Life Actuary (newly qualified) – Insurance Supervision Job at Bank of England in London
The Bank of England is the UK’s central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.
We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.
The Life Insurance and Pension Risk Department (LIPRD) comprises over 40 risk specialists whose purpose is to provide high quality technical advice and support to Supervision to help ensure that firms are adequately controlled and capitalised.
Our specialists have broad and deep understanding of the prudential risks posed to PRA by life insurers, reinsurers and pension schemes. This expertise is a combination of strong corporate knowledge of the life firms we regulate and their risks such as longevity, credit, market and underwriting.
We retain and deliver the corporate knowledge by designating each of our line staff to a small portfolio of firms over a period of time. As we are located in Supervision, our staff are very accessible to and work closely with their firm supervisory teams.
In addition to their firm-specific responsibilities, most staff also contribute to maintaining and developing knowledge of risks faced by insurers. Operationally, this is achieved via our risk specialisms. These specialisms are an element of our vision of a technical centre of excellence for life insurers and feed into an efficient specialisms capability across the Supervision Directorate.
We are seeking a motivated recently qualified life actuary with a good knowledge and understanding of financial and insurance risk issues affecting life insurance firms.
The successful candidate will be expected to work in a team of actuaries with diverse experience, as well as with other colleagues, in order to support the supervision of firms.
Performing proportionate risk-based assessments and oversight (e.g. Solvency II reviews and Part VII transfers) of life insurance firms and applying well-reasoned judgement to identify risk to PRA statutory objectives and to identify potential mitigation for these risks.
Developing the knowledge, skills and experience in specialist areas.
Performing research in key risk areas (e.g. credit risk, longevity, dependencies) aimed at developing house views of what constitutes good practice.
Conducting thematic projects by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks
Taking part in initiatives across the Department, Directorate and wider Bank.
Minimum (Essential) Criteria:
A qualified life actuary, typically with 0-5 years of post-qualification experience.
Demonstrable understanding of the key financial and life insurance risk areas for insurers and the actuarial controls necessary to ensure these are managed prudently.
Sound, demonstrable technical understanding of Solvency II, in particular capital modelling or the ability to quickly pick them up.
Able to self-manage and work within a team. Good communication and interpersonal skills.
Approach review work proportionately when expressing views on technical issues, so as to reach outcomes that are consistent with the achievement of PRA objectives.
Good working knowledge of the relevant PRA rules and wider professional guidance.
Good understanding of the life insurance market in the UK, key industry issues and trends.
This job offers the opportunity to:
Be engaged with a variety of life insurance firms.
Be involved in specialist technical work and gain expertise.
Work with actuaries and others in an intellectually meaningful environment.
Work on PRA/Bank activity that impacts the industry.
See and hear what is happening in other financial sectors, including banking.
Use your skills in an interesting and collaborative environment.
As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.
This specific role offers a base salary of c. £50,000 – £65,000 (Flexible depending on skills and experience)
The total package also includes:
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. The current cost to the Bank of providing this pension is 35% of your salary.
- A discretionary performance award based on a current award pool and target award of 10%
- A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
- 25 days annual leave with option to buy up to 13 additional days through flexible benefits
- Private medical insurance and income protection insurance
This role is London-based.
We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.
This role is open to job shares, flexible and part time working patterns.
The closing date for applications is Friday 11th December 2020.
We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
Bank of England
Company: Bank of England
Company Location: London