Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Purpose
Support delivery of core oversight tasks of the Actuarial Function. This includes (but not limited to) validation and oversight of the calculation of actuarial liabilities (Solvency II technical provisions c.£25bn at YE2020) and the actuarial oversight of pricing, underwriting and reinsurance across Canada Life UK.
Oversee Canada Life Limited (“CLL”) Partial Internal Model (“PIM”) methodology, PIM calibration and 1st line validation of PIM. Ensure PIM governance and processes are maintained and work effectively. Deliver high quality and effective PIM reporting to meet the needs of senior management and Board.
Support the Head of Actuarial Function Oversight and Partial Internal Model (“Head of AFS & PIM”) and Actuarial Function Holder (AFH) in their responsibilities to establish and maintain the actuarial governance processes and to provide overview and challenge to actuarial deliveries and to the broader activities of the business as appropriate.
This position is London based
Key Accountabilities
1) PIM First Line Governance, Oversight and Reporting - Support AFO team in 1st line PIM governance responsibilities including:
- Oversight of PIM methodology – ensuring changes are appropriately justified, documented and reported;
- Oversight of annual recalibration of the PIM and 1st Line validation of the PIM results;
- Ensuring PIM governance and processes are maintained and operating effectively and in line with relevant Policies and Standards; and
- Produce and present regular high-quality reports on PIM performance for management and Board committees that meet their needs and the requirements of the PIM Policies and Standards.
2) Actuarial Control Frameworks – Support the AFO team to deliver, oversee and implement actuarial control frameworks, initiating regular review of appropriate actuarial controls and analysis. Ensuring insight and commentary for senior managers and boards is written to a high standard and complies with legislation and our own internal control requirements.
Support the Head of AFO & PIM and DCA to maintain the Policies and Standards for which the AFH is the owner, and attest to the compliance with other policies (local, CLG and Lifeco) as required
3) Oversight (non-PIM) - Delivery of core oversight tasks of the Actuarial Function. This includes (but not limited to) validation and oversight of the methodology and assumptions used in the calculation of actuarial liabilities (technical provisions and reserves used in financial reporting) and the actuarial oversight of pricing, underwriting and reinsurance
4) Reporting – Support the Head of Actuarial Function Oversight and Partial Internal Model (“Head of AFS & PIM”) and AFH in the production of actuarial reports to the management and Board including:
- Valuation results and assessment of the appropriateness of the data, methodology and assumptions
- Report on the tasks of the Actuarial Function including an opinion on the overall underwriting policy and adequacy of reinsurance arrangements for the company as a whole
- Other ad-hoc reports as required.
5) Risk Management System implementation - Support the Head of Actuarial Function Oversight and Partial Internal Model (“Head of AFS & PIM”) and AFH to provide effective implementation of the CL risk management system as required, including:
- Reviewing results, projections, stress and scenarios tests and associated reports
- Providing management with information to understand the risks within the business
- Support Capital management initiatives
- Support business projects
6) Wider team success – Support the Head of AFO & PIM in ensuring the success of the wider team by:
- Effective communication and stakeholder management with senior executives
- Building strong business relationships with stakeholders across the business
- Championing role and value-add of AFO team
- Mentor and coach part-qualified actuaries and other actuarial support colleagues to support their development
- Role modelling Canada Life values at all times, acting with integrity and representing the function with pride and passion.
Desired Knowledge / Experience / Skills
Technical Expertise
• Developing expertise in 1 or more areas within the function, demonstrating sound understanding of complex statistical methods and models with the ability to interpret financial information and controls to accurately advise stakeholders to inform their decisions.
• Validating the work of non-qualified and other recently qualified actuaries
• Good knowledge of a variety of actuarial models and controls and their commercial application/implication.
• Advanced MS excel skills demonstrating efficient use of spreadsheets and basic data manipulation skills
Communication:
• Excellent analytical and report writing/drafting skills
• Can explain complexities in a straightforward and accurate way to audiences of differing levels of understanding, with some coaching or support from senior managers.
• Proven communication, influencing and negotiation skills whereby they can adapt their message to the audience, demonstrating their ability to share knowledge with the business in a format that is easily understood, balancing the need for required detail where this is necessary and higher level information.
Relationship Building:
• The ability to develop and maintain strong relationships across the actuarial function, acting with integrity and role modelling the company values at all times, in order to support the organisation in achieving its goals and mitigating the organisations’ exposure to risk.
• Being able to flex their style and approach to different individuals, with occasional support, in order to achieve a successful outcome.
Planning and use of initiative:
• Willing and capable of taking decisions independently in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated.
• Able to effectively plan, organise and execute their own work with minimal supervision, using their sound judgement to spot conflicting priorities and readjust their workload accordingly, with escalation to management only when appropriate.
• Identify opportunities for improving processes and propositions and competently analyse and communicate these to line management
Developing Self
• An interested and inquisitive individual who is committed to their own ongoing professional and personal development.
• Strong commercial awareness and understanding of the needs of the business. Will be able to apply technical actuarial techniques and understand business/commercial implications.
• Fellow of Institute of Actuaries (or equivalent).
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus.
“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.