The Actuary - October 2016

OCTOBER 2016 theactuary.com

Interview: Cliord Friend The magazine of the Institute and Faculty of Actuaries

Advocating a lifelong passion for learning

Regulation Keeping actuaries informed on ethical issues and big data

Insurance Principles and privacy on pooling genetic data

Soft skills Introducing monotasking for mental productivity

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Contents

OCTOBER 2016

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17

“People usually demonstrate a combination of four types of behaviour...the relative balance being the important factor”

FEATURES

AT THE BACK

14 Interview: Lifelong learning

33 Spotlight

26

UP FRONT 9

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

Clifford Friend, the IFoA’s director of education, on preparing the next generation of actuaries for the future

OPINION 4

20 General insurance: Mobile zone

Editorial

Technology can help to increase financial

Richard Purcell says it is ever more important to be tuned into the value of people and public opinion

inclusion rates in Africa’s informal sector,

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Letters

Barbara Sinkinson discusses the ethical

Actuaries discuss Brexit uncertainty, a cashless society and climate change

issues surrounding the use of big data

President’s comment Colin Wilson says actuaries should be at the forefront of thought leadership through research

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CEO’s comment Derek Cribb focuses on regional societies and global member groups

13 Soapbox: A fundamental flaw Brian Woods says the risk margin formula must address low interest rates

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

COVER: CRISTIANO SIQUEIRA

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34 Puzzles The latest cryptic crossword and Mensa puzzles

35 Student Jessica Elkin divulges the secret to achieving your ideal goals in life

says Tavona Biza

22 Regulation: Big data, big decisions 5

Russ Bowdrey and Richard Cohen introduce the Momentum conference

26 Life insurance: Price optimisation Advanced pricing techniques are now

36 People/society news 38 Appointments and moves 38 Actuary of the future Sam Johnson of Willis Towers Watson

being used in the life industry. Alastair Black and Alan Clarkson report

28 Insurance: Pooling gene data Debbie Akers on privacy and genetic data

30 Soft skills: Monotasking

ONLINE Life insurance: Size doesn’t matter Pamela Hellig argues that when managing a balance sheet, insurers should consider seemingly insignificant risks that are capital intensive

Dr Jenny Brockis describes how to

Newsround

maximise your brain’s potential

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Editorial editor@theactuary.com

The human dimension Richard Purcell says that it is ever more important to be tuned in to public opinion and understand the value of people

the IFoA’s director of education, Clifford Friend, on the new actuarial curriculum and the importance of life-long learning (p14). Dr Jenny Brockis also advocates how monotasking rather than multitasking could be the key to improving efficiency within the workplace (p30).

Looking outside our organisations, customer capital is important too. While we endeavour to understand customer views through extensive research, we must also be conscious of wider public opinion and how this can shift over time. The increasing prevalence of genetic testing is forcing us to think more about the ethics of using this information, as Debbie Akers explains (p28).

The rise in big data from new sources also sees the public expectations of what is acceptable continually shifting too. Barbara Sinkinson considers what actuaries can learn from the Data Science Ethical Framework published by the Cabinet Office (p22). What’s clear is that we need to stay tuned in to public opinion, and could benefit from putting more focus on people in general.

Organisations often say that people are their greatest asset, or that they put customers first. The term human capital has even been coined to describe the intrinsic value of people to a business. Although actuaries are recognised experts in managing risk and capital in the financial sense, I wonder if we spend enough time managing the human and customer capital in our own firms.

Culture clearly has a big part to play in getting the best from people within an organisation.

Colm Fitzgerald, Jonathan Allenby and Monika Smatralova consider how behaviours and culture can inhibit progress and how we can manage these risks (p17). Developing new skills are also key to building human capital, and this month we speak to

“Culture clearly has a big part to play in getting the best from people within an organisation”

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Richard Purcell Editor, @richardpurcell

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Delivery queries: contact Rachel Young E rachel.young@redactive.co.uk Published by the Institute and Faculty of Actuaries (IFoA) The editor and the IFoA are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form, or by any means, without prior written permission of the copyright owners.

While every effort is made to ensure the accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein. © Institute and Faculty of Actuaries, October 2016 All rights reserved ISSN 0960-457X

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THE ACTUARY • October 2016 www.theactuary.com

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Opinion Letters to the editor

Have your say online

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

Brexit: more or less uncertainty?

The Brexit vote, both before and after, generated much talk along the lines that it is “a leap into the great unknown”. The latest to catch my eye in The Actuary magazine, August (bit.ly/2amXjGE) was written

by Paul Sweeting. Among other statements, he writes that the Brexit uncertainty means that a company “does not necessarily know what costs it will face, which markets it will be able to access, or even what legislation will be in place”.

I suggest that under current circumstances as a member of the EU, Britain is no more sure of the answers to those questions than will be the case after withdrawal from the EU. Is there a company in Britain today under current EU rules that believes the matters of costs, markets and legislation are settled and known? Compare the lot of companies in other countries outside the EU. They don’t appear to require an EU-type framework to operate. They have uncertainty to deal with – we all do. Membership of the EU does not reduce uncertainty. Arguably, membership of the EU increases uncertainty, given the much greater complexity in the political process.

Market-based liberal economies developed the means of creating economic advancement and the growth of living standards long before the EU was merely a conceptual idea. Nothing has changed, and many more countries around the world, more outside the EU than inside, put that experience to good use every day. I expect Britons will, in future years, look back on the ideas such as those expressed by Paul Sweeting and wonder what the nervous tension was all about.

David McNeice 13 September

A grown-up view on a cashless society I was fascinated by the juxtaposition of the articles ‘A Cashless Society’ (bit.ly/2cZN3Fb) and the president “highlighting the important issue of intergenerational fairness” (bit.ly/2cQTCJu) on pages five and seven of the recent August issue of The Actuary.

As a qualified Fellow of 55 years’ standing, and a past honorary treasurer of the Institute (some 30 years ago!) notwithstanding my current octogenarian age, I believe I still have a high degree of financial understanding and comprehension – even though the financial scene of today is vastly different to that of 60 years ago when I enrolled as a student.

I regard myself as reasonably computer literate and do virtually all my banking online.

Nevertheless, my wife and I between us need to regularly draw out about £400 a month in cash, not least because many of the voluntary groups, clubs and services for the elderly/ pensioners – particularly in village communities – still operate in a mainly cash basis. This is because it is too expensive to purchase the necessary hardware to operate a truly cashless society, quite apart from finding voluntary staff able to operate it.

It may be recollected that, a few years ago, several banks threatened to withdraw cheques as a money transfer facility, but they had to reverse this in the face of opposition – opposition that is likely to arise again against the suggestion of a cashless society.

While I appreciate Ian Collier’s lines of argument, when he has ‘grown up,’ that is, having been retired for 15 years or more, even if not an octogenarian, it seems to me likely that he will have changed his viewpoint! However, his suggestion of an IFoA working party is one that commends itself, provided there are a number of ‘grown up’ members on it to give it intergenerational fairness!

Peter Downing 8 August

October 2016 • THE ACTUARY 5 www.theactuary.com

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Opinion Letters to the editor

Have your say online

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

Weather or not I could not resist responding briefly to the debate on climate change risk in September’s edition (bit.ly/2cTz7dA), writing as an actuary who spent four full years studying climate change models.

Firstly, with regards to the unknowableness of climate changes and whether the cause of these trends is anthropogenic. To a large extent this doesn’t matter. Any reasonable person would admit there is certainly some evidence that changes in the climate can happen and that this could have a material impact on our work over the next 20-30 years.

There is no need to prove the point if there is enough evidence of a risk.

Secondly, to the IFoA Resource and Environment Board point that “actuaries are not currently qualified to critique the technical content of these models”. It is a worthwhile debate how actuaries/anyone should inform decisions based on uncertain/inadequate models. But we deal with very complex risks all the time – climate is arguably better understood, with far more data, than cyber, terrorism or certain financial lines. Not to mention the hurricane models used in the London Market on a daily basis (which indeed form the basis of climate models). Climate really isn’t that much harder than other models we deal with.

Lastly, both Geoff Dunsford’s letter and the IFoA Resource and Environment Board discussed whether we should increase premiums in response to climate change. Even if it is right to increase premiums for climate risk, it may be a greater business risk to do so in a competitive environment where few other companies will follow suit. Without consensus, higher premiums are probably an unachievable luxury.

Let’s not do ourselves a disservice that climate is somehow too hard for actuaries, and avoid getting bogged down in the provability of science that can already usefully inform decisions, albeit with uncertainty.

Ed Tredger, FIA, PhD 6 September

Skills in climate risk In The Actuary’s September edition, I read the following statements: Colin Wilson, IFoA president: “These are positive steps in the right direction, but what I am keen to promote is an environment that encourages the profession to innovate and to show thought leadership.

Our new strategy gives us solid foundations to achieve this, but you also have a crucial role to play in shaping and delivering our thought leadership agenda.”

Derek Cribb, chief executive: “We must remember that actuaries rarely work in isolation; they increasingly work as part of multidisciplinary teams and this is where they need to be able to showcase the benefits of their actuarial training.”

IFoA Resource and Environment Board: “Actuaries are not currently qualified to critique the technical content of these models.”

It would therefore seem of the utmost importance that actuaries are provided with opportunities

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

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to develop their skills in critiquing climate models, given the far-reaching social, economic and political implications these models are having.

And, as I explained in my previous letter, unfortunately we cannot rely on the peer review process to ensure the robustness of climate models used in making projections. The IFoA would therefore be living up to its duty to serve the public interest.

Dermot Grenham 8 September

The editor welcomes letters of 300 words or less for print. Longer letters may be published online. The editor reserves the right to edit all letters for publication. Please email editor@theactuary.com. The deadline for the November issue is 18 October 2016.

THE ACTUARY • October 2016 www.theactuary.com

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Colin Wilson is the president of the Institute and Faculty of Actuaries

President Comment

Spreading the word

As a profession, we pride ourselves on our insight, distilling key issues and bringing clarity of thought and understanding to generate better outcomes for clients and wider society. Much of this insight is driven by our long tradition of undertaking research and collaborating through working parties.

But research is just one aspect. Genuine thought leadership also requires effective dissemination of this research.

Those of you who are regular readers of this column will know that I am keen to make a clear distinction between research and thought leadership. For me, research by itself is not thought leadership. It is only through effective dissemination that research can turn into thought leadership.

A good example of this is the IFoA’s Longevity Bulletin. What I like about this publication is that it not only addresses some of the key issues of the day in the field of longevity, but it also attracts contributions from non-actuaries who are specialists – ‘thought leaders’ – in their fields. And that is my point. If the profession is to be recognised as being full of successful and influential thought leaders, we cannot achieve this in isolation. We need to co-operate and collaborate with other professions, pulling together on issues where actuaries can help.

We should be building on the success of the Longevity Bulletin, the British Actuarial Journal, the Annals of Actuarial Science and, more recently, our public affairs activities, as vehicles for disseminating thought leadership.

So later this autumn, we will be piloting a new publication called Delta, which will feature articles, interviews and opinion pieces from respected thought leaders and journalists on key policy issues of the day, where actuaries and actuarial science can bring insight and a different perspective.

It is all too easy for people to get hung up talking about minor details and miss the big picture. Take for example, the valuation of defined benefit pension schemes, a subject that often generates heated debate both within and beyond the actuarial profession.

In my experience, much of this debate misses

Colin Wilson outlines the importance of positioning actuaries as thought leaders through effective dissemination of research the point. A figure for the value of pension liabilities, or for the deficit or surplus of assets relative to liabilities, is of very little use by itself. The important question is what decisions depend on the output from the valuation; what is to be done with the numbers produced?

Once we know the answer to that then we can think about what information will be most useful to the decision-makers. And in the unlikely event that a single figure will suffice, then we can think about what basis of valuation will be most useful.

As actuaries, we know that by thinking about the bigger picture we can often help avoid making poor decisions. A focus on just the immediate financial implications of a decision and not what is actually going on in the real world can be misleading. Let me give an example to explain. Consider what is sometimes known as the ‘broken window fallacy’. This involves the story of someone who throws a brick through a shop window. The result is a sequence of economic activity as the shopkeeper pays a glazier to replace the window, who will then spend this extra income elsewhere, and so on, via a multiplier effect to create a supposedly

“Big decisions without big judgment can lead to bad decisions. It is clear to me that there is a huge opportunity for actuarial judgment”

TOM CAMPBELL

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positive impact on the economy. The fallacy involves ignoring the opportunity cost. If the shopkeeper didn’t have to pay the glazier, he or she could have spent the money on something else and again the same multiplier could have come into effect. In this case, society overall would have been better off by exactly one window.

A much larger illustration of this can sometimes be seen in GDP figures following a natural disaster. The point is that clear thinking about what is ultimately contributing to wealth generation is necessary to make good decisions. To take another example, crude GDP measures may benefit from spending required to mitigate the effects of climate change, but we might be better off by avoiding the need for this expenditure in the first place.

What concerns me is that big decisions can be informed by limited thinking and poorquality data analytics. And big decisions without big judgment can lead to bad decisions. It is clear to me that there is a huge opportunity for actuarial judgment, and for actuaries to show thought leadership to inform the big decisions of the day. That is why I am keen to showcase effective dissemination of actuarial thought leadership during my presidential year. By doing so, I hope to inspire more actuaries to get involved in the key public interest issues. By taking a more outwardly facing approach to thought leadership, we can also get those at the coal face in business and policy inspired to use actuaries.

October 2016 • THE ACTUARY 7 www.theactuary.com

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

CEO Comment

A global community

As a Royal Charter body, the IFoA has 168 years of proud British heritage, having had operations in Edinburgh and London for well over a century. We must all recognise, however, that as important as these two capitals are, the days of the majority of the IFoA’s members working within their walls are over. It would be easy to fall into the trap not just of being UK-centric but worse, of being London and Edinburgh-centric.

Our strategy sets out our bold aims to fulfil our Royal Charter as a world-class, publicinterest body. But for this strategy to be successful, member engagement will be key.

That’s why the IFoA leadership team will be working hard to disseminate the strategy over the coming months to our local member groups – whether in Manchester or Mumbai, Swansea or Shanghai, we must reach and engage all our members.

The IFoA owes a debt of gratitude to our thousands of volunteers, who through their work bring our Royal Charter to life and help to grow our community of professionals globally.

Nowhere is this more apparent than in our regional societies. This global network is fantastic at building links with local employers and stakeholders, supporting members and the promotion of our profession around the world.

As a Welsh native, I’m delighted by the recent launch of the Welsh Actuarial Society.

A member hub in the region will prove invaluable as it continues to position itself as a financial centre. I wish the new regional society all the best for the future.

In early November, our president Colin Wilson and I will be travelling around Scotland visiting the local societies publicising the IFoA strategy, which I very much look forward to.

The focus over the next few months will not only be on the regional societies – we will also be visiting major employers to reach you, our members.

As well as regional societies across the UK, we are seeing more and more groups of members around the globe starting to develop their local actuarial communities. For example, the Gulf Actuarial Society (GAS) that launched a couple of years ago has gone from strength to strength. Fiona Morrison, immediate past president, will be visiting GAS in Dubai in

Derek Cribb focuses on regional societies and global member groups, which are building on a proud heritage November, in between her trips to three major global events in the actuarial calendar – the Asian Actuarial Conference in Delhi and the International Actuarial Association and Actuarial Society of South Africa meetings in Cape Town. These kinds of visits are typical of our international engagement.

Colin Wilson attended the IFoA Asia conference in Kuala Lumpur earlier this year, which had an overwhelmingly positive response. The conference was attended by nearly 400 delegates from around the world, and 100 students additionally attended a special event. It provided a fantastic opportunity for vibrant discussion and networking for all those attending.

In August, our president-elect, Marjorie Ngwenya, represented us at a series of meetings in Mauritius. The feedback was exceptional, as was the turnout.

An average of 70 people attended the various events at any one time. The delegates provided us with feedback on the Certified Actuarial Analyst (CAA) qualification, and suggested interventions for the local industry.

Marjorie will also be attending the Actuarial Society of South Africa’s annual conference in November, and visiting Ghana and Kenya to meet local members and promote the actuarial profession.

“The IFoA owes a debt of gratitude to our thousands of volunteers, who through their work bring our Royal Charter to life”

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In September, Colin and I travelled to Asia.

Among a number of events, we attended the Chinese Actuarial Association conference and the Singapore Actuarial Society’s ERM conference. We met many members and stakeholders while in the region, including a stop-off in Jakarta in support of a new initiative to develop the actuarial profession in Indonesia.

Close collaboration with other actuarial associations is key to our international strategy, and we strive to find ways of working in close partnership to help develop the profession and serve our Royal Charter. It’s these partnerships that will drive forward the growth of the profession as a whole.

With this in mind, I’m delighted that we will be hosting our May 2017 Council meeting in both London and Hong Kong, enabling senior volunteers to meet those attending our Asia Conference in Hong Kong on 11-12 May. We will also be holding member events in both Beijing and Singapore in the run up to our Council meeting and conference. Our Council members hope to engage with as many local members, employers and stakeholders as possible.

It is key that those charged with the overall strategic direction of the IFoA are able to see a clear picture of our global membership’s needs.

I look forward to sharing more detail about this nearer the time.

It’s really important that all our members have an opportunity to engage with the strategy, wherever they are based. After all, it’s your profession and your strategy – you make it what it is.

THE ACTUARY • October 2016 www.theactuary.com

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News ARIAL PROFESSION

Upfront Informing the debate: pension age review The IFoA’s state pension age working party (SPAWP), working with the pensions board and the policy and public affairs team, has submitted a detailed report to the independent review of state pension age. Sir John Cridland, former directorgeneral of the Confederation of British Industry (CBI), is leading the review.

The aim is to make affordable, long-term recommendations to the government on state pension age arrangements that are “fair to current and future generations of pensioners, and consistent with supporting fuller working lives”.

The IFoA has been proactive in influencing the review, acting to engage with Cridland early in the

evidence-gathering phase.

Immediate past-president Fiona Morrison and SPAWP chair Steven Baxter met him in May to discuss the scope of the review. SPAWP used this discussion to shape its report. Building on its original 2015 paper, it has focused on three main areas:

● Sensitivity of the formulaic link to projected longevity ● Alternatives to a universal SPA ● Practice in other countries.

Our submission will be used alongside other evidence to inform the review’s interim report, working hypotheses and formal consultation, expected for release this autumn.

Cridland will submit his final report to the secretary of state in March 2017. We will continue to engage with the review wherever appropriate throughout this process.

The working party’s report is available at bit.ly/2cbAHac Download the working party’s 2015 sessional report at bit.ly/2cwkeOB

New release boosts online resources New professional skills video case studies and online content will soon be made available via the IFoA website. These materials have been released for the current CPD year and are designed to help members meet the IFoA’s Stage 3 Professional Skills Training (PST) for Experienced Members.

Details of scheduled PST events will be published shortly, at bit.ly/2cjkL7G

Nominations sought for prestigious awards and Honorary Fellowship The IFoA recognises excellence and achievement via a number of prizes and awards. Two of the most prestigious honours it awards are the Gold and Finlaison Medals and the award of Honorary Fellow.

The IFoA Gold Medal and Finlaison medal The Gold Medal has been awarded to IFoA members since 1919 in recognition of work “which is of pre-eminent importance, either in originality, content or consequence, in the actuarial field”, and is a most prestigious award. The Gold Medal was last awarded to Professor Phelim Boyle in 2008. Boyle is best known for initiating the use of Monte Carlo methods in option pricing.

The Finlaison Medal was first awarded in 1985, and recognises services to the actuarial profession, in furtherance of the objectives set out in the IFoA’s royal charter: “… in the public interest, the advance of all matters relevant to actuarial science, and to regulate and promote

the actuarial profession”. The Finlaison Medal was last awarded to Adrian Waddingham CBE for his service to the profession in a variety of roles and for the prominence given to the actuarial profession in his service as Sheriff of the City of London.

For more details and to nominate a member for a Gold or Finlaison medal, please visit the medals and awards page on the IFoA website at bit.ly/2c3FBHy IFoA Honorary Fellows Honorary Fellows are eminent individuals in business, academia, government and other public bodies. The IFoA has over 100 Honorary Fellows in 20 countries, including Belgium, Canada and Hong Kong. They contribute to the work of the membership in a variety of ways, including speaking at events and being active members of some of our committees.

Notable Honorary Fellows include Sir Andrew Dilnot CBE, Baroness Onora O’Neill and Sir David Spiegelhalter (pictured).

Members are invited to nominate Honorary

Fellowship candidates who have made a significant contribution to the profession, and who will have an active and ongoing involvement with the IFoA. For more information about IFoA Honorary Fellows and to complete the nomination form, please visit the Honorary Fellows page on the IFoA website at bit.ly/15DgPI5 Nominations for Medals and Honorary Fellows received by 9 December 2016 will be considered by the Awards Committee at the next meeting in January 2017.

October 2016 • THE ACTUARY 9 www.theactuary.com

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27/09/2016 09:49

News

CPD: separating facts from fiction Lifelong learning is one of the hallmarks of a professional: it demonstrates commitment to excellence, supports development and has the potential to mould us into more rounded professionals. As members of the IFoA, your overarching Actuaries’ Code obligation to maintain your competence is directly supported by the principles embedded in our continuing professional development (CPD) scheme.

In the fourth instalment of this series, which focuses on the practical aspects of the CPD scheme and challenges common misconceptions, our general counsel, Ben Kemp, is in conversation with fictional member Deborah Smith, a non-executive director of an insurance company based in the Cayman Islands.

Smith I don’t rely on my actuarial qualifications at all in my role as a non-executive director (NED). It doesn’t make sense to me that I’m still expected to do CPD every year to remain a member of the profession.

Kemp Your success in the actuarial world is one of the factors that helped you to gain your current status and position. Even though you may not be working on technical actuarial matters any more, your colleagues and the public might still hold you in esteem as a member of the profession. Indeed, they might expect that, as a member of the IFoA,

you continue to meet the high standards associated with the profession, including a career-long commitment to continual development.

Smith I take the point, but it’s not a good use of my time to learn about technical actuarial developments that I’m never going to apply.

Kemp We agree entirely. Instead we ask that members complete learning activities relevant to their role. So learning on corporate governance or the legal responsibilities of NEDs might offer a better way to focus your activities. Our online professionalism modules also have general application given their focus on ethical issues.

Smith Through my membership of another professional association I already complete an annual programme of learning. Could that time also count towards my IFoA requirement?

Kemp As long as those activities are relevant to your work or role and offer you a development opportunity you can count them towards your annual 15-hour requirement for the IFoA. Smith I already log those activities with the other association – do I really need to record again in the IFoA system?

Kemp As a member of the IFoA, we do ask you to tell us through your online record that you have satisfied the requirement. Proportionate recording and monitoring help to reinforce confidence in the profession. But what you do is up to you. Most NEDs will have no difficulty satisfying the requirements through their existing training.

Work placement students: cultivating a potential employee The IFoA now has accreditation and exemption agreements with more than 40 universities worldwide.

Accredited programmes deliver degrees that incorporate the requirements for several of the IFoA exams (typically, CT1-8) but also provide a broader development around the subject.

Many of these accredited programmes offer (where visa conditions allow) the option of an extended work placement, often called a ‘year in industry’ or ‘sandwich’ placement.

As a work placement employer, you gain an actuarial trainee, who, for up to a year, can be employed to tackle shorter-term projects that can be difficult to resource in your day-to-day business. In this way, students are able to enhance their actuarial skills development while providing support to your existing teams.

Longer-term, employers can also benefit from the opportunity to employ a known quantity post-placement. You will know that your graduate trainees have been introduced to the professional and ethical requirements for an actuary and are able to meet the everevolving demands of the actuarial workplace.

For students, placements offer an opportunity (usually in the third year of study) to 10

experience the formal work environment and put into practice the actuarial skills they have been developing on their degree programme.

This experience is then transferred back into the final year of their degree and allows students to consider the practical and professional impact of their learning, in addition to theoretical applications.

Graduates frequently receive job offers from their placement employers. Even if they commence their careers elsewhere, graduates report that they are in a strong position to hit the ground running, highlighting the advantages of work placements to both students and employers.

If you are interested in offering work placement opportunities, please contact the careers team.

Email careers@actuaries.org.uk

Acceptable CPD evidence If chosen for audit, you will be asked to provide evidence, in written form (email, letter or fax) of your participation in the activities recorded in your online CPD record.

Some common forms of acceptable evidence submitted by members are: ● A signed register of attendance ● A communication from the organiser of an event, which confirms your attendance ● A certificate vouching for the completion of a course or activity ● Copies of lectures or presentations delivered by the member ● Minutes of a meeting that confirm the member’s attendance (in person or remotely) ● Articles or papers written for publication ● Written statement from another IFoA Fellow vouching for your attendance at, or completion of, an activity, and ● Written confirmation from a provider of an online resource.

If you use the resources available on the IFoA’s virtual learning environment, you will be able to click on the ‘claim CPD’ button once you have completed an activity to update your CPD record. You are not required to keep evidence for this, as it will be verified by us.

We always take a pragmatic approach when considering evidence presented by members selected for audit. If you are in any doubt about evidence of your attendance at an event, please contact the membership team and we will be happy to discuss it with you.

Email the membership team at cpd_feedback@actuaries.org.uk

THE ACTUARY • October 2016 www.theactuary.com

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Quality Assurance Scheme for insurance companies

Pensions and Actuarial Services Ltd achieves QAS accreditation

The IFoA launched the Quality Assurance Scheme Pensions and Actuarial (QAS) accreditation last year for organisations that Services Limited has employ actuaries. Its aim was to promote a consistent recently been awarded quality of actuarial work by focusing on the working the IFoA’s Quality environment most likely to produce this.

Assurance Scheme The QAS provides benefits to any type of organisation employing (QAS) accreditation. one or more actuaries, including insurance companies, reinsurers, Robert Childs, head of operations at Pensions and Actuarial Services consultancies, banks and regulators. Insurance organisations are Limited, says: “We are pleased the IFoA has established an particularly encouraged to participate in this important initiative. accreditation scheme that sets the benchmark for firms to aspire to; Whether the application is for your whole business or just one focusing on quality of outcome and the processes in place to ensure department, it is a strong statement of quality that will be recognised that end. Given the nature of our work and the calibre of our client throughout the insurance industry. Accreditation will help base, an accreditation that is specifically orientated to firms strengthen the future of regulation within the performing actuarial services is very attractive.

Assessment undertaken actuarial profession.

“The accreditation visit was challenging and by Findings Assessment thought-provoking, and having an Submit reported Team fee How to apply independent expert offer a fresh perspective All the information you need to apply is on on our operations ultimately proved Initial check of Accreditation the IFoA website at www.actuaries.org. very useful. application form decision uk/QAS. There are some helpful videos “We are delighted to have achieved to explain the application, preparation accreditation and to be able to Produce and review process, as well as some demonstrate our commitment to documentary Complete evidence annual return Route map helpful FAQs specifically relevant for quality to our clients.” in support of application the insurance industry. These can The QAS scheme was launched also be viewed on the Assurance for by the IFoA to recognise Monitoring Insurance factsheet, downloadable organisations who wish to Submit visit every application two to four at bit.ly/2cDFIt7. demonstrate their commitment years to effective quality assurance at Nominate a Find out more an organisational level.

Senior Quality To find out more, or for an informal chat See article and route map (left) Assurance Representative about the QAS, please contact quality to find out more and discover how (SQAR) Complete Register compliance manager Sarah MacKenzie. your company should go about application interest form applying for accreditation.

Email: sarah.mackenzie@actuaries.org.uk Telephone: 0131 255 0286 Alternatively, visit bit.ly/2bXFcmM

Leadership insights and wider fields

Subscriptions 2016/2017

Tell us where you are in the data science universe

As part of our commitment to inspire and support you with your career development, the IFoA has worked with members to create video and audio interviews with those who are at the top of their game, or a different game altogether.

Have you ever wondered how the leaders of the profession got to where they are or what issues they think about every day? Perhaps you are aspiring to a leadership role, or, if you are a leader, maybe you wonder what you might be able to learn from your colleagues? In our new series, Leadership Insights, you will find short interviews with those from the C-suite in the UK and South-East Asia.

If you are looking to change the direction of your career, or want to be inspired in the way you work, use these case studies as role models.

Learn from actuaries who have taken a different path to you by watching our Wider Fields videos at bit.ly/2cjfNHR

The IFoA recently issued an email to members notifying them that their subscription for 2016/2017 is due.

Your subscription notice is available and can be obtained by logging into the members’ area of the website and selecting ‘My Account’ followed by ‘My Subscriptions’.

Payment can be made online, or

by BACS, credit or debit card, cheque (payable to the Institute and Faculty of Actuaries) or by annual direct debit.

If you have any enquiries, please contact the membership team. membership@actuaries.org.uk +44 (0)131 240 1325

The modelling, analytics and insights from data (MAID) working party was set up earlier this year to understand the latest developments in the data science universe (such as big data, predictive analytics, machine learning) and what the IFoA could do to support its members in this ever-evolving environment.

The working party is currently running a member survey, gathering information on current levels of awareness and practice among IFoA members.

Regardless of your experience with data science techniques, the working party would love to hear your thoughts.

You have until 14 October to complete the survey at bit.ly/maid2016 More information on the MAID working party can be found on the IFoA website at bit.ly/28IMSc5 October 2016 • THE ACTUARY 11 www.theactuary.com

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News NEWS UPDATES FROM THE ACTUARIAL

Skill sets framework The IFoA has recently published a skill sets framework (bit.ly/2ccBDdm).

This is designed to assist members, employers and users of actuarial services to identify necessary skills for regulatory approved actuarial roles and, in particular, to guide members in such roles in their CPD choices.

The framework applies to the following roles: ● Scheme actuary ● Chief actuaries ● Actuarial function holder ● The actuary providing an actuarial opinion on the technical reserves of a Lloyd’s syndicate ● The with-profits actuary of a with-profits life insurance fund.

As well as a useful guide for current practising certificate holders, the framework may assist actuaries working towards an approved role.

It will also inform the IFoA’s regulatory, education and member support functions.

The framework is divided into business skills, knowledge, awareness and understanding, and technical skills, with a breakdown of key skills in each. It has been developed in conjunction with Milliman, with input from current actuaries and users of actuarial advice, such as board members and regulatory bodies.

If you have any questions or comments, please email regulation@actuaries.org.uk

Volunteer recognition parties 2016 As a thank you to our volunteers for all their hard work and dedication to the IFoA, we are hosting our annual recognition parties, inviting volunteers to come and join us for an evening of drinks and canapés. 2016 parties have already been held in London and Singapore.

To find out about forthcoming events and to register your attendance, please visit bit.ly/2cjitW6 If you have any questions or want to find out more about volunteering, please email debbie.atkins@actuaries.org.uk or visit the volunteering web page at bit.ly/1SRoEiH

Could Pro-Volunteering help you?

Introducing our Pro-Volunteering website for volunteer and non-executive opportunities. Created for the IFoA by Council member, Patrick Lee in partnership with our volunteer engagement team.

Find out how this could be of benefit to you, or to a charity or trust which you support, at bit.ly/2cC6iSD

Smartwatch rules are changing Please be aware that smartwatches will not be permitted for use during IFoA exams from the September 2016 session onwards.

As smartwatches have messaging and internet search capabilities, you will not be allowed to wear a smartwatch during your exam. All other types of analogue and digital watches are allowed, but you will need to place your watch on your desk at the start of the exam. The exam centres will also have clocks on display to ensure that you can manage your time during your exam.

We appreciate your support with this to ensure that all students have the same exam experience.

EVENTS AND CONFERENCES SESSIONAL RESEARCH EVENT: ERSATZ MODEL TESTS 13 October, London bit.ly/2cqT6SG The authors describe how statistical methods can be tested on computergenerated data. We will explore bias and percentile tests in detail, illustrating these with examples based on insurance claims and financial time series.

PENSIONS AND THE LAW 20 October, London

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bit.ly/2c5pQCG This seminar will be relevant for all pensions actuaries, both those advising trustees and employers. It will be of particular interest to actuaries wishing to refresh their knowledge on how legal developments may affect their advice to clients.

LIFE CONFERENCE 2016 2-4 November, EICC Edinburgh bit.ly/296MHZH Delegates at this year’s conference will be provided with a varied and insightful programme, designed to be thoughtprovoking and stimulate debate. The conference will cover numerous

topics, such as model error risk, behavioural finance, the CMI model and high-age mortality, optimising annuities under Solvency II, and big data in the life insurance industry.

Evening entertainment will be provided by the well known comedian Dara Ó Briain. With over 1,000 delegates attending, including opinion leaders, C-level and director-level executives, don’t miss out on the most popular Life Insurance conference of 2016! Places can be booked online.

MOMENTUM CONFERENCE 2016 30 November – 2 December, Hilton Newcastle bit.ly/2c5pI6v

Are you a newly or nearly qualified actuary? If yes, then the Momentum Conference 2016 is an excellent opportunity for you to engage with industry professionals from different specialisms and practice areas. The programme covers a wide range of current and in-depth topical economic issues, technical sessions, business skills masterclasses, energetic debates and more. Use your practical and analytical skills to identify key opportunities and examine the future of the insurance industry. A range of ticket options are available. We look forward to meeting you at Momentum 2016.

CHIPS 2016 Various dates and locations bit.ly/2czfhXY The Current Issues in Pensions seminars (CHIPs) will challenge delegates on topical trends in today’s pensions industry, such as embracing liquidity within pension schemes, is herding a real problem in providing advice to pension scheme trustees, and the ever-important professional skills. Each seminar will offer a day packed with in-depth forward thinking discussions, panel debates and more.

THE ACTUARY • October 2016 www.theactuary.com

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Brian Woods is non-executive Dr Konstantinos Drakos is and director, AXA Life Europe associate professorIreland, at Athens AXA Reinsurance SMI University of Economic (Pearl Group)

Soapbox Opinion

A fundamental flaw in Solvency II

In his submission to the Committee of European Insurance and Occupational Pensions (CEIOPS), now known as the European Insurance and Occupational Pensions Authority (EIOPA) consultation of 2009, on the Level 2 implementation of the risk margin, Dutch actuary Hans Waszink drew attention to a fundamental flaw in the proposed formula. In particular, he pointed out that, in certain conditions, the risk margin could be even higher than the solvency capital requirement (SCR) itself.

This incongruity had been of little practical significance in most situations, but in the current low interest rate environment and for long-duration obligations such as longevity it can, and does, produce very anomalous outcomes.

Central to the issue is the economic status of the risk margin. Is the risk margin itself capital, requiring an economic return in excess of the risk-free rate? Companies may indeed regard it as simply another form of capital, but it is quite clear that the directive does not regard it so.

According to the directive, the SCR is the capital and the risk margin is there to ensure that it, the SCR, earns an economic return. There is no equivalent requirement for the risk margin itself to enjoy an economic return in excess of risk free.

The fact that the directive does not regard it as capital needing its own economic return has inexorable implications. For example, the risk margin is in these terms ‘certain’ to be released over time, by which I mean its risk of not being so released is deemed to be below the threshold that would require an economic return in excess of risk free.

In other words, the cost of capital on the

Brian Woods says the EIOPA formula for the risk margin should take into account the current low interest rate environment

SCR, which will be funded by the unwind of the risk margin, is in this sense economically certain to be enjoyed.

Just to labour the point, the SCR itself may be at risk of being fully consumed, but its cost of capital is, in the sense described, effectively certain to be realised and, as we shall see below, this could actually be substantially higher in present value terms than the SCR itself. I contend that it would not be reasonable for market participants to require this level of certainty of achieving the cost of capital.

As a further illustration, and one which points in the direction of the correct formula, the premise of the directive is that the risk margin itself does not need an economic return in excess of risk free and so, by that logic, it could in principle be financed at the risk-free rate. This leads to the conclusion that it is the difference between the SCR and the risk margin that needs to be remunerated, with a cost of capital in excess of risk free.

The thrust of the EIOPA formula is as follows. The projected release of the SCR over time is determined using current best estimates. For each year that an amount of SCR is still required on the balance sheet, the cost of holding this capital is calculated as 6% of its amount.

The risk margin is then calculated as the value of these projected costs of capital discounted using current risk-free rates.

It is not hard to see that for very long durations the discounting of a 6% requirement at current low risk-free rates could be higher than the capital itself.

For example, for an SCR that is required for 20 years, the risk margin using a long-term discount rate of 2% a year is 98% of the SCR and for 40 years it is 164%.

I contend, and this follows Waszink’s original submission to CEIOPS, that the correct approach is to calculate the risk margin using a formula that is based on requiring the difference between the risk margin and the SCR to earn a cost of capital of 6% a year.

In the same example, over 20 years, the risk margin would be 68% of the SCR, and, for 40 years, it would be 90%. It would always be less than 100%, as there is always a residual value in the possibility that some SCR capital will be ultimately released.

There have been various rumblings of late about the volatility of the risk margin formula, but most comments seem directed at the level of the cost of capital rate – 6%.

This, in my view, is missing the key flaw, which is in the underlying formula.

October 2016 • THE ACTUARY 13 www.theactuary.com

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Lifelong learning On a bright summer’s morning, it seems fitting that I meet Clifford Friend at Staple Inn Hall, a place where many fellows will have received their actuarial qualification. We quickly get down to discussing what the amiable and assured director of education’s first impressions of actuaries were, having only joined the IFoA earlier this year. “I was pleasantly surprised by the level of passion and commitment to serve the public interest,” he says, adding: “I was also struck by the relatively small number of professionals around the world that have created a real global community to support each other.”

However, joining the IFoA was, in fact, a natural progression for Friend. After completing an engineering degree, an academic career followed in materials and product engineering. He then went on to become a professor and acting vice-chancellor of Cranfield University. Interestingly, his work has also had a strong link to the commercial world, whether it be working on consumer products or in aerospace.

“It was almost like working in the private sector.”

This focus on ‘the real world’ meant he has continued to foster strong links within the business community and was until recently an elected council member of the Confederation of British Industry (CBI).

He later made the switch into professional education, first running an educational offering at a military defence academy, followed by a period in executive education, becoming chairman of one of the UK’s largest university-based executive development companies. As Friend says:

Clifford Friend, the IFoA’s director of education, talks to Richard Purcell about preparing the next generation of actuaries for the future, and supporting experienced fellows in their ongoing learning

“There are great parallels with the IFoA, both seeking to deliver high-quality education to learned professionals in a business setting.”

In describing his role at the IFoA, he outlines his main priorities: “The curriculum review has been in place for the past two years, so now part of my role is to bring everything together and implement this. The other part is to look at the longer term and how the profession can support members as the work of actuaries changes.”

Curriculum change We move on to discuss the changes to the curriculum in more detail, and what this will mean for students. On the objectives of the upcoming changes, Friend says: “We need to prepare members for the future and to ensure they can compete.” But he is adamant it is not just about doing a review every 10 years: “We need to continuously review and improve the curriculum.”

Having had feedback from a range of stakeholders, including students, employers, the International Actuarial Association and education delivery companies, Friend explains that one of the themes will be equipping students better for the initial parts of their career. For example, giving students some exposure to the growing field of data analytics.

“There are other bodies that can help people become skilled in this field, but they will have less knowledge of how it fits into the world. But context is how we add value. This is where actuaries can help, and while actuaries can work with other partners who have more specialist skills,

I was pleasantly surprised by the level of passion and commitment to serve the public interest”

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On my agenda features@theactuary.com

PHOTOGRAPHY: TOM CAMPBELL

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October 2016 • THE ACTUARY 15 www.theactuary.com

27/09/2016 11:50

On my agenda features@theactuary.com

we also need to have an appreciation of the issues and the ability to work with other partners in multidisciplinary teams. That’s what we are hoping to provide students.”

I ask him what he thinks about the increasing use of online assessments. His response is that “online exams are about demonstrating competencies rather than knowledge. Written exams are fine for assessing technical knowledge, but assessing competencies in a written exam means things have to be simplified and paired down”. He admits, however, that: “Online exams can actually be much closer in scale and nature to what someone might do in the real world. This is important if we want to have a gold standard in competency assessment.” He also accepts that online assessments can help us improve reach, adding: “We need to ensure people have access to the web, and we are also making sure the security and reliability of such systems are robust.”

Friend reveals that the new exam structure and curriculum will be announced shortly, with transition arrangements published in October.

A final question on the topic of exams is about a common objection from students – the time between taking an exam and receiving the result. In typical style, Friend tackles this head on: “We are doing a lot behind the scenes to make this quicker, such as opening up more slots for examinations, but the process does rely on 300 volunteers and staff. There is also the aspect of getting the process right for the 30,000 exam papers from over 100 centres in over 80 countries.”

On the comparison often made with other professional qualifications, Friend says that: “As a highly regarded qualification, it has to be assessed appropriately. So while other qualifications frequently use multiple-choice questions, this does not work so well for our qualifications.”

I ask him about the difficulties in delivering an examination system on this scale. He says: “This is a significant activity that relies on the dedication, judgment and professionalism of both the IFoA’s volunteer base and executive staff. We are all clear about the robust outcomes from this process; however, you will appreciate that, with such volumes and time pressures, it is challenging to eliminate entirely the occasional human error.

“Occasionally procedural errors are identified in the marking of examinations sat by a small number of candidates. However, when discovered, these are quickly corrected, and it is reassuring that usually they do not lead to any change in the outcome of an individual’s assessment.”

The long view On the strategic developments in education, we discuss the need for more than one level of qualification. As Friend explains: “We are maintaining the gold standard in professional qualifications through the fellowship. But we have seen demand for a purely technical role from both developing economies and more established employers in Europe.” This is where the introduction of the Certified Actuarial Analyst (CAA) comes into play, as Friend elaborates: “The new CAA is a way to build actuarial capacity in countries where there is very little today.” In countries like the UK, he sees it as an “opportunity for apprentices,” as governments provide more incentives for employers to take 16

on students straight from school. “I don’t envisage other levels of qualification being created, but I do think we need to think about more breadth. There should be a core set of actuarial skills that every actuary needs to have, and then we need to give members the opportunity to specialise in more areas, and refocus if they change fields later in their career.”

This brings us neatly on to new fields of work, and where Friend sees more opportunities for actuaries with the growth of big data and also in banking and finance, to name just two examples. “There are already bodies providing qualifications in these spaces, and there is much we can learn from them.”

He also recognises that actuaries are already working in multidisciplinary teams with banking or big data experts and believes that education needs to replicate this multidisciplinary approach: “We are looking at ways we can work with other organisations to support our members working in increasingly multi-disciplinary teams.”

Another broad theme on Friend’s agenda is how andragogy, the theory and practice of adult learning, is changing. Expanding on this, he says: “People are now learning while in work, and using tools on the internet to do so.” He points to the fact that actuaries will change roles and areas of specialism more frequently, and that there is the need to support members in doing this.

As our interview draws to a close, we turn to continuing professional development (CPD), which Friend sees as “understandably regulatory focused and fairly short-term, which is a given”. But for him it is not the same as lifelong learning. “The latter is more about individuals making decisions and driving what they learn.” He believes this is important in helping people to change direction in their careers, and respond to a changing world. As he says: “If people want to learn throughout their career, we need to support them in doing so, and potentially create a credential associated with it.”

For Friend, lifelong learning is just one example of his self-confessed passion for continuous improvement: “The educator in me is always looking at how we can do things better for learners, drawing on feedback from our members and other sources.”

THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 09:51

Risk Behavioural management

A cultural revolution Colm Fitzgerald, Jonathan Allenby and Monika Smatralova discuss behavioural and cultural risks and how to assess and manage them Einstein famously said that: “The intuitive mind is a sacred gift and the rational mind is a faithful servant. We have created a society that honours the servant and has forgotten the gift.”

Have we forgotten that people are more important than systems and should not be their slavish functionaries? While the most effective systems fall down where they rely on those who are unenthusiastic and disengaged, even the most ineffective systems can be made to work by diligent and conscientious people.

People are fundamental to achieving progress, meaning doing things better and being rewarded for doing so, thereby helping to maximise profits. As a corollary, behavioural and cultural risks can inhibit progress; we examine these two risks below and consider a model for assessing and managing them.

Thought, reason and persuasion are essential principles of progress, while action needs to follow them. Courage is typically essential for action – the courage to do the right thing, rather than the easy thing, to listen to our inner voice and, when necessary, to engage and persuade others. Courage is the overcoming of fear, not the absence of it.

We all behave courageously each day to some extent and know that these actions, however small, contribute towards making progress. We recognise such acts from what they demand of us and from the instincts we resist in doing them. For example, a risk manager applying the above principles is more likely to be listened to and persuade others to change behaviour, resulting in a more

progressive outcome in terms of the risk being better understood and managed.

Conversely, the main opponents to progress are minds that are closed to thought, reason and persuasion, and worse still, who then take action. Other inhibitors of progress are those who are open to thought, but unwilling or afraid to act, or unable to filter nonsense and rhetoric.

When culture restricts success There are three aspects of cultural dynamics that can constrain progress and which exist to some degree in all groups and organisations: attachment to the status quo (don’t shock the system), existing power structures based on self-interest (protect the establishment) and rigid hierarchies (don’t upset the balance of power).

Making progress involves overcoming all three factors, and the difficulty in doing so can be regarded as an indication of the cultural risk in the organisation. It requires courage and willingness to challenge the status quo, most likely to be found among those with an element of strong benevolence or who have a high regard for doing the right thing and seeing justice done. Such people are typically those who leave their egos at the door and are not afraid to lose their jobs.

Behavioural issues that impede progress The extent to which an individual’s behaviour differs from the above ideal is a constraint to achieving progress. In this regard, we

can roughly categorise people into four different types: ● Citizens are responsible, self-reliant and self-ruling. They are willing to participate beyond their own self-interest for the greater good and have a general care for others. They are a necessary pre-condition for progress. ● Egotists are responsible, self-reliant and self-ruling, but their efforts to participate beyond their self-interest, and the interests of those close to them, is marginal or nonexistent. They have less care for others than Citizens and are more open to actions for selfish reasons, which are detrimental to others. Egotists present a behavioural risk when self-interest is not properly aligned to achieving progress. ● Conformists cannot, or will not, rule themselves. They are inclined to be slavish and willing to sacrifice some freedom in return for reducing their responsibility. They seek security through being dependent on a master or ruler, in order to have a quieter life. They are unlikely to initiate significant progress, since their aim is often to find a more ‘benevolent master’, so they represent a more passive type of behavioural risk. ● Brutes are willing to be brutal and mindless in their actions if they consider it in their interest. They are cowards who are typically enemies to anyone better than themselves, who often despise those who treat them well and look up to those who make no concessions but are mostly filled with nonsense. Their consideration for others is often quite limited.

Brutes typically want to bring things down to their level and are the greatest behavioural risk in any organisation.

In reality, people usually demonstrate a combination of all four types of behaviour to some extent, the relative balance being the important factor.

October 2016 • THE ACTUARY 17 www.theactuary.com

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Risk Behavioural management

A model for behavioural and cultural risks Economics theory, even using the refinements of behavioural economics, arguably lacks sufficient depth to adequately differentiate people in order to assess behavioural and cultural risk.

An alternative approach is the human condition assumption, which recognises that people are human rather than merely rational (with some biases and heuristics), and which operates as follows: ● Our perceptions are created by our egos, which can filter and distort reality to deal with setbacks or other difficulties in order to make us feel good and keep going.

The healthiest egos are those with the least distortions. ● Life is analogous to a hill, which is initially steep but flattens on ascent.

This makes progress more difficult than regression. We progress/ascend according to how much we require of ourselves.

Resources can flatten the hill but not change its shape. Our rewards for ascending the hill are that better terrain opens up to us and future progress is less difficult, and vice versa. Different levels of the hill might be regarded as different levels of human nature, with ‘full-humanness’ being at the top of the hill. ● Our psyches have three elements – reason, thought and passion (in our head, heart and guts respectively).

Human interaction is necessary, creating additional constraints that can be either progressive or regressive. Other factors, such as knowledge, understanding, expertise, energy, or time, can limit our constitutive elements for building the world and the way we look at things.

These limitations imply that a degree of humility is necessary to achieve some sense of realism. To ascend the hill requires pessimism (owing to the nature of the hill) and for us to be ego critical (to overcome ego distortions). We also need to be positive overall, so that any ‘negativity’ arising from reasoning can be overcome by courage, patience, confidence and optimism.

The most common example of ego distortion is seeing the route to progress in our thoughts and passions being achieved by obtaining more resources. Those further up the hill typically have the more progressive perspective that requiring more of themselves is the key to success.

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COLM FITZGERALD is

an assistant professor of actuarial science at University College Dublin.

DR JONATHAN ALLENBY is a senior

DR MONIKA SMATRALOVA is a head

actuarial analytics consultant at EY

of supervisory review and evaluation process, group risk, at permanent tsb

Assessing and managing behavioural risk One method of assessing behavioural risk is the ‘know yourself test’. This is an actuarial method to measure the degree of distortion in a person’s ego that might be considered an indication of the level of their behavioural risk. The test works in the following way: ● Egos can be assessed because we are mostly unaware of our own. Otherwise the distortions would not have the desired effect.

The test’s methodology uses a person’s ego against itself in order to reduce gaming. ● Different psychological perspectives are assumed to be associated with different positions of the hill. ● An individual’s position on the hill is assessed according to the extent to which they hold certain different perspectives. Forty such perspectives are the basis of the questions in the test. Answers to these questions are scored to quantitatively assess the extent to which a person is reaching ‘full-humanness’.

Four coefficients are output from the test, indicating (1) where the person is on the hill, (2) the quality of their logical and rational thinking, differentiating between rationality and pseudodoxia (distorted logic), (3) the degree to which they put thought into their work, and (4) the degree to which the person is behaving merely prudently or in a superiorly prudent manner.

The overall methodology has been tested in focus groups and trialled to enable statistical testing of the results. These indicate moderate-to-strong levels of reliability and validity. Feedback is also provided by the test to indicate the changes in perspective that can help a person reach their full potential through achieving better levels of selfrealisation. A number of companies have recently begun using the test as a tool for assessing and managing behavioural risk, as part of initiatives to improve their business performance.

Assessing and managing culture risk Individual dispositions towards decisionmaking and action do not exist in a vacuum.

They are also shaped by social culture, background and, critically, by organisational culture. At the board level, organisational culture is readily identified with the mission statements, aspirational corporate values and initiatives that are pushed out through the architecture of the official organisational chart. At ground level, culture is constituted CRISTIANO SIQUEIRA

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by implicit norms of behaviour, habitual patterns of communication and shared values within various groups. These values are often articulated through a shared stock of common stories about the behaviour of well-known people. Such cultural aspects may significantly reshape the ego-behaviour of people compared with their lives outside work, often making them less focused on positive outcomes and more subservient to rules and principles.

In addressing cultural issues, organisations commonly use one-size-fits-all initiatives, targeted at people based on their official position within business units and employment grades. However, effective cultural interventions require a proper understanding of how teams operate in practice, the roles people play in their informal networks and the values driving behaviours within and between teams.

While quality of leadership, effective team working, open communication, diversity of mind and individual engagement are common themes to be pursued in improving organisational culture, the specific balance to be achieved, and the current state to be addressed, will vary significantly, even within a single organisation.

In order to get a solid understanding of where communication, collaboration and decision-making is working well or breaking down in an organisation, it is useful to map both the structure of common interactions, using techniques such as social network analysis, and to profile the values that drive those interactions.

One method currently being used to assess the impact of culture on the ego-behaviour of individuals within teams is the ‘know your team test’. It assesses the degree of health in the team ego and compares that with the average health of the team members’ egos.

The methodology is similar to that of the ‘know yourself test’, using the team ego against itself to reduce gaming. It can highlight behaviours of the team members that are likely to be adding to or taking away from the team’s culture and also enables some quantification of dominance risk, this being one of the key elements of culture risk.

Finally, the test proposes specific selfrealisation suggestions for team members and other remedial actions to improve the progressive nature of the team’s culture.

The research that led to the creation of the two tests described above was funded by the Society of Actuaries in Ireland and illustrates the role actuaries can play in managing these important risks.

October 2016 • THE ACTUARY 19 www.theactuary.com

27/09/2016 09:52

General insurance Technology

Mobile zone

In sub-Saharan African countries, the majority of active adults are primarily engaged in informal market activities, and this situation is expected to continue. The ‘informal sector’ refers to employment and production taking place in unincorporated or unregistered enterprises.

Many financial service providers have traditionally shied away from the informal sector, but owing to, among other things, increasing competition and changing markets, they are turning to it to find alternative revenue streams.

Access to finance is important for those in the informal sector, who in many cases are facing financial challenges. It allows them to save for the future, as well as to insure against both income and health shocks. Although the rate of financial inclusion in Africa is low, many 20

Tavona Biza discusses how technology could help to increase financial inclusion rates in Africa’s ‘informal sector’

people in the informal sector have a desire to access finance and have come up with alternative means to access financial services, such as through savings groups and credit associations. These were established largely because of the strict credit and account opening requirements of financial service providers.

Some reports suggest that only 7% to 8% of the population in sub-Saharan Africa have a bank account, and the average insurance penetration rate in this region is 2%-5%. This is in stark contrast to the mobile phone penetration rates of between 50% and 70% in most African countries. These rates are continuing to grow, particularly as costs for mobile telephones and network access continue to decrease.

THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 12:53

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Mobile phones are primarily used for making calls for social purposes, but are also increasingly used for financial transactions between family, friends and even between customers and service providers.

This broad reach that mobile technology currently provides therefore makes it a potentially attractive distribution channel for financial services companies to increase their reach to the informal sector.

Many companies have previously attempted to access this market, as evidenced by the proliferation of micro-insurance providers over the past 10 years. Some of the attempts have not been very successful or profitable.

However, there are a number of success stories. For example, over the past five years, mobile money has taken off significantly in countries like Zimbabwe and Kenya. This is, however, mainly for transactional services, and the same trend has not been seen in the provision of longer-term solutions, such as long-term savings or long-term insurance products.

There have also been a number of successes in West Africa with mobile insurance.

Challenges ahead Infrastructure that is reliable and costeffective is necessary for the successful implementation of mobile financial services.

Financial services activities and operations require automation. This sometimes hinders progress in Africa, as mobile networks and internet are not always easy or cost-effective to access.

There are also many challenges with respect to the growing risk of potential cyber-attacks. These are more pronounced where the mobile phones are entry-level smartphones and feature phones that have much lower protection mechanisms.

In addition, some in the market are not well informed about the risks involved.

A further challenge is a lack of information on the informal service sector, which makes it difficult for companies to develop appropriately tailored strategies and products.

There are a variety of reasons for this lack of information, the main one being that the sector has traditionally been excluded in various market research studies and official statistics, such as calculation of gross domestic product.

Key success factors for accessing informal markets There are a number of factors that could potentially assist companies in penetrating the informal market using mobile technology:

TAVONA BIZA is

an actuary based in Zimbabwe

could make selling other similar products very difficult in the sector.

Convenience is also a very important factor in providing services to this sector. The majority of clients in the informal sector are sole traders and employees who are unable to leave their place of work for an extended period. Being able to use mobile technology to access services while at their places of work would be invaluable.

simplicity and convenience

TRUST customer value

education and awareness

1. Establish trust Trust is arguably an important success factor when addressing the informal markets, particularly when selling financial services.

Trust can be established in a number of ways, such as donations and giveaways (‘freemiums’), using trusted people to advertise, or simplifying products and, more importantly, ensuring that the products perform as promised.

When using mobile technology, it is important to get the basics right to build trust.

Primarily, the company must make and deliver on basic promises. After consistently delivering on the promise, frills can then be added to delight the customer, which would result in loyalty.

2. Offer simplicity and convenience One of the ways of achieving trust is through simplicity. This should be demonstrated in the products, servicing and delivery models that the company will typically use when servicing informal markets.

Indeed, regulators may even prevent a product from being sold through low-touch channels, such as mobile technology, where the product is deemed complicated.

Therefore, although traditional insurance and other financial services products are highly complex, often with complex terms and conditions, the solution for this market, particularly using mobile technology, has to be much simpler.

Given that some of the income levels in the informal sector are relatively low, the purchase decision of such customers is unlikely to be an easy one. As a result, customers are only likely to buy products they need and understand. Where a purchase decision happens without understanding, there is a risk of customers subsequently realising that they did not want the product.

Customers are likely to tell others about their dissatisfaction, and, with many companies operating in closely-knit communities, this

3. Education and awareness Financial services companies need to be educated on the needs of the informal sector, and there is also a clear need for financial education for the informal sector to get an appreciation of the benefits and importance of financial services. This can be done relatively easily through mobile technology – for example, by introducing short daily financial education tips or mobile applications that bring sector players together in a discussion forum, allowing them to access resources and ask questions to each other and to a financial services expert.

Deliver value, not just price As with the formal sector, as long as the product or service demonstrates appropriate value, the informal market is willing to pay for it. Obviously, the price could not be inordinately high for this sector, but the margins need not be thin. The reason that many companies struggle in this sector is that they try to service this market using their traditional service and operational models.

If value is to be achieved at reasonable margins and affordable prices, then the delivery model will definitely need to change for this market. Doing this will entail, among others, measures like simplifying products and reducing human interactions.

If the offering is relevant to the customer, it creates the feeling that the provider understands them and their needs. Mobile potentially provides a low-distribution-cost model through which to access customers and provide affordable solutions for them that are also profitable to the provider.

Mobile technology has an important part to play in increasing financial inclusion in Africa. While there are challenges to overcome, an increase in financial inclusiveness has the capacity to significantly improve the lives of many people. There are also potential benefits to the economy as a whole, as well as to the financial services sector, which could see improved revenues and profits. The challenge is for financial services companies to come up with appropriate products and delivery models, which can be trusted and are simple, convenient and affordable.

October 2016 • THE ACTUARY 21 www.theactuary.com

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27/09/2016 09:53

Regulation Data ethics

Big data, big decisions

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THE ACTUARY • October 2016 www.theactuary.com

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Barbara Sinkinson discusses how actuaries can keep informed about the ethical issues surrounding the use of big data

The increasing use of big data and data science techniques opens up a new world of ethical issues. It is important that actuaries using these techniques or making decisions based on their outputs consider their responsibilities.

In May, the Cabinet Office published its Data Science Ethical Framework paper (bit.ly/1sB2lEw) with the objective of giving guidance to government on conducting data science projects, balancing the confidence to innovate with respect for privacy.

While designed for government users, the framework will be useful to actuaries grappling with these issues in other contexts.

It might serve as a helpful check against your own firm’s guidance, or as a starting point to develop your own principles.

Moreover, the Cabinet Office guidance is not a ‘done deal’ but a first iteration, a work in progress, with input sought from interested parties. Actuaries’ dual perspective as technicians and professionals, grounded in considering the underlying ethics, means that we are well-placed to provide feedback from our own experiences, and help shape this guidance for the better.

Of course, there are also legal restrictions around the use of data, notably the Data Protection and Intellectual Property Acts.

The framework seeks to outline both the legal framework and wider ethical considerations to make it easier for those within government to undertake data science projects.

What is data science?

The Cabinet Office’s open policymaking toolkit glossary (bit.ly/1k6eX1b) includes the following definition: “Data science uses advanced software, computer power and artificial intelligence to analyse and visualise big and complex data to provide useful insight that can improve an understanding of a problem and design better policy.”

The framework The framework is set around six principles, described below:

1. Start with clear user need and public benefit A clear understanding of aims, public benefits and risks of a project helps in efficient management and communication. Moreover, it allows you to focus on the decisions to be made as a result of the analysis, and to consider what risks and costs are justified in the pursuit of the public benefit.

The framework states that the public cannot easily distinguish between the ethics of data science and the decision or outcome arising from the analysis. It can be as important to demonstrate the benefits of the analysis as to ensure the process is robust.

2. Use data and tools that have the minimum intrusion necessary The wealth of data available on individuals means that it is possible to ascertain more about them, and groups they belong to, than most people realise. Principle two is around using only what is strictly necessary for the purpose at hand. It reminds us of the ‘minimisation principle’ from data protection legislation – that is, use only the data you need to meet the project aim – and the benefit of using anonymised data where possible.

We are reminded that, even where data may be legally the same, people’s expectations around it are not. Consider, for example, public data gleaned from social media. While it is in the public domain, it is still personal data and needs to be processed fairly. People may be far more relaxed about the use of data they provided in a tweet than in sensitive discussions on a social media site such as mumsnet. These considerations may be particularly relevant when buying data in, especially if the provider has used webscraping tools.

October 2016 • THE ACTUARY 23 www.theactuary.com

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27/09/2016 09:54

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BARBARA SINKINSON

is an actuary at the Government Actuary’s Department

3. Create robust data science models As the complexity of models increases, so does the risk of inaccuracy and inappropriate use. We should not only use the appropriate tool for the job, but also remember the role of human intervention in interpreting the results. Inappropriate conclusions can easily be drawn from bias in the input data or by implying causation from correlation. Even though a tool has produced good results for a particular project, it is not necessarily appropriate for a different purpose.

It is important not only to ensure that we ask the right questions, use appropriate data, incorporate the right model features and regularly test the model, but also to ensure that we revisit these steps to ensure continued robustness. As time and circumstances change, a once robust tool can easily ‘break’. The framework cites the case of an automatic pricing algorithm used by a taxi firm in Sydney. The unanticipated circumstances of a hostage crisis caused up to a fourfold price rise, resulting in the need for human intervention to adjust prices back to normal levels.

We also should consider widely the factors that may influence the data we have. Are we in danger of drawing erroneous conclusions?

The framework cites as an example social media analysis of Hurricane Sandy, which wrongly suggested Manhattan was the centre of the damage, because of the concentration of people with smartphones there.

4. Be alert to public perceptions This principle touches on similar issues to principle two, reminding us that advances in technology push our understanding of the law to its limits. But using data is not just about what is legal, it is also about what is ‘right’ – and this is not fixed. Public expectations on what is acceptable are continually shifting – indeed, there is a difference between people’s actual and stated positions on this.

Again, we are reminded to be careful with our data source, particularly where data

Public expectations on what is acceptable are continually shifting – indeed, there is a difference between people’s actual and stated positions” 24

mining or data scraping tools are used.

While it may be possible to buy in data that has been obtained in this way, there may be restrictions on its use – for example, through exclusion protocols within the sites or in the site terms and conditions, even if the data itself is in the public domain.

5. Be as open and accountable as possible One of the issues around the use of data is one of consent. People are more nervous about supplying or consenting to their data being used if they don’t know how it will be used, and indeed will be more concerned about conclusions drawn where they feel there has been a lack of openness (perhaps feeling that they supplied information under false pretences). We are reminded, where possible, to be clear about the purpose for which data is to be used, to give people access to their own data and to be aware of unintended consequences.

6. Keep data secure People are rightly concerned about the security of their data and much has been written about this, so in a large part this principle serves as a reminder. The Data Protection Act contains detailed rules regarding the retention and deletion of data, supported by guidance on its deletion by the Information Commissioner’s Office (ICO).

Government has been putting significant effort into building sets of trusted data, some of which will be publicly accessible through the canonical registers on the gov.uk website.

As this set of trusted data grows, it will be worth considering whether it may provide a suitable, and possibly superior, data source, avoiding the costs and security headaches that are associated with the need to collect and maintain your own data.

As available data expands exponentially, the legal and ethical issues around its use will also mushroom. While as actuaries we are experienced users of data, some of these new tools are posing issues we have not considered before. Being aware of the perspectives of those outside the actuarial community should help us to think through the issues. The Cabinet Office framework is a very good starting place for this. Moreover, our experience, skill set and ethical training means we are well placed to help shape and improve the framework for the future.

To find out the latest on the IFoA modelling, analytics and insights from data (MAID) working party, go to bit.ly/28IMSc5

THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 09:54

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23/09/2016 15:07

Life insurance Optimisation

If the price is right Advanced pricing techniques are commonly used in motor insurance. Alastair Black and Alan Clarkson explore how they are starting to be used in the life industry

for life

Insurers would generally like to know what value customers place on their brand, product quality and service levels. They may wish to flex prices in order to increase volumes so that they match maximum servicing capacity. Alternatively, they may want insight into how much weight advisers put on competitive quotes, and how close to the top quote in the market pricing needs to be in order to win business.

For over a decade, general insurers have used price optimisation techniques to provide insight into these issues, yet the use of these techniques is still limited in the life market.

Therefore, there exists an opportunity for insurers to develop more sophisticated and granular pricing approaches that can be used to better understand their business and to increase profit margins and/or improve volumes.

What is price optimisation?

Price optimisation separates the ‘risk’ component of pricing from the ‘demand and elasticity’ component. The risk part is the cost of providing the policy. Life insurers recognise the importance of accurately understanding the risk component and are generally good at this.

The demand and elasticity part explores the propensity of potential customers to purchase a product, as a function of customer characteristics and by the price charged.

Examples that may influence demand (over and above the insurer’s price relative to its competitors) are age, the sum assured, socio-demographic status, policy options selected and the distribution channel.

Demand and elasticity is commonly modelled using generalised linear models (GLMs). These allow for the different factors that influence demand and the interactions between them. This modelling requires the analysis of historical quote data for both customers who go on to buy and those who 26

don’t – the latter being a rich but neglected source of information.

An insurer’s pricing team can gain a granular understanding of both (a) the profit per policy sold (from risk component modelling) and (b) how the probability of purchase (from demand and elasticity component) varies as the premium changes.

These components can then be combined to produce (c) the expected profit for different premiums (Figure 1).

Balancing profit and volume does not need to be done at a high level – it can be completed

at each granular level, helping to determine an overall set of prices that optimises the insurers’ capital and sales opportunities. The strategy can be set to maximise overall objectives – for example, to maximise volumes with no decrease in profitability, to maximise profitability with no decrease in volumes, or some other combination of profit versus volumes (typically ‘profitable growth’, however defined).

For example, in Figure 1, the price selected is not the one that maximises profit, but a lower price that may meet higher volume

THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 09:55

ALAN CLARKSON FFA

is a senior pricing actuary with The Royal London Group

targets, or improve customer value. A key part of using price optimisation techniques effectively is building in customer metrics and understanding how different actions are likely to affect customer outcomes.

Price optimisation modelling allows the impact of varying pricing strategies to be predicted, using detailed evidence-based analysis rather than mainly relying on judgment and experience.

Implementing the techniques Currently, insurers set prices using more factors than just the pure cost of providing the benefit. Prices for different segments and distribution channels will typically be tweaked up and down, depending on new business volumes and the perceived competitive position in the market. This approach aims to understand demand and elasticity, albeit subjectively. Price optimisation facilitates more informed and objective decision-making.

Current approaches often mean that companies don’t explicitly ask (or answer) questions around customer fairness, potentially leading to cross subsidies within the existing pricing regime. Price optimisation modelling provides an understanding of customer behaviour at a granular level, so it is important that insurers set out customer fairness principles.

Considerations would include: What is the maximum profit margin we will make on any one customer? What is the maximum difference in price we will charge two customers with similar underlying risks?

What is the maximum level of cross subsidies between customers we will accept?

Practical considerations around data sources are also important. For example, a conversion rate of “quotes to new business” could be used as the demand measure.

However, a significant volume of quotes in the protection market offer no direct sales opportunity – they are produced by advisers and providers checking prices. It is important to isolate real quotes, in order to build up a true picture of current demand and how this may be affected by a change in price.

Why have these techniques been used less in life insurance?

In general insurance, the majority of business is written directly to the customer. Customers provide lots of details upfront and a firm price is provided. The prices vary considerably for different customers, and the presence of aggregators and use of external data sources mean that a motor insurer generally has hundreds of rating factors available for its analyses. All this information and the fact that policies are generally reviewed annually

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ALASTAIR BLACK FIA is a senior consultant with Willis Towers Watson

Figure 1 The pricing decision

Selected price C: Expected profit

Price which gives maximum profit

B: Probability of purchase

A: Profit per policy sold

Premium for an individual policy (£) mean that there is considerable data available to model demand and elasticity.

Equally, price optimisation can be used for any product where customers choose between different insurers based largely, but not exclusively, on price. In UK life insurance, it is therefore most applicable to protection products and annuities.

In life insurance, the majority of business is sold through financial advisers, with business typically sold on guaranteed premiums with terms of 20-30 years. Providers quote ‘standard prices’ based on a low number of rating factors – typically, sum assured, age, term and smoker status. A firm (underwritten) price is not provided until a full application with medical questions has been completed.

Some customers will then be offered a higher price to reflect their higher risk, but most customers will continue to be offered the ‘standard price’.

This lower availability of data means that it is more difficult to implement as rich a price optimisation model in life insurance.

There are, however, differences in this market that, while presenting challenges, also offer opportunities: ● As well as customer-related factors, adviser-related factors – including the level and shape of commission, how this fits with an adviser’s distribution model and the price sensitivity of an adviser – can be a significant influence on demand and elasticity. ● A standard price is initially quoted, followed by an underwritten price. The decision made by customers when the price does or doesn’t change is potentially a valuable source of information.

● There is a movement within advised

business to request more information to provide an initial quote. This information, along with advanced data analytics techniques, offers a life insurer a greater insight into their potential customers. ● The use of price comparison sites is a small part of the life insurance market, but their use is growing. This is likely to make customers more price sensitive, and so this channel will become more of a focus for price optimisation techniques in the future.

What is the business impact?

Price optimisation techniques give insurers a better understanding of their customers, which, alongside the development of a robust customer fairness framework, should drive improved business outcomes.

In a competitive marketplace, being able to predict the impact of price points based on a detailed understanding of your customers could be a big opportunity for life insurers, allowing them to more effectively manage capacity and balance this with demand.

It could also help identify areas of the market currently not ‘converting’. For example, conversion rates may be poor for smaller sum assureds, which could be improved by offering a lower, but still profitable, price. Ultimately, the use of these techniques allows profitability, volume and customer-value objectives to be met using fact, rather than judgment. ● Alastair Black and Alan Clarkson will be

speaking at the IFoA Life Conference in November. To book, visit bit.ly/2cFUaih October 2016 • THE ACTUARY 27 www.theactuary.com

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27/09/2016 09:55

Insurance Genetics

Is someone’s genetic information sufficiently different from other medical information to justify it being treated differently?

The use of genetic data in insurance underwriting has attracted repeated attention in recent years. In some countries, the law prohibits the use of genetic test results in insurance underwriting. In the UK, the government and ABI agreed in 2001 a moratorium that generally prohibits insurers from using genetic information, with minimal exceptions. This is believed to be working well in practice, but several issues are still under discussion.

In the context of life insurance or annuity business, if genetic information indicates a material risk of significant future ill-health, it could help underwriters to quantify this and potentially reflect it in the terms offered to an individual. Insurance is about the pooling and differentiation of risks, and the general principle of fairness means that people pay a premium appropriate to the risk they bring to the pool. The principle of symmetry of information between the insurer and the insured is often important.

However, in practice, the information available can be subject to various constraints, such as limitations in the range of questions, driven by commercial pressure and legislative controls.

There is an obvious conflict between the needs of insurers for symmetry of information and the perceived rights of the individual to privacy. Procedures will be in

Pooling gene data Debbie Akers on privacy and the principles of discrimination when dealing with genetic data for insurance purposes 28

THE ACTUARY • October 2016 www.theactuary.com

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DEBBIE AKERS is chair

of the IFoA genetics working group

When defining their approach to assessing different risk categories, insurers need to be mindful of the expectations of society. Even if the use of genetic information could be included in a fair and objective pricing process, there still remains a perception that genetic information is special and different and that it would be dangerous to create a ‘genetic underclass’ of individuals with ‘bad genes’. When considering this, it is important to remember that there is already an ‘insurance underclass’ that struggles to obtain cover, or can only obtain cover on adverse terms. In pricing and reserving work, the actuary considers groups of anonymous lives, whereas the underwriter considers a named individual. For that person, their health is a living reality, and lack of access to insurance can have serious consequences.

Perhaps it is the combination of the consideration of fairness and the concept of fault that makes genetic information different. There are many aspects of lifestyle where people have a choice, such as smoking, diet and exercise, and these lifestyle factors can affect their risk of future ill-health.

However, an individual does not choose their genes and cannot alter them by making healthier choices. Looking beyond genetics, it is important to remember that many serious illnesses are not determined by lifestyle. For example, someone with type 1 diabetes would be charged a higher premium for life insurance, so should someone else with the same risk of dying pay the standard premium just because their additional risk is identified by a genetic test? place to try to ensure confidentiality of any information provided, but allowing individuals to withhold information relevant to the risk because it is considered too personal can put insurers in a disadvantaged position.

Avoiding discrimination Perhaps more pertinent than the question of privacy is that of discrimination.

Insurers need to differentiate risks, but how does differentiation differ from discrimination – a term that often has connotations of unfairness?

Definitions vary, but discrimination can be considered to occur if the different treatment has no objective and reasonable justification, does not pursue a legitimate aim or does not apply a reasonable relationship of proportionality between the means and the aim. On the other hand, differentiation is based on applying relevant data from a reliable source, which is used proportionately to establish a fair price.

GETTY

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A matter of ethics There is an important side question here: do people have a basic right of access to insurance; is it a ‘social good’? Where an individual has dependants, if it is sufficiently important to provide for them in the event of death or disability, then perhaps there should be a guarantee of access to a minimum level of cover, regardless of health or genetics. If so, could this be a matter for the state to consider rather than the insurance industry?

The principles of insurance are important, but insurers also need to consider the practicalities involved with charging the appropriate level of premium overall.

Anti-selection is an important consideration.

Prior to the availability of genetic testing, we insured people without knowledge of the additional risks, which can now be identified.

Hence, as long as people do not anti-select based on their knowledge of their genetic test results, there is no need to change existing pricing approaches. However, the

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There still remains a perception that genetic information is special and different” opportunity for anti-selection does exist and UK insurers do not currently know the extent to which it occurs in practice because of the restrictions around application form questions on genetics. This is different from the position on gender in the UK; we are no longer allowed to reflect gender in the price we charge, but we are allowed to collect this information from policyholders. Thus, we know the gender mix of our portfolio and can price accordingly. With genetic risk, we are denied access to the information, so cannot monitor what level of genetic risk we are insuring. This means that the anti-selective behaviour relevant to this risk cannot be monitored directly in the current environment, neither is it something that is easy to research either by examining human propensity or through underwriting and claims data.

In general, perhaps a suitable framework needs to consider three questions: the extent to which genetic information does indeed indicate future risk; the degree to which it is necessary to reflect this in insurance pricing; and how fair it would be to do so.

These are some of the general social policy issues relating to insurance that have arisen from the development of genetic testing to date. Further genetic advances may generate additional challenges for the industry and indeed for the actuarial profession. There is now an IFoA genetics working party looking into these issues, together with consideration of any actuarial modelling work needed to quantify the impact of the risks. ● Sign up for the working party at bit.ly/2bYbCDL October 2016 • THE ACTUARY 29 www.theactuary.com

27/09/2016 09:56

Soft skills Monotasking

The multitasking myth Dr Jenny Brockis introduces monotasking; a way of working with your brain to maximise its energy and potential

Adapting to planet busy has, in some instances, resulted in the adoption of some less than healthy thinking habits. In our rush to keep on top of everything, we sometimes fail to stop and check first whether what we are asking our brain to do is something it was designed for.

Choosing to give your brain the attention it deserves makes it easier to develop those thinking skills that allow you to be more efficient, effective and productive. Our new understanding that the human brain is massively plastic – that is, it can form new synaptic connections between existing neurons in response to changes in our environment throughout our life – means not only are we lifelong learners but we can always up-skill our thinking processes to adapt and thrive.

Being in charge of your own unique brain helps you to change your mind, embed new habits and boost mental performance. This is your cognitive advantage.

Because this is a neurobiological process, it will take a little time and effort, so what matters is putting in the practice.

What can you do to boost your healthy thinking habits?

1. Use your focus appropriately With our ever lengthening to-do lists, focusing and working hard all day long would seem to be the best way to get our work done, except that it isn’t.

When it comes to focus, our brain is a 100-metre sprinter, not a marathon runner.

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While we have to pay attention to learn anything, the type of focus we apply and how we use it is crucial. We are not designed for long-term focus. Attempting to drive our focus too hard for too long exhausts the brain, which then inserts its own mental-energyconserving mechanism of mind wandering.

Worse still, in our fatigued state, our mental processes slow down and we start to make more mistakes.

The solution is to use our ultradian rhythm, natural peaks and troughs of energy that pulse throughout our day in a 90-minute cycle. Chunking your high-intensity, focused work into 90-minute blocks helps you to: ● Produce high-quality work ● In a shorter period of time ● With fewer mistakes ● Using less energy.

What comes next is equally important.

Take a well-earned brain break of 15-20 minutes. While not an official invitation to watch cat videos on YouTube, what you do during your brain break is up to you, as long as it doesn’t involve any thinking about the task you have just been working on. You could: ● Get up and have a stretch (your brain will really thank you for that) ● Go for a wander around the office or get outside into the fresh air for a couple of minutes ● Practice a short meditation ● Have a conversation with a colleague ● Make a few phone calls ● Catch up on a couple of emails.

What your brain does during this time at a subconscious level is to consolidate those thoughts you were previously working with; determine which thoughts are to be kept for long-term storage in your memory banks; and refresh your cognitive energy levels so you are ready to be more effective in your next chunk of focused work.

THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 09:57

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2. Choose to monotask While we love the idea of multitasking, because we believe it will save us time and energy and allow us to get more done, sadly, it is but an illusion we have bought into.

While we can fragment our attention very well and hence can have one ear on a conversation while posting on Instagram and walking down the corridor holding a cup of coffee without spilling it, what we are not doing is focusing on any one of those items.

Our brain has what many consider to be a design flaw, the area used for focus, while highly developed, is small, extremely energy-hungry and has limited parking for one vehicle at any one time. In other words, we can only apply our full focus to one thing.

Multitasking doesn’t work. At all.

Monotasking is the new black, because it provides the brain with what it loves – one item to devote its entire focus to.

How do you monotask? At the beginning of your work day, write down your list of top three priorities, those things that HAVE to be done, and list those in order of priority.

Then start on number one and treat your list like a game of Monopoly®. Do not pass GO! Do not collect your £200 until you have fully completed your first task and then proceed onto the next.

This might mean choosing your monotasking environment carefully. Switch off all ‘techno-distractions’ (mobile phones, laptops and tablets), put up a ‘do not disturb’ sign on the back of the office door, or don some noise-cancelling headphones (if that’s your thing).

Simple really. And just in case you need a bit more evidence to support the fact that it’s not such a crash-hot idea to multitask – multitasking diminishes memory, makes it harder to pay good attention to anything and is the one brain function we get worse at with practice.

3. Be more mindful One of the most elusive items on our better thinking skills list can be having the time to think. The trouble is, denying our brain the thinking space required for deeper thought and understanding constrains us to the ‘B seats’ of our mind.

Mindfulness has been enjoying a huge surge in popularity and is increasingly embraced by the business world as a useful tool to sharpen our attention, clarify our thinking and reduce stress. It takes us off autopilot to build conscious awareness of what’s going on in our environment and our thoughts.

October 2016 • THE ACTUARY 31 www.theactuary.com

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27/09/2016 09:57

DR JENNY BROCKIS

is the Brain Fitness Doctor and director of Brain Fit

Live links on our app! p!

Learning to be more mindful is a mental discipline. It takes practice and it’s not for everyone. For those who find it useful, a 10-15 minute attempt is all that is needed to quieten down our mind chatter and keep us in the present.

Research has revealed countless cognitive and health-related benefits of mindfulness.

Studies have shown that just eight weeks of practising it is sufficient to produce a physiological change in the brain, an increase in the cortical density of our grey matter in the pre-frontal cortex and hippocampus that can be demonstrated on fMRI brain scans.

These are the two areas concerned with our executive thinking processes, and learning and memory respectively.

Reduced stress, enhanced attention, increased creativity, better decision-making, better sleep patterns and sense of wellbeing are some of the better-known benefits that have been ascribed to the practice of mindfulness.

Noticing your thoughts and feelings can be useful for times such as:

● Preparing for an important meeting ● Delivering a presentation ● Meeting a new client ● Stepping into a difficult conversation.

Taking a mindful moment allows you to quickly check in with your thoughts; what is going on here, do I have all the facts, what else is needed?

Of course, there are other equally useful ways of finding your thinking space. For some, this will be at 35,000 feet, in the shower, on the drive home, while exercising, listening to some beautiful music, or even chatting with others. Wherever your thinking space, what matters is checking in daily for your 15 minutes of ‘still’ time.

Whatever your choice of healthy thinking habits, boosting your mental efficiency and productivity is what leads to a greater sense of achievement, fulfilment and happiness.

Dr Jenny Brockis is the author of Future Brain: The 12 Keys To Create Your High Performance Brain (Wiley)

Taking a mindful moment allows you to quickly check in with your thoughts; what is going on here, do I have all the facts, what else is needed?”

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THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 09:57

Spotlight Conference

Momentum – adapt and thrive!

Momentum Conference 2016 30 November – 2 December 2016 RUSS BOWDREY is chair of the IFoA Momentum organising committee

RICHARD COHEN is vice-chair of the IFoA Momentum organising committee

The Momentum conference has never been a typical actuarial conference, and this year promises to be no different, with the addition of ‘Lightning Talks’, alongside the normal range of cross-discipline technical seminars and soft skills master classes. Take a look at the programme online – there’s sure to be something to interest you, maybe from different practice areas. There is much to broaden your world-view – perhaps even change your career!

Momentum is for nearly and newly qualified actuaries from across all specialities. We have tried to design the programme to challenge your thinking within your speciality, outside your traditional roles and as an actuary at large.

The overarching concept for the conference is ‘adapt and thrive’. As a profession, we need to become more adaptable as technology and other professions encroach onto our traditional areas of work. In essence, we believe that interpreting and making sense of an increasingly complex and uncertain world is a key part of what actuaries can offer the world.

The aim of this conference is to show how you, personally, can adapt to thrive in this brave new world.

Sessions will hopefully challenge your thinking, broaden your horizons and open your eyes to the softer skills required to succeed in an ever-changing environment.

Plenaries will cover networking and some skills to help you succeed in your career; the game theory of insurance pricing; and a panel discussion on the implications of Brexit on the industry. This year’s ‘Lightning Talks’ will be a series of short, snappy talks on hot topics.

The idea is to be impactful and thought-provoking.

Master classes return to the conference and will focus on practical skills all actuaries need, from negotiation skills and speaking out when it’s difficult; to communicating in different ways – across language divides and jargon; and breaking the fear barrier with coding.

There will naturally be plenty of time to network, plus a grand gala dinner with Dame Kelly Holmes speaking, after which it’ll be time to chat, play the casino or dance the night away.

We look forward to seeing you there.

ADDACTIS ® Workflow, your organized friend!

-!24). 3:4!*-!.

Hi

!

+32 (0)2 526 13 10 contact@addactis.com www.addactis.com

Exasperatingly efficient

October 2016 • THE ACTUARY 33 www.theactuary.com

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27/09/2016 09:58

At the back

1

2

3

4

5

6

7

8

Coffee break

iQ

9

11

16

9 10,11 13,17d 11 13

© Nylfia

14 16 18

Army band always covering first in Hit Parade? (6) Doctrine concealing distinct feature of heat map (8) City following addicted to flower (6) Hum! Retired navy master eats honey sweet – we’ve burnt old toast (3,5,3,11,3,4,5,4) See 10 Wind-up patient following number of points included here (6,4) Italian lawless zone (4) Source of vicious article on politician with seductress (4) Poem outlined in side action at a communist uprising (10)

17

18

19

20 21 22

Eight of the solutions this month are connected by a common theme Across

14 15

BY NYLFIA

6

12

13

A CHEERY OUTLOOK 1

10

23

24

25

26

21 Why girl on trial denounced spin bowler (3,11) 23 A peer confused crossing border with short term papers (8) 24 Computer specialists exhibiting good health in Germany? (6) 25 Doctor has a cyst – genetic problem identified (3-5) 26 View impeded by umpire causing Turkish cheers (6)

Down 1 2 3

Looks upset when heartless proposal in Norway heard (4) Impressed by Lawrence’s health in Ireland (7) Can gases make doctor sore loser before going behind hospital department? (8)

Relative thinking Mensa puzzle 667

5 6 7 8 12 13 15 17 19 20 22

Tart relishing bad feeling (4,7) Personal investment in support for municipal resident (6) Ring press after directions given by Victor (7) Setter needs help recalling a French word for flat worm (9) Church leader caches relic carelessly (11) See 10 Supply assembled by core user (8) See 10 Creative sort for whom Bogart is testing sample (7) Old girl makes calm mums snap inside collectively (6) Swelling caused by rarest yeast extraction (4)

Code breaking Mensa puzzle 668

www.mensa.org.uk

ANTIPERSPIRANT

ANOMALIES

What letter should replace the question mark?

The following words have a connection, what is it?

CHAIRWOMAN

34

PERUSE

HCKEF LJVRD BSUAT GPWI ?

FOR PUZZLES SOLUTIONS Answers and more can be found online.

Please go to www.theactuary.com/puzzles

THE ACTUARY • October 2016 www.theactuary.com

p34_october_crossword_puzzles.indd 34

27/09/2016 09:58

At the back student@theactuary.com

Student Jessica Elkin divulges the secrets of achieving your ideal goals, and suggests the clue could lie in which of the boring bits you are able to endure

HOME TRUTHS When I’m visiting my parents of a weekend, I usually have a glance through their Sunday paper. It’s not my favourite – not enough puzzles, for starters – but I like to skim the supplements for easily digestible, contentlight, autobiographical columns that I dutifully read. Intellectual that I am.

(It’s research like this, reader, that has helped me hone my skills for the student page.)

One such column is by a woman around my age who writes about her love life. Think Carrie Bradshaw, but less annoying, with fewer “I couldn’t help but wonder”s.

It’s very readable, if not especially educational; the last one I read was about getting drunk and going on Tinder. It wasn’t a long column, about half a page, and I surveyed it with curiosity and something bordering on jealousy. I couldn’t help but wonder how she’s managed to land such a cushy deal.

Why couldn’t I do that, I thought?

Why don’t I get paid to write pulp non-fiction for Sunday lazing and poolside entertainment? It seemed deeply unfair. Mostly she writes fluff about failed romantic pursuits – hah!

Like we don’t all have plenty of material for that.

Where there’s a will The thing is, I could be doing that.

Or at least, I could be trying to do that.

The fact of the matter is, I can count on no hands the number of articles I’ve sent to any non-actuarial publication for consideration, unless of course you count that letter I got published in The Times in 2010. I am still

PHIL WRIGGLESWORTH

p35_October_student•FINAL•CT.indd 35

dining out on that particular victory.

I’m sure this other writer outdid me in her efforts to reach the dizzy heights of supplement-padding fame. So to answer the question of why I’m not a paid column writer, the crux of the matter is that I don’t want to be. Not really. If I wanted to do it then I would research what’s currently out there in different publications, come up with

my own unique spin, write some samples, and submit them for consideration. Repeat ad nauseum until success.

There’s a great article by Mark Manson called ‘The Most Important Question Of Your Life’, in which he writes about the difference between actually wanting something and just enjoying the dream of it. “If you want the benefits of something in life,” he says, “you have to also want the costs. If you want the beach body, you have to want the sweat, the soreness, the early mornings, and the hunger pangs. If you want the yacht, you have to also want the late nights, the risky business moves, and the possibility of annoying a person or ten thousand.”

Otherwise, he says, you don’t want it at all.

You just enjoy the fantasy. (This is possibly why I don’t have the beach body or the yacht.)

Job application I’ve been considering the application of this concept both to life in general, and to work.

There’s a partner at my firm who has enjoyed a particularly impressive, and enviable, career trajectory. I discussed this with a different partner. He told me that, as he saw it, the reason for the first guy’s success was that he “didn’t ask permission”. This has since stuck with me.

I’m not saying he just scribbled ‘partner’ on his business cards and edited his email signature.

It’s that when he wanted to do something professionally, he grabbed the bull by the horns and went right ahead. We’re not all naturally possessed of that sort of boldness, but we could force it. ‘Fake it till you make it,’ as they say. Or, as Brad Pitt says in his appalling turn as Achilles in Troy: “TAKE IT, IT’S YOURS!” There are few people in life I want to be like less than that guy, but his chutzpah was really something.

Actuaries don’t lack enthusiasm.

We have it in spades. But diffidence is also in abundance.

Socrates is often misquoted as having said that true wisdom is in knowing that you know nothing. That may be so, and actuaries are pretty wise, but that attitude is not going to get you anywhere in life.

What I am saying boils down to: work out what you want, and then go out and get it.

Now I only have to follow my own advice.

Easy, right?

October 2016 • THE ACTUARY 35 www.theactuary.com

27/09/2016 09:59

News NEWS UPDATES FROM THE ACTUARIAL

Dining in wider fields

By Guy Freeman

Installation of first female WCA Master On Thursday 14 July, the Worshipful Company of Actuaries’ Installation Dinner took place at Haberdashers’ Hall. Prior to this, the new Master, Sally Bridgeland; senior warden, Nick Dumbreck; and junior warden, Nick Salter, (all shown above) were installed. Badges and robes of office were presented, and thanks made to the immediate past Master, Peter Thompson, and to his wife.

Pre-dinner drinks were enjoyed in the courtyard, to the accompaniment of harp music played by Lisa Evans.

As is normal, grace was said before dinner by our honorary chaplain, Rev Canon David Parrott. During the dinner, two new members of the livery and six new liverymen were acknowledged, all having been through the ‘formalities’ at a Court meeting earlier that day. Our continuing success in the inter-livery bridge tournament was also recognised, Graham Clay, John Simon and Peter Bennet being presented with their trophy. Liveryman Robert Ross was awarded the Phiatus Cup, which is awarded annually for charitable endeavours. Robert was awarded this for his fundraising and other work in the aftermath of the Nepal earthquake, when, having cancelled his own attempt to climb Everest owing to said earthquake, he threw himself into assisting the local community.

The three after-dinner speeches were in turn witty, inspirational and personal. First up was Nick Salter, followed

by Dame Stephanie Shirley. The Master, Sally Bridgeland, then responded. Sally is our first female Master, and it was clear from her speech that this means a lot to her. She told of her life to date, praised and thanked her parents (both of whom were in attendance, which could be a first for the Livery) as well as her husband, to be known as Master’s consort. It was both personal and entertaining. During her speech, she presented the Company’s Award of Honour to past Master Jeremy Goford, for his work for the profession (both as a past president of the IFoA and the author of a seminal paper on the control cycle), the Livery movement and the City of London, where he founded the Financial Services Group of Livery Companies.

Sally’s theme for her year in office is ‘Resilience in Flexibility’. With such a great start from her installation dinner, her success in delivering on this theme can only be enhanced.

36

The Argonauts Dining Club is for actuaries working outside traditional fields and was established in 1955. Its longevity is a testimony to the success of actuaries moving in ‘wider fields’ as well as the quality of the dining and the speakers.

The Argonauts has a rich heritage going back to the time of Frank Redington and George Ross-Goobey, and the vibrant and varied membership of today is made up of investment management professionals, independent trustees, general insurance actuaries, academics and others working outside more traditional actuarial roles.

The club meets three times a year, and dinners are mostly held in Livery halls. Members are therefore assured an interesting venue and a high-quality dinner to go along with the convivial company and interesting speakers. As well as Don Ezra and other eminent actuaries, this year’s speakers are expected to include: ● Rebecca Stephens, MBE, the first British woman to climb Everest ● Lt Gen Sir Andrew Gregory, recently retired as chief of the defence staff (people) and now controller of SSAFA, the armed forces charity

Peaking early In July, we published an article about a group of mainly Bristolbased actuaries from Willis Towers Watson, who were preparing for the Three Peaks Challenge. We are pleased to report that, over the weekend of 16-17 July, all 15 of them successfully completed the challenge of completing all three mountains. Well done!

Below is an update from two members of the team, James Mignanelli and Neil Tooth: The challenge began just before 9am on a brisk and overcast Saturday morning at the foot of Ben Nevis. Standing at over 1,300m high, with clouds engulfing the top third of the mountain, this was definitely a formidable challenge!

Everyone quickly got into their stride, with morale and expectations both high. The weather stayed fair for most of the ascent, but by the time the team reached the summit, the winds had picked up, the rain started to fall and temperatures (including the wind-chill) had fallen below zero degrees, so a hasty descent was arranged.

The team then set off to Cumbria to climb Scafell Pike.

It was just after midnight when the summit of Scafell Pike emerged emer erged from

the darkness, and, with the rocky nature of this mountain making it a particularly challenging climb, knees and ankles were really starting to feel the pain at this point of the expedition.

Snowdon was a welcome sight early the next morning, with the clouds occasionally breaking to reveal blue skies and a rare glimpse of sunshine, which was warmly welcomed by everyone. Tiredness was really creeping in now, but the team continued at a good pace and reached the summit to complete the Three Peaks Challenge.

The aim of this challenge was to raise money and awareness for two charities; Barnardo’s and Ehlers Danlos Support UK. With huge thanks to all who sponsored them, the team can report that they have raised something in the region of £6,000 to be split between these charities, which will significantly contribute to the work done by them both. It was a tough and gruelling challenge, but despite this, the team all agree that it was a great adventure and completely worthwhile to raise such a significant amount of money for charity. Would they do it again?

Well, not everyone…

THE ACTUARY • October 2016 www.theactuary.com

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27/09/2016 12:41

ARIAL PROFESSION

Death defying feat for new Master On 14 October, both the Master (Sally Bridgeland) and junior warden (Nick Salter) of the Worshipful Company of Actuaries will be doing the Lord Mayor’s Appeal Abseil Challenge – a 94ft abseil down St Lawrence Jewry in the City of London. Between them, they suffer from a fear of heights and vertigo, so this is no easy feat.

The Lord Mayor’s appeal is raising funds for the Sea Cadets and JDRF to support young people and type 1 diabetes, and any support you can give would be much appreciated (if only to encourage Nick and Sally to go through with it!). www.justgiving.com/teams/ actuariescompany.

● Lord Browne, former CEO of BP, executive chairman of L1 Energy, chair of the Tate.

New members are always welcome, and potential members can join a dinner to find out more about the club – the next one is on 7 November. If you work outside life or pensions actuarial work and are interested in the Argonauts, please contact me on GuyFreeman2@btinternet. com or request to join the Argonauts group on LinkedIn.

A night at Leopardstown races On behalf of the Student Society of Actuaries in Ireland, both students and recent qualifiers were invited to chance their luck at a horse-race meeting held at Leopardstown Racecourse on the evening of Thursday 11 August.

On arrival, the attendees were greeted with food and drink tokens, along with a small free bet to encourage everyone to get into the spirit of the evening. The fashion stakes were high, as attendees competed to win coveted prizes of shopping sprees at Dundrum Town Centre. These generous prizes were kindly sponsored by Acumen Resources and offered to both the best-dressed male and bestdressed female at the races.

We would like to commend everyone for expressing such wonderful style on the night.

The students and recent qualifiers seemed to jump at the opportunity to o dress up to the nines.

Photographs of all the students were taken by the committee as a memento for everyone who attended the occasion and can be found on the Student SAI Facebook page.

After much deliberation, Brendan McCusker and Rachel Kelly were selected as being the best dressed on the night. Brendan looked very smart in a three-piece baby blue suit, while Rachel ensured she stood out in a beautiful floral midi-length skirt and royal blue top. The winners were thrilled that their outfit choices did not go unnoticed. Paul Walsh from Acumen Reserves was in attendance to present the prizes to the worthy winners.

After the racing had finished, the students enjoyed a concert by The Boomtown Rats, with hits such as ‘I don’t like Mondays’ seeming to strike a particular chord with many.

The committee would like to thank Leopardstown Racecourse for providing a great evening of entertainment. We would also like to take this opportunity to thank all the students and recent qualifiers who attended this event and all past events that the committee of 2015/2016 has organised.

We appreciated your support – take note that we will soon be calling for volunteers to join the committee of 2016/2017!

SIAS football tournament

By Anique Buddhdev After a week of showers, it was odds-on that the 2016 SIAS football tournament would fall on a day of sunshine. The tournament took place on Friday 19 August at the Lucozade Powerleague in Shoreditch. It was contested by teams from a range of companies, who all battled for the prestigious trophy and some Amazon vouchers.

Each game was 20 minutes long, with every team playing each other once in the group stage, a total of 240 minutes of football being played there alone. The group stages were intense, with Xafinity consulting scoring most of the goals against teams from Travelers and FIS. The stage for the final was set, with Xafinity going head to head with Travelers. After over two hours of football, the champions emerged. Xafinity won 9-2 in a closely fought game! The victorious team included Thomas Platt, William Platt, Peter Cole, Andrew Morgan and Patrick Cullen.

The day itself was excellent and a few of the fairer-skinned among us even got a bit of sunburn. Many thanks to Ryan Allison for all his hard work organising the tournament and stepping in to referee the first match while one of the referees was unwell.

Births B D Donna Cowell (Swiss Re) aand Craig are delighted to announce the birth of Charlie. Much loved baby brother for b Coco and Jaffa C

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

October 2016 • THE ACTUARY 37 www.theactuary.com

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27/09/2016 12:41

SPONSORED BY

Appointments peoplemoves@theactuary.com

Moves Hymans Robertson has appointed John McKenzie as head of insurance transfers and reporting. He was previously a consulting actuary and principal at Milliman’s UK Life practice. Theresa Chew also joins the firm as head of transactions and structuring. She will focus on growing its M&A advisory and transaction structuring capabilities.

BBS Consultants & Actuaries has appointed Jenny Richards (above) and

Mark Channon (above) to its team of scheme actuaries. Richards joins from Punter Southall and Channon from Mercer.

Punter Southall has promoted Sarah Brown and Wendy Fitzpatrick to principals. Brown joined the consultancy in 2001 and leads on its research into scheme funding. Fitzpatrick joined in 1997 and provides consultancy on DB and DC schemes.

She advises schemes on funding and investment.

Xerox HR Services has promoted Vishal Makkar to head of retirement in the UK and principal, and Wes Jones to principal.

Makkar will determine the direction and strategy of the business.

Jones will work with account managers in Manchester and Edinburgh, and on new business development.

Barnett Waddingham has appointed three specialists to its insurance consulting practice. Michael Crawford joins as head of analytics. He has experience in

implementing machine learning and artificial intelligence techniques into the insurance industry.

Patrick Gloster has over three years of experience in life reinsurance with a particular focus on Solvency II preparations and joins from the capital management team at XL Life Re. Iain Maclugash brings significant experience in developing business capital models in advance of Solvency II implementation.

He previously worked for Aviva for six years.

Employer and area of work

expert on risk management.

Insight Risk Consulting has appointed Chris Littlefair (above) as a director.

He will be responsible for growing the firm’s reserving offering.

He joins from Amlin, where he was head of group reserving.

www.hfg.co.uk

SAM JOHNSON Willis Towers Watson – global services and solutions.

Paul Sweeting (above) has returned to the University of Kent as professor of actuarial science. He joins from Legal & General Investment Management, where he was head of research.

Professor Sweeting is a regular commentator on pensions and investment issues, as well as being a global

ACTUARY OF THE FUTURE Jesus – he can turn water into wine.

My two brothers – so we can play sport all day and argue over who’s the best. Wilson from the film Cast Away.

Gotta Get Thru This – Daniel Bedingfield.

What’s your most ‘actuarial’ habit?

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

Greatest risk you have ever taken?

The Grand Union unlimited Prosecco deal.

How would your best friend describe you?

I’d like to say “always smiling and always up for a laugh”, but last week he did conclude that I was “the worst bloke ever”.

Modelling my fantasy football team extensively; not that it’s helped me in any way this year.

Favourite Excel function?

What motivates you?

Getting all my work done so that I can go for a cool, refreshing beer.

What would be your personal motto?

Stems from the way I ski; just go straight – no turning.

SUM – simple yet effective.

How do you relax away from the office?

Donald Trump – so no one else has to deal with him.

p38_October_AOTF•FINAL•CT.indd 38

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

Several sports and anything that will make me laugh. Going for a run also helps me de-stress.

Jonah Hill – he seems to have sarcasm down to a fine art and so would be perfect for the job.

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

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

The Grand Union unlimited Prosecco deal.

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

Leslie Nielsen – no one has made me laugh as much as he has in every one of his films.

Luke Glazier from our Reigate office, he’s much better looking than me.

Alternative career choice?

Accountant – it would be easier to explain, and everyone thinks it’s what I do anyway.

Do you know an actuary destined for greatness?

What song best describes your work ethic?

aotf@theactuary.com

You can nominate an Actuary of the Future by emailing

27/09/2016 09:59

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 –‘†ƒ› –‘ Šƒ˜‡ ƒ …Šƒ– ƒ„‘—– ›‘—” ”‡“—‹”‡Â?‡Â?–•ǥ ƒÂ?† –‘ ƤÂ?† ‘—– ™Šƒ– ‘’’‘”–—Â?‹–‹‡• ƒ”‡ ƒ˜ƒ‹Žƒ„Ž‡Ǥ Paul Fox GI Perm +44 (0) 207 220 1103 paul.fox@hfg.co.uk

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A top broker is looking for an actuary to work with their brokers. The team is led by an actuary who moved to the broking world a long while ago. They are seeking an individual with an outgoing personality and a ’ƒ••‹‘Â? ˆ‘” Â?ƒÂ?‹Â?‰ ƒ ”‡ƒŽ †‹ƥ‡”‡Â?…‡Ǥ Â?› ‰‡Â?‡”ƒŽ ‹Â?•—”ƒÂ?…‡ „ƒ…Â?‰”‘—Â?† would be considered but personality is key. ‘ ƤÂ?† ‘—– Â?‘”‡ ’Ž‡ƒ•‡ …‘Â?Â–ÂƒÂ…Â–ÇŁ ™‹ŽŽ‹ƒÂ?ĚťÂŠÂˆÂ‰Ç¤Â…Â‘Ç¤Â—Â? ÇŁ ͙͙͘͘

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For more information please contact: david@hfg.co.uk REF: DC1001

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An international general insurance company are looking for a dynamic pricing actuary to join their Retail & Commercial practice. You will need to have pricing experience from within a general insurer and be showing good progress in completing the UK Actuarial exams.

For more information please contact: david@hfg.co.uk REF: DC1003

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This UK and global insurer are looking for a pricing actuary to join the commercial and SME teams. Previous experience of pricing is a must, from either a personal lines insurer or consulting environment. This role is primarily based in London, however there would also be scope to be based outside of London.

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Igloo Contractor

͙͋͘͘͘ ÇŚ ͙͚͋͘͘ Â„ÂƒÂ•Â‹Â…ÇĄ ‡•– ‘ˆ Â?‰ŽƒÂ?†

What an excellent role for an Igloo contractor to assist a well-established company with their IMAP submission. You must be an expert in Igloo coding / modelling and have S2 experience. Initially a 3 month contract, –Š‡”‡ ‹• ’‘–‡Â?–‹ƒŽ –‘ ‡š–‡Â?†Ǥ › …Ž‹‡Â?– ‹• ƪ‡š‹„Ž‡ ”‡‰ƒ”†‹Â?‰ ™‘”Â?‹Â?‰ ˆ”‘Â? Š‘Â?‡ǥ Š‘™‡˜‡” ›‘— Â?—•– „‡ …‘Â?Â?‹––‡† –‘ ƒ– Ž‡ƒ•– ͛†ƒ›• ‹Â? –Š‡ ‘Ƽ…‡Ǥ For more information please contact: rupa@hfg.co.uk REF: RP1001

+44 (0) 207 337 8800

�†‡”™”‹–‹�‰ …–—ƒ”›

͙͋͘͘Â? ÇŚ ͙͚͋Í?Â? Â„ÂƒÂ•Â‹Â…ÇĄ ‘Â?†‘Â?

A specialist reinsurer is looking for a pricing actuary to work in their underwriting division. This person will work across a variety of lines of business and will play a crucial role linking the actuarial team to the underwriters. This will suit someone who has the personality to put across their case when required and is happy to back their answers. ‘ ƤÂ?† ‘—– Â?‘”‡ ’Ž‡ƒ•‡ …‘Â?–ƒ…– ™‹ŽŽ‹ƒÂ?ĚťÂŠÂˆÂ‰Ç¤Â…Â‘Ç¤Â—Â? ÇŁ ͙͚͘͘

‡ƒ† ‡‹�•—”ƒ�…‡ ”‹…‹�‰ …–—ƒ”›

͋͘͞Â? ÎŽ Â„ÂƒÂ•Â‹Â…ÇĄ ‘Â?†‘Â?

We are interested in speaking to experienced London Market pricing actuaries who would be interested in leading the Pricing for a small Lloyd’s Reinsurer. The role will be working closely with the underwriters to help enhance decision making and identify new business opportunities.

For more information please contact: david@hfg.co.uk REF: DC1002

‡�‹‘” ‡•‡”˜‹�‰ …–—ƒ”›

Í‹Í Í˜Â? ÇŚ ͙͙͋͘Â? Â„ÂƒÂ•Â‹Â…ÇĄ ‘Â?†‘Â?

A global insurer with a Lloyd’s and London presence is seeking a senior reserving actuary to work on high level reserving reporting across the „—•‹Â?‡••Ǥ Š‡ ‘’’‘”–—Â?‹–› ™‘—Ž† •—‹– ‡‹–Š‡” ƒ Â?‡™Ž› Â“Â—ÂƒÂŽÂ‹Ć¤Â‡Â† ƒ…–—ƒ”› or someone more experienced, looking to add value to the business through the reserving outputs.

For more information please contact: paul.fox@hfg.co.uk REF: PF1001

Ž‘›†̚• ‡•‡”˜‹Â?‰ …–—ƒ”›

Í‹Í Í˜Â? ÇŚ Í‹ÍĄÍ?Â?ÇĄ ‘Â?†‘Â?

A leading syndicate are looking to bolster their reserving team. Internal ’”‘Â?‘–‹‘Â?• Šƒ˜‡ Ž‡† –‘ ƒ ”‡“—‹”‡Â?‡Â?– ˆ‘” ƒ Â?‡™Ž› Â“Â—ÂƒÂŽÂ‹Ć¤Â‡Â† ”‡•‡”˜‹Â?‰ actuary to join this close working team. This would suit someone with previous Lloyd’s experience, or someone looking to move from a consultancy who could take on line management responsibility over time.

For more information please contact: paul.fox@hfg.co.uk REF: PF1003

�ƒŽ›•– ‘�–”ƒ…–‘”

Í‹ÍœÍ?͘ ÇŚ Í‹Í?͘͘ ’‡” Â†ÂƒÂ›ÇĄ ‘Â?†‘Â?

This established insurer is looking for a contract analyst for an initial six month contract to help with their group capital model. In order to be successful you must have some GI capital modelling experience and SAS experience.

For more information please contact: rupa@hfg.co.uk REF: RP1002

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October 2016 • THE ACTUARY 39 www.theactuary.com

ACT Rec Oct16.indd 39

26/09/2016 14:29

Appointments

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

NON-LIF E ACTUARIAL PRICING ANALYST Up to £65,000 + bonus + beneƓts LONDON

Excellent opportunity for bright, ambitious and consultancy minded PQ Actuary to join a dynamic Reinsurer in a pricing capacity. You will have 2 to 3 years of experience and preference will be given to those candidates already with London Market pricing experience however this is not a pre-requisite. You must have the very best academics and be making solid progress with your actuarial exams and be committed to qualifying as an Actuary within the next 2 years. On offer is an exciting role that would suit an ambitious candidate that will involve building and enhancing models, proƂtability analyses as well as assisting underwriters with all aspects of pricing. Ref: pw25458

PQ CAPITAL ANALYST Up to £65,000 LONDON

Reporting into the Head of Capital your primary responsibility will be to support the maintenance and development of the Group’s capital modelling capabilities. With c 1 to 3 years of experience working as an Actuarial Analyst, preferably in a consultancy environment, any prior knowledge or experience of Capital modelling would be extremely beneƂcial. You will possess Ƃrst rate communication skills, good commercial acumen and have a ƃair for technical concepts. You will be making steady progress towards your FIA qualiƂcation and possess a 2:1 or 1st class quantitative degree alongside A’s at A-Level. Ref: pw25438

PERSONAL LINES PRICING ACTUARY £75,000 + bonus + bens SURREY

A market leading General Insurer who are growing their Motor Pricing team, are looking for an intelligent and ambitious part or nearly qualiƂed Actuary with a solid pricing background in the personal lines space (Home or Motor). To lead on pricing projects and manage junior analysts. Modelling experience in Excel/ VBA/ SAS/ Emblem/ Radar would be valuable.

Ref: sy24994

NEARLY/NEWLY QUALIFIED ACTUARY – MIXED ROLE Up to £80,000 + bonus + beneƓts LONDON

Excellent opportunity for a nearly or newly QualiƂed GI Actuary to join a highly regarded team in the Lloyd’s market. Working closely with the Chief Actuary and key stakeholders, the role will be varied covering reserving and capital modelling across all Syndicates.

As a more senior member of the team you will be expected to lead less experienced members of staff on pieces of work and ad-hoc projects, therefore you must be a strong team player who possesses good communication skills with evidence of prior stakeholder management. A desire to share technical expertise as well as the desire to move into more of a management focused role would be very attractive for my client. Excellent potential for career progression. Ref: pw25428

QUANTITATIVE RISK ANALYST £75,000 – 85,000 + bonus + bens CITY OF LONDON

A leading Lloyd’s syndicate, part of an international group, is looking for a Risk professional to join the ERM team. A rare opportunity for a part qualiƂed actuary with a Capital background interested in moving over to the Risk space; to lead on the design and development of quantitative MI, as well as validations for the internal model. Communication is key as this person will be the bridge between the Capital and Risk teams.

Ref: sy25347

PRICING ACTUARY £90,000 – 110,000 + bonus + bens CITY OF LONDON

A start up syndicate backed by an established Insurer is growing their Actuarial team and looking for their Ƃrst Pricing expert. A London Market Pricing Actuary with experience developing models from scratch and a solid understanding of multiple lines would be a good Ƃt. Excellent communication skills are essential, work will be Chief Actuary, CUO and Senior Underwriters on a day to day basis. Ample room to grow Pricing team in the medium term. Ref: sy25357

LIF E & P E N S I O N S /I N V ES T MEN T S INVESTMENT CONSULTANT £80,000 + bens LONDON

Blue-chip consultancy with revered team, is now hiring an experienced Investment Consultant. Responsibilities will include advising UK DB funds on a wide range of investment areas. A client facing role, the successful candidate will take sole responsibility for speciƂc client engagements, delivering solutions directly to the client. The ideal candidate will be a qualiƂed/part qualiƂed actuary or CFA with 5 years prior investment consulting experience; however candidates will also be considered with the right level of UK DB Pension funds knowledge, gained in asset management, banking, or an in-house environment. This is an excellent opportunity to join a progressive and meritocratic team, work on complex solutions with an impressive client base. Ref: jc21800

DATA SCIENTIST £120,000 + bens LONDON

Our client is seeking an individual to develop and implement predictive modelling solutions and commercial applications across the globe. You will need to have gained at least 4 years actuarial experience with extensive knowledge of developing statistical models for Life Insurance or Health related applications, with advanced skills in SAS, MATLAB, Python, Access, Oracle or SQL and possess advanced analytical and problem solving skills. This is a varied role, offering amazing career prospects within a Ƃrst class organisation.

Ref: jc24605

E UR OP E PRICING ACTUARY REINSURANCE Competitive salary + bonus + beneƓts FRANCE, PARIS

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ACT Rec Oct16.indd 40

Actuary with expertise in personal lines pricing or non-life reinsurance needed for a leading reinsurance company. You will grow in an international environment so proƂciency in English is required. You will be in charge of the pricing, especially the improvement of the pricing technics and assumptions. Moreover, you will be part of numerous projects on the proƂtability analysis or with the underwriting team. You must be autonomous, proactive and have team spirit.

Ref: ehth25484

HEAD OF RESERVING P&C REINSURANCE Competitive Salary + bonus + beneƓts FRANCE, PARIS

Actuary with expertise in non-life, especially in reserving, needed for a leading reinsurance company. You will grow in an international environment so proƂ ciency in English is required.

You will manage a team and be responsible for the quarterly technical closing, development of various reserving studies to improve methodologies. Moreover, you will be part of various projects with the Finance, Pricing and the Underwriting team. You must have excellent communication, technical and interpersonal skills. Ref: ehth25266

26/09/2016 14:30

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

www.theactuaryjobs.com

ZĞƐĞƌǀŝŶŐ ĂLJͲZĂƚĞ ŽŶƚƌĂĐƚ WŽƐŝƟŽŶ Ͳ >ůŽLJĚ͛Ɛ hƉ ƚŽ άϭϬϬϬ Ă ĚĂLJ Ͳ džĐůƵƐŝǀĞ

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,ĞĂĚ ŽĨ WƌŝĐŝŶŐ Ͳ >ůŽLJĚ͛Ɛ ^LJŶĚŝĐĂƚĞ άϭϬϬ͕ϬϬϬ Ͳ άϭϰϬ͕ϬϬϬ н ŽŵƉĞƟƟǀĞ WĂĐŬĂŐĞ

ʹ >ŽŶĚŽŶ

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EĞĂƌůLJͬEĞǁůLJ &/ ƵƉǁĂƌĚƐ ZĞƐĞƌǀŝŶŐ ĐƚƵĂƌLJ WŽƐŝƟŽŶƐ Ͳ 'ůŽďĂů /ŶƐƵƌĞƌ άϱϬ͕ϬϬϬ Ͳ άϳϱ͕ϬϬϬ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

ʹ >ŽŶĚŽŶ

dŚŝƐ ůĞĂĚŝŶŐ >ůŽLJĚ͛Ɛ ƐLJŶĚŝĐĂƚĞ ŝƐ ůŽŽŬŝŶŐ ĨŽƌ Ϯ ƌĞƐĞƌǀŝŶŐ ĂĐƚƵĂƌŝĞƐ ǁŝƚŚ Ăƚ ůĞĂƐƚ ϯ LJĞĂƌ͛Ɛ >ůŽLJĚ͛Ɛͬ>ŽŶĚŽŶ ŵĂƌŬĞƚ ƌĞƐĞƌǀŝŶŐ ĞdžƉĞƌŝĞŶĐĞ͘ KŶĞ ŽĨ ƚŚĞƐĞ ƉŽƐŝƟŽŶƐ ƐŝƚƐ ĐůŽƐĞůLJ ǁŝƚŚ ŵƵůƟƉůĞ ƵŶĚĞƌǁƌŝƚĞƌƐ ĂŶĚ ǁŝůů ŶĞĞĚ ĂŶ ŝŶĚŝǀŝĚƵĂů ǁŝƚŚ ƐŽůŝĚ ďƵƐŝŶĞƐƐ ĂĐƵŵĞŶ ĂŶĚ ĐŽŵŵƵŶŝĐĂƟŽŶ ƐŬŝůůƐ͘ dŚĞ ŽƚŚĞƌ ƌŽůĞ ǁŝůů ďĞ ƉĂƌƚ ŽĨ Ă ůĂƌŐĞƌ ƚĞĂŵ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ƉĞƌĐĞŝǀĞĚ ĂƐ Ă ŵŽƌĞ ƚƌĂĚŝƟŽŶĂů ƌĞƐĞƌǀŝŶŐ ĂĐƚƵĂƌŝĂů ƉŽƐŝƟŽŶ͘ dŚĞ ĐůŝĞŶƚ ŝƐ ŽƉĞŶ ƚŽ ůĞǀĞůƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ͕ ŚŽǁĞǀĞƌ ǁŽƵůĚ ůŝŬĞ ƚŚĞ ƉĞƌƐŽŶ ƚŽ ďĞ EĞĂƌůLJͬEĞǁůLJ &/ ƵƉǁĂƌĚƐ͘ ŽŶƚĂĐƚ͗ ĂĚĂŵ͘ďĞůůŝƐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dĞů͗ нϰϰ ϮϬϳ ϰϴϭ ϴϭϭϭ

>ŽŶĚŽŶ KĸĐĞ͗ /W^ 'ƌŽƵƉ͕ ĞǀŝƐ DĂƌŬƐ ,ŽƵƐĞ͕ Ϯϰ ĞǀŝƐ DĂƌŬƐ͕ >ŽŶĚŽŶ ϯ ϳ: dĞůĞƉŚŽŶĞ͗ нϰϰ ϮϬϳ ϰϴϭ ϴϭϭϭ ŵĂŝů͗ ĂĐƚƵĂƌŝĂůΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ tĞďƐŝƚĞ͗ ŚƩƉ͗ͬ​ͬǁǁǁ͘ŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dǁŝƩĞƌ ͗ Λ/W^'ƌŽƵƉh< >ŝŶŬĞĚŝŶ͗ /W^ 'ƌŽƵƉ ACT Rec Oct16.indd 41

October 2016 • THE ACTUARY 41 www.theactuary.com

26/09/2016 14:30

Appointments

OUR SERVICES, YOUR ASSET We’re the true general insurance recruitment specialists.

2 X CAPITAL ANALYST, REMETRICA

RI PRICING ANALYST

CAPITAL MANAGER, REMETRICA

b ¸ ­

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b ¸ ­

London Market £40,000 - £50,000 PERMANENT

Reinsurer £45,000 - £65,000 PERMANENT

Lloyd’s Syndicate Up to £120,000 PERMANENT

ACTUARIAL ANALYST, RESERVING

DEPUTY CHIEF ACTUARY

RESERVING ACTUARY

b ¸ ­

b ¸ ­

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Lloyd’s Syndicate £30,000 - £40,000 PERMANENT

+44 (0)20 7256 9777 |

Lloyd’s Syndicate Competitive PERMANENT

Lloyd’s Syndicate £60,000 - £75,000 PERMANENT

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Specialising in High Performance Selection R&D LEAD ACTUARY Up to £90,000 London

PRICING ACTUARY Up to £90,000 City of London

GI ACTUARIAL CONSULTANT ¤65,000 + Bonuses Ireland

RISK ACTUARY From £71,000 + bonus + benefits North London M25

Global healthcare company currently has an urgent requirement for a R&D Lead Actuary.

Actively seeking a Part or Nearly qualified Actuary with Reserving Experience.

This is a great opportunity for an individual who is keen on becoming a 360 Actuary by gaining experience in other disciplines of Actuarial such as Capital Modelling and Pricing in a consultancy environment.

New opportunity to join this strong Risk team supporting the Head of Risk Measurement & Reporting ensuring delivery of the risk measuring and reporting aspects of ERM framework to facilitate effective and appropriate risk management across the business.

Market Unit’s activities in line with agreed requirements.

My client is looking to increase their pricing function and currently seeking an all-round newly qualified actuary with Reserving, Pricing and Risk experience.

To assist the Actuary with the implementation of the development plan for the recalibration and documentation of pricing models in line with the agreed Group Pricing Plan.

The role will provide an opportunity to work with a wide range of stakeholders throughout the organisation and also play a leading role in the ORSA process.

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

For more information please contact Terry on 0207 621 3770 or t.tumba@darwinrhodes.com

For more information please contact Lloyd on 0207 621 3758 or l.balfour@darwinrhodes.com

This individual will lead the modelling and reporting pillar of the Actuarial Shared Services and coordinate the timely delivery of the

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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

Rupa Pithiya Contract +44 (0) 207 337 1200 rupa@hfg.co.uk

Ahad Shadab Data Science & Analytics +44 (0) 207 337 1203 ahad.shadab@hfg.co.uk

Life, Investment & Pensions roles Project Actuary - FTC

ÂŁ60k - ÂŁ70k basic, Southampton Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; 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&#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? Â&#x2013;Â&#x2018; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2022;Â&#x2039;Â&#x2030;Â? Â&#x192;Â?Â&#x2020; Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; Â&#x2018;Â&#x2C6; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022;Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021; Â&#x201E;Â&#x2021;Â&#x2039;Â?Â&#x2030; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; Â&#x2018;Â&#x2C6; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2039;Â?Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;ÇĄ Â&#x192;Â&#x2022; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D; Â&#x192;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2018;Â? Â&#x2013;Â&#x160;Â&#x2021; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x192;Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x192;Â?Â&#x203A;ÇŚÂ&#x2122;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022;Ǥ For more information please contact: abby@hfg.co.uk REF: AT1001

ÂŁ30k - ÂŁ43k basic, London

Â&#x192;Â? 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;ÇŚÂ&#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&#x192; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D;ÇŚÂ?Â?Â&#x2018;Â&#x2122;Â? Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; ƤÂ&#x201D;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x152;Â&#x2018;Â&#x2039;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2018;Â&#x2C6; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2022; Â&#x2122;Â&#x160;Â&#x2018; Â&#x2C6;Â&#x2018;Â&#x2026;Â&#x2014;Â&#x2022; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2018;Â? Â&#x2020;Â&#x2021;Â&#x2021;Â&#x2019; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Ǥ Â&#x160;Â&#x2021;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&#x2022;Â&#x2018;Â?Â&#x2021;Â&#x2018;Â?Â&#x2021; with 18 months - 2 yearsâ&#x20AC;&#x2122; experience within a life insurance environment, either consultancy, reinsurance or direct life insurer.

For more information please contact: abby@hfg.co.uk REF: AT1002

ÂŁ100k - ÂŁ120k basic, London This position involves liaising with a mix of stakeholders, including asset Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2022;ÇĄ Â&#x2026;Â&#x201D;Â&#x2021;Â&#x2020;Â&#x2039;Â&#x2013; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021; Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â&#x2022; 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?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; actuary from either a life insurer or consultancy. The desired individual needs to have a strong technical understanding of ALM and the internal model, as well as the ability to communicate clearly.

For more information please contact: abby@hfg.co.uk REF: AT1003

Solvency II Actuary

Senior ALM Actuary

Senior Reporting Actuary

ÂŁ70k - ÂŁ80k basic, Cirencester

Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2013; Â&#x2021;Â&#x192;Â&#x17D;Â&#x2013;Â&#x160; Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; ƤÂ&#x201D;Â? Â&#x192;Â&#x201D;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x201E;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â? Â&#x201E;Â&#x2018;Â&#x192;Â&#x201D;Â&#x2020; Â&#x192;Â? Â&#x2039;Â?Â?Â&#x2018;Â&#x2DC;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x192;Â&#x2022; Â&#x192; Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2039;Â?ĆŞÂ&#x2014;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ The role involves the use of standard reporting metrics, as well as the ability to Â&#x2026;Â&#x2018;Â?Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2039;Â?ĆŞÂ&#x2014;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Ǥ For more information please contact: abby@hfg.co.uk REF: AT1005

Actuarial Analyst

ÂŁ50k - ÂŁ60k basic, Stirling

Í&#x2122;Í&#x2DC;Í&#x2DC; Â&#x17D;Â&#x2039;Â&#x2C6;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; Í&#x161; 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&#x2039;Â&#x2021;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A; II team in Stirling. The desired candidate will have extensive working knowledge Â&#x2018;Â&#x2C6; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â?Â&#x2021;Â&#x2013;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2020; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2013;ÇŚÂ&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Ǥ Â&#x160;Â&#x2021;Â&#x203A; Â&#x2018;ĆĄÂ&#x2021;Â&#x201D; Â&#x2C6;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2030;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; Â&#x192;Â&#x201D;Â&#x2021; Â&#x192; Â&#x2C6;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; ƤÂ&#x201D;Â? Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2C6;Â&#x2018;Â&#x201D;Ǥ For more information please contact: abby@hfg.co.uk REF: AT1004

ÂŁ700 - ÂŁ800 per day, Wilmslow

Prophet Developer - Contract

Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D;ÇŚÂ?Â?Â&#x2018;Â&#x2122;Â? Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;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&#x2022;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2019;Â&#x160;Â&#x2021;Â&#x2013; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â? Â&#x2018;Â? Â&#x192; Í&#x17E; Â?Â&#x2018;Â?Â&#x2013;Â&#x160; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013; Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2039;Â&#x17D;Â?Â&#x2022;Â&#x17D;Â&#x2018;Â&#x2122; Â&#x2018;ĆĽÂ&#x2026;Â&#x2021;Ǥ The ideal candidate needs extensive Prophet exposure and ideally previous managerial responsibilities.

Should you be interested in any potential opportunities, please contact: Â&#x192;Â&#x201E;Â&#x201E;Â&#x203A;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â? ÇŁ Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x17E;

Risk roles ÂŁ800 - ÂŁ900, London This leading insurer is looking for a contractor to support the business in the validation of the reserve risks, which feeds in to the reserving as well as the capital function. You must have a wealth of LMKT knowledge and experience in analysing the reserve risks in a Solvency II environment would be highly Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Ǥ For more information please contact: rupa@hfg.co.uk REF: RP1003

Reserve Risk Contracor

London Market CAT Risk Opportunities

ÂŁ40k - ÂŁ60k, London

I am currently working on a number of experienced CAT Risk opportunities across the London and Lloydâ&#x20AC;&#x2122;s Markets. Experience within this space, good Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x2013; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2018;ƤÂ&#x2026;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x2122;Â&#x192;Â&#x201D;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x160; Â&#x192;Â&#x2022; ÇĄ Â&#x192;Â?Â&#x2020; Â&#x2018;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D; Â&#x2022;Â&#x2039;Â?Â&#x2039;Â&#x17D;Â&#x192;Â&#x201D; programmes are highly sort after.

For more information please contact: david@hfg.co.uk REF: DC1004

Data Science roles ÂŁ160k - ÂŁ200k + bonus, London / New York Due to expediential growth over the last 3 years, a FinTech is seeking to establish a new Data Science Centre of Excellence in London. They are seeking seasoned data scientists with at least three years of commercial experience, using supervised/unsupervised Machine Learning techniques, coupled with experience of aggregating, cleaning and merging unstructured datasets.

For more information please contact: ahad.shadab@hfg.co.uk REF: AS1002

Data Scientist

ÂŁ80k - ÂŁ100k + bonus, London Sunday Times 10 best companies to work for: You will need at least 3 years of commercial experience within a big data environment, working with messy datasets, cleaning, merging and aggregating data prior to applying cutting-edge machine learning techniques. Previous Financial Services / Insurance experience is not mandatory.

For more information please contact: ahad.shadab@hfg.co.uk REF: AS1001

Advanced Analytics Solutions Consultant

ÂŁ60k - ÂŁ70k + bonus, London Are you an Actuary seeking a Data Science / Advanced Analytics position? In this role you will proactively develop solutions and proposals for clients. You will perform quantitative analysis and modelling and business analysis on operational systems, data, models and processes within the context of risk management and regulatory implementation. At least 3 years of experience with VBA/Matlab/R is required.

For more information please contact: ahad.shadab@hfg.co.uk REF: AS1003

ÂŁ50k - ÂŁ80k basic, London The head of pricing, of an international blue-chip (re)insurer is now seeking to expand their team. You will be an intellectually curious technical guru with exceptional communication and stakeholder management skills. If you hold a degree from a top 20 university and have at least 2 years of experience analysing large amounts of data, contact me directly for further details.

For more information please contact: ahad.shadab@hfg.co.uk REF: AS1004

Senior Executive - Tier 1 Consultancy

+44 (0) 207 337 8800 ACT Rec Oct16.indd 43

Data Scientist - Machine Learning

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

www.hfg.co.uk 26/09/2016 14:30

Appointments

PENSIONS & INVESTMENTS NON-LIFE LIFE & HEALTH TECHNICAL PRICING MANAGER, South East, up to ÂŁ70k

SENIOR QUANTITATIVE ANALYST, London

A leading UK insurer is currently seeking a Technical Pricing Manager to support modelling across their personal lines business. The role will report directly into the Head of Pricing and will focus on technical GLM modelling, speciďŹ cally focusing on their household lines of business. The role will be responsible for managing a small team of student actuaries, whilst being technically hands-on. Candidates will have a wealth of personal lines pricing experience, either from an actuarial or statistical background. Both technical and street pricing experience will be considered, however EMBlem modelling skills would be advantageous. Previous management experience would also be beneďŹ cial.

A leading global insurance organisation is looking for a Senior Quantitative Analyst to work closely with the Head of Enterprise Risk Governance and actuarial team to help in understanding quantitative information and strategically develop smarter risk management. You will be analysing numerical information and completing validation testing and monitoring adherence in terms of internal model documentation. The ideal candidate will have knowledge of stochastic methods in capital modelling environments alongside experience in undertaking internal model validation assessments.

The position would also suit an actuarial candidate looking for a broader role, who has experience in enterprise risk management.

Contact: james.rydon@eamesconsulting.com | 0207 092 3239

Contact: sinead.canavan@eamesconsulting.com | 0207 092 3211

PROPHET MODELLING ACTUARY, London

PART/NEARLY/NEWLY QUALIFIED ACTUARIES, London

Talented prophet modelling actuary needed to join the successful and growing team of a well-respected insurance provider. This is an excellent opportunity for a gifted prophet actuary to work on the design and structure of models. The ideal applicant will have a good track record of prophet modelling and be able to build models from scratch. You will be making progress with the actuarial exams and possess the necessary communication skills to interact and work with different stakeholders within the business.

A leading independent consultancy are currently looking to recruit part qualiďŹ ed and nearly/newly qualiďŹ ed actuaries on a permanent basis. Duties will involve providing a high quality service and actuarial back up to clients in the ďŹ eld of actuarial and consulting advice relating to client's employee beneďŹ ts schemes. The position offers a highly competitive salary, ďŹ&#x201A;exi working arrangements, bonus and an outstanding beneďŹ ts package.

GIRO 2016 It was great to see so many familiar faces and make some new connections at the GIRO Conference this year.

If you picked up one of our puzzle books, get in touch with the team for the answers!

Contact: rowan.mollison@eamesconsulting.com | 0207 092 3289

Contact: catherine.clark@eamesconsulting.com | 0207 092 3244

Contact: actuarial@eamesconsulting.com | 0207 092 3200

London | Zurich | Singapore | Hong Kong

eamesconsulting.com

Â&#x192;Â&#x2022;Â&#x2018;Â? Â&#x203A;Â?Â&#x2021;Â&#x2022; Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D; Â&#x2021;Â&#x2030;ÇŁ Í&#x2122;Í&#x203A;Í&#x203A;Í&#x203A;Í&#x2122;ÍĄÍ&#x203A; ÎŽÍ&#x17E;Í? Í&#x17E;Í Í&#x161;ÍĄ Í&#x;Í&#x2122;Í?Í&#x153; Â&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030;

Shuyu Lim 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; 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;

Â&#x2018;Â?Â&#x2030; Â&#x2014; Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; ĆŹ Â&#x2039;Â&#x2022;Â? 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; Â&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â?

Â&#x160;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x192; Â&#x160;Â&#x2014;Â&#x192; 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 Â&#x2026;Â&#x160;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2026;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030;

APAC Actuarial Assignments SGD $Competitive salary Singapore

Health Actuary

A multinational healthcare provider is recruiting for a health actuary in expansion of Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2022;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x160; Â&#x2021;Â&#x192;Â&#x2022;Â&#x2013; Â&#x2022;Â&#x2039;Â&#x192;Â? Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x192;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D; 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;ÇĄ Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; 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; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x160;Â&#x2021;Â&#x192;Â&#x17D;Â&#x2013;Â&#x160; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;ÇĄ Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D;Â&#x2022; across the SEA region. An independent individual with 3-5 years of technical pricing experience for Life insurance products are highly recommended. Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x201E;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x2020;ÇĄ 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&#x2026;Â&#x160;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2026;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2122; $Competitive salary APAC

Head of Actuarial

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

Â&#x2C6; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x2020;ÇĄ 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; Â&#x160;Â&#x2014; Â&#x192;Â&#x2013; 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&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2122;

Life Reporting Actuaries

44

$Competitive salary HK, Singapore, China, Malaysia

$Competitive salary Singapore

Senior Actuary

Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x2021;Â&#x161;Â&#x2019;Â&#x192;Â?Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2039;Â&#x2013;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2022;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x160; Â&#x2021;Â&#x192;Â&#x2022;Â&#x2013; Â&#x2022;Â&#x2039;Â&#x192; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2022; Â&#x192; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x192;Â&#x201D;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x2021;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022;ÇĄ Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x17D;Â&#x2018;Â&#x2022;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x192;Â&#x2022; Â&#x192; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2013;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x201E;Â&#x17D;Â&#x2021;ÇŚÂ&#x2022;Â&#x160;Â&#x2018;Â&#x2018;Â&#x2013;Â&#x2021;Â&#x201D; Â&#x2018;Â? Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2030;Â&#x2014;Â&#x2039;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2022; Â&#x192;Â?Â&#x2020; Â?Â&#x2021;Â&#x2013;Â&#x160;Â&#x2018;Â&#x2020;Â&#x2018;Â&#x17D;Â&#x2018;Â&#x2030;Â&#x2039;Â&#x2021;Â&#x2022;Ǥ Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Í?ÇŚÍ&#x2122;Í&#x161; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; experience and a dynamic persona are welcomed to apply. Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x201E;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x2020;ÇĄ 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; Â&#x2026;Â&#x160;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2026;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x161; $Competitive salary SE Asia

CAT Modeller

Â&#x203A; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x2039;Â&#x2022; Â&#x192; Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2021;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&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â?Â&#x2018;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2020; Â&#x192;Â?Â&#x2020; Â&#x2020;Â&#x203A;Â?Â&#x192;Â?Â&#x2039;Â&#x2026; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â&#x201D; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Í&#x203A;ÇŚÍ&#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&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?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&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x192;Â&#x2020;Â&#x2DC;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2030;Â&#x2021;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x201E;Â&#x2021;Â&#x2026;Â&#x192;Â&#x2014;Â&#x2022;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x201D;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2026;Â&#x2014;Â?Â&#x201E;Â&#x2021;Â?Â&#x2013; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2C6;Â&#x2013;Â&#x2021;Â&#x201D;Ǥ Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x201E;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x2020;ÇĄ 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&#x2122;Í&#x2DC;Í&#x2DC;Í&#x161;

Consulting Actuary

$Competitive Salary Hong Kong/Singapore

Â&#x2021; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â?Â&#x2014;Â?Â&#x201E;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x2C6; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020; Â&#x192;Â&#x201D;Â&#x2013;Č&#x20AC; Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC; Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A;Č&#x20AC; Â&#x2018;Â&#x2022;Â&#x2013; 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&#x2039;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x192;Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x2013;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x160;Â&#x192;Â?Â&#x2020;Â&#x2022; Â&#x2018;Â? Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â?Â&#x203A; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2022; Â&#x2039;Â? Â&#x2018;Â?Â&#x2030; Â&#x2018;Â?Â&#x2030;ÇĄ Â&#x160;Â&#x2039;Â?Â&#x192;ÇĄ Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x192;Â&#x17D;Â&#x192;Â&#x203A;Â&#x2022;Â&#x2039;Â&#x192;Ǥ Â&#x160;Â&#x2021; roles will range from Actuarial Analyst up to Director Actuary level. 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; Â&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2122;

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

EA Licence Number: 14C7034

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

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

ACT Rec Oct16.indd 44

26/09/2016 14:30

www.theactuaryjobs.com

BGLGroup

The_BGL_Group

BGL-Group

The Actuarial Education Company on behalf of the Institute and Faculty of Actuaries

Assistant Pricing Actuary Finance - Actuarial

Key Relationships: Underwriters and business managers, Beazley actuaries, Claims managers, Data Management and Ceded Reinsurance teams, Lloyd’s, external actuaries and auditors.

Job Summary: Actuarial pricing for non-Specialty Lines at

Actuarial Tutor

£Competitive

As an ActEd tutor, you’ll enjoy a variety of challenging and rewarding work. You’ll teach small groups of motivated students and write distance-learning study material and develop online resources. Tutors enjoy a uniquely flexible and informal working environment.

Beazley

Key Responsibilities: Technical • Provide pricing support to the non-Specialty Lines underwriting teams; pricing support includes (as required) • Developing pricing tools that support the estimation of price adequacy and rate change • Performing portfolio and transactional pricing analyses

Personal Specification: Education and Qualifications • University degree in Mathematics or related field • Progress towards an actuarial qualification Skills and Abilities • General commercial and financial knowledge For more information go to: http://www.theactuaryjobs.com/ job/53947/assistant-pricing-actuary/

With a relevant actuarial qualification, you will be articulate, passionate about your subject area and highly motivated to deliver the highest quality teaching across London and/or other UK financial centres. We’d like to hear from a life insurance practitioner who would be willing to teach Life Insurance Specialist Applications (SA2) and Actuarial Risk Management (CA1). We will consider both full-time and part-time applicants as well as a 9-12 month contract.

For more information, or for an informal discussion, please email IanSenator@bpp.com.

To view a full job description and to apply for the post, please visit www.bpp.com/careers.

Closing date: 14 October.

The Actuarial Education Company (ActEd) and BPP Actuarial Education are members of the BPP Professional Education Group.

October 2016 • THE ACTUARY 45 www.theactuary.com

ACT Rec Oct16.indd 45

26/09/2016 14:30

Appointments

As a professional, you’ll no doubt want to keep up with the latest industry developments, people and news?

That’s why The Actuary’s weekly email alert brings you a handy round-up of only the most relevant news stories and comment, straight to your inbox every Thursday.

46

Register for weekly email newsletters at www.theactuary.com Browse www.theactuaryjobs.com and www.theactuaryjobsasia.com, the official jobsites of the actuarial profession

THE ACTUARY • October 2016 www.theactuary.com

ACT Rec Oct16.indd 46

26/09/2016 14:30

In-house Pensions Actuary

www.theactuaryjobs.com

The Pensions Trust is one of the UKâ&#x20AC;&#x2122;s leading workplace pension providers.

We have more than 70 yearsâ&#x20AC;&#x2122; experience in providing award-winning SHQVLRQ VFKHPHV :H FXUUHQWO\ KDYH GHČ´QHG EHQHČ´W VFKHPHV VHUYH HPSOR\HUV DQG PHPEHUV DQG F e ELOOLRQ DVVHWV XQGHU management.

7KLV LV MXVW WKH VWDUW RYHU WKH QH[W IHZ \HDUV WKH 7UXVW LV ORRNLQJ WR VLJQLČ´FDQWO\ JURZ &RPH DQG MRLQ XV We have an exciting opportunity for a recently 4XDOLČ´HG $FWXDU\ with a strong understanding and experience of occupational pension schemes to develop the in-house actuarial function.

This will include: â&#x20AC;˘

Supporting the Trustee Services Team in funding negotiations with employers

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Modelling the impact of changes in assumptions and recovery plans

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Liaising with The Pensions Regulator

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Managing the relationship with the external Scheme Actuary and exploring opportunities to develop the in-house actuarial function

We are looking for someone with a strong understanding of DB pension scheme funding and pensions legislation. You will have experience of project planning and output monitoring. You ZLOO KDYH DZDUHQHVV RI WKH PDQDJHPHQW RI EXVLQHVV ULVN DQG ZLOO WKLQN WKURXJK WKH HÎ?HFWV RI DFWLRQV DQG SODQV ZKLOH HPEUDFLQJ FKDQJH DW DOO OHYHOV $V ZHOO DV H[SHULHQFH LQ ZRUNLQJ LQ FXVWRPHU IRFXVHG HQYLURQPHQWV \RXU DSSURDFK ZLOO EH KLJKO\ SURIHVVLRQDO DQG GLSORPDWLF DQG \RX ZLOO EH DEOH WR FRPPXQLFDWH DW DOO OHYHOV

Competitive Salary - Excellent Reward Package - Leeds City Centre Location

Like to know more? &DOO XV RQ RU HPDLO XV DW +5#WSW RUJ XN

www.tpt.org.uk/careers Strictly no agencies please.

ACT Rec Oct16.indd 47

October 2016 â&#x20AC;˘ THE ACTUARY 47 www.theactuary.com

26/09/2016 14:30

Appointments N O N - L I F E LIFE R IS K P E N S IO NS I NVESTM ENT HEALTH SENIOR GI INVESTMENT ACTUARY

SHAPE THE FUTURE

GI CAPITAL MANAGER

£ excellent package

£ very attractive package

£ excellent + bonus + benefits

NON-LIFE SOUTH - FLEXIBLE LOCATION

STAR3502

NON-LIFE LONDON

STAR3276

NON-LIFE SOUTH COAST

STAR3410

A major insurer seeks a qualified non-life actuary with a deep understanding of insurance-investment solutions to work within the actuarial investment space looking at GI capital structures.

Multiple opportunities exist for collaborative actuaries with deep knowledge of non-life insurance to provide expert analysis and advice on capital assessment, internal model, risk and reserving work.

Leading insurer seeks a qualified non-life actuary to lead a team, managing all actuarial calculations of the firm's capital requirements and metrics. In-depth knowledge of capital, risk and reserving risk highly desirable.

ACTUARIAL REPORTING MANAGER

NON-LIFE MANAGER - CONSULTANCY

FINANCIAL RISK ACTUARY

£ excellent package

£ excellent

£ excellent package NON-LIFE LONDON

STAR3493

NON-LIFE LONDON

STAR3503

NON-LIFE MIDLANDS

STAR3431

Major insurer seeks a qualified non-life actuary with excellent knowledge of SII Pillar 1 to take the lead on the reporting cycles to ensure timely and good quality submissions.

We are working closely with a global consultancy, seeking a qualified non-life actuary with capital, reserving or pricing expertise to act as a manager within its London team.

Leading specialist insurer is seeking a qualified actuary with experience of stress and scenario testing analysis to lead the delivery of its financial risk management framework.

LONDON MARKET CAPITAL

NON-LIFE ACTUARY - DUBLIN

NON-LIFE PRICING MANAGER

€ excellent package

£ excellent package NON-LIFE LONDON

STAR3381

NON-LIFE DUBLIN

£ excellent + bonus + benefits STAR3474

NON-LIFE MIDLANDS

STAR3480

London Market insurer seeks a talented individual with a quantitative background to support the capital modelling team in the delivery of BAU activities. You will play a key role in the business planning process.

Global consultancy seeks a part-qualified or qualified non-life actuary with excellent interpersonal skills to join its Dublin-based team in an exciting client-facing role.

Leading insurer seeks a qualified non-life actuary with the ability to interpret statistical risk models to develop product pricing for prospective new products and new business tenders.

PROJECT MANAGEMENT ACTUARY

LONDON MARKET RESERVING

INTERNATIONAL RISK MANAGER

£ excellent + bonus + benefits NON-LIFE SOUTH COAST

£ depending on experience STAR3447

NON-LIFE LONDON

CHF excellent package STAR3510

NON-LIFE ZURICH

STAR3484

Leading insurer seeks a qualified non-life actuary with strong influencing skills and leadership qualities to take ownership of various projects being run through the reserving team, thinking broadly about the business impact.

Leading syndicate seeks a part-qualified non-life actuary to work closely with underwriters on its reserving process, develop rating models and provide support for risk modelling and capital assessments.

We are currently working with a leading global consultancy in the search for a qualified actuary with knowledge of Swiss and international regulatory regimes to provide key risk consulting services to insurance clients.

P&C PRICING

NON-LIFE ACTUARIAL ANALYST

CAPITAL MODELLING CONSULTANT

£ excellent

£ excellent + bonus + benefits

£ excellent

NON-LIFE LONDON

STAR3432

Leading independent insurer seeks a partqualified non-life actuary with strong academic credentials and commercial lines pricing or reserving experience to support pricing model development.

NON-LIFE SOUTH EAST

STAR3407

NON-LIFE SOUTH EAST

STAR3210

Leading insurer has an exciting opportunity for a part-qualified non-life actuary with strong technical skills to contribute to internal reserve reviews across its Motor and Home portfolios.

Seeking a part-qualified or qualified non-life actuary to deliver capital modelling, reserving and pricing solutions for the global market. You will also support product development, contributing to the overall growth of the business.

PRICING DIRECTOR - HEALTH

HEAD OF PRICING & UNDERWRITING

INTERNATIONAL VIEW £ dependent upon experience

STARVACANCIES

48

£ excellent package

£ excellent package

NON-LIFE HEALTH LONDON OR SOUTH EAST STAR3374

NON-LIFE LOCATION UPON APPLICATION

Specialist insurer seeks qualified actuary with a commercial outlook to lead the actuarial pricing of the business, employing strong technical and analytical skills to develop pricing and product design solutions.

Leading insurer seeks a qualified non-life actuary or pricing and underwriting expert with strong people, stakeholder and project management skills. Experience of personal lines pricing for the broker channel is desirable.

NON-LIFE LONDON

STAR3436

A qualified non-life actuary is required for this unique role offering project-style work with an international angle. Strong experience of reserving and capital modelling is desirable.

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 • October 2016 7870 181 444 www.theactuary.com ivan.clarke@staractuarial.com

ACT Rec Oct16.indd 48

STAR3429

26/09/2016 14:31

www.theactuaryjobs.com

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

GROUP SENIOR MANAGER

STRATEGY LEADER, LIFE REINSURANCE

£ excellent package

£ excellent package

£ excellent package

STAR3469

LIFE LONDON WITH TRAVEL

STAR3504

LIFE LONDON

STAR3477

Major life reinsurance firm seeks a qualified life actuary to play a leading role in its Financial Reporting team. Reporting and MoSes experience required, alongside excellent communication skills.

Experienced life actuary sought to work in the group function of a large international provider.

The role will involve significant interaction with actuarial teams based in Europe and Asia.

We are working closely with a world leader in reinsurance, seeking a qualified life actuary with life, health and reinsurance experience and strong interpersonal skills to make a difference within its London team.

STAND AND DELIVER

ISLAND LIFE - REPORTING ACTUARY

ANNUITY & EQUITY RELEASE PRICING

£ attractive package

£ excellent + bonus + benefits

£ excellent package LIFE LONDON

STAR3460

LIFE ISLE OF MAN

STAR3490

LIFE SOUTH EAST

STAR3500

International insurance group looking to hire a high-quality candidate into a delivery-focused role. Role requires an understanding of actuarial systems and models, and experience in a development and change environment.

Leading insurer is seeking a qualified life actuary with strong technical skills and a broad range of experience covering pricing, reporting and risk to join its team based in the Isle of Man.

Large insurer wishes to hire a qualified life actuary to apply strong commercial acumen to the optimisation of pricing and processes, assisting in the development of new products and features.

RISK & CAPITAL ACTUARY

PRODUCT ACTUARY

LIFE REINSURANCE

£ excellent + bonus + benefits LIFE SOUTH COAST

£ competitive package

£ excellent STAR3450

LIFE ISLAND LOCATION

STAR3496

LIFE LONDON

STAR3466

Leading insurer seeks a part-qualified or qualified life actuary to work on different risk calibrations, proposing the levels of the stresses and developing the risk models.

Leading international insurer seeks a partqualified or qualified life actuary to support cross-functional product development projects, whilst leading on product design and product enhancement.

Fantastic opportunity for an actuary with hands-on experience in life and health pricing and product development to join a leading international insurance business.

VALIDATION ACTUARY

CONSOLIDATION ACTUARY

WITH-PROFITS & PENSIONS PRICING

£ excellent

£ excellent + bonus + benefits

£ excellent + bonus + benefits

LIFE MIDLANDS

STAR3473

LIFE SOUTH COAST

STAR3449

LIFE SOUTH EAST

STAR3501

Seeking a qualified actuary with strong knowledge of actuarial techniques for life insurance, ideally including knowledge of with-profits, to join our client's Risk and Actuarial Function.

Market-leading insurer would like to hire a qualified life actuary to support the consolidation and analysis of all reporting for its life insurance business on a range of metrics: Solvency II, IFRS and Economic Capital.

Major insurer has an exciting opportunity for a qualified life actuary possessing with-profits experience to develop a successful and commercially aware pricing team in support of its retirement business objectives.

SENIOR WITH-PROFITS ANALYST

MODEL DEVELOPMENT

CALLING PENSIONS MANAGERS

£ excellent + bonus + benefits

£ excellent

£ depending on experience

LIFE SOUTH COAST

STAR3475

Major insurer seeks a part-qualified life actuary with strong communication skills to support Economic Scenario Generator modelling and the development of reporting processes.

LIFE SOUTH

STAR3521

International insurance group seeks an experienced MoSes specialist to take responsibility for developing and maintaining actuarial systems and running projects to support the wider business.

FOR MORE VACANCIES VISIT

PENSIONS LONDON

STAR3514

Multiple opportunities for qualified pensions actuaries to join a leading consultancy in client-facing roles, providing cutting-edge advice on pensions strategy.

www.staractuarial.com

ASSET REPORTING MANAGER

BULK ANNUITY PRICING ACTUARIES

ASSET MANAGER - ALM

£ excellent + bonus + benefits

£ excellent

£ excellent

LIFE INVESTMENT SOUTH COAST

STAR3459

Unique opportunity for a qualified actuary with hands-on experience of UK life insurance reporting to lead the reporting assets team of a leading insurer.

LIFE PENSIONS LONDON

STAR3419

Our client is seeking part-qualified pensions actuaries to cross over to new business bulk annuity pricing, to be responsible for actuarial modelling and demographic underwriting associated with new transactions.

INVESTMENT LONDON

STAR3489

Seeking a part-qualified investment specialist with demonstrable Matlab coding skills to lead the planning, structuring and delivery of analysis, projects and recommendations for a range of multi-asset solutions.

Jo Frankham

JJan Sparks FIA

Adam Goodwin

Carolina Emmanuel

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

ASSOCIATE DIRECTOR +44 7495 564 958 carolina.emmanuel@staractuarial.com

Margaret de Valois FIA

Clare Roberts

Diane Lockley

David Ellis

ASSOCIATE DIRECTOR +44 7786 992 802 margaret.devalois@staractuarial.com

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

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

SENIOR CONSULTANT October 2016061 • THE ACTUARY +44 7432 791 www.theactuary.com david.ellis@staractuarial.com

ACT Rec Oct16.indd 49

Star Actuarial Futures Ltd is an employment agency and employment business

LIFE LONDON

49

26/09/2016 14:31

Appointments

Where to next?

Life Conference Edinburgh 2016 Are you attending the Life Conference in Edinburgh? Oliver James will once again IL L_OPIP[PUN Z[HUK HUK Y\UUPUN H golden ticket giveaway! We will also have the usual sweet treats. >L OH]L HS^H`Z LUQV`LK [OL 3PML *VUMLYLUJL" P[»Z H NYLH[ VWWVY[\UP[` to put a face to a name in an informal setting. Whether you would like some information on the market, salary benchmarking, to discuss recruitment ULLKZ VY Q\Z[ [V ZH` OLSSV ^L ^V\SK IL delighted to see you.

You are invited to the Oliver James Associates after-party!

Thursday 3rd November Tigerlily 125 George Street -VSSV^PUN [OL Z\JJLZZ VM SHZ[ `LHY»Z L]LU[ in Dublin we are delighted to invite you to our party this year on Thursday 3rd November at Tigerlily to thank you for `V\Y VUNVPUN Z\WWVY[ HUK J\Z[VT ,UQV` the black tie dinner and the entertaining +HYH 6»)YPHPU HUK [OLU QVPU \Z MVY KYPURZ and canapes into the small hours.

If you wish to take the opportunity to LUQV` ZVTL 6SP]LY 1HTLZ OVZWP[HSP[` and the chance to network with industry peers in an informal environment, then do come and see us at stand 13. We will happily furnish you with drinks vouchers!

We look forward to welcoming you. lifeactuarialuk@ojassociates.com

50Oliver THE ACTUARY â&#x20AC;¢ October 2016 James Associates www.theactuary.com Recruitment Specialists

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Snapshot of Live Actuarial Vacancies

213

LIVE UK JOBS

549

www.theactuaryjobs.com LIVE GLOBAL JOBS

Life, Pensions & Investments Senior Corporate Actuary London Â&#x2030; Â&#x2030; )VU\Z )LULÃ&#x201E; [Z

Manager | IFRS London £80,000 + Package

MG - ALFA Actuary North England £500 - £750/ day

,_JLSSLU[ VWWVY[\UP[` [V QVPU H SLHKPUN reinsurer in London. The role will report directly to the Chief Actuary and be responsible for the consolidation and analysis of group results. ;OL` HYL SVVRPUN MVY H ZLUPVY X\HSPÃ&#x201E; LK HJ[\HY` ^P[O L_WLYPLUJL PU ,JVUVTPJ *HWP[HS

Multinational insurer based in the City are SVVRPUN MVY H 8\HSPÃ&#x201E; LK (J[\HY` [V WYV]PKL review of IFRS/SII deliverables for Group )\ZPULZZ SPULZ ,_JLSSLU[ L_WVZ\YL [V ZLUPVY THUHNLTLU[ HUK L_[LYUHS Z[HRLOVSKLYZ

(U (J[\HY` ^P[O KL]LSVWTLU[ L_WLYPLUJL ^P[O 4. (3-( PZ YLX\PYLK [V QVPU HU L_PZ[PUN WYVQLJ[ [LHT L_WVZ\YL [V 7YVWOL[ ^V\SK IL HU HKKLK ILULÃ&#x201E; [ 0M `V\»YL SVVRPUN MVY H UL^ JVU[YHJ[ YVSL ^P[OPU [OL UL_[ ML^ ^LLRZ HUK OH]L NVVK communication skills please get in contact.

Product Governance Actuary Midlands £55,000 - £65,000

Senior Investment Analyst London £35,000 - £55,000

VBA Developer North of England £400 - £550/ day

We are working with a leading life business with a global presence in the Midlands. They HYL ZLLRPUN H X\HSPÃ&#x201E; LK HJ[\HY` [V QVPU [OLPY Product Governance department.

We are seeking a talented Investment Analyst [V QVPU H SLHKPUN WLUZPVUZ HUK PU]LZ[TLU[Z JVUZ\S[HUJ` PU 3VUKVU ;OL YVSL VÉ&#x2C6; LYZ L_JLSSLU[ JSPLU[ L_WVZ\YL HUK WLYZVUHS KL]LSVWTLU[

A well-established insurer is currently YLJY\P[PUN MVY H U\TILY VM WHY[ X\HSPÃ&#x201E; LK VY X\HSPÃ&#x201E; LK HJ[\HYPLZ [V QVPU H ^LSS LZ[HISPZOLK WYVQLJ[ [LHT =)( KL]LSVWTLU[ [LZ[PUN HUK KVJ\TLU[H[PVU L_WLYPLUJL ^PSS IL \ZLM\S

Reserving Actuary London Â&#x2030; )VU\Z )LULÃ&#x201E; [Z

Pricing Manager South East Â&#x2030; )VU\Z )LULÃ&#x201E; [Z

Reserving Actuary London £800 - £1000/ day

;VW 3VUKVU THYRL[ Ã&#x201E; YT SVVRPUN MVY H 9LZLY]PUN (J[\HY` MVY H OPNOS` PUÃ&#x2026; \LU[PHS YVSL ^VYRPUN closely with underwriters and other business areas. Team regarded as one of the best in the market. Progression to pricing / capital likely HM[LY [OPZ YVSL 8\HSPÃ&#x201E; LK SL]LS

A senior appointment for a Pricing Manager based in the South East working within personal lines. Must have managerial L_WLYPLUJL ,TISLT HUK Z[YVUN communication skills.

( THQVY 3VUKVU THYRL[ PUZ\YLY OH]L H JVU[YHJ[ available for a reserving actuary with in-depth SQL skills. Three month initial contract.

Actuarial Analyst London Â&#x2030; )VU\Z )LULÃ&#x201E; [Z

Reserving Analyst London Â&#x2030; )VU\Z )LULÃ&#x201E; [Z

Senior Pricing Analyst England £500 - £700/ day

A leading international reinsurer is recruiting for a pricing actuary to interact with the underwriters and develop the pricing models across their property business. This is an outstanding opportunity to cultivate pricing skills in a collegiate environment.

/PNOS` YLNHYKLK 3SV`K»Z :`UKPJH[L ZLLRZ H WHY[ X\HSPÃ&#x201E; LK HJ[\HY` [V IL YLZWVUZPISL MVY all aspects of the reserving process across a diverse range of business. You will work closely ^P[O \UKLY^YP[LYZ Ã&#x201E; UHUJL HUK WYPJPUN [LHTZ 4PUPT\T [^V `LHYZ» L_WLYPLUJL YLX\PYLK

A large Personal Lines insurer is seeking a ZLUPVY WYPJPUN HUHS`Z[ MVY H ZP_ TVU[O JVU[YHJ[ ,_WLYPLUJL PU ,4)3,4 TVKLSSPUN PZ LZZLU[PHS

General Insurance

Contact Us Benjamin Moses - Contract +44 207 310 8793 ILUQHTPU TVZLZ'VQHZZVJPH[LZ JVT

Richard Howard - Life +44 207 649 9356 YPJOHYK OV^HYK'VQHZZVJPH[LZ JVT

^^^ VQHZZVJPH[LZ JVT @OJAssociates VSP]LY QHTLZ HZZVJPH[LZ

Rick Davis - GI +44 161 830 1269 YPJR KH]PZ'VQHZZVJPH[LZ JVT September 2016 â&#x20AC;¢ THE ACTUARY 51 www.theactuary.com

ACT Rec Oct16.indd 51

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Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Specialty Pricing Actuary London

General Insurance To circa £90K

Reserving Analyst London

General Insurance Circa £60K

This specialty pricing role with an international insurance and reinsurance business would fit a nearly or newly qualified actuary with previous London Market pricing experience. The role will involve development and maintenance of underwriting and pricing tools, large account pricing, price monitoring, portfolio management, outwards reinsurance modelling and annual business planning.

Excellent communication skills and technical ability required.

Ref: ARC26320

A part qualified actuary is required for this specialist P&C business for

Management Consultancy London

Validation Analyst London

General Insurance £Excellent

Working in a multidisciplinary team this role will provide management consultancy services to a range of financial services businesses.

The successful candidate will be a qualified actuary with a proven track record of problem solving and in making a positive difference within their previous employers. Our client is looking for a dynamic individual from a consulting or company background ideally who has previous exposure to risk management work. The role provides a great opportunity to broaden experience into wider fields. Ref: ARC26283

quarterly reserving and support for production of technical provisions.

The client is looking for candidates who can think for themselves and have strong self motivation. An excellent academic record will be expected with good progress for the actuarial exams. Good interpersonal skills will be needed as there will be a lot of interaction and communication with other areas of the business. Ref: ARC28325

General Insurance £Competitive

This major London Market and retail business is looking for a part qualified actuary with hands on capital experience who wants to move more into a more risk management environment. The role will include model testing, challenge and validation, support and improvement of stress and scenario testing and risk appetite monitoring as well as supporting production of regulatory submissions including the ORSA. This role will need very good communications skills as there will be exposure to a number of areas of business including senior management. Ref: ARC26321

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

52

THE ACTUARY • September 2016 www.theactuary.com

ACT Rec Oct16.indd 52

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