JOB DESCRIPTION
POSITION: Reserving Manager
ASSIGNMENT NO: 29177
LOCATION: London
Purpose of the Reserving Manager:
A fundamental role in the Actuarial team, responsible for supporting the Head of Reserving in delivering all aspects of quarterly reserving, which includes the quarterly reserving process, internal and external reporting, as well as inputs into where required, the relevant Finance processes, IFRS 17, and SII TPs (Solvency II Technical Provisions).
This will be managing analyst(s) in carrying out reserving and supporting the development of a high performing team. As part of the team, the role is responsible for delivering a “best in class” reserving process, utilising tech and sophisticated techniques, with responsibilities for the input into the design, implementation and continued development of the reserving process.
Principal Accountabilities of the Reserving Manager:
* Supporting the Head of Reserving in delivering all aspects of quarterly reserving, which includes the quarterly reserving process, internal and external reporting, including the production and review of all related reserving reporting e.g., Trust Funds, RITC, risk margin etc.
* Responsible for ensuring appropriate methods, assumptions, and judgement, with clear justifications and audit trails, in line with professional standards, governance, controls and timeframe requirements
* To assist in undertaking an appropriate level of analysis to support business decisions and provide additional insight to the business, focusing on the key areas to understand the drivers and uncertainties behind claims emergence.
* Ownership and clear communication of results and assumptions, including analysis of change, assessing/quantifying uncertainty, validating assumptions, reviewing material risks, and consolidation of impacts across classes to assess impact at Group and Entity levels
* Working collaboratively across a range of stakeholders, developing effective feedback loops, integrating information, and disseminating reserving insight, to challenge and/or support robust commercial decisions. Key stakeholders include Claims, Risk, Outwards RI, Portfolio Management, Portfolio Underwriting, and Algorithm Teams
* Provide all relevant inputs from Reserving into the IFRS 17, SII TP and capital parameterisation actuarial processes, including supporting the derivation of the Reserve Risk parameters
* Work collaboratively with the Regulatory Actuarial Team and Finance Team to understand the impact of reserve movements on the SII TP, IFRS 17 and Financial Year figures and reports
Requirements of the Reserving Manager:
* Qualified Actuary (FIA, FFA or equivalent)
* Expert Reserving knowledge and sound commercial general insurance Lloyd’s/company market experience
* Obtained a relevant, numerate degree with a good overall grade
* Experience of managing a small team of analysts/students and prioritising others’ workloads
* Data science skills and a proven track record of applying them effectively in an insurance setting