking experience of Prophet with interaction between IT and U/W. Role involves UAT new product development prior to rolling out and aligning internal processes.

I am keen to speak to non-qualified actuaries working in commercial and personal lines. This could be your next step onto the ladder if you are interested in gaining some managing experience, as you will also be managing junior staff. You will need knowledge of technical pricing and an understanding how to develop accurate pricing models.

For more information please contact Clinton on 0207 621 3774 or c.poore@darwinrhodes.com

For more information please contact Bradley on 0207 621 3771 or b.doyle@darwinrhodes.com

ASSOCIATE PENSION ACTUARIAL CONSULTANTS £30,000 - £35,000 Multiple UK Locations Fantastic opportunities for part qualified pension actuaries to join this multi-award winning global company.

With a wide variety of clients, there is opportunity to be client facing, with more exposure and responsibility.

The inclusive environment allows you to work with colleagues at all levels and learn from peers more easily. Full study support within the Retirement & Investment division.

For more information please contact Clinton on 0207 621 3774 or c.poore@darwinrhodes.com

NEARLY QUALIFIED ACTUARY Up to £60,000 London Seeking nearly qualified Actuaries with 2-3 years Capital Modelling experience, building models.

Experience using Igloo or ResQ is essential. There is the opportunity to mentor junior actuaries also. If you have an understanding of building IGLOO and know how to review and implement proposed model developments then this could be an opportunity for you.

For more information please contact Terry on 0207 621 3771 or t.tumba@darwinrhodes.com

DOWNLOAD THE DARWIN RHODES APP FOR ALL THE LATEST JOBS 42

THE ACTUARY • March 2016 www.theactuary.com

ACT Rec Mar16.indd 42

22/02/2016 15:55

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

Paul Fox Risk +44 (0) 207 220 1103 paul.fox@hfg.co.uk

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

Life insurance roles ÂŁ80k - ÂŁ120k basic, London

M&A Actuary

Â&#x192;Â? Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Í?ÇŚÍ&#x; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x192; Í&#x161;Í?Í&#x2DC; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â&#x2013;Â&#x2022;Â&#x2021;Â&#x17D;Â&#x2C6; Â&#x2039;Â&#x2022; Â&#x2039;Â?Â&#x2026;Â&#x201D;Â&#x2021;Â&#x2020;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x203A; Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021; and requires knowledge of Solvency II, M&A and detailed market Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021;Ǥ Â&#x160;Â&#x2021;Â&#x203A; Â?Â&#x2021;Â&#x2021;Â&#x2020; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#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&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; in Life insurance and the ability to work in fast paced, high pressure environment. For more information please contact: abby@hfg.co.uk REF: AT0201

Solvency II Actuary

ÂŁ60k - ÂŁ70k basic, London

Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x192;Â?Â&#x203A; 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?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Í&#x161; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x2026;Â&#x2014;Â&#x2022;Â&#x2021;Â&#x2022; Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x2018;Â? Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

implementation, internal model implementation/development and advising Â&#x2013;Â&#x160;Â&#x2021; ƤÂ&#x201D;Â? Â&#x2018;Â? Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021;Â&#x2022; Â&#x2013;Â&#x2018; Â?Â&#x2021;Â&#x2021;Â&#x2013; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x203A; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022;Ǥ Â&#x2018;Â&#x2014; Â?Â&#x2021;Â&#x2021;Â&#x2020; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Solvency II knowledge and good communication skills as you will be required to liaise with a variety of stakeholders. For more information please contact: abby@hfg.co.uk REF: AT0203

ESG Actuary Fixed Term Contract

ÂŁ70k - ÂŁ75k, Midlands

Production of the Economic Scenario Generator outputs to the Solvency II standard for the clientâ&#x20AC;&#x2122;s single model. We suspect this will suit an ambitious Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2018;Â&#x201D; Â?Â&#x2021;Â&#x192;Â&#x201D; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x2021;Â&#x2013; Â&#x2022;Â&#x2018;Â?Â&#x2021; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x192;Â?Â&#x2020; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x192;Â&#x2022; Â&#x192; Â&#x2022;Â&#x2122;Â&#x192;Â&#x2019; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x17D;Â&#x2018;Â&#x2122;Â&#x2021;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x2122;Â&#x192;Â&#x201D;Â&#x2020;Â&#x2022; Â&#x2018;Â? Â&#x2022;Â&#x192;Â&#x17D;Â&#x192;Â&#x201D;Â&#x203A; Â&#x192;Â?Â&#x2020; DzÂ&#x152;Â&#x2018;Â&#x201E; Â&#x2022;Â&#x2021;Â&#x2026;Â&#x2014;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x203A;dzǤ For more information please contact: davidcrawford@hfg.co.uk REF: DCR0201

Risk/Solvency II Actuary (PT)

ÂŁ50k - ÂŁ70k London

Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; 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&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#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&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2018;Â? Â&#x192; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x2013;Â&#x2039;Â?Â&#x2021; Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2022;Ǥ Â&#x160;Â&#x2021;Â&#x203A; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2039;Â? Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; 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&#x2022;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2018;Â?Â&#x2021;Â&#x2020; Â&#x201D;Â&#x2039;Â&#x2022;Â?Č&#x20AC; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2013; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â? Â&#x2018;Â? Â&#x192; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x2013;Â&#x2039;Â?Â&#x2021; Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2022;Ǥ Â&#x160;Â&#x2021;Â&#x203A; Â&#x2122;Â&#x2018;Â&#x201D;Â? with a vast range of clients and are helping to pioneer changes in the market, a Â&#x2013;Â&#x201D;Â&#x2014;Â&#x17D;Â&#x203A; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2039;Â?Â&#x2021; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â?Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ paul.fox@hfg.co.uk REF: PF0201

ÂŁ40k - ÂŁ55k basic, London

Capital/Risk Analyst

Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; ƤÂ&#x201D;Â? 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&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; 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&#x2039;Â&#x2C6;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x192; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2013;Â&#x203A; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; with a large Solvency II focus, as such working Solvency II knowledge Â&#x2039;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x201D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x17D;Â&#x2021;Â&#x2013;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; exams and have 2 yearsâ&#x20AC;&#x2122; of experience working in life insurance.

For more information please contact: abby@hfg.co.uk REF: AT0202

ÂŁ45k - ÂŁ70k basic, Nationwide

Consultant/Senior Manager

I am working with a global consultancy to help them recruit in Bristol, Edinburgh, Â&#x192;Â?Â&#x2026;Â&#x160;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x201D; Â&#x192;Â?Â&#x2020; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?Ǥ Â&#x160;Â&#x2021;Â&#x203A; Â?Â&#x2021;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&#x2039;Â&#x192;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2022; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2013;Â&#x160;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160; Â&#x2013;Â&#x2018; Í&#x161; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x192; Â&#x201D;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x201D;Â&#x2039;Â&#x2022;Â?ÇĄ Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

ÇĄ ĆŹ Â&#x2018;ĆĄÂ&#x2021;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x2030;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x192; Â&#x201D;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021;Â&#x2022;Ǥ For more information please contact: abby@hfg.co.uk REF: AT0204

Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;ƤÂ&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;

ÂŁ350 - ÂŁ525 / day, 6 months, London

Building actuarial models in access and Excel to assess the amount of customer redress required to place customers in a position as if the errors and procedural failings in their purchase of Life, Pensions and General Insurance products hadnâ&#x20AC;&#x2122;t happened. For more information please contact: davidcrawford@hfg.co.uk REF: DCR0202

ÂŁ45k - 50k, Bournemouth

Pricing Analyst

Â&#x192;Â? Â&#x2026;Â&#x2014;Â&#x201D;Â&#x201D;Â&#x2021;Â?Â&#x2013;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x192;Â? Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x192; global insurer in their Pricing team. To be considered for this position you must have experience working as an Actuary in a pricing team and ideally have sat and successfully passed the CT series of the actuarial exams.

For more information please contact: paul.fox@hfg.co.uk REF: PF0202

Risk roles Risk Actuary - General Insurance

ÂŁ70k - ÂŁ90k basic, London

Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; 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&#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;ƤÂ&#x2021;Â&#x2020; 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? in a non traditional actuarial role. Working with a number of clients you will advise on the companyâ&#x20AC;&#x2122;s internal model, capital assessment, reserving and pricing. The ideal candidate will have made good progress through the exams Â&#x192;Â?Â&#x2020; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;ƤÂ&#x2026; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Ǣ Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2014;Â&#x17D;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x201D;Â&#x2039;Â&#x2022;Â?Ǥ For more information please contact: erin@hfg.co.uk REF: EO0201

Risk Capital Analyst

ÂŁ30k - ÂŁ50k basic, London

A role has been created at a Lloydâ&#x20AC;&#x2122;s syndicate within their risk and capital team. The chosen candidate can come from either an actuarial or risk background but will be expected to determine regulatory capital requirements, produce ORSA reports and meeting with relevant risk committees. This is a really good opportunity for an Analyst to gain Lloydâ&#x20AC;&#x2122;s experience.

For more information please contact: erin@hfg.co.uk REF: EO0103

Risk Capital Actuary - Life Insurance

ÂŁ60k - ÂŁ80k basic, South East London

Â? Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x160;Â&#x192;Â&#x2022; Â&#x201E;Â&#x2021;Â&#x2021;Â? Â&#x2026;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2020; Â&#x192;Â&#x2013; Â&#x192; Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2039;Â&#x2022;Â? Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ 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&#x2013;Â&#x2018; Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2039;Â&#x2022; Â&#x2014;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2021;ĆĄÂ&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x192;Â?Â&#x2020; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â?Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; Â&#x192;Â&#x17D;Â&#x17D; Â&#x192;Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030; ERM at Group level. The ideal candidate will come from a modelling background and have previous experience dealing with senior stakeholders.

For more information please contact: erin@hfg.co.uk REF: EO0202

ÂŁ40k - ÂŁ60k basic, London

Risk Analyst

A Lloydâ&#x20AC;&#x2122;s start up are looking to grow out their small risk team with the addition of a Risk Analyst. Reporting directly into the Head of Risk, and working with the actuarial and Exposure management teams, you will gain exposure to all aspects of risk. The chosen candidate will have previous experience and be able to complete validation tests.

For more information please contact: erin@hfg.co.uk REF: EO0204

March 2016 â&#x20AC;˘ THE ACTUARY 43 www.theactuary.com

+44 (0) 207 337 8800 ACT Rec Mar16.indd 43

www.hfg.co.uk 22/02/2016 15:55

Appointments

PENSIONS & INVESTMENTS NON-LIFE LIFE & HEALTH LEAD DATA SCIENTIST, Surrey, up to ÂŁ60k + beneďŹ ts

ALM MANAGER, London, ÂŁ75k-ÂŁ100k + car + beneďŹ ts + bonus

A growing telematics insurer providing motor policies is seeking a hands-on Lead Data Scientist who can bring intelligence and insight through the development of innovative analytical models, sophisticated data-mining and new data set processes. You will identify new data sources and have experience of delivering large scale, data centric solutions. Candidates who have previously dealt with actuarial pricing teams and techniques such as GLM are desirable.

Contact: anthony.hill@eamesconsulting.com | 0207 092 3287

The ALM and capital management function of a large insurer is seeking a qualiďŹ ed actuary to provide investment and ALM leadership over the main fund assets. As there will be work around the strategic asset allocation they require someone who is technically strong yet equally comfortable in front of internal and external stakeholders.

Ideally seeking someone currently working for one of the risk & modelling teams within an investment consultancy or asset manager.

Contact: simon.arthur@eamesconsulting.com | 0207 092 3242

INSURANCE CONSULTANT, London, ÂŁcompetitive

DB PENSIONS & INVESTMENTS CONSULTANTS

We are currently recruiting on behalf of a developing and growing consultancy. Ideally you will be a qualiďŹ ed Actuary but also keen to speak to individuals who are making good progress through the exams. The business provides advice around product pricing and development, risk and capital, investment, and longevity. You will be working closely with the senior leadership team, to help develop the proposition and provide innovative solutions to clients.

Contact: rob.bulpitt@eamesconsulting.com | 0207 092 3237

A key business in the provision of advice to major pension schemes are seeking consultants keen to expand into new markets. They have begun gaining traction in wider market areas, providing investment advice to insurers, HNW individuals and charities. You will immediately service pension fund clients, with a view of being able to aid their expansion and delivery into the new growth areas. Currently they are undertaking a range of hires across the UK at all levels.

Contact: simon.dodds@eamesconsulting.com | 0207 092 3232

Eames listed as the #1 insurance recruitment & search ďŹ rm in the UK in Recruitment Internationalâ&#x20AC;&#x2122;s Top 500 Report

If you are looking for your next career move or to discuss other opportunities, get in touch with us today for a conďŹ dential discussion.

Contact: actuarial@eamesconsulting.com | 0207 092 3200

London | Zurich | Singapore | Hong Kong

eamesconsulting.com

Tong Yu GI Actuarial

Â&#x192;Â&#x2022;Â&#x2018;Â? Â&#x203A;Â?Â&#x2021;Â&#x2022; Managing Director EA Reg: R1333193 ÎŽÍ&#x17E;Í? Í&#x17E;Í Í&#x161;ÍĄ Í&#x;Í&#x2122;Í?Í&#x153; jason@hfg.com.sg

ÎŽÍ&#x153;Í&#x153; Č&#x2039;Í&#x2DC;Č&#x152; Í&#x161;Í&#x2DC;Í&#x; Í&#x203A;Í&#x203A;Í&#x; Í Í Í?Í&#x203A; tong@hfg.co.uk

Â&#x160;Â&#x2014;Â&#x203A;Â&#x2014; Â&#x2039;Â?

GI Actuarial Â&#x2021;Â&#x2030;ÇŁ Í&#x2122;Í&#x153;Í&#x203A;Í&#x203A;Í&#x;Í Í&#x2DC; ÎŽÍ&#x17E;Í? Í&#x17E;Í Í&#x161;ÍĄ Í&#x;Í&#x2122;Í?Í&#x203A; shuyu@hfg.com.sg

Christina Chua Life Actuarial Â&#x2021;Â&#x2030;ÇŁ Í&#x2122;Í?Í&#x153;Í&#x17E;ÍĄÍ&#x2122;Í&#x2DC; ÎŽÍ&#x17E;Í? Í&#x17E;Í Í&#x161;ÍĄ Í&#x;Í&#x2122;Í?Í christinac@hfg.com.sg

APAC Actuarial Assignments HKD $1.5m Hong Kong

Chief Actuary

A renowned global direct insurer is looking for a Chief Actuary to lead their growing Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2039;Â? Â&#x2022;Â&#x2039;Â&#x192;Ǥ Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x160;Â&#x2039;Â&#x2021;Â&#x2C6; Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; ĆĽÂ&#x2026;Â&#x2021;Â&#x201D;ÇĄ Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; for the corporate actuarial and capital management of the Life Insurance Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#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&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; experience who possesses good Asian market knowledge is highly welcomed.

For more information please contact: christinac@hfg.com.sg REF: CC0201 HKD $Competitive Shanghai/Beijing

Consultant

Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x2030; ƤÂ&#x201D;Â? Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2020;Â&#x203A;Â?Â&#x192;Â?Â&#x2039;Â&#x2026; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192;Â&#x2013; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2013; Í&#x17E; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x201D;Â&#x2021;Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x192;Â?Â&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â? Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2020;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2018;Â&#x201D;Â&#x203A; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; Â&#x2018;Â? Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2020;Â&#x2014;Â&#x2026;Â&#x2013; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â?Â&#x2021;Â?Â&#x2013;ÇĄ Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2014;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;ÇĄ Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D;ÇĄ ĆŹ ÇĄ Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x203A; Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030;Ǥ Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2026;Â&#x2014;Â?Â&#x201E;Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x2020;Â&#x2021;Â?Â&#x2018;Â?Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Â?Â&#x2014;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;ÇĄ Â&#x192;Â&#x17D;Â&#x2018;Â?Â&#x2030;Â&#x2022;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x192; Â&#x2030;Â&#x2018;Â&#x2018;Â&#x2020; Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â? Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013; Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x192; Â&#x2022;Â&#x160;Â&#x2018;Â&#x201D;Â&#x2013; Â&#x2013;Â&#x2039;Â?Â&#x2021;Â&#x2C6;Â&#x201D;Â&#x192;Â?Â&#x2021;Ǥ Â&#x201D;Â&#x2018;ƤÂ&#x2026;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x203A; Â&#x2039;Â? Â&#x192;Â?Â&#x2020;Â&#x192;Â&#x201D;Â&#x2039;Â? Â&#x2039;Â&#x2022; Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Ǥ Â&#x192;Â&#x201D;Â&#x2013;ÇŚÂ&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Č&#x20AC; Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x201D;Â&#x201D;Â&#x2021;Â&#x2020;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2022;Â&#x160;Â&#x2014;Â&#x203A;Â&#x2014;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x161;Í&#x2DC;Í&#x2122;

Regional Risk Manager

HKD $1.2m basic Hong Kong

Â&#x2013;Â&#x2018;Â&#x2019; Â&#x2013;Â&#x2039;Â&#x2021;Â&#x201D; 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&#x2039;Â&#x2C6;Â&#x2021; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2013; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2013;Â&#x2018; Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2020;Â&#x2014;Â&#x2026;Â&#x2013; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x192;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x2022; Â&#x201E;Â&#x192;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2018;Â? Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2021;Â&#x17D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022;Ǥ Â&#x160;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â?Â&#x2021;Â&#x2021;Â&#x2020;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â? Â&#x201D;Â&#x2039;Â&#x2022;Â?Č&#x20AC;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2020;Â&#x2014;Â&#x2026;Â&#x2013;Â&#x2022;Ǥ Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x2026;Â&#x2018;Â?Â?Â&#x2014;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2039;Â&#x2022; Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Ǥ Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Â&#x2018;Â?Â&#x2039;Â&#x2026; Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x2018;Â? Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2019; Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D; Â&#x2039;Â&#x2022; Â&#x2020;Â&#x2021;Â&#x2022;Â&#x2039;Â&#x201D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Ǥ For more information please contact: tong@hfg.co.uk REF: TY0201

EA Licence Number: 14C7034 44

$Negotiable Malaysia

Head of Pricing

Â&#x203A; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x2039;Â&#x2022; Â&#x192;Â? Â&#x2021;Â&#x2022;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x160;Â&#x2021;Â&#x2020; Â&#x192;Â?Â&#x2020; Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; ƤÂ&#x201D;Â? Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; 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&#x2019;Â&#x192;Â&#x201D;Â&#x2013;ÇŚÂ&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Č&#x20AC; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x160;Â&#x2018; Â&#x2039;Â&#x2022; Â&#x2C6;Â&#x192;Â?Â&#x2039;Â&#x17D;Â&#x2039;Â&#x192;Â&#x201D; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x192;Â&#x17D;Â&#x17D; Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2039;Â? Ǥ Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2026;Â&#x2014;Â?Â&#x201E;Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192;Â&#x2013; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2013; Í Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2039;Â&#x2022; Â&#x2026;Â&#x192;Â&#x2019;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2039;Â?Â&#x2020;Â&#x2021;Â&#x2019;Â&#x2021;Â?Â&#x2020;Â&#x2021;Â?Â&#x2013;Â&#x17D;Â&#x203A;Ǥ Â&#x2021;Č&#x20AC;Â&#x2022;Â&#x160;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x2019;Â&#x2018;Â&#x2013;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021;Â&#x2021; Â&#x201E;Â&#x2018;Â&#x2013;Â&#x160; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; 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&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2021;Â&#x201D;Â&#x2022;Â&#x192;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A; is key. For more information please contact: christinac@hfg.co.uk REF: CC0202

Actuarial Manager

SGD $180k - $220k Singapore/Hong Kong

Â? Â&#x2021;Â&#x2022;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x160;Â&#x2021;Â&#x2020; Â&#x2020;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013; 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? Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;ÇŚÂ&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020;Č&#x20AC;Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2013; Â&#x2122;Â&#x160;Â&#x2018; Â&#x2039;Â&#x2022; Â&#x2C6;Â&#x192;Â?Â&#x2039;Â&#x17D;Â&#x2039;Â&#x192;Â&#x201D; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; 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&#x2039;Â? Ǥ Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2026;Â&#x2014;Â?Â&#x201E;Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192;Â&#x2013; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2013; Í? Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2039;Â&#x2022; Â&#x2026;Â&#x192;Â&#x2019;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2039;Â?Â&#x2020;Â&#x2021;Â&#x2019;Â&#x2021;Â?Â&#x2020;Â&#x2021;Â?Â&#x2013;Â&#x17D;Â&#x203A;Ǥ Â&#x2021;Č&#x20AC;Â&#x2022;Â&#x160;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021;Â&#x2021; Â&#x201E;Â&#x2018;Â&#x2013;Â&#x160; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; 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&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â?Â&#x2014;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x17D;Â&#x2018;Â&#x2026;Â&#x192;Â&#x17D; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2039;Â&#x2022; highly desired. For more information please contact: shuyu@hfg.com.sg ÇŁ Í&#x2DC;Í&#x161;Í&#x2DC;Í&#x161;

Capital Modelling Actuary

HKD $250k - $550k basic Hong Kong

Â&#x2014;Â&#x201D; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; 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;ƤÂ&#x2021;Â&#x2020; Â&#x2039;Â&#x2C6;Â&#x2021; 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&#x2022;Â?Â&#x192;Â&#x17D;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2022;Â&#x2039;Â&#x2013;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Č&#x20AC; Â&#x2026;Â&#x2018;Â?Â&#x2018;Â?Â&#x2039;Â&#x2026; Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2020;Â&#x2021;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x192; Â&#x201E;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013;Â&#x160; Â&#x2018;Â&#x2C6; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â?Â&#x2018;Â&#x2022;Â&#x2013; Â&#x192;Â&#x2020;Â&#x2DC;Â&#x192;Â?Â&#x2026;Â&#x2021;Â&#x2020; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2C6;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Ǥ Â&#x2018;Â&#x2014; Â?Â&#x2014;Â&#x2022;Â&#x2013; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2014;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Ǥ Â&#x2018;Â&#x201D; more information please contact: tong@hfg.co.uk REF: TY0202

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

THE ACTUARY â&#x20AC;˘ March 2016 www.theactuary.com

ACT Rec Mar16.indd 44

22/02/2016 15:55

www.theactuaryjobs.com

Admin Re is in a period of sustained growth and investment.

As a result, we have an exciting opportunity for a

Product Actuary The role is based in Telford, Shropshire and is permanent.

Over the past two years we’ve implemented several changes to our business following the advent of pensions flexibility, including: i Launching a new Retirement Account

flexible

retirement product,

the

i Implementing a panel solution for annuity purchase As Product Actuary, you will provide oversight for product pricing and product management for ReAssure’s portfolio of products, supporting product governance processes and providing product analytics.

You will be a qualified actuary, ideally with specific experience of product pricing and product governance as a whole.

For a confidential conversation, please contact careers.mailbox@adminre.co.uk

INVESTMENT ANALYST (x2) London £35k to £45k + benefits A fantastic opportunity for those with some institutional investment experience who wish to launch their career with a highly regarded consultancy. There’s one position in the DC team, and another in the DB team.

In this role you will be involved with: • • • • •

Conducting investment manager research and formulating views on investment managers’ capabilities; Calculating investment performance figures for performance monitoring purposes; Drafting performance monitoring reports, including commentary; Understanding the basis of transfers of assets between investment managers and liaising with managers during the transfer; Drafting letters and reports for review by senior staff.

Suitable candidates will be provided with full actuarial or CFA study support.

Pensions Actuary, London (circa £60k + bonus) Nearly/ newly qualified actuary required to work with both corporate and trustee clients. In addition to attending client meetings and presenting on technical issues, you will be the key point of contact for clients on a day to day basis, whilst managing a small team of actuarial staff.

theactuaryjobs.com is the official job board for SIAS and the Institute and Faculty of Actuaries.

To register for our Jobs by email service simply go to theactuaryjobs.com

Parvinder Matharu Newton Recruitment t +44(0)1689 862937 e parvinder@newtonrecruitment.com w www.newtonrecruitment.com Contact

March 2016 • THE ACTUARY 45 www.theactuary.com

ACT Rec Mar16.indd 45

22/02/2016 15:55

Appointments

AT YOUR

FINGERTIPS For the latest news and views, visit theactuary.com.

Register for weekly email newsletters Read the latest features and opinion 46

Browse theactuaryjobs.com and theactuaryjobsasia.com, the official jobsites of the UK actuarial profession

THE ACTUARY • March 2016 www.theactuary.com

ACT Rec Mar16.indd 46

22/02/2016 15:55

www.theactuaryjobs.com

Star Actuarial Futures is pleased to be bringing this role to market on behalf of Legal & General Reinsurance Company Limited.

PRICING & STRUCTURING ACTUARY Legal & General Reinsurance Company Limited is the global reinsurance hub of the Legal & General Group, who are a leading global financial services company and one of largest life insurers in the UK. Legal and General Reinsurance Company Limited is seeking to hire a Pricing & Structuring Actuary. This position will appeal to an ambitious, self-motivated individual willing to go the extra mile. This role is based in Bermuda and will be part of a growing actuarial function for the group. If you are qualified, have life insurance experience, particularly with annuity and longevity risk transfer business, this would be the career opportunity you are seeking!

KEY RESPONSIBILITIES INCLUDE: • Lead the pricing of annuity reinsurance and bulk annuity transactions in international territories - including quota share reinsurance, longevity swaps and non-traditional reinsurance arrangements.

• Lead the structuring and execution of these transactions, taking into consideration operational requirements, risk appetites and business objectives.

• Develop bid strategies for new business opportunities and make recommendations to the Pricing and Capital Committees.

• Develop pricing bases and understand the impact of the proposals on all relevant areas of specialism and the consolidation of results.

• Lead the development and implementation of pricing systems that are well documented, communicated and integrated into business as usual processes such that they produce high quality and reliable results.

• Develop and implement processes to ensure the quality and proper governance of all work carried out across the actuarial function.

SKILLS AND EXPERIENCE REQUIRED Essential • Expert experience of pricing annuities for individual and bulk purchase annuity business, and longevity swaps in the UK and other international territories.

• Experience of the legal and operational structuring of these transactions.

• Able to understand and apply technical aspects of external regulatory reporting, capital and solvency requirements, embedded value and IFRS reporting.

• Strong Microsoft Excel and VBA skills.

• Qualified Actuary.

Desirable • Knowledge of pricing considerations applicable to non-annuity life insurance products • The ability to interpret financial information, identify key issues based on this information and propose controls and measures to address them The role offers a competitive benefits and compensation package commensurate with experience.

Please contact Jan Sparks of Star Actuarial Futures for further information.

Jan Sparks FIA ASSOCIATE DIRECTOR M: +44 7477 757 151 E: jan.sparks@staractuarial.com ACT Rec Mar16.indd 47

March 2016 • THE ACTUARY 47 www.theactuary.com

22/02/2016 15:55

Appointments N O N - L I F E LIFE R IS K P E N S IO NS I NVESTM ENT HEALTH HEAD OF ACTUARIAL

HEAD OF PRICING ANALYTICS

RESERVING DIRECTOR - NON-LIFE

up to £170k package

up to £120k + generous bonus + benefits

£ excellent package

NON-LIFE MIDLANDS

NON-LIFE LONDON

NON-LIFE SOUTH EAST

STAR2785

STAR3044

STAR2807

Leading insurer seeks a qualified actuary to take responsibility for the development and maintenance of appropriate actuarial controls and processes for its European insurance businesses.

Our client is seeking a qualified GI actuary to use their significant non-life pricing experience to lead and oversee the development and delivery of a market-leading pricing infrastructure.

Rapidly expanding actuarial consultancy seeks a qualified non-life actuary to take the lead on its reserving proposition, offering cutting-edge solutions and contributing to the overall strategy of the business.

HEAD OF ACTUARIAL

HEAD OF RISK

LONDON MARKET RESERVING

£ excellent package

£ excellent package NON-LIFE LOCATION UPON APPLICATION

STAR2814

£ excellent package

NON-LIFE BIRMINGHAM

STAR2983

NON-LIFE LONDON

STAR2945

Excellent opportunity to take up a wide-ranging Head of Actuarial position within a major insurer. The role encompasses capital modelling, reserving, reinsurance, investment and business strategy, and team management.

We are currently working on an exciting opportunity for a non-life actuarial expert to provide prudential risk oversight for general insurance risk for a market leading financial services company.

Global reinsurance firm has an exciting opportunity for a part-qualified or qualified non-life actuary to play a key role in supporting the development of the reserving processes within its Syndicate.

CASUALTY PRICING ANALYST

GI CONSULTING IN THE CAPITAL

MAKE YOUR MARK ON THE FUTURE

£ excellent + bonus + benefits

£ excellent package NON-LIFE LONDON

STAR2995

£ dependent on experience

NON-LIFE LONDON

STAR2988

NON-LIFE LONDON

STAR3007

Leading London Market reinsurer has a fantastic opportunity for a part-qualified nonlife actuary with casualty treaty pricing experience to work closely with the underwriters in the provision of expert actuarial advice.

Major professional services firm seeks a part-qualified or qualified GI actuary with capital and reserving experience to lead the provision of cutting-edge advice to a wide range of clients.

An incredible career development opportunity for a technically strong non-life actuary with a broad skillset, including excellent influencing skills. This role offers exposure to projects across risk, reserving, capital and pricing.

TECHNICAL PRICING MANAGER

NON-LIFE RESERVING ACTUARIES

RESEARCH & DEVELOPMENT

£ excellent + bonus + benefits

£ excellent package NON-LIFE SOUTH EAST

STAR3032

NON-LIFE SOUTH COAST

up to £80k + bonus + benefits STAR3050

NON-LIFE MIDLANDS

STAR2972

Leading insurance group has a fantastic opportunity for a non-life specialist to join its motor business where you will take the lead on risk-cost modelling. Excellent stakeholder management skills will be required.

Leading insurer has a number of excellent opportunities for qualified non-life actuaries to provide support for the reserving function, leading the quarterly IFRS reserving process.

This exciting role will appeal to a candidate with their finger on the pulse of changing market dynamics and the opportunities they present for a market leader to develop and improve its pricing capability.

NON-LIFE IN THE SOUTH WEST

INTERNATIONAL PRICING ACTUARIES

MULTIPLE PRICING CONTRACTS

£ depends upon experience

SEK excellent

£ contract rates

NON-LIFE BRISTOL

STAR2974

Growing non-life business seeks part-qualified or qualified non-life actuaries to work on cutting-edge pricing projects. Emblem experience would be considered an advantage.

NON-LIFE SWEDEN

STAR3020

Leading international insurance group has a number of exciting opportunities for pricing actuaries with experience of optimisation of new business and renewal business to join its teams across Sweden.

NON-LIFE MIDLANDS

STAR3010

Leading insurer seeks part-qualified and qualified non-life pricing actuaries to provide support for its pricing strategy. Please contact us now to discuss these exciting contracts.

STARINVESTMENTVACANCIES ALM CONSULTANCY

DIVERSIFIED INVESTMENT

£ excellent + bonus + benefits INVESTMENT LIFE LONDON

£ very competitive STAR3054

Leading global consultancy seeks a qualified actuary or CFA with asset side experience in capital markets, trading, hedging, ALM, LDI, risk or capital management to join its cuttingedge team.

48

INVESTMENT NATIONWIDE

£ excellent package STAR3061

Leading investment consultancy seeking to make multiple hires across the UK. Candidates with investment experience (actuarial or CFA) or a strong desire to move into investment are encouraged to apply.

INVESTMENT LONDON

STAR2960

Leading asset manager has an unrivalled opportunity for a qualified actuary (or CFA) to join as an Associate Director, managing relationships with a focus on fiduciary management.

Antony Buxton FIA

Louis Manson

Irene Paterson FFA

Joanne O’Connor

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

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

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

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

Ivan Clarke

Lance Randles MBA

Paul Cook

Peter Baker

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

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

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

DIRECTOR - INSURANCE SEARCH THE ACTUARY+44 • March 7870 2016 181 444 www.theactuary.com ivan.clarke@staractuarial.com

ACT Rec Mar16.indd 48

FIDUCIARY ASSET MANAGER

22/02/2016 15:55

www.theactuaryjobs.com

ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 CORPORATE ACTUARIAL DIRECTOR

PRODUCT DEVELOPMENT DIRECTOR

THE PATH OF LIFE

£ excellent package

£ excellent package

£ depends upon experience

STAR3008

LIFE LONDON

STAR2912

LIFE LONDON

STAR3034

We are currently working on an exciting opportunity for a qualified life actuary to join a leading reinsurer where you will make an impact within its longevity business, taking responsibility for financial reporting.

Leading reinsurer has an exciting opportunity for a qualified life actuary to lead and deliver product innovation for the European business unit across both longevity and protection.

Our client is seeking a high-calibre life actuary to join its growing team in London. The successful candidate will have strong stakeholder management skills and an excellent appreciation of risk within a Solvency II context.

SYSTEMS ACTUARY - ASSET MODELLING

STRATEGY & VALUE MANAGEMENT

ACTUARIAL AUDIT MANAGER

£ excellent package

£ excellent + bonus + benefits

LIFE LONDON

STAR2979

£ excellent + bonus + benefits

LIFE BRISTOL

STAR2982

LIFE BRISTOL

STAR2976

Our client is seeking a qualified life actuary to take ownership of the development, testing and documentation of the asset modelling within its firm. Knowledge of Moses / MoNet / Prophet software is desirable.

Leading insurance group is seeking a partqualified or qualified life actuary to support analysis of commercial aspects of change, oversight of projects, and assessment of regulatory impacts on its business.

Leading insurer seeks a part-qualified or qualified life actuary to join its Internal Audit team where you will provide specialist independent review and insight over particular finance and risk functions.

ACTUARIAL SYSTEMS MODELLING ANALYST

STRATEGY MANAGER - HEALTH

MOVE TO REINSURANCE

£ excellent + bonus + benefits

£ excellent

LIFE SOUTH COAST

STAR3018

HEALTH SOUTH EAST

£ excellent STAR3031

LIFE PENSIONS LONDON

STAR3009

Leading insurer seeks a part-qualified life actuary (or actuary no longer studying for the exams) to take the lead in the development of cutting-edge modelling solutions.

Major insurance group seeks a qualified actuary for a 12 month FTC to support and analyse its strategy for the health insurance market. You will have significant experience in a commercial or data analytics environment.

Leading-edge firm seeks qualified pensions actuaries with strong technical skills to take up challenging roles. Experience of reinsurance and/or annuities would be a bonus.

NATIONWIDE LIFE CONSULTANCY

CAPITAL ACTUARY

GROUP CAPITAL & ALM PENSIONS

£ excellent + benefits

up to £75k + bonus + benefits

up to £50k + bonus + benefits

LIFE PENSIONS LONDON

STAR2985

LIFE PENSIONS LONDON

STAR2969

LIFE PENSIONS LONDON

STAR2937

Leading professional services firm has a number of exciting opportunities across the UK for part-qualified actuaries to join its specialist teams providing expert actuarial advice to a wide range of life and pensions clients.

Our client is seeking an ambitious partqualified or qualified capital actuary to join its high-performing team. This is an excellent opportunity to take up a role that opens doors to capital markets and the world of transactions.

Global insurance firm seeks a part-qualified or qualified life or pensions actuary with strong interpersonal skills. You will be responsible for preparing and delivering capital reporting in respect of the group’s pension schemes.

PRICING ACTUARY - LIFE/PENSIONS

CORPORATE PENSIONS CONSULTANT

RISK MODELLING ACTUARY

£ excellent + bonus + benefits

£ excellent + bonus + benefits

£ excellent + benefits

LIFE PENSIONS LONDON

STAR3056

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.

PENSIONS NATIONWIDE

Leading global consultancy seeks qualified pensions actuaries with experience of leading relationships with corporate clients to join its offices across the UK.

FOR MORE VACANCIES VISIT ASSOCIATE DIRECTOR

£ excellent package STAR2959

Leading London asset manager has a fantastic opportunity for an actuary, CFA qualified or qualified-by-experience professional to be responsible for the management of client relationships across a broad range of services.

ACT Rec Mar16.indd 49

INVESTMENT NATIONWIDE

PENSIONS SOUTH EAST

STAR3037

Leading financial services firm offering solutions for defined benefit pension schemes has an exciting opportunity for a qualified actuary to join its risk modelling team.

Experience in stochastic modelling is required.

www.staractuarial.com

SENIOR INVESTMENT CONSULTANTS

£ excellent package INVESTMENT LONDON

STAR3030

Star Actuarial Futures Ltd is an employment agency and employment business

LIFE LONDON

INSURANCE INVESTMENT ANALYST £ excellent + bonus + benefits

STAR3023

Leading global consultancy has a number of exciting opportunities for talented individuals to join its offices around the country where you will contribute to the development of innovative investment solutions.

INVESTMENT LIFE LONDON

STAR2991

We are currently working on a unique opportunity for a part-qualified actuary to work with industry experts in the investment of one of the largest insurance portfolios in the UK.

Jo Frankham

JJan Sparks FIA

Adam Goodwin

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

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

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

Clare Roberts

Carolina Emmanuel

Diane Lockley

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

SENIOR CONSULTANT +44 7495 564 958 carolina.emmanuel@staractuarial.com

S SENIOR CONSULTANT +44 7492 060 219 + ddiane.lockley@staractuarial.com

March 2016 • THE ACTUARY 49 www.theactuary.com

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Appointments

Communicate and Conquer: Why Soft Skills are Essential for Today’s Actuary We are the largest Actuarial ZLHYJO Ä YT NSVIHSS` ^P[O V]LY MVY[` JVUZ\S[HU[Z WHY[ULYPUN ^P[O HU PU[LYUH[PVUHS UL[^VYR VM 0UZ\YLYZ *VUZ\S[HUJPLZ HUK 0U]LZ[TLU[ 4HUHNLTLU[ VYNHUPZH[PVUZ >L OH]L Z\JJLZZM\SS` N\PKLK [OL JHYLLYZ VM (UHS`Z[Z [OYV\NO [V 7HY[ULYZ HUK )VHYK SL]LS 6\Y L_WLY[PZL LUJVTWHZZLZ JVU[PUNLUJ` YL[HPULK HUK L_LJ\[P]L ZLHYJO ZVS\[PVUZ MVY IV[O WLYTHULU[ HUK PU[LYPT WVZP[PVUZ

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ith constant talks of mergers and acquisitions, consolidations and downsizing, it is imperative to stand out from your peers to ensure career stability and advancement VWWVY[\UP[PLZ ^P[OPU `V\Y Ä YT /V^& Quite simply by matching your technical expertise with ‘soft skills’ honed to the same level.

The smart technician may be the predominant image many actuaries aspire to, but it is a mixture of several core elements which add the most value [V [OL [VW HJ[\HY`»Z WYVÄ SL :WLJPÄ JHSS` the richness or depth of actuarial perspective, the breadth of actuarial discipline and, equally as important in the modern climate, the ability to JVTT\UPJH[L LɈ LJ[P]LS` >P[O [OPZ PU mind, here are our top tips to aid you in your professional development and help you secure that much deserved promotion:

Communication

You have strong intellectual, mathematical and problem-solving skills but have you got the communication skills to match?

Perhaps the most important of our top [PWZ P[»Z LZZLU[PHS [V IL LɈ LJ[P]L PU [OPZ area especially now that there is constant pressure to be more relevant to clients, employers and employees. The capacity to think commercially and communicate clearly should not be underestimated; `V\Y HIPSP[` [V LUNHNL HUK PUÅ \LUJL ^P[O the business as a whole and stakeholders is now paramount in your success as an Actuary. The good news is that soft skills can be developed (just like technical skills!) but it will require focus, commitment and most importantly, patience.

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Why are soft skills so important? Well, the role of the actuary has drastically altered in the last 20 years. The ability to communicate concisely with clients and JVSSLHN\LZ PZ LZZLU[PHS PU KPɈ LYLU[PH[PUN `V\YZLSM MYVT V[OLY HJ[\HYPLZ 7YVÄ JPLU[ leadership skills, social skills and communication skills are a necessity in the business world, where, if you are a consulting actuary for example, you are having to communicate extremely JVTWSL_ HUK KPɉ J\S[ PUMVYTH[PVU [V people who have no training in actuarial JVUJLW[Z ,Ɉ LJ[P]L JVTT\UPJH[PVU skills are also vital in managing junior employees, projects, work-streams and winning new business.

Therefore, mastering the art of communication is essential from improving conversational skills through to presentation skills; why not attend various networking events with other Actuaries to help in developing your soft skills in a professional yet informal environment?

Employers are actually now placing greater emphasis on developing soft skills, with some Ä YTZ L]LU PU]LZ[PUN PU ZWLJPHSPZ[ writing training programmes for [OLPY HJ[\HYPHS Z[HɈ

THE ACTUARY • March 2016

www.theactuary.com Oliver James Associates Financial & Professional Service Specialists

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There is no denying that the client will ultimately be interested in the Ă&#x201E; UHUJPHS PTWSPJH[PVUZ VM `V\Y Ă&#x201E; UKPUNZ /V^L]LY `V\ ULLK [V LUZ\YL `V\ HYL communicating the ideas behind the implications. Getting this wrong could potentially lose valuable business or weaken existing client relationships.

To improve your communication skills, actively engage with clients and colleagues in meetings and donâ&#x20AC;&#x2122;t just wait to be asked questions; voice your opinion and ultimately show assertiveness.

Taking Initiative

Take the initiative to seek out responsibility above and beyond your job description to better your company and colleagues.

Whilst you will obviously seek individual reward and recognition, taking the initiative to implement a practice that ILULĂ&#x201E; [Z V[OLY (J[\HYPLZ ^PSS PUJYLHZL your value within the company and get you noticed.

Self-Management

Do not underestimate the power of self-management in achieving that promotion. Understanding yourself, identifying your strengths and adopting multiple perspectives on your role are all factors that will contribute to improving your position over time. Essentially, think outside of the box, adopt a creative approach and above all, be self-motivated.

Leadership

3LHKLYZOPW ZRPSSZ JV\WSLK ^P[O LÉ&#x2C6; LJ[P]L communication skills that are backed up by technical ability will deliver actionable insight for the business. Go beyond identifying and measuring the problem; taking the brilliance of your spreadsheet and sharing this articulately with a wider audience will help you stand out from the actuarial crowd!

Networking

It is incredibly important to build your external network, share knowledge within this technical industry and learn from others. People you meet and build key relationships with may be able to assist you with critical business projects and therefore, increase your pool of knowledge and value to the company. ,É&#x2C6; LJ[P]LULZZ HUK LÉ&#x2030; JPLUJ` JHU HSZV be improved for the better when you call upon your established network of industry peers. Identify sought-after experts and senior Actuaries in other Ă&#x201E; YTZ HUK ^VYR VU I\PSKPUN H Z[YVUN professional network of peers to call upon for tough tasks. Itâ&#x20AC;&#x2122;s never been a better time for you to accept all those invitations for â&#x20AC;&#x2DC;networking drinksâ&#x20AC;&#x2122;!

(J[\HYPLZ UV^ OH]L NYLH[LY PUĂ&#x2026; \LUJL HUK more touch-points internally than ever ILMVYL ;OL ULLK [V IL HISL [V LÉ&#x2C6; LJ[P]LS` JVTT\UPJH[L THUHNL PUĂ&#x2026; \LUJL and negotiate for the modern actuary therefore, becomes vital to advise and embed values across the organisation at all levels. Rather than being seen HZ H IHJR VÉ&#x2030; JL JVZ[ HUK NV]LYUHUJL function, the modern actuary can help improve the bottom-line, optimise capital usage and returns, whilst managing and helping enforce a healthy level of risk appetite. Remember, exceptional hard skills are a prerequisite for an actuarial career â&#x20AC;&#x201C; it is the soft skills that will make you stand out from your contemporaries.

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www.theactuaryjobs.com )LUQHTPU 4VZLZ +44 207 310 8793 benjamin.moses@ojassociates.com Clare Nash +44 207 649 9350 clare.nash@ojassociates.com Paul Francis +44 207 649 9469 paul.francis@ojassociates.com

info@ojassociates.com www.ojassociates.com @OJAssociates oliver-james-associates

CURRENT VACANCIES More latest vacancies at

^^^ VQHZZVJPH[LZ JVT Non-Life Pricing Opportunities Midlands Â&#x2030; Â&#x2030; )VU\Z )LULĂ&#x201E; [Z

Head of Model Validation (Non-Life) London <W [V Â&#x2030; )VU\Z )LULĂ&#x201E; [Z

My client, a leading Insurer, is building a brand new Pricing and Underwriting function. I am therefore looking for pricing candidates at all levels. If you have insurance Pricing or Underwriting experience and wish to hear more, please get in touch.

Newly created role - I am looking for a X\HSPĂ&#x201E; LK (J[\HY` ^P[O Z[YVUN TVKLSSPUN skills to lead the group wide validation MVY H THQVY PUZ\YLY ;OPZ PZ H OPNO WYVĂ&#x201E; SL position working closely with the group CRO and managing a small team.

Excellent communication required.

Senior Risk Actuary London Â&#x2030; Â&#x2030; )VU\Z )LULĂ&#x201E; [Z

Protection Product Development Actuary London (City) Â&#x2030; Â&#x2030; )VU\Z )LULĂ&#x201E; [Z

,_JLSSLU[ VWWVY[\UP[` MVY H X\HSPĂ&#x201E; LK 3PML Actuary to join this leading organisation in London as part of their 2nd line Risk function. You will have broad Actuarial experience and be comfortable working with senior stakeholders across the business.

My client, a global reinsurer in the City, is looking for a Qual/NNQ Actuary to join their Product Development and Pricing team. This is an excellent opportunity to join a prestigious company and play a key role in building innovative solutions.

-YVT V\Y VÉ&#x2030; JLZ PU 3VUKVU 4HUJOLZ[LY A\YPJO (TZ[LYKHT Hong Kong, New York and Singapore we cover the UK, Ireland, *VU[PULU[HS ,\YVWL <:( HUK (ZPH 7HJPĂ&#x201E; J YLNPVUZ

March 2016 â&#x20AC;˘ THE ACTUARY 51 www.theactuary.com Oliver James Associates Financial & Professional Service Specialists

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Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Pricing Analyst London

General Insurance To £45K

This role for a junior part qualified actuary within a developing Lloyd’s

Capital Actuary London

General Insurance To £100K

skills. Ref: ARC26307

This role working for a specialist P&C insurer and reinsurer will be involved in the development and running of the company’s internal capital model for ICA and Solvency II requirements. The role requires an individual with the interpersonal skills to interact well with the business in embedding the capital work within the company. First class technical skills are required with extensive previous experience in capital and a sound knowledge of Solvency II. Igloo knowledge would be a big advantage. Ref: ARC25922

Reserving Nearly/Newly General Insurance Bermuda $Excellent plus very good benefits

New Entrant roles London

This Bermuda based reinsurer is looking for a part qualified up to

We have a number of new entrant positions currently within Lloyd’s

a newly qualified actuary with a background in London Market

managing agencies with potential involvement in pricing, reserving

business will be principally involved in pricing but the role will also encompass some capital modelling, reserving, business planning and outwards reinsurance analysis. The client is looking for someone with existing general insurance experience ideally from within the London Market with a good academic background and strong interpersonal

reserving for a new role in a small actuarial team on the island. Good communication skills are required as well as an ability to self manage workloads. ResQ experience ideally needed as well as knowledge

General Insurance £Excellent

as well as capital modelling. Prospective candidates will require a 2.1 or above degree from a Russell Group university, excellent

of global accounting standards including GAAPs and IFRS. Excellent

communication skills and have a good understanding of work as an

benefits on offer. Ref: ARC26265

actuary in the non-life market. Ref: ARCGraduate

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

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THE ACTUARY • March 2016 www.theactuary.com

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