Nearly/Newly Qualified Actuary

Job Description:

Nearly/Newly Qualified Actuary

Hybrid working with 1-2 days per week working on site

Angel Court, London, EC2R 7HJ

Permanent

Salary £60,000 - £75,000 per annum dependant upon experience

Fantastic benefits including healthcare and generous pension scheme

Full time 37.5 hours per week

We make health happen

Our Actuarial teams play a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision.

We are seeking a highly motivated nearly/newly qualified Actuary to join our Capital Reporting team. The role holder is responsible for delivering the governance and development of the Solvency Capital Requirement (SCR) and ReMetrica based Economic Capital Model (ECM), ensuring they remain robust, compliant, and fit for purpose in a dynamic regulatory environment. The role will collaborate with many other teams to promote understanding and appreciation of the impact our capital has on the business growth.

How you’ll help us make health happen

The role holder would be responsible for:

• Ownership and development of the Solvency Capital Requirement (SCR) model and Risk Margin model calculating for Bupa's insurance entities.

• Delivery of capital reporting on a quarterly basis, reporting clear and informative insight to 1st line sign-off and 2nd line review.

• Validation (including proof of challenge on SCR data inputs), and explanation of methodology and movements to Head of Actuarial Reporting Capital to explain the drivers of SCR figures.

• Development of the model to improve the team’s efficiency in interacting with the process and ability to analyse all risk charges. Particular focus should be placed on the Market Risk calculations and communication with data providers as it is owned by teams outside of Actuarial.

• Continue to improve the communication of the importance and role of the capital reported to the wider actuarial and finance teams.

• Review the model on a regular basis and respond to recommendations from the second line of defence (“2LOD”) validation exercises and mitigate the risks identified in such assessments.

• Update the end-to-end BINS Economic Capital Model (ECM) alongside the Head of Economic Capital.

• Run the ECM in ReMetrica, providing results and explanation of movements.

• Deliver annual risk calibrations for the ECM risk modules.

• Engage with the 2nd line to prioritise validation and development activities.

• Development of the communication of the results.

• Support any future project on a Partial Internal Model (“PIM”) for BINS alongside the Capital Risk Team.

• Mentor junior team members.

• SCR Plan and Stress and Scenario Testing (SST). 

This role reports to the Head of Actuarial Reporting and Capital. It requires management of one or two actuarial analysts as well as collaboration with cross functional departments that are key to the SCR, ECM, and RM.

Key Skills / Qualifications needed for this role:

The jobholder is expected to have the following experience and qualification(s):

• Minimum 4 years of previous experience in a Capital role

• Knowledge of PRA and EIOPA Solvency II reporting requirements

• Previous exposure to capital modelling techniques and reporting including risk calibrations for economic capital or partial/full internal model under Solvency II

• Strong analytical, problem solving and modelling skills

• Advanced Microsoft Office skills (in particular Excel)

• Experience with Aon ReMetrica software knowledge is an advantage, but not essential

• Experience with Psicle modelling software, Python or Snowflake ideal (but not essential)

• Ability to work well within a widely connected business

• Experience of working with project / programme teams

• Proactive mindset, ability to work independently and drive forward changes where required.

Benefits

Our benefits are designed to make health happen for our people. Viva is our global wellbeing programme and includes all aspects of our health – from mental and physical, to financial, social and environmental wellbeing. We support flexible working and have a range of family friendly benefits.

Joining Bupa in this role you will receive the following benefits and more:

• 25 days holiday per year, pro rata to your contract.
• Access to a range of services to support your physical and mental wellbeing
• Fixed term benefits allowance
• Access to our confidential employee assistance programme
• Workplace pension
• Online discounts covering your everyday shopping, entertainment, eating out and more.

Why Bupa?

We’re a health insurer and provider. With no shareholders, our customers are our focus. Our people are all driven by the same purpose – helping people live longer, healthier, happier lives and making a better world. We make health happen by being brave, caring and responsible in everything we do.

We encourage all of our people to “Be you at Bupa”, we champion diversity, and we understand the importance of our people representing the communities and customers we serve.  That’s why we especially encourage applications from people with diverse backgrounds and experiences.

Bupa takes pride in being a Level 2 Disability Confident Employer and will aim to offer an interview/assessment to disabled applicants who best meet the minimum criteria for the role. We’re committed to ensuring you’re treated fairly during the recruitment process and offer reasonable adjustments to anyone who may benefit from accommodations to the recruitment process. 

If you require information regarding this role in an alternative format, please email: [email protected]

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