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MAY 2015

Interview: Adrian Gore

The magazine of the actuarial profession

A step change in thinking about wellness

Life Pre-application as a one-stop protection shop

General insurance The rise of the reserving actuary

Spotlight The market price of majesty



Addressing organisational behaviour for business success

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THE ACTUARY • May 2013

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MAY 2015

Contents “The regulatory push impelling firms to address culture is here to stay. Boards must measure, monitor and manage culture”






10 IFoA news

17 Interview: Adrian Gore

34 Puzzles

14 People/society news 16 SIAS events


Editorial Kelvin Chamunorwa examines the roots of actuarial science and how the past can inform the future


Letters Opinions on the oil market, politics and the election, short-termism and smart investments


President’s comment Nick Salter looks forward to a time when an actuary’s job title and contribution needs no explanation


Soapbox Paul Hughes believes insurers should consider mediation in an increasingly expensive court system

MORE CONTENT ONLINE Additional content can be found at


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The founder and group chief executive of Discovery explains to Richard Purcell why life and health insurance should be about more than just protecting people

22 Risk: Cultivating culture Hilary Lewis and Richard See Toh explain why measuring effective organisational behaviour has become a central concern

Try the latest cryptic crossword and Mensa puzzles, plus solutions

37 Student Jessica Elkin says change can be a positive thing, as exam processes go through a transformation

38 Actuary of the future Jamie Garland of Chubb Insurance

25 Spotlight on: The price of majesty Jeremy Clarkson and the Royal Family come under Darryl Boulton’s scrutiny

26 GI: Rise of the reserving actuary Sarah MacDonnell provides insight into what is to come from the work of one of the GIROC working parties

30 Life: Pre-application Phil Jeynes looks at simplifying the customer journey when applying for protection insurance

32 Health: Left to their own devices Richard Purcell advises on how to make use of data from wearable technology

ONLINE Solvency II: Modelling solutions – an IT problem or an actuarial opportunity? Mark Schneider and Nick Corrie look at the new opportunities presented by cloud-based technologies

General insurance: Seventh heaven Simon Sheaf and Junit Shah undertake an investigation into the drivers behind the Part VII transfers and how these have changed over the years

Reportage For daily news, visit

WRITERS OF THE MONTH Richard Purcell wins a £50 book token for his interview with Adrian Gore, chief executive of Discovery, courtesy of SIAS

May 2015 • THE ACTUARY


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©2015 SunGard. Trademark Information: SunGard, and the SunGard logo are trademarks or registered trademarks of SunGard or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. THE ACTUARY • May 2013 INS4097

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Opinion Editorial

Publisher Redactive Media Group 17-18 Britton Street, London EC1M 5TP +44 (0)20 7880 6200 Publishing director Joanna Marsh Sub-editors Kathryn Manning Caroline Taylor News editor Will Green +44 (0)20 7324 2742 News reporter Cintia Cheong +44 (0)20 7324 2743 Digital assistant Tania Forrester Sales manager James Condley +44 (0)20 7324 2750 Display sales executive Vlad Harmanescu +44 (0)20 7324 2726 Senior recruitment sales executive Emmanuel Nettey +44 (0)20 7880 6234

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Subscriptions For subscriptions from outside the actuarial profession, UK: £95 per annum. Europe: £125 per annum, rest of the world: £150 per annum. Contact: Alison Jiggins, The Institute and Faculty of Actuaries, 7th floor, Holborn Gate, 326-330 High Holborn, London WC1V 7PP. T +44 (0)20 7632 2100 E uk. Students on actuarial science courses may join and they will receive The Actuary as part of their membership. Apply to: Membership Department, The Institute and Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. T +44 (0)131 240 1325 E Changes of address should inform the membership department as above. For delivery queries, contact: Rachel Young E Published by the Staple Inn Actuarial Society The editor, The Institute and Faculty of Actuaries and Staple Inn Actuarial Society 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, electronic, mechanical, photocopying, recording or otherwise, 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. Important information for contributors to The Actuary By submitting content for publication you confirm that: (a) You (and/or other named contributors) are the sole author(s) of the content submitted; (b) The content you submit is original and has not previously been published (unless you specifically advise us to the contrary); (c) You haven’t previously licensed the use of the content you submit; (d) So far as you are aware, the content submitted will not infringe any third-party rights, be defamatory or in any way illegal. © SIAS May 2015 All rights reserved ISSN 0960-457X

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Lessons learned Kelvin Chamunorwa looks back at the beginnings of actuarial science and the challenges ahead for the profession The history of the actuarial profession makes for fascinating reading. Recently I came across an article on the first modern-day actuary in the late 18th century, William Morgan. As an actuary leading Equitable Life at the time, Morgan did much to develop actuarial science as we know it today. Most notably, he recognised the need to calculate premiums with reference to statistical experience. He also created the concept of with-profits policies, which arguably later contributed to complications at Equitable Life by the turn of the 21st century. In the aftermath of events at Equitable Life, concerns were raised about the actuarial profession and Sir Derek Morris undertook a wide-ranging independent review of the profession. It is now 10 years since the Morris Review and last month I was invited to attend an event to mark that milestone. Sir Derek spoke about the conclusions of his report and the proposals he put forward for the actuarial profession, including the independent oversight of its regulation by the Financial Reporting Council. As a relatively recent entrant to the profession, it would be easy to disassociate from events of the past, but there are important lessons to learn for the years ahead. For example, more could be done to improve clarity of actuarial advice. Also, the globalisation of business and the profession means an increasingly global regulatory approach – Derek Cribb touches on the implications of this trend (p10). In other articles, we interview Adrian Gore, an actuary who is founder and group chief executive of Discovery. Gore demonstrates entrepreneurial flair as he describes the unique business model he has developed, incentivising wellness and sharing its value (p17). With the much-heralded launch of the Apple Watch last month, Richard Purcell considers the possibilities presented by wearable technology to dynamically assess risk for health insurance and reward healthy behaviour (p32). The actuarial profession has come a long way from its earliest roots but the challenge remains to maintain sound actuarial principles and increase transparency, to foster sustainable business and a thriving society.

“The challenge remains to maintain sound actuarial principles and increase transparency, to foster sustainable business”

Kelvin Chamunorwa Editor

FOLLOW US ON TWITTER @TheActuaryMag @ActuaryEditor


May 2015 • THE ACTUARY 5

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28/04/2015 10:36

Opinion Letters to the editor

Have your say online

More comments are posted online about news stories published on

Funding pensions and long-term care I was amazed and delighted to read in the President’s comment (The Actuary, March 2015 the words “integrating the asset and liability issues and not seeing them as independent from each other”. I thought such a basic concept, a staple in my student days in the 1950s, had died in the 1990s. Indeed I believe it did, post Gower Report, when regulations came in, led by forces that could understand deposit accounts and daily prices in the stock markets, and could not stretch to long-term dynamic quantities. The use of daily market prices, quite irrelevant in the assessment of the ability of the assets to match the liabilities, introduces an exaggerated volatility in surpluses and deficits in the accounts of companies, driving investment policy away from the best interests of employers and members. One government minister has described our financial system as “hard-wired to short-termism”. It was good to read, in the same issue of The Actuary, the article written by Ashok Gupta about the Bank of England study ( Gupta’s final paragraphs sum up the current unsatisfactory position well under the heading “What else can be done?”. My only suggestion is to shout louder. Way back in the 1960s, the Institute and Faculty of Actuaries published a booklet, entitled An Appeal to Statesmanship. It was prompted by the first attempt by government to introduce a state-wage-related supplementary pension. Included was an assertion, and I paraphrase, that we were promising ourselves that our children would pay to us pensions that are far more generous than we were paying to our parents. Is it not time for our professional body to speak out again, in the public interest? Victor Hughff 19 March

MORE LETTERS ONLINE More letters are available online at


THE ACTUARY • May 2015

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Oil: More than meets the eye I enjoyed reading Dr Sentance’s perspective on low inflation and interest rates (The Actuary, March, While the fall in oil price can provide a boost to importing countries, I wonder if there is more to this than meets the eye. It is clear from the reported surplus at current production levels that there is an imbalance in the demand and supply equation for oil. So while the price might not ‘correct’ all the way to the $100 a barrel level of the recent past, at some point it would seem that it will head upwards. So how temporary is the $50 to $60 price and what is its ‘stable level’? In addition, since oil is priced in US dollars, and with the dollar’s significant appreciation compared to some currencies – the euro being an example of a globally dominant one – I wonder whether the net impact of the lower oil price, while still meaningful, diminishes the windfall to the extent of the local currency depreciation? Tied to this is the question of whether the US will raise its interest rates, as some observers are calling for, and how that would carry into the currency markets. During the financial crisis a number of currency zones prematurely raised their interest rates, only to have to back away from it. Interest rates in some jurisdictions are in the previously unheard of negative territory. It appears that the interest rate decision has become more challenging, especially in the absence of widespread steady net wage gains in the labour market. Shiraz Jetha 18 March

The editor welcomes readers’ letters but reserves the right to edit them for publication. Please email The deadline for receiving letters for the June issue is 18 May 2015.


28/04/2015 10:37

An eye on the detail

Political challenge

It was interesting to read Ben Pollard’s experience of launching a start-up (The Actuary, March, The article also gives us the chance to look at Smarter Investment’s offering and see what we think of the benefits to private investors that are claimed. From the company’s website, it seems that the general offer is a platform of funds that the investor usually chooses for himself but guided by “the same sophisticated actuarial technology as the big financial services companies use”. This technology allows for the customer’s level of risk tolerance and provides diversification to avoid volatility. It would be interesting to learn how this technology enables one to project a most likely return of 3.27% on one medium risk fund against 3.24% on another, especially as the fund with the higher projected return has the slightly higher level of charges. An asset liability management review is run for every customer every night, but an email alert is only sent to the customer if one of seven triggers is breached – for example, if there is a 60% or more chance that the investment will not achieve the predetermined target. The charges for these services are significant. I tried the system with a Vanguard fund with a standard charge of 0.24% pa. After adding 0.50% for Smarter Investment’s charge and 0.29% for CoFunds (the platform provider), the total charge became 1.03% pa. I suspect that Ben will have to work a lot harder to persuade his fellow actuaries that this is a good deal. Roy Colbran 13 March

I was interested to read the article by Paul Kennedy on his campaign as a Liberal Democrat candidate (The Actuary, March 2015, I realise the interest is because of Kennedy’s redefining the limits of actuaries working in ‘the wider fields’. But should you not have mentioned the other candidates in the constituency? And why have only one article referring to a Liberal Democrat candidate? This might imply a political leaning by what I thought was a politically neutral magazine. Alan Frost 9 April

the hot seat

Editor’s response Thank you for your letter and comments. I assure you that The Actuary magazine does not have any political affiliation or preference. However, I can see how having one article from one perspective might seem unbalanced. In the past, we have covered views of candidates standing for other political parties. The reason we commissioned the article was to highlight the diverse areas in which actuaries are involved, as you suggest. Paul Kennedy is the only actuary we are aware of who is running for office in this general election, and he agreed to contribute. If you know another actuary who is standing, we would be interested to hear about it.

The Actuary magazine is a monthly publication produced on behalf of SIAS for members of the Institute and Faculty of Actuaries, in the UK and overseas. With a print readership of more than 26,000 and a strong and ever-growing online presence of more than 30,000 unique visitors each month to, it is the key platform for analysis, opinion, news and jobs for the actuarial community. The Actuary is also read by many non-actuaries with an interest in actuarial topics. The current Editor is due to step down at the end of 2015 following a successful two-year term, so SIAS is looking for a highly motivated and enthusiastic successor to lead the experienced publishing staff and specialist editors of the magazine from January 2016. Do you have the energy, dedication and skill set to take a role in guiding an expanding specialist production team? Do you have the creative flair, yet the eye for detail, to preside over a high-quality publication? This is a challenging role and we require a candidate with strong communication skills, an ability to work under the pressure of meeting publishing deadlines, and the commercial awareness to take the magazine forward. A detailed description of the role may be found at: If you have got what it takes, please submit your expression of interest, including a CV, to Mark Gorman at no later than 30 June 2015. Please contact Mark in advance of this date if you have any questions.

May 2015 • THE ACTUARY

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28/04/2015 10:37

Opinion President’s comment

Nick Salter is the president of the Institute and Faculty of Actuaries


Where are the bowlers? The problem with being prepared to tell jokes is sometimes they aren’t deemed to be funny. My daughter Katie made this point when she was 11, pointing out that “you can tell when your joke is not funny Dad, when you have to explain it”. Take this example: “There are 10 types of actuaries – those who understand binary and those who don’t...” I received the reply: “You are going to have to explain that. What’s an actuary?” “Bother”, I think. “Well, actuaries are experts in risk management. They are useful to many industries where a single decision can have a major financial impact...” But it does make you wonder; how many people really know what actuaries do? This point was brought home to me again when we had a very inspirational speaker at a recent Council meeting. Adam Bates is a forensic auditor, or a futurologist as he describes it, for KPMG. He runs a multiprofessional team that includes actuaries. He told us, however, that even with these highly valued members of his team, he has no idea what actuaries actually do. This is a problem, because not knowing makes it harder to place value on the benefits we bring to the organisations we work for. Or to put it another way – why would someone recruit an actuary? This is something we all need to address because it affects every one of us. Business leaders who have actuaries working for them often sing their praises. I believe I’ve mentioned in one of my previous columns the massive endorsement that actuaries have from Dominic Barton, managing director of McKinsey, who said “actuaries are brilliant”.

An actuary’s place On that point, I recently had the pleasure of meeting the governor of the Bank of England, Mark Carney, as a follow up to him speaking at our GIRO conference last year. We discussed how actuaries can be useful to the financial industry, and it was a very fruitful conversation. He said he sees actuaries in a different place, having a part to play in regulation in financial markets and in the banking world. We agreed that actuaries would be good people to have within banks – not necessarily


Nick Salter looks forward to a time when an actuary’s worth and contribution needs no explanation as a regulated post at every bank, but particularly in risk management roles. This is backed up by a meeting I had with JayneAnne Gadhia, the chief executive of Virgin Money, about actuaries working in the banking industry. Her comments were incredibly positive too. She said that, although she has only one actuary on her team, on reflection she doesn’t know why she doesn’t have more. Actuaries’ skills and high standards of professionalism could be a healthy contrast to banks being run with a ‘have a hunch, bet a bunch’ attitude, as many consider to be the case with the banking industry now. This caution could help change the financial industry’s reputation from a ‘reckless culture’ to something more stable. At the Bank of England, where my meeting with Mark Carney took place, I smiled at a reminder of the banking industry from years past. There was a coat rack in the office with prongs going all the way down. Upon closer inspection, I suggested that it might actually

be a ‘bowler hat rack’ where years ago bankers would leave their hats on the stand. This made me think about how much has changed in the banking industry and how those bowler-hatted gents would feel about it. Although there hasn’t been the same seismic change for us as actuaries, we need to be aware that the industries we’ve traditionally worked in are changing. These changes must lead to opportunities for us as a profession. Our high professional standards will benefit any business, not just those we’ve been traditionally associated with. I can’t say that our profession will undergo as much change in the next 30 years as the banking industry but, as Bates made clear, we would do well to keep our eye on the future and make sure our skills remain relevant and that actuaries are adding value – and are recognised for that. And would we want to see more jokes about actuaries? Funny ones, yes, but any jokes where you are not stopped for an explanation should be deemed a mark of success. a

“Actuaries’ skills and high standards of professionalism could be a healthy contrast to banks being run with a ‘have a hunch, bet a bunch’ attitude”

THE ACTUARY • May 2015

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28/04/2015 10:38

Opinion Soapbox


Mediation in personal claims You might ask: “Why do I need a mediator to tell me how to settle my case?” Most settle without mediation, but what about cases that won’t? Some might need a trial, but they are likely to face uncertain high costs and long delays. Experienced claims handlers know their cases and generally negotiate settlements when they are needed. Settlement meetings work well in larger cases. That still leaves a small number of ‘hard nut’ cases where you don’t want a trial, but you cannot settle. Perhaps the other side is intransigent, the claimant doesn’t listen to advice, the lawyer isn’t on top of the case or the nature of the claim makes it difficult to be objective: fatalities, psychiatric injuries, chronic pain. A mediator can offer a lot of relief in these circumstances. In fact, insurers could be penalised in costs for refusing mediation and judges are beginning to do just that. In Halsey, the Court of Appeal heard a clinical negligence case and a personal injury case in 2004. In both cases, the parties could have been penalised for unreasonably refusing mediation, but set out good reasons to refuse, including reasonable belief in a strong case. Recently, judicial ‘encouragement’ has ramped up. Firstly, the 2010 Jackson review highlighted the underuse of alternative dispute resolution (ADR), of which the most common form is mediation. We now have the Jackson ADR Handbook.

Last year’s cases  PGF II SA v OMFS Co. 1 Ltd: needs to be heeded

by all involved in litigation. The claimant accepted an offer a year after it was made, just before trial. Legal costs in that time were £250,000. Despite court rules, which gave the defendant an apparent entitlement to costs after 21 days from the Part 36 offer (a formal offer framed so that if a claimant rejects it and subsequently does not beat it, he or she is penalised in costs), the court said no costs would be recovered for that period. This was because the defendant ignored the claimant’s offer to mediate. The court said ignorance amounted to refusal and was unreasonable. The Court of Appeal upheld the decision, quoting the Jackson ADR Handbook.  Mark Lynn v Borneos LLP T/A Borneo Linnels: a High Court decision in a professional indemnity case where the claimant sued his solicitors for negligence regarding the draft of an agreement for the sale of his business

Paul Hughes believes insurers should consider mediation in an increasingly backlogged and expensive court system shareholding. The defendant succeeded, but the claimant successfully argued the defendant had unreasonably refused to mediate. The judge referred to “bland refusal” to mediate. The defendant was awarded only 60% of its costs.  Garritt–Critchley & Others v Ronnan Solarpower PV Ltd: the defendant accepted the claimant’s Part 36 offer after trial but before judgment was delivered. The judge awarded indemnity costs against the defendant, who gave a number of the reasons to justify refusal of mediation. The judge was unimpressed.  Northrop Grumman Mission Systems Europe Ltd v BAE Systems: the defendant won on liability issues, and the court accepted that the defendant reasonably considered it had a strong case. The judge, however, found it unreasonable to refuse mediation. Even when insurers think they have a strong case, it may be unreasonable to refuse to mediate. Litigants should consider a strategy to deal with mediation offers. Court fees have also massively increased. A £100,000 claim now attracts a court fee of £5,000. That is 5% of the claim cost, excluding any administrative costs such as legal fees or evidence fees. By comparison, a four-hour mediation costs £1,650. It used to be thought that tricky cases needed all day, but recent experience shows that

all except the most difficult cases can be mediated within four hours. In some cases, an apology is needed. Sometimes, ingenious solutions are found, although most personal injury claims involve simply money. Seeing the opponent can be useful. The claimant may come across more sympathetically than expected, which may impress a judge and recover higher damages. As a result, insurers may want to consider offering more than anticipated. If an insurer has a strong case to win then why negotiate at all? Sometimes, people can be persuaded to discontinue. In one case, a litigant in person sued the police for £500,000 malicious prosecution, assault and more, but, after mediation, the chase for compensation discontinued. A suspicious motor claim was possibly fraudulent and, as a result, the claimant withdrew after mediation. Regardless of any scepticism about mediation in personal injury cases, courts will penalise refusal of mediation with costs sanctions. Soaring court fees and delays in the system cry out for alternatives to putting a case before a judge except in a few cases. The message is clear – ignore mediation at your peril.

“Even when insurers think they have a strong case, it may be unreasonable to refuse to mediate”

Paul Hughes is legal director at Bond Dickinson LLP

May 2015 • THE ACTUARY

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28/04/2015 10:38


Upfront Nobel Prize winner to speak at IFoA Asia Conference, Beijing

Opinion CEO’s comment Derek Cribb explains the IFoA’s involvement in International Actuarial Association activities

A blueprint for good practice Derek Cribb is the chief executive of the Institute and Faculty of Actuaries



I write this as I return from the April

committee meetings of the International Actuarial Association (IAA) where, once again, I was pleased to meet our sister actuarial associations and to see important matters affecting the global actuarial profession being discussed. I am aware that not all members have a complete picture of the IFoA’s involvement in IAA activities and why the IAA is so important. The IAA’s remit is wide, covering a variety of activities that help it to fulfil its mission of representing and promoting the actuarial profession worldwide. An important part of the IAA’s strategy is the development of model international standards of actuarial practice (ISAPs), to ensure comparable, high levels of actuarial work. Such standards for both education and practice will support the profession’s growth and elevate its standing in emerging economies. This work is of interest to a range of audiences, such as practising actuaries, regulators, governments, development banks, employers of actuaries and the insurance industry. The IAA does not work in isolation but uses the expertise of its member associations to determine model standards. Across all actuarial regions, there is a choice to ‘adopt, adapt or ignore’ these standards. While the UK already has sophisticated standards, it is important that we use our experience to help the IAA develop these standards, and also that we are mindful of the direction in which global trends are progressing, so IFoA engagement with the IAA is vital. By working with the IAA we can share knowledge and best practice, help to safeguard our members’ interests and promote the public interest. To that end, I am delighted that Jane Curtis, a member of our Regulation Board and former IFoA president, has been elected to the IAA’s Executive Committee as the representative for Europe. Her involvement will help to ensure that we are at the forefront of developments, supporting the IAA in promoting the value and relevance of actuaries globally. Learn more about the IFoA’s international work at Visit the IAA website:

The IFoA is proud to host its inaugural Asia Conference in Beijing on 13-15 May. This milestone cross-practice conference is open to all actuaries, stakeholders, students and those with a general interest in actuarial science. The conference programme offers an unrivalled line-up of speakers, with Myron Scholes, winner of the Nobel memorial prize 1997, taking centre stage as keynote speaker. Dr Yulong Zhao, deputy director-general of the Finance and Solvency Regulation Department of the China Insurance Regulatory Commission, Wei Wang, chairman of China Mergers & Acquisitions Association (CMAA), and Dr David Hare, immediate past-president of the IFoA, will all provide us with their opinions and in-depth experiences of the actuarial world. Discuss C-ROSS, why risk is good for you, global pension reforms, key requirements of preparing for International Financial Reporting Standard (IFRS) Phase 2 and more. Get an overview of personal injury litigation in Asia, how insurance companies in these regions can react to these developments and the opportunities and risks facing health insurers in China. The invaluable networking opportunities will enable you to develop key business relationships with opinion leaders, new clients and potential partners. On 15 May, a student networking afternoon will take place, dedicated to our actuaries of the future and providing you with a platform to showcase your company benefits to the next generation of influencers and decision-makers. It is an exhilarating time for the IFoA and we invite you to share this experience with us. Bookings are now open at Gain professional skills, continuing professional development and be part of this exclusive event. We look forward to seeing you in Beijing. For sponsorship opportunities, email

THE ACTUARY • May 2015

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28/04/2015 10:39

Actuarial apprenticeship a win-win all round Karen Bennett, a principal in Mercer’s retirement business, and Laura Hamilton, an actuary in Aon Hewitt’s retirement business, discuss their experiences as pioneers of the actuarial technician apprenticeship standard What is the new actuarial technician apprenticeship standard? The UK government has recognised that apprenticeships are a key component in creating employment opportunities for individuals who do not attend university. The Department for Business, Innovation & Skills (BIS) has therefore been looking to extend the use of apprenticeships from more traditional industries to a wider range of professional services, including law and finance. This initiative is called Trailblazers. The IFoA had been exploring actuarial apprenticeship options with the Financial Skills Partnership (FSP), which put it in touch with BIS so that the actuarial industry could be a part of this revolutionary development. As a key element of the Trailblazer strategy is to be employer-led, the IFoA stepped back to allow employers to develop the new standards. A range of employers in different actuarial fields have consequently been working together to introduce apprenticeships that are employerled in their design, delivery and assessment. Apprentices will receive a valuable qualification and obtain the knowledge and skills required to lead successful careers in their chosen field. How did you get involved in this work? Owing to their success in developing young people via early careers programmes, both Aon and Mercer were made aware of the Trailblazer opportunity by the IFoA. Both companies already offer a range of apprenticeships in other technical specialisms and both aim to develop methods of attracting, engaging and retaining key talent. Alongside Aon and Mercer, the steering group of employers involved in the development of the standard included Barnett Waddington, Grant Thornton, Jardine Lloyd Thompson, RSA, PwC and KPMG. What makes this standard different from actuarial school leaver programmes? There is now an official standard, which sets out the skills, knowledge and behaviour that an apprentice will gain by completing the apprenticeship. There will also be a formal and independent means of assessment, allowing for greater confidence in the abilities of individuals after they have completed the apprenticeship. We expect that the consistency that the standard provides in developing core actuarial

skills should greatly improve opportunities for both employers and for apprentices when deciding on their career path. We hope to see the numbers of actuarial apprenticeships increase as a result of the new standard. What exactly does the standard offer? The actuarial technician standard is aimed at school leavers with good numerical skills and will typically take two to three years to complete. The apprentice will work as part of a team supporting qualified actuaries and consultants, using data and models to provide solutions for clients. As well as ensuring that individuals build up the required core actuarial technical know-how, the role will also develop key business skills and behaviours, including servicing clients and supporting the advice given by qualified actuaries, through a focus on ‘on-the-job’ training while the apprentices are studying for professional exams. The standard is a level 4 apprenticeship and will provide student membership to the IFoA – either as a Student Actuarial Analyst on the Certified Actuarial Analyst qualification pathway or as a student on the Fellowship pathway. This will be for individual employers to determine. What impact will the standard have on: a) future students? and b) employers? It is a win-win for both employers and apprentices. The apprenticeship now provides school leavers interested in a career in actuarial work with a genuinely viable alternative to university. An apprentice who joins at age 18, for example, may complete the apprenticeship within a couple of years. By the time they would have left university, they may be well along the path to qualifying as a Certified Actuarial Analyst or Fellow of the IFoA. Completing the apprenticeship will also widen opportunities in other areas of the

profession, as apprentices will have shown the ability to pass the required exams and to meet the work-based requirements of an analyst. Many young people are also now realising the benefits of being able to ‘earn while you learn’. Aside from government funding to assist with the training costs for apprentices, employers will also benefit from being able to draw from a much wider talent pool. Organisations will be able to build a strong talent pipeline for the industry, as well as creating a more diverse workforce by recruiting people from all backgrounds. Research has shown that clients are more likely to do business with firms who employ apprentices, as they recognise the positive impact a company is having by providing opportunities for young people. How has the IFoA been involved? The IFoA is the professional body representing the actuarial technician apprentice standard and, as such, it has been involved in discussions with the steering group of employers developing the standard and the assessment plan. It will also be involved in overseeing the assessment of apprentices to ensure a standard, consistent and robust approach. This involvement is essential in ensuring that those working with apprentices can be confident that there is no compromise on the levels of quality and professionalism upon which our clients and the industry depend. How can I find out more? The official apprenticeship standard for an actuarial technician has now been published at Aon, Mercer and the IFoA are also happy to answer questions and respond to employers keen to set up their own apprenticeship programmes. Please join us in making this revolutionary step forward in providing opportunities to young people and in helping to increase the calibre and diversity of our future workforce.

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The importance of good management in business

Professional skills training: what do you need to do?

Would you have read this article, if the title had been the importance of corporate governance? Potentially not. It is probably fair to say that most people have little interest in corporate governance. Dull, tick-box, a necessary evil, bureaucratic, burdensome, a topic to be left to lawyers and accountants. What if we thought of corporate governance as good management? Let’s think of the standards by which good management is often measured – decency, accountability, responsibility, effectiveness, transparency, communication, ethics, integrity and honesty. As a member of the Institute and Faculty of Actuaries, would you care if the IFoA was not being managed in accordance with these standards? In all likelihood, yes. Unethical practices, dishonesty and a lack of accountability or effectiveness would, at the very least, affect the IFoA’s ability to meet its aims and objectives. At worst, it could result in significant reputational and financial loss. Whether you refer to it as corporate governance or good management makes little difference. Both are about the establishment and implementation of a framework that adds value to the IFoA, supports our volunteers and helps build our reputation. They also ensure long-term sustainability and success. Both descriptions are ultimately a means to an end – for the IFoA, in the public interest, to advance all matters relevant to actuarial science and its application, and to regulate and promote the profession. The effectiveness of the IFoA’s corporate governance is vital for this. So, following careful reflection, the IFoA council approved a new, mandatory governance

In light of the results of our recent monitoring of the IFoA’s professional skills training (PST) requirements, we thought it might be useful to remind you of what your requirements are. PST is designed to help you maintain and enhance your professional skills and has been developed to be relevant to all of our members throughout their professional careers. There are three stages of training that you may be required to complete, depending on your continuing professional development (CPD) category and your level of experience: ● stage 1 – online professional awareness test; ● stage 2 – professional skills course; ● stage 3 – professional skills for experienced members. You may find the PST flowchart that can be downloaded from the IFoA website helpful in working out exactly what your own requirements are. Full details of the PST requirements are set out in the 2014/2015 CPD scheme. If you are still unsure about what this means for you, please email any questions to the membership team. Download the PST flowchart at Download the CPD scheme at

manual, which will come into effect fully from 1 July. You can access the governance manual on the IFoA’s website. To complement the governance manual operationally, the IFoA has also recently approved a new financial regulations and procedures manual, and overhauled its risk, project management and procurement frameworks. Together, these shape how the IFoA can ensure that it is doing the right thing in a way

“Both descriptions are a means to an end – for the IFoA to advance all matters relevant to actuarial science and its application, and to regulate the profession” that upholds its core values of community, integrity and progress. It is important that we know who does what and why, and how that ‘what’ fits into the bigger picture. Recognising the value of our community, our governance processes have been designed to be open and participatory, so that decisions are reached through consensus and consultation. It is also important that we value knowledge and expertise to allow particular responsibility and authority to be entrusted to those with recognised capability and experience. Most importantly, our processes are designed to facilitate effective decision-making but with the right checks and balances in place. We would urge you to take the time to read the governance manual and address any questions to

Disciplinary Tribunal Panel hearing: Mr Jonathan Black FFA and Mr Walker Yule FFA The hearing took place on 8-12 December 2014, 8 January and 24 February 2015. The Disciplinary Tribunal Panel considered charges of misconduct jointly against Mr Jonathan Black and Mr Walker Yule (the respondents), relating to alleged breaches of the Technical Actuarial Standard (TAS) Reliability Objective, a number of TASs, Actuarial Profession Standard (APS) P2 and the Actuaries’ Code. The panel found that the actions of the respondents had breached their professional responsibilities, including the Reliability Objective, the TASs and the Actuaries’ Code, in a number of regards. However, the panel found that the failings by Mr Yule did not either


individually or collectively amount to misconduct. A finding of misconduct was made against Mr Black and sanctions were imposed: ● a reprimand; ● a £25,000 fine; and ● an extra 25 hours continuing professional development each year for the next three years relating to compliance and observation of TASs. The panel also determined that the respondents should make a contribution of £72,662 each towards the IFOA’s costs. The full determination, including the panel’s reasoning, for Jonathan Black ( 1CzGUR0) and Walker Yule ( is available online

Is your firm making the most of the power of three? Are there three or more actuaries in your firm? If the answer is yes, do you have a continuing professional development (CPD) co-ordinator, and do they attend the IFoA’s annual CPD co-ordinators’ briefing? The IFoA recommends: “Organisations that employ at least three qualified actuaries are encouraged to appoint a CPD co-ordinator.” CPD co-ordinators play a key role in effective engagement between actuarial employers and the IFoA. This facilitates the sharing of ideas and best practice, and it helps the IFoA to understand the needs and requirements of employers. It also helps organisations ensure their people stay compliant and receive details of opportunities and benefits as they arise. View the Become a CPD Co-ordinator: Engaging with Employers booklet online to read what some of our members say about the role or email to discuss what is involved. Download the booklet at

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Risk and Investment Conference Phil Tervit and Simon Richards, joint chairs, outline the Risk and Investment Conference 2015 In June, the IFoA annual Risk and Investment Conference will take place at The Celtic Manor Resort in Wales. The reputation of the conference continues to grow and we are delighted to announce a programme of speakers that will attract actuaries and non-actuaries from the full spectrum of practice areas. Delegates can expect to engage in thought-provoking content from their own areas of expertise while enjoying the opportunity to learn more about the application of core actuarial techniques to related areas. This year, we are exploring a theme of ‘New Frontiers’, recognising both the significant political and regulatory change that is taking place across the core areas of interest for actuaries while also acknowledging the growing involvement of actuaries in wider fields such as banking and the environment.

We have been able to source a variety of renowned speakers to deliver presentations that align with our key conference theme. Those who attended in 2014 will be pleased to hear that economist Professor Richard Werner will again be speaking, having received outstanding feedback from the 2014 conference for his exploration of ‘The Money Game’. The conference timing is such that the recent go-live date for ‘Freedom and Choice in Pensions’ will be highly topical, and a panel discussion of key industry and regulatory experts is lined up to discuss the initial reactions to those changes. Our other plenary sessions incorporate risk and investment themes in the context of: ● the current market environment and the outlook for interest rates; ● the problems of communicating risk and uncertainty; ● stranded assets and sustainability. To allow us to better tailor the sessions to the differing needs of the delegates, we have been

able to incorporate some split plenary sessions, allowing participants to choose between risk-focused or investment-focused sessions. We are also including a variety of ‘beginner’ presentations to encourage actuaries to broaden their areas of knowledge and facilitate cross-fertilisation of ideas between actuaries from different disciplines. We are delighted to have mountaineer Joe Simpson (left), author of Touching the Void, open the event with his truly remarkable life experiences. He will be followed by Ben Goldacre (above), author of Bad Science, giving his view on modern use of data and statistics. Alongside the technical continuing professional development (CPD), there will be plenty of time for networking, plus the chance to obtain one hour of professional skills CPD. We look forward to welcoming you to the conference in June. View the programme at

Risk and Investment Conference 2015 3-5 June, Celtic Manor, Newport 11.5 hours CPD

Pensions Conference 2015 24 – 26 June, Hilton Glasgow 11 hours CPD

Delegates will hear from speakers on a broad range of topics including: Financial forecasting Diversity Behavioural economics DB De-risking: a case study Pensions freedoms Updates from Pensions Working Parties Two hours of Professional Skills CPD available.

This cross practice conference is ideal for actuaries working in risk, investment, life, pensions, health and general insurance. This year’s programme features two plenary sessions that are split by practice area and introductory workshop sessions for those delegates looking to broaden their knowledge in new areas and enhance their CPD needs. Highlights include: Professor Richard Werner Monetary and Development Economist Panel Discussion: Freedom and Choice in Pensions ‘Go Live’ Stranded Assets and Sustainability What’s Happening to Interest Rates? One hour of Professional Skills CPD available

The conference will be of interest to everyone in the pensions industry.

Joe Simpson, Mountaineer and Award Winning Author of ‘Touching the Void’ will open the conference.

After dinner speaker Hugh Dennis, Comedian and actor

After dinner speaker Ben Goldacre, author of ‘Bad Science.’

Book today at: #IFoAPensions2015

Book today at: #IFoARiskandInv2015


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News People & Society

If you have any newsworthy items for these pages please email

Strictly salsa for SIAS By Anique Buddhdev In February, SIAS held a salsa night at the popular Bar Salsa in Charing Cross. Starting straight after work, guests took advantage of the happy hour and the extensive cocktail menu, creating a pleasant holiday ambiance. A private dance lesson followed. Attendees were asked to partner up, and an even split of men and women gave those who had experienced a lonely Valentine’s day the opportunity to meet someone new. Initially, everyone was concentrating really hard with no one wanting to be the first to slip up. But these budding movers soon loosened up and managed to dance to the rhythm without stepping on each other’s feet. I was very surprised at how well the group picked

up the routine and it definitely proved that there is more to actuaries than meets the eye. After the class, Bar Salsa provided a South American meal to offset all the calories we had shed on the dance floor. There was a nice range of quesadillas and burritos to dig into while giving everyone a chance to rest their weary legs. Those who wanted to develop their skills further stayed on after dinner for some of the more advanced classes. I decided to avoid any embarrassment and watched the experts from the side. It was a great evening and I would like to thank Bar Salsa and the dance instructor for their hospitality, I look forward to seeing you again at next year’s dance event.

Many hands take a night’s work By Emily Scrivener On 19 March, SIAS held its annual poker tournament at the Grosvenor Casino. The event proved as popular as ever with reserved tables overflowing the VIP room. After a short learn-to-play session for those who didn’t know their ‘big blind’ from their ‘bluff ’, players were randomly allocated to a table and starting hands were dealt. The rooms were soon buzzing with excitement, happiness and despair as players began battling to get to the final table. Sadly some


were knocked out early on, but that was not going to stop them. A cash table was set up and some of the players had more ‘luck’ there. To ensure maximum playing time, canapés and drinks were served at the tables and after nearly four and a half hours our poker champion emerged. It was a tense final table with all players winning a cash prize, but it was Jonathan Lau who took the crown, followed by Alpesh Chudasama a close second and James Fielding in third. Congratulations to you all.

On your bike

Master’s golf day

On 31 May, the Worshipful Company of Actuaries will be holding its biennial sponsored bike ride. The route is from near Southwark tube station, along the River Thames to Richmond Park and back. There will be a choice of routes – one under 30 miles fully guided, and one around 50 miles for more regular cyclists guided by an app. Applications available from Keith Barton at

The annual Master’s Golf Day of the Worshipful Company of Actuaries will be held at the Mid Herts Golf Club on 1 June. Any member of the IFoA may play. The cost is £70 per person to include afternoon golf (teeing off from 1.45pm) plus dinner and wine – and modest prizes! It will also include a pre tee-off snack. For more details, please email Martin Miles at

Joining the Fellowship Jo


Da David Forfar (left) has been elected a Fellow of the Royal Society of Ed Edinburgh. He joins John McCutcheon and Angus Macdonald, both ac actuaries who are also Fellows of the Royal Society of Edinburgh. The president of the Royal Society of Edinburgh, professor Dame J Jocelyn Bell Burnell, said: “I am delighted to welcome such a wide r range of outstanding individuals to the Fellowship. Each of our new F Fellows is elected on the distinguished merit of their work. In joining the RSE, they strengthen our capacity to support excellence across all areas of academic and public life, both in Scotland and further afield.”

George STADDON died recently, aged 88. He became a Fellow in 1956. Richard CLOWES died recently, aged 97. He became a Fellow in 1952. Ian ISLES died recently, aged 97. He became a Fellow in 1947. George MAY died recently, aged 88. He became a Fellow in 1956.

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FOLLOW US ON TWITTER @TheActuaryMag @ActuaryEditor

Save the date


The dress code is smart


3 July 1914-18 February 2015


The price is £20 per person for NWAS members, which includes arrival drink, a three-course meal and accompanying wine. A private bar will be available.

We are pleased to announce that this year’s annual dinner will be held at: The Albert Square Chop House Memorial Hall, Albert Square Manchester, M2 5PF A drinks reception will start from 6.30pm and dinner will be at 7pm

Formal invites and menu choices will be sent in early May. To be added to the NWAS mailing list for invites please go to and sign up.

Actuaries at the Baftas By Martin Miles (Master, WCA) About 200 actuaries with family and corporate friends enjoyed an evening at Bafta’s headquarters in Piccadilly on 12 March organised by the Worshipful Company of Actuaries (WCA). To kick off, an award-winning film of Noel Coward’s play Private Lives was shown in the Princess Royal Theatre. Following this, an excellent meal was enjoyed by guests at Bafta’s David Lean room immediately below their cinema. During the evening a raffle and silent auction took place. This, together with other generous donations received from WCA members, raised a magnificent £20,000 for the WCA Charitable Trust. This will go to supporting our two newest educational projects. The first of these is the Royal Institution’s

Obituary: John Galloway Wallace OBE

maths masterclass programme for post-GCSE students. Through our help, the Royal Institution has managed to more than double its reach in the hope that those with latent mathematical ability do not remain lost in the maelstrom of the UK education system. The second project is very new. The WCA wishes to assist schools with strong mathematical departments to take their skills and enthusiasm into the community through a range of outreach programmes, so that it is not just those lucky enough to be in the good schools that have their talents nurtured and extended. The first school we are supporting is St Olave’s School in Orpington, which is already setting a great example. We hope that, with our help, it will be able to expand those activities even further.

Acclimatising to Qatar By Mark Cockroft Moving from the UK to Qatar, you need to adapt to several major cultural and other differences. The first and most obvious is the climate. Then the visual horizon: in all directions it is flat and monochrome beige, interspersed by manicured palm trees and city skyscrapers. A country once dependent on the petrochemical dollar is strategically growing into a diversified economy, which includes financial services, primarily banking but also an insurance industry rooted on international standards of regulation and operation. Cue a small but growing band of actuaries. In recognition of this, the IFoA recently helped actuaries in the region establish the Gulf Actuarial Society (GAS) as a regional society. Despite its start less than a year ago, GAS will soon have hosted the chief executive and then the president of the IFoA at its inaugural two meetings. The visits reflect the Middle East’s geographical situ, given they were stopovers en route to further destinations, but also signal the region’s growing punch in the world economy, not just through the oil price. For the full article, go to:

John was born just before World War I in Kelso, Scotland. He was from strong stock; both sets of grandparents celebrated their golden weddings when average life expectancy itself was about 50 years, and he went on to live double that time. He was a remarkable man with the sort of brain that made instant connections between people, places and events, no matter how long ago. Whenever John made friends he always kept in touch with them. After graduating from Edinburgh University, he joined Scottish Life and qualified as a Fellow of the Faculty of Actuaries in 1940 just before the examinations ceased until after World War II. He served in the Army until 1946, mainly in North Africa, Sicily and Italy. Wherever he went he would try to locate an actuary. This was successful particularly in Belgium and Holland, where he found many actuarial textbooks had been destroyed and promptly arranged for the Faculty to provide some. On returning to Scottish Life he was promoted to general manager in 1956. He led the expanding business with great drive and vision for 20 years. He was elected president of the Faculty of Actuaries in 1973 and was also president of the Chartered Insurance Institute, chairman of the Royal Hospital for Sick Children, and chairman of the Scottish Office Health Board committee tasked with preparing the ‘Priorities for the Eighties’ report. He was awarded an OBE in 1980. His love of climbing drove him to complete all the Munros, Corbetts and Donalds, finishing well into his eighties. He enjoyed a wonderful family life with his four daughters, 10 grandchildren and 20 great-grandchildren. His family is immensely proud of his long life, contributing so much to their lives, the actuarial world and society in general.

We would be delighted to hear from you if you have any newsworthy items for these pages. Please contact Yvonne Wan at

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Incorporating trends into historic financial analysis: the value of change points when looking at historic data Matt Modisett Staple Inn Hall High Holborn London WC1V 9QJ 5.30pm start



Whenever you look at historic data, trends seem obvious to the eye. Yet, we generally assume a random walk hypothesis ignoring trends when creating models. Is it possible to incorporate the intuitively obvious presence of trends within our models in an objective way? Yes, we can. The basic idea is to assume that markets have ‘regimes’; within a regime we assume a random walk with a constant trend and volatility; however, with the regime changes, the parameters for trend and volatility are reset. The difficulty is how to determine objectively where the regimes change historically in order to calibrate a regime-changing model. This talk introduces change points in the context of incorporating trends into a financial model. However, change points are useful in a wider context and may be a valuable addition to the actuarial arsenal of tools. Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting and non-members are welcome. There will also be live tweeting available via #SIASMay15 during the talk – please do get involved with any comments and questions for the speakers. SOCIAL EVENT

Mixology masterclass

Merge a myriad of magnificent mixtures in SIAS’s magical mixology masterclass. Look out for more information at

Sway Bar, 61-65 Great Queen Street London WC2B 5BZ

To buy tickets, email Ticket prices: SIAS member, £20; non-SIAS member, £25. Please note: SIAS will not offer refunds on tickets/entry fees after the payment deadline date. Refunds may be offered prior to the payment deadline date if we are able to re-sell the ticket/entry fee. Where a non-SIAS member ticket/fee is sold on to a SIAS member, only the SIAS member price will be returned. All refunds will be at the discretion of the SIAS Committee.

6pm start


The nature of longevity risk


Sacha Dhamani

There have been a number of papers produced discussing how to model longevity risk, but it has been a number of years since a paper has specifically been produced to consider the fundamental nature of longevity risk.

Staple Inn Hall High Holborn London WC1V 9QJ

The IAA breakdown of longevity risk (trend, level, catastrophe and volatility) is still perceived to be the standard definition used, despite many practitioners considering these factors insufficient as a foundation for modelling longevity risk.

5.30pm start

While they continue to provide a common language for professionals to discuss longevity risk, it is time for a revised conceptual framework that can provide a stronger foundation to take into account how different types of provider are exposed to longevity risk and the differences in their approach to its management. Sacha Dhamani’s paper and presentation is intended to trigger a debate in this area by proposing such a framework. Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting, and non-members are welcome. There will also be live tweeting available via #SIASJun15 during the talk – please do get involved with any comments and questions for the speakers.


Bowling tournament Venue TBA 6.30pm JUNE

Student consultative forum

MORE EVENTS ONLINE For details of events, visit



The 2015 SIAS bowling tournament is just around the corner. Dust off those shoes, clean that glove and spare some time to practise your strikes now! Further details will be released at AGENDA

We hope the exams went well – let us know via if you have any opinions, feedback or general comments about the actuarial education process that you would like us to raise. The next student consultative forum is due to be held next month.

SIAS IS ON TWITTER! Follow us on @SIAScommittee for latest news on meetings, socials and more!

SIAS IS ON FACEBOOK! Check out the SIAS Facebook page for photos from the latest social events

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On my agenda

Adrian Gore, founder and group chief executive of Discovery, explains to Richard Purcell why life and health insurance should be about more than just protecting people, and calls for a step change in the way we think about wellness


the face During his recent visit to London,

of insurance

I catch up with Adrian Gore to get a better understanding of the man behind Discovery – a business he started from scratch in 1992, amidst a period of significant political and social change in South Africa. Today it has more than 4.5 million customers, 10,000 employees, and numerous operations around the world. We begin by discussing his early career, and what the appeal was for him of an actuarial route. Gore explains that, not only did it seem to offer significant potential in a post-Apartheid South Africa, but an actuarial career also provided a way to apply maths within an institutional context, and so ultimately contribute to wider social change in this new era.


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Working as an actuary, Gore eventually became convinced that there was a much better alternative to the traditional healthcare models in South Africa. He tells me: “By law, medical aids were mutual societies with no outside shareholding. There was enormous scope for innovation in what had become a static industry.” Gore’s thinking was that it was time for medical aid and health insurance to coalesce. The post-apartheid South African environment was full of considerable challenge and required solutions to real societal problems. Healthcare was a key example. “South Africa had both a shortage of doctors and a high quadruple medical burden – HIV, underdevelopment, lifestyle-related diseases and injuries.” By then, changing legislation meant that private health insurers moved to an egalitarian system of community rating without mandatory enrolment, creating considerable potential for adverse selection and higher medical inflation. As Gore tells me: “Discovery was born out of bringing actuarial principles and sound financial management to the market, in particular, a focus on demand-side management – making people healthier.” This mantra of making people healthier really came to life when, a few years after founding the business, the ‘Vitality’ programme was created – Discovery’s incentivised wellness methodology. “The concept,” says Gore, “was simple – to help people improve their health and wellness, therefore helping to prevent illness.” By managing the risk of illness it also provides an actuarial surplus which can be used to fund incentives that can modify unhealthy behaviour and further reduce the risk of illness – creating a virtuous circle – and a unique, dynamic model to price life and health insurance. In addition, by providing value to both the sick and the healthy, Vitality helps keep the risk pool intact. “It’s this shared value model – good for members, Discovery and society at large – that has been at the cornerstone of Discovery’s growth.”

Building a global business Having created a successful business in South Africa, Gore and his team set their sights on international growth, by repeating and scaling the shared-value insurance model. Although entrepreneurial in nature, his more considered actuarial side comes to the fore on the topic of expansion. He advises that “a very careful approach of growing organically is key to repeating the model effectively”. Gore doesn’t underestimate the challenges of entering new markets. “Discovery’s strategy has relied on joint ventures with established local players, who contribute their brand, distribution and local market expertise in exchange for Discovery’s intellectual property around behavioural insurance design.” Working with the likes of John Hancock in the US, Ping An in China, AIA in Southeast Asia and Generali in Europe has taken Vitality to new markets.


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When it came to the UK, Discovery formed a joint venture with Prudential to create PruHealth in 2004 and PruProtect in 2007. Following a deliberate strategy to acquire full ownership and build a replica of the South African Health and Life integrated model, Discovery bought out the vehicle in 2014, and the UK business was subsequently renamed Vitality, after the programme. While others might look at the UK and see an unexciting mature insurance industry, the Discovery team sees an opportunity to disrupt a large and highly commoditised market with a new dynamic model. Gore says: “If you believe the risk of illness is linked to behaviour, then this requires a dynamic model. With controllable lifestyle diseases like cancer becoming increasingly prevalent in developed markets like the UK, the shared value, behavioural insurance model is ideally suited to change the market.” Another cornerstone of Discovery’s success is innovation. Creating a culture of innovation is something many companies aspire to, but Gore believes “it’s easier when you have an innovative business model at the core of the business”. On the question of what innovation looks like, he says: “It’s not about having lots of ideas, but about focusing on a problem and immersing yourself in it. This is when new ideas really evolve, and it requires a highly disciplined approach to explore them fully.”

Actuaries, big data and marketing I ask Gore about the benefits of an actuarial qualification. He firmly believes the discipline of studying prepares you for a life of learning and a great career; and that being an actuary provides a powerful foundation for a career built on confidence and credibility. On the future role of actuaries, he sees a new world of big data emerging – one in which it’s crucial to have more statistical training than we currently do. However, he believes that actuarial skills are wasted if we’re just “boxed in” to technical roles. He adds: “The real opportunity for actuaries is to not just understand complex ideas but to communicate them.” Actuaries who can bring together technical and marketing concepts will – in his opinion – have a unique contribution to make.

Putting wellness on the agenda When I ask Gore the one thing he would request of governments, he talks of greater focus and collaboration. “Wellness was not a widely held concept when we developed the Vitality programme in 1997. But today there is much talk of it and companies are paying more attention to it. Even the NHS recognises the value of prevention in reducing the future growth in its own costs.” Gore believes there is still a long way to go to promote the importance of wellness. He believes the key is having some standardisation of what wellness means.


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“It’s not about having lots of ideas, but about focusing on a problem and immersing yourself in it. This is when new ideas really evolve, and it requires a highly disciplined approach”

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On my agenda

“Consumers are changing, and with them, their expectations, for example, that businesses fulfil their civic responsibility by doing good” “We know employees are the greatest asset for so many businesses. So with employee wellness having a proven impact on productivity and hence the bottom line, wellness needs to be better understood by businesses and even rating agencies.” Gore talks of a more standardised way to measure the quality of wellness and benchmark accordingly, creating the focus required to drive healthier behaviours. Much like disclosure has brought about change to remuneration and diversity; he tells me that Discovery, through its research and policy commission in the US – The Vitality Institute – is already calling for a change in global accounting standards to include disclosure on wellness indicators in company reporting.


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Although Discovery has only been around for 20 years, I ask Gore what he believes the next 20 will hold for society and insurance. “Consumers are changing” he says, “and with them their expectations, for example, that businesses fulfil their civic responsibility by doing good through doing business.” He believes insurers will still have a role to play, but need to engage with consumers to survive and prosper. He sees technology playing a larger role and cites wearable devices as an example of a technology not yet being fully utilised by the industry. Lastly, I ask Gore what success looks like for him and Discovery. “It’s not just about the growth and scale of the business, but demonstrating how it has changed the lives of millions of people by helping them to improve their health.” a


28/04/2015 10:42 is the official job board for SIAS and The Actuarial Profession. To register for our Jobs by email service simply go to May 2013 • THE ACTUARY 21

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28/04/2015 11:16

Risk management Strategy

cu ure Cultivating



Hilary Lewis and Richard See Toh explain why building effective organisational behaviour has become a central concern Cultural issues have a tendency to slip down most boards’ agendas despite the intuitive acceptance that maintaining a ‘desired’ culture is critical to delivering business success. But circumstances are clearly changing, with the increased focus that industry bodies, regulators and public interest groups are placing on the central role of organisational culture.

Regulatory cultural push The Financial Reporting Council’s (FRC) latest updates to its UK Corporate Governance Code, and associated guidance, make clear the increased priority boards must give to building an effective organisational culture. The FRC has stated that during 2015 it will focus on how well boards are doing at assessing this area and will look closely at practices employed by firms to embed good corporate behaviour throughout their organisation. For insurers, the requirements of Solvency II have underlined the necessity of having an appropriate culture in place. The architecture of Solvency II specifically requires a risk

Figure 1: Interacting subcultures in any organisation


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management function that is at the heart of how insurers operate, and companies are required to demonstrate that a well-defined risk management function has been embedded. Underpinning the degree of success to which this is achieved is the culture of the firm. Carlos Montalvo Rebuelta, executive director at EIOPA, recently expressed his belief that Solvency II “is going to make significant changes in the current risk culture of many insurers”, indicating that risk management will need to become a continuous process used throughout the implementation of a firm’s overall strategy. In the UK, the Prudential Regulation Authority issued several consultation papers as it readies itself and the industry for the new Solvency II regime. In particular, CP26/14 – Senior Insurance Managers’ Regime has made the following a core responsibility to be assigned to a person holding a controlled function:  leading the development of the firm’s culture and standards;  embedding the firm’s culture and standards in its day-to-day management. Previously, while the concept of culture had not been ignored by regulators, the emphasis had been more towards oversight rather than making it an explicit area to be addressed. The wider move by regulators to strengthen individual responsibility and accountability for when a firm fails means that members of the board, and senior management, must get to grips with the culture within their organisation.

Why is it so difficult? Measuring and managing the culture within an organisation can be an enormous task. It is made more complex by the fact that there is not a single culture, but rather an interacting set of subcultures throughout the organisation (Figure 1). These stem from different business functions – for example, the observed differences between the culture of a sales team and an R&D team, or between different business units – such as a customer-facing business unit in Newcastle and a software solutions business unit in New York. Culture is an emergent property that is not directly observable but is, in part, inferred from the observed behaviours. A common, but ultimately misleading, way of viewing culture by boards and management has been to treat it as something that can be controlled directly through setting some overarching values and the endorsement of certain behaviours. Instead, the culture that emerges from within a company has been baked in from a combination of past behaviours that have formed patterns of acceptance within the context of existing governance frameworks. Traditional approaches to assessing the culture that emerges from habitual group behaviours rely on surveying individuals and asking them to essentially self-assess their own behaviours or attitudes. Questions such as: “Do you believe you conform to the principles and values set by your manager?” are presented to survey participants. Such judgmental phrasing, and asking the individual to self-evaluate, is clearly open to bias and manipulation. Additionally, industry benchmarks can be misleading. A culture is unique to its


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28/04/2015 12:00

Risk management Strategy

Figure 2: Mapping an internal cultural profile


Customer focused


Current culture

Benchmark culture


organisation. It is derived from the blend of activities the organisation places most value on. Even within the same industry, while certain influences are the same for firms – such as regulatory requirements – each firm needs to establish its own benchmark rather than reaching for anything that might currently be put forward as an industry standard.

An alternative approach Over the past 40 years or so, research has wrestled with the challenge of identifying the features that characterise organisational culture. An approach that has proved successful in determining the emergent properties of culture is based on assessing the organisation against a set of behavioural dimensions. These focus on how organisations respond to key tensions that arise when engaging in different business activities. Here are some examples of these tensions.  Do we ensure the standard of our outputs by absolutely following well-designed processes at all times, or do we focus on achieving results in a variety of ways to meet growth aspirations?  Do we put the well-being and relationships of our people first, or do we prioritise and focus on the accomplishment of their assigned tasks? Assessing an organisation against a set of dimensions provides a quantitative measure. The methodology described above is deployed by surveying a target set of employees. The survey is designed to ask respondents questions to assess the behaviours observed across different dimensions. The questions are phrased in such a manner to avoid the potential pitfalls of bias and manipulation. Before deploying this approach, firms can identify an internal cultural profile that they see as appropriate for a given business activity, or area of the business. Traditional benchmarks make comparisons of where the firm sits against its peers according to the extent to which they have items on a list deemed to collectively represent the ingredients of a ‘good’ culture. By avoiding that type of flawed, input-based perspective, and instead having a more



appropriate outcome-based view of culture, a richer insight is gained, allowing informed recommendations and action plans to be developed that fit with the culture of the firm. Figure 2 (above) shows how the results can be presented and therefore tracked. Based on firm-wide specific values, the ‘ideal’ can be mapped (blue) with the current position superimposed (green). Such snapshots can be created for different subcultures that exist – for example, innovation culture, team culture, risk culture, health and safety culture and ‘the just’ culture. A natural challenge is why we would not want to be at the outer limits for the ‘ideal culture’ in terms of supportiveness or collaboration. The answer is that this ‘ideal’ profile has been derived to be consistent with, and best deliver, the organisation’s strategic objectives, which varies by business activity. The board may have determined, and collectively agreed, that in areas where the function of risk management is critical, they do not want collaboration to be so wide-spread that it reduces their ability to react in times of crisis. In other areas, where a culture of innovation is a competitive advantage, the ‘ideal’ would see the firm encourage as much collaboration as possible.

ability to map senior management’s view of the future cultural state across different business activities appealing. This is because it provides the information to allow management to establish a meaningful internal profile for the culture the board was seeking to embed. The analytics from the online survey allowed insurers to identify specific issues and detect areas where the cultural dynamics were close to their ideal profile. Mapping the future benchmark also meant the firms could align senior management’s views about what their desired culture actually looked like. For one firm, an area of apparent misalignment was found not to be a material issue affecting risk management performance. Another was able to pinpoint areas requiring prompt attention, despite being perceived to have the right ingredients in a risk culture context. Armed with a diagnosed culture, they were able to develop a cultural programme tailored to specific business activities and so focus resources on areas of greatest uncertainty, and target those behaviours considered to be outside the values of the organisation. The challenges of measuring the culture of an organisation are clear. The intuitive benefit of being able to determine the appropriate blend of subcultures that suits the individual company is the first step to ensuring that the desired state has been, or is well on the way to being, embedded within the firm. The regulatory push impelling firms to address culture explicitly is here to stay. Boards must ensure that they, as the individuals directly accountable and responsible for the behaviour of the firm as a whole, can demonstrate their ability to accurately measure, monitor and manage the culture within their organisation rather than simply demonstrating that they have a set of ingredients similar to other companies, which they hope will lead to a good culture. a

Measuring culture in action We briefly outline the insights gained from several examples from firms that have undertaken their cultural profile assessment using this approach. In shaping the risk culture survey, many organisations like to incorporate language that ‘fits’ with the organisation and tailor questions to elicit particular insight into perceived values. For example, one firm was concerned about the many different cultures that had arisen from a number of recent acquisitions. Opening up the bonnet on risk culture provided the opportunity for firms to put under the lens wider cultural dynamics and hence put risk culture within the wider organisational context. Compared with applying a classic ‘industry benchmark’ approach, companies find the


is a consulting actuary at Milliman

HILARY LEWIS is a director

of Systemic Consult and visiting Fellow at the Systems Centre, Graduate School of Engineering, University of Bristol

THE ACTUARY • May 2015

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28/04/2015 12:00

Spotlight on...

THE MARKET PRICE OF MAJESTY Darryl Boulton assesses whether the Royal Family are really worth their salt, and comments on Jeremy Clarkson and republicanism along the way

Jeremy Clarkson – the recently disgraced ex-presenter of the BBC’s internationally popular Top Gear is not royalty but some feel he should be treated as such. Cards on the table, I am a big Clarkson fan (although I detest Marmite). I particularly like the fact he is not ‘PC’. Indeed, not being PC is something I have been known for (and explains why all my best lines get edited out of these articles). Like the BBC, The Actuary does, of course, have to be PC and I understand that. Kelvin (the editor) has a job to do and I actually think he is rather good at it. (Bet that stays in, ha ha.) So, I hope Jeremy C pops up elsewhere and continues to make me smile. Had it been left to me… I would have sacked him too! Being edgy is great fun, and more people should learn to laugh at themselves, but if he punched someone then it has to be ‘bye-bye’ no matter how much revenue he brings in. How many edgy actuaries do you know? I sometimes think we play it too safe as a profession, and as you may recall from a previous article (Wake up and smell the coffee, February 2015), I think we need to push ourselves forward in many areas of society.

To the beeb OK, BBC, I have just supported you, I understand that you need to be fair and reasonable and not show any bias… …So why do you always portray the Royal Family as gods and have sycophantic reporters drooling over their every movement? What

about the millions who do not give the tiniest (insert a word of your choice) about the Royal Family? ‘Royal correspondent’… that figures in my top 10 most embarrassing jobs. Don’t get me wrong, I do not dislike the Royal Family, I simply do not know them and therefore have no more interest in their comings and goings than I do for a family that live a couple of streets away whom I occasionally see in my local coffee shop.

Republicanism? No, certainly not! Eh, you just said… ? Yes, but I vote with my head, not my heart. I accept there are millions unlike me, possibly the majority, who love the Royal Family and would travel hundreds of miles just to get a glimpse of the royal carriage. While house hunting in Berkshire two years ago, I noticed a property advertised as backing onto land adjacent to the Middleton’s family home. Well that adds value then! Actually it does. Not a premium I am prepared to pay though. Note to CA3 students. If you are asked to write a magazine article about the actuarial value of the Royal Family, do not use the word actuarial. It will only confuse non-actuaries, and they’re definitely in the majority! So let’s consider the royal finances. How much is paid directly to the Royal Family? What is the cost of maintaining their properties and providing security? How long are they going to live for? Should we assume

replacements as we would in a pension fund? Then let’s consider the income side. Cups, tea towels, flags on sticks and all the rest. We could start by googling Royal Family civil payments. But let’s not. Sounds like a job for the More or Less statistics team on Radio 4 or an actuary with a keener interest in other people’s lives than I have. We are all different. I think we can accept that readers of this magazine are of wayabove-average intelligence, yet that does not mean we are necessarily right all the time. Personally, I just do not get the Royal Family, others will think differently. I spend a lot of time abroad and, occasionally, if the conversation drifts in the wrong direction, I have to point out to the astonishment of the listener that not everyone in the UK thinks the Royals are the bees knees. So, BBC, I do not expect you to rip into the Royals, but let us have a little more balance in your approach. And me, I would vote to keep them, because despite my inertia regarding the maths, my heroic assumptions tell me the net effect is massively positive for the UK coffers. And as long as my TV remote is to hand, I can control my exposure. a


is an independent actuarial consultant

May 2015 • THE ACTUARY

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28/04/2015 10:44

General insurance Reserving


rise reserving of the


Sarah MacDonnell provides some foresight into what is yet to come from the work of one of the General Insurance Reserving Oversight Committee’s working parties I was in a meeting recently sitting across from someone who quite suddenly and unexpectedly proclaimed that they “love reserving”. I happen to agree. In the 1990s, we saw the advent of the use of generalized linear models (GLMs), and pricing became the place to be. Thereafter, it was the rise of capital modelling. For those of us who still hadn’t managed to answer the “What do you do?” question at a party without the questioner’s eyes glazing over, a similar feeling would occur when asked what type of actuarial work you do. But no more. The return of reserving as the place to be is here (in my opinion anyway). The reserving seminar is going from strength to strength. We have a very active General Insurance Reserving Oversight Committee (GIROC) with six current working parties, and the last two Brian Hey prizes were won by GIROC working parties. So what exactly is going on in reserving at the moment? Well, we happen to have a pretty good idea because we recently went out and asked those who know most about it. We conducted a survey of UK general insurance (GI) reserving practitioners and stakeholders. It was born out of a desire to answer questions we were struggling to answer definitively ourselves. Following is a list of some questions we asked and the illuminating responses to them.


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“Have reserving techniques moved on in the past few years? If not, why not?” What are the latest techniques? How are we doing? What do those on the receiving end of our work think? The answers to these questions were not always what we were expecting to hear and it became clear there were new topics of debate emerging that we had not envisaged.

Methodologies In answer to the first question, no, there haven’t really been any new reserving techniques adopted. Triangles, chain ladder and Bornhuetter Ferguson are still the methods of choice and there is very little appetite for new methodologies to be found. The reasons behind this are probably best encapsulated in a couple of quotes. “It’s a question of having resources to try out new methods and balancing this with how much value is it going to add.” “We want proven and pragmatic methods, otherwise it is no use if it is sitting in a theoretical box.”


28/04/2015 12:01

“It appears actuaries are now embedded in the business, regularly in touch with a wide range of people from different backgrounds within their companies” So what has changed? The overall mood music from the survey was very positive. Based on the feedback from the executive board members that took part, reserving actuaries were doing better than we ourselves realised. Not unexpectedly, we found large differences in practice between London Market and personal lines companies – be it in terms of the quality and nature of the data; whether fast close processes had been adopted; methods used to measure uncertainty; or the level of interaction with other areas of the business (to name but a few). We have also seen a rise in the use of diagnostics and management information, particularly within personal lines. However, the biggest surprise was how we were doing in terms of communicating. This is set against the background of what we were told the last time we went out and asked in 2006. Back then, the message was loud and clear; not at all well. The uncertainty around estimates was not being explained, neither were the key assumptions and drivers of models, and stakeholders were telling us that they did not understand actuarial models. The updated message paints a very different picture. It appears actuaries are now embedded in the business, regularly in touch with a wide range of people from different backgrounds within their companies. The rise of reserving committees has certainly helped with this, where representatives of senior management and other areas of the business (such as claims and underwriting) regularly meet with actuaries to discuss the reserves. This means that ongoing communication is happening naturally. Actuaries also have a higher profile at board level and there appears to be a better understanding of actuarial work. Reasons for this are likely to be multi-faceted. Board training in actuarial techniques is relatively common now, and changes in the mix of board members’ backgrounds is also likely to have had a positive influence on boards’ increased understanding of actuarial advice. The changing regulatory environment will have had an influence, with specific requirements for boards to demonstrate their understanding of actuarial models. Maybe we actuaries have also got better at communicating. There is certainly more detailed and explanatory reporting now.

Emerging debates The survey has also thrown up debates on topics that we had not envisaged at all at the start of the process.

May 2015 • THE ACTUARY

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28/04/2015 10:45

General insurance Reserving Personal lines

London Market “Bootstrap”


Emerging topics for further consideration What is the best approach to the booking of reserves – prudent versus best estimate?

25% Alternative reserving method

This is a particularly pertinent 50% question when we are coming into a new Solvency II world, where technical provisions require the best estimate to be stated alongside an explicit risk margin. However, this is not necessarily aligned with current and future accounting requirements.


9% Capital model



42% 33%

Alternative reserving method




73% 55%



Capital model










Should actuaries be more forward-looking?

Uncertainty: Personal lines and London Market

Reserving actuaries are arguably the first to spot emerging trends or features in the data. Should this knowledge be more routinely fed back into the forward-looking elements of the business, such as business planning and strategy? Or are reserving actuaries being too backwards-looking and only using this information to inform the reserve opinion on past business?

The diagram above illustrates the many different ways that uncertainty is being measured and compares and contrasts the differing practices in the personal lines and London Markets. Each diagram consists of a pentagon with a different reserving method at each point. The larger the blue circle, the more companies use that method. Most companies use more than one measure for uncertainty, hence the lines between the circles represent this – the thicker the line the more companies use both the methods that the line is joining. For example, for personal lines, 67% of respondents said they use scenarios to measure uncertainty and 42% of all respondents use both scenarios and ‘bootstrap’.

What is the optimal structure of actuarial teams? Separate reserving, capital, and pricing actuarial teams versus actuaries specialising in a particular line of business covering all actuarial disciplines.

Not all good news It became very clear from all areas of the survey that there was one element in particular where we could do better. That is uncertainty – both in measurement and communication. We are all doing this in different ways, which can be confusing for stakeholders. In addition, the use of percentiles, while popular, can have the potential to be (at worst) misleading for stakeholders where there is a mismatch of expectations over what information they provide.

More than just reserving From speaking to senior management, it appears that actuarial advice is naturally being fed back into planning and strategy, be it in terms of alerting to issues when things go wrong, or engaging in debates with areas of the business. Actuarial advice appears to be highly valued and actuarial opinions sought. One chief executive said that “actuaries are absolutely fundamental to understanding” and another commented that “there are different areas where actuaries can add value”. Speaking to these chief executives and chief finance officers was like a master class in getting the most out of your actuaries. It raised




Key to methods ‘Bootstrap’ – a generic term to incorporate stochastic chain ladder methods such as overdispersed Poisson bootstrap, also includes Mack method. ‘Capital model’ – output of capital models used

the question – whose responsibility is the communication of actuarial advice? As a profession we have historically seen it as our failure. It appears that where companies are getting the most out of actuaries, the key may well be more down to the actions of senior management rather than the actuaries themselves. A picture has emerged of the reserving actuary as a crucial cog in the company toolbox; not only advising on the level of reserves but also informing strategic direction, alerting to issues early and with opinions being sought and valued by management. The age of the reserving actuary is here. a

Reserving practitioners A series of interviews with UK general insurance reserving practitioners and stakeholders were conducted between August 2013 and September 2014. The aim of this document is to summarise the findings of those interviews and to provide a record of current UK reserving practice and the contemporaneous views of those involved in it. The topics covered are wide ranging so this survey is intended to be used as a reference document to dip in and out of, rather than something to be read from cover to cover. The survey can be found at A big thank you to all who took part. The engagement, especially from the actuarial community, was tremendous and the interviews overwhelmingly open and frank, leading to some very interesting discussions.

What is GIROC? Its remit is to: SARAH MACDONNELL

is a senior consultant with Lane Clark & Peacock. She is also chair of the Measuring Uncertainty Qualitatively working party

• be responsible to the General Insurance Board for all matters relating to reserve estimation for general insurance business; • monitor and respond to ongoing developments in the general insurance reserving area; • identify the need for, promote and co-ordinate research in reserving-related matters; • develop a communication programme with the wider general insurance industry.

THE ACTUARY • May 2015

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28/04/2015 10:45 w ww.ttheactuaryjobs.coom

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May 2013 • THE ACTUARY 29

28/04/2015 11:15


a one-sto protection shop

Phil Jeynes looks at the customer journey when applying for protection insurance, and asks what can be learned from other industries while growing the market in the process


We in the protection sector are a funny lot. On the one hand, every meeting, conference, blog and presentation bemoans the stagnation of our market and the lack of real innovation. On the other hand, we are quick to heap praise on what might, in other industries, be seen as fairly mediocre success. A prime example of this is our pride in the fact that the vast majority of applications are now entirely electronic, putting an end to lengthy paper documents and things getting lost in the post. It is unlikely that our customers – be they the policyholder or intermediary – share our excitement in having brought our processes up to speed with where others were at the turn of the century. One of the key reasons protection sales are not

where even the most pessimistic of analysts believe they should be remains our front-end sales process. The industry must market itself more effectively and demonstrate its worth through good news messages and positive claims stories, but the marketing budgets being ploughed into these endeavours will be wasted if the first experience for a new consumer is what we currently provide. Irrespective of the channel, what we show interested parties is a ‘quick quote’ view of the products available, having neither asked for, nor received, relevant information about the clients’ health, preferences or needs; allowing price (and perhaps brand) to dictate where the real conversation takes place.

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28/04/2015 10:45

Life Underwriting

Figure 1: Research results on the way advisers quote for protection

Number of insurers an adviser currently gets a quote from

This is the point at which we throw our prospective client across to the extranet of their chosen insurer, who must begin the job of discovering whether or not they can deliver the price they initially offered, or whether they even want their custom at all. Many potential sales lose their impetus, as the unforeseen hinterland of medical questioning, further information gathering and actuarial algorithms wends its way towards the destination of a genuine premium, for those travellers determined and hardy enough to survive the ordeal. Having eventually seen the real cost of cover, our bewildered friend is met with a choice. To take what has been offered or to start their journey once again with another insurer from their original list of lowest possible premiums; answering a distinct – but, to the untrained eye, extremely similar – set of questions, cheerfully coloured in another brand’s hues. Over the years we have obsessed with reducing the number of questions we ask enquirers before displaying a premium to them, worried that the fatigue of the task will dissuade an already sceptical customer, but we have missed the point and failed to learn from our cousins in other areas of insurance. Motor insurance is often seen as an unfair comparison, since the protection it offers is mandatory, but it remains a hugely competitive marketplace wherein online efficiency is crucial. Imagine answering far fewer questions before getting your annual premium, choosing the insurer you feel offers the best combination of price, cover and trust and only then divulging key details, such as the vehicle you want to insure, your driving history and endorsements. As a consumer, what benefit would you derive from this topsy turvy way of arriving at a genuine price? Far from alleviating your fatigue, this method would be immensely frustrating and require you to input the same (or very similar) pieces of information multiple times before you felt you were seeing an accurate comparison between insurers. This is the reality protection customers are facing. We underwrite one insurer at a time and expect the intermediary or the customer to navigate many different, yet strikingly similar, journeys. Pre-application underwriting is a means of moving that process forwards, giving users a single journey while underwriting multiple insurers in real time in the background. It then allows a ‘buy now’ option without forcing them to re-input any data or visit a separate website. At present, underwriters finely hone their question sets and worry endlessly about the phrasing and positioning of each stage, yet they

Quick quote 1 insurer 2+ insurers

Adviser expectation of change in volume if pre-application underwriting is introduced

No change More and significantly more

are hamstrung by 20th-century legacy systems when it comes to the crucial aspect of adapting their responses, often having to wait for IT resources before implementing changes. In reality, intermediaries and customers are not in the slightest bit concerned about who devises the questions or in which order they are asked. They simply expect that the number of questions will be reasonable, the phrasing clear and the path intuitive; only asking about specific areas if there is a need to do so. Their experience of other sectors – be that financial services or retail – is that one brand owns the journey with multiple providers offering their product at the end. That brand could be an independent financial adviser (IFA), a bank or any other third party. The provider can then, having all the relevant data, seek to entice through the usual combination of quality, price, brand and reliability. In simplistic terms, think about buying a TV from an online retailer – multiple products from various providers, offered through one standard user experience. I have heard people say that upfront underwriting removes a competitive aspect of the buying process – this could not be further from the truth. Currently, price is the overwhelming focus at point of sale, since an underwriting ethos has yet to come into play. Pre-application underwriting does not impinge on individual insurers’ underwriting philosophy, nor does it force insurers to expose their rules to their competitors. Digital technology allows multiple rules engines to feed into a single user experience, as elsewhere

in the insurance world. This seems magical to those of us confined to the protection market, but to our customers it is nothing more than what they expect. In fact, pre-application underwriting will expose more areas of differentiation for insurers than ever before, since the improved process, coupled with up-to-date gathering and interrogation of management information will permit real-time, dynamic changes of underwriting philosophy and the chance to offer distinct terms to each customer rather than an ‘off the peg’ premium to all. Similarly, the fact that we will no longer expect intermediaries or direct clients to input the same set of data multiple times will move the conversation into product comparisons like never before. Like it or not, many intermediaries still have their favourite insurer, based commonly on their familiarity with the login process and question-set of that provider. This should and will change when the journey is a singularity. In theory, today’s IFA must call all insurers’ underwriting departments to get a preapplication decision based on a client’s disclosure, thereby getting a feel for the impact it may have on the prices offered. In reality, most have neither the time nor inclination to contact more than three or four providers – still a considerable chunk of their time. Pre-application underwriting removes this anachronistic and imprecise barrier to sales, showing the adviser genuine, underwritten terms for which they can apply without repeating the questioning exercise with their customer. Our research (Figure 1) shows that 75% of advisers would sell more protection if the process were streamlined in this fashion. There remain some who question whether pre-application underwriting will catch on. In reality, the proverbial genie is not only out of his bottle, he has already started granting wishes. It is deeply unlikely that, given the obvious and numerous benefits for our customer base, he will be encouraged back in. The real question insurers should now be asking themselves is: do we want to be running to catch the bus as it leaves the station, or do we want to be on board at the outset, helping to determine its destination? a

PHIL JEYNES is head of

sales and marketing at UnderwriteMe

May 2015 • THE ACTUARY

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28/04/2015 10:46

“Approximately three million wearable devices were sold in the UK in 2014 – that’s roughly one for every new life insurance policy taken out each year”


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28/04/2015 10:46

Health Managing risk

Left to their own devices The launch of the Apple Watch this year is expected to herald a new boom in wearable devices. But wearables – including fitness trackers and glasses – have been quietly growing in popularity for some time. In fact, approximately three million of them sold in the UK in 2014 – that’s roughly one for every new life insurance policy taken out each year. Wearables have grown in popularity thanks to improved technology and people taking a greater interest in their own health, with devices providing information about steps walked, calories burned, heart rate and more. It’s this very information that is also relevant to life and health insurers of course. Many insurers around the world are already embracing wearables – and those that haven’t are watching very closely. However, collecting more data about people fuels the idea that insurers are becoming more like ‘Big Brother’. Understandably, this creates some questions among potential customers. So perhaps there are two burning questions; what information should insurers be capturing, and how should they be using that information?

What data should be used? Of course, it goes without saying that insurers should only collect information customers want to share. That aside, what else do customers expect when it comes to sharing data? As consumers, every day we share data with other organisations. We’re used to supermarkets knowing everything about what we have bought and what we’re likely to buy, in turn using this information to give us discounts and offers relevant to us. For many, this is the norm, and even expected – provided that data is used responsibly and to our benefit. In the world of employee benefits, we know that people are also happy to share data, particularly the young. A recent survey by PwC shows that 60% of millennial workers would be

Richard Purcell advises on how to make use of the essential information available from wearable technology, without ending up as a ‘Big Brother’ industry happy to use a wearable, rising to 70% if it meant they got something back in return. This all points to collecting data provided it is used to ultimately benefit the customer. We should also view this question in terms of the information insurers already capture. At the point of underwriting, life insurers typically capture information on health metrics like BMI, and cholesterol, alongside age and medical history, to assess the health risk of a customer. But they only capture these health metrics once. Yet for a long-term contract like life insurance, these metrics (and so the morbidity and mortality risk), are unlikely to remain constant. So it is useful for insurers to understand the changes in these metrics, ensuring they better understand the underlying risk. One argument is, if insurers are already measuring a health metric at the start of a policy, why shouldn’t they measure the same metrics during the term of the policy with the aid of a wearable device?

riskiness of a customer. This in turn could be used to dynamically alter the premiums of a policy. However, the idea of premiums going up if a wearable showed unhealthy behaviour could prevent people from engaging to start with. So, instead of punishing them, we should offer a reward in the form of lower premiums if they showed wholesome lifestyle choices – ensuring there is only a benefit to the customer if they use a wearable device. So far, the focus has been about the dynamic underwriting of existing customers. But some expect that wearables could also be used to help underwrite new customers. This would, however, require a large amount of historical data. With devices being relatively new, the idea could be some time off yet. Wearables are already being used by the health industry to help monitor and manage people with ongoing conditions. So they could be used by health insurers in the same way, to help customers recover more quickly, and ultimately help manage claims. They could also be used, along with incentives, to help encourage more healthy behaviour, and so reduce the risk of illness in the first place. Wearables create all sorts of challenges for insurers in terms of data protection and integrity. But, if the data is used in a positive way to the benefit of customers, they offer insurers a means of understanding and managing risk in a way that has never been possible before – plus the potential to transform the market. a


is head of technical marketing at Vitality

How should insurers use it? There are many potential uses for data collected from wearable devices. We’ve already mentioned using it to measure the ongoing

May 2015 • THE ACTUARY

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28/04/2015 10:46

At the back Coffee break

Nylfia is an actuary who solves and sets cryptic crosswords created especially for The Actuary



NO WORD IS AN ISLAND As May is election month, this crossword is about MPs. But beware, these MPs come from a common set, but not necessarily political 1











For a chance to win a £25 Amazon voucher, please email your crossword solution to: by Wednesday 20 May

Across 8 Direction taken by prudent MP (9) 9 A German from old English county (4) 10 Inventor presents surface reflection working subsequently (6) 11 Fashion error on television? (4,4) 12 One agreement (5) 13 Hear rent disallowed for MP (8) 15 Raw cash distributed to MP (7) 16 Be amazed left produces MP (7) 19 Islander’s novel defence on board (8) 21 MP deceived accepting neutral (5) 23 Inclining to include Navy intermittently, could be automatic (8) 24 Tailor designed for commercial sector in Venice (6) 25 Nothing more than lake (4) 26 Credit given to fool with head for vulgarity (9)

Down 12














3 4 5 6 7


14 17

© Nylfia



18 20 22

How pectin is employed in pies Nurse served badly (4,2,9) Inflammation caused by repetitive strain problem of note impacting transport (8) Close arrest of Newton causes crash (5) Rather be taken without anyone certified to labour MP (7) Body temperature identified in small room by Department of Health during buffet (5,4) Before theory oddly presented, forbid ribbing (6) Unbiased experiment matching screen standard (6,5,4) Carefully follow story with ending added (9) Old instrument, severely disliked, clipped and abused (8) MP has a cry of distaste when leader’s about (7) MP stands as judge in churchyard? (6) Speed of electromagnetic radiation release from device (5)

Can you spot the patterns influencing your business? We help you identify emerging trends among complex business dynamics. Our innovative and unique approaches to enterprise risk, strategy and capital management will help you make better strategic business decisions and see more clearly than the competition. Get new insights on your business at


THE ACTUARY • May 2015

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28/04/2015 10:47


HAVE YOU GOT WHAT IT TAKES? For information on IQ testing in your area, visit

For a chance to win a £25 Amazon voucher, email your solution to puzzle 623 to: by Wednesday 20 May

Testing times Mensa puzzle 624

Pedal power Mensa puzzle 623

What number should replace the question mark in the grid?

A cyclist rides from one town to another. On the first day, she covers one quarter of the total distance. The next day she covers one third of what is left. The following day she covers one quarter of the remainder and on the fourth day half of the remaining distance. The cyclist now has 25 miles left. How many miles has she travelled? TERMS AND CONDITIONS The prize will be awarded for the first correct entry drawn at random from those received before the closing date. The winner’s name will be announced in the next edition. Please note, the puzzle editor’s decision is final and no correspondence will be entered into. We reserve the right to feature the winner’s name in The Actuary. Your details will not be passed to any third party in connection with this draw.


Starry eyed Mensa puzzle 625 Use the letters given to complete the star so that at two five letter words, one four letter word and two words of two letters can be read. What are the words?




Bridge puzzle 52 No entry ♠ AK432 ♥ 763 ♦ 54 ♣ K52

A bit pushy, you, as South, end up in 6♥. 1. West leads a trump. How do you give yourself the best chance of making the contract?


Forming attachments Mensa puzzle 626


2. How do you play if West leads a diamond?


Place three bits together to give a word. What is the nine letter word?






♠ 105 ♥ AKQJ109 ♦ A2 ♣ A43

Bridge puzzle provided by David Lampert

These puzzles are sponsored by:


p34_35_may_crossword_puzzles_2•CT.indd 35

May 2015 • THE ACTUARY


28/04/2015 10:48










Spice island Mensa puzzle 621 Take one letter from each sector to give the name of an island nation. Take another letter from each sector to give a type of dessert. The remaining letters will give a spice. What are the three words?

Coining it in Mensa puzzle 619 A shopping bill totals £13.12. Cash payment is made in four different denominations of coins. The largest denomination is 50p and there is exactly the same number of each coin. How many of each coin is there and what are their values?

ANSWER Maldives, meringue and tamarind



























D R W Y E N G E R A D O M B I A O T 25

2. This time you hold: ♠2 ♥ KQ ♦ 7543 ♣ 976432 The bidding has been: East West North 1♠ 2♣ 2♥ 3♠ 4 NT (1) Pass 6♠ X 5 ♠(2)

(a) What does the double mean? Without the double. you would lead Q♥. As your side hasn’t bid, the double asks you to lead the first suit bid by Dummy (b) What do you lead? 10♦

(a) What does the double mean? Without the double, you would lead K♥ as Partner bid them. However, the double asks you to make an unusual lead. It is known as a ‘Lightner Double’. West bid clubs. You have 6. Probably, Partner has a void (b) What do you lead? 2nd highest from a poor suit, so 7♣

♠ A74 ♥ K63 ♦ Q762 ♣ 853

K All square Mensa puzzle 622 Move from square to touching square to find the longest possible word.

ANSWER Revolutionary



You are South and hold: ♠ 862 ♥ QJ1052 ♦ 105 ♣ 764 The bidding has been: East West North 1♣ 1♦ Pass 3NT Pass X

♠ J1093 ♥ 98 ♦ AKJ98 ♣ 109

What is it?


Bridge puzzle 51 What does it mean?

This is a possible layout:

ANSWER E. In a reversed alphabet, move 6 letters then 2 then 6 again then 2 again and so on




Congratulations to this month’s winner – Keith Sutherland

What letter is missing from the sequence?





Roman Key Card Blackwood (2) 2 of the 5 ‘Aces’ + Q♠


Lacking a letter Mensa puzzle 620





ANSWER 16 of each of 2p, 10p, 20p and 50p Congratulations to Fearghal Ó Donnchá of Allianz Re Dublin Ltd









© Nylfia


At the back Coffee break



♠ KQ5 ♥ A74 ♦ 43 E ♣ AKQJ2

♠ 862 ♥ QJ1052 ♦ 105 ♣ 764 The 10♦ lead allows the defence to make 5 tricks. Any other lead gives Declarer 10 tricks

♠ 764 ♥ AJ10876 ♦ J1098 ♣ __

N ♠ K10 ♥ 9543 ♦ KQ ♣ AQ1085 W

♠ AQJ9853 ♥2 ♦ A62 E ♣ KJ

♠2 ♥ KQ ♦ 7543 ♣ 976432 NB: Bidding Blackwood in West’s position is somewhat dubious, relying on Partner to have either a singleton heart (as here) or either the A or K. Nevertheless, 6♠ is a good contract, only defeated by the 6-0 club break.

Bridge puzzle provided by David Lampert 36

THE ACTUARY • May 2015

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28/04/2015 10:49

At the back Student

Student Change can be a positive thing, says Jessica Elkin, as the exam processes undergo a review and potential transformation

METAMORPHOSIS A change would do you good. So said Sheryl Crow back in the nineties; and it seems that the Institute and Faculty of Actuaries are big fans of hers, because we’ve seen a fair amount of change to the actuarial exams in the last couple of years. CA2 has been polished up all shiny, CA3 is now online, with CA2 set to follow later this year, and we have new and different exam booklets for the (ad)venture of online marking. Plus, CA2 and CA3 are no longer required for the associate level of membership any more. And so on and so forth. This sort of thing won’t really affect our day-to-day studying, so we can allow it to continue without too much disruption. That being said, there was a fair bit of umbrage taken regarding CA3 moving online, not to mention the new exam booklets whose thick lines some students found ‘distracting’. We humans are often a bit averse to change. A great collective sigh goes up whenever Facebook updates its design, even though a glance at the old format reminds us how much better it is now. Changes that seem a bit of a hassle can end up being sneakily good, once you become accustomed to them. In response to greater numbers of students – a positive thing in itself as our profession expands and grows, in terms of public awareness as well as membership levels – the profession must adapt to deal with the extra pressures associated with marking and hosting so many practical exams. That’s the underlying reason for the move of CA2 and CA3 to online platforms. But our complaints


p37_may_student_2•CT.indd 37

don’t fall on deaf ears – for instance, those exam booklets have already been revisited and the lines thinned out. Success!

A review is afoot Given the importance of past papers in exams, plus the generous rate of retaking that goes on, students may understandably be a bit wary to learn that there will be a strategic review of the exam process during 2015/16, with any changes planned for implementation in 2017. The initial stages of the review will look at the later series of exams – your specialist

technical and specialist application subjects – and examine them to ensure their continued relevance in their respective industries. Naturally, this is important given the dynamics of these industries and continued technical and technological innovation worldwide. To continue being relevant, our profession must move with the times. Meanwhile, the CT exams will be viewed in terms of similarities or crossover, so some could be combined in a different format, or rejigged a bit. Hopefully, one day we’ll see the disappearance of those old-fashioned commutation functions from the CT5 syllabus. Another potential addition, and one I feel sure is inevitable over the long term, is output from computer programmes in the later exams. Given the importance of software in performing actuarial calculations, it is strange that technology hasn’t already featured quite heavily in an exam or two. There may be some concern that if the exams change too much, retakers will be disadvantaged in having to learn a whole new syllabus. We at the Student Consultative Forum have been informed that this review will not be a complete overhaul. That happened not that long ago. So you can be reassured that all that prior knowledge you will have built up in advance of the exams will be not in vain should some of you fail (sorry, it’s just statistics).

Get in touch It’s comforting to hear that the profession is continuing to keep an eye on the subjects we are examined on, and that they’re keen not to overturn the apple cart. Ultimately, any changes made are likely to be of benefit to students one way or another, either directly or indirectly, as much as we grumble. The changes will come to the SCF well before implementation, and I’m always keen to hear feedback from anyone on the current system or subject content so that I can pass it on where appropriate. While there are risks associated with making changes, risks associated with leaving the examinations to stagnate and lose relevance over time are greater. And at least we can have some input. Recently I read this anonymous quotation: “If nothing ever changed, there’d be no butterflies.” I’ll leave you with that. a

May 2015 • THE ACTUARY


28/04/2015 10:49 020 7337 8800

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JAMIE GARLAND Employer and area of work

Favourite Excel function?

Greatest risk you have ever taken?

General insurance reserving, Chubb Insurance.

Can’t beat a good old fashioned SUM in my book.

Cooking a meal WITHOUT preheating the oven.

How would your best friend describe you?

How do you relax away from the office?

Excitable and fun-loving but prone to attention-seeking.

I’m a season ticket holder at my local rugby club, Bedford Blues, so am often suffering with them on a Saturday afternoon.

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

What motivates you? Simply to be adored and touch the lives of each and every person I come across.

What would be your personal motto? Carpe Diem, aka Karpz.

Name five dream companions to be stuck on a desert island with? Ricky Gervais, Stephen Merchant and Karl Pilkington to make me laugh. Zooey Deschanel and Katy Perry for me to make laugh.

What’s your most ‘actuarial’ habit? Memorising sporting stats and being able to recall the day of the week any date falls on.

If you could learn one random skill, what would you learn? Impressions. Always worth a cheap laugh.



Alternative career choice? Radio host. I rarely like to mention it to people but I was an award-winning radio presenter while at university.

Tell us something unusual about yourself I once trended on twitter for a day under #sleepywimbledonman after being consistently caught on camera asleep at Wimbledon. I even had a facebook page made in my honour.

That monkey that went to space, he’d have some stories.

What is your most treasured possession? I rarely like to mention it twice, but probably my radio show award.

What are the top three things you would like to achieve in your lifetime? Having a successful career, a happy family and world domination.

If you ruled the world, what would you change first? My clothes.

Do you know an actuary destined for greatness? You can nominate an Actuary of the Future by emailing

THE ACTUARY • May 2015

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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

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General insurance roles Í‹Í&#x;͘ÇŚ͙͋͘͘Â?Â„ÂƒÂ•Â‹Â…ÇĄ ‘Â?†‘Â? Ž‘›†ǯ••›Â?†‹…ƒ–‡ƒ”‡•‡‡Â?‹Â?‰ƒÂ“Â—ÂƒÂŽÂ‹Ć¤Â‡Â†ƒ…–—ƒ”›Ž‘‘Â?‹Â?‰–‘ incorporate mixed elements into their overall role. The ideal candidate will have strong commercial general insurance experience with a particular focus on reserving. This individual will be looking to gain additional experience with Pricing and Capital Modelling.


Actuarial Consultant





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„‘—–‹“—‡ƒ…–—ƒ”‹ƒŽ…‘Â?•—Ž–ƒÂ?…›ƒ”‡Ž‘‘Â?‹Â?‰ˆ‘”ƒÂ?—Â?„‡”‘ˆÂ“Â—ÂƒÂŽÂ‹Ć¤Â‡Â† actuaries to join their general insurance team. Organic growth and sustained introduction of new business means it is an exciting time to join –Š‡Ƥ”Â?Ǥ‘”Â?‹Â?‰™‹–ŠƒÂ?—Â?„‡”‘ˆ…Ž‹‡Â?–•ǥ–Š‡”‡‹•–Š‡…ŠƒÂ?…‡–‘‰ƒ‹Â? exposure across Capital, Reserving and Pricing. For more information please contact: REF: WG0401

A leading Lloyd’s vehicle is looking for a head of pricing to lead their division. The client is looking for someone who has credibility, can manage the growing team well and make an impact on senior executives. The right person should have commercial pricing experience and be looking for a step up in their career. The position has the potential to progress quickly in the group into other managerial roles. For more information please contact: REF: WG0402

Pricing Analyst




A large Lloyd’s insurer are expanding their pricing team and are looking to bring on a new actuarial student. The successful candidate will have prior London market pricing experience and would have completed their CT exams. This is a brilliant opportunity for someone to take a step up from their current position and work very closely with the head of pricing and the underwriting team. For more information please contact: REF:BH0401

‰Ž‘„ƒŽ’”‘ˆ‡••‹‘Â?ƒŽ•‡”˜‹…‡•Ƥ”Â?ƒ”‡‰”‘™‹Â?‰–Š‡‹”‹Â?•—”ƒÂ?…‡’Žƒ–ˆ‘”Â? and looking to hire a number of capital actuaries for projects continuing ‘Â?–‘–Š‡‡Â?†‘ˆ͚͙͘͞ǤŠ‹•”‘Ž‡‘ƥ‡”•ƒ‰‘‘†‘’’‘”–—Â?‹–›ˆ‘”ƒÂ?‡™Ž› Â“Â—ÂƒÂŽÂ‹Ć¤Â‡Â†ƒ…–—ƒ”›–‘™‘”Â?™‹–Š‹Â?†—•–”›‡š’‡”–•ƒÂ?†‹Â?…”‡ƒ•‡–Š‡‹”…ƒ’‹–ƒŽ experience. For more information please contact: REF: BH0402

Mixed Actuarial Analyst

Business Actuary


A Bermudian based reinsurer a looking to bring in an analyst to work across the entire London actuarial function. Focusing on pricing, reserving and capital modelling this role is great doorway to gain maximum exposure to all three business areas. Reporting directly into the Chief Actuary, the successful candidate is likely to have made good progression in their exams and be a real self-starter. For more information please contact: REF: BH0403

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A Lloyd’s syndicate based in the heart of the city are looking to hire a business actuary. This role requires someone to have a strong capital background as ™‡ŽŽĥ’”‘˜‡Â?…‘Â?Â?—Â?‹…ƒ–‹‘Â?•Â?‹ŽŽ•ƒÂ?†ƒ•–”ƒ–‡‰‹…ƒ’’”‘ƒ…ŠǤŠ‹•”‘Ž‡‘ƥ‡”• a chance to branch outside of the traditional actuarial function and involves liaising with senior stake-holders on key business decisions. The successful …ƒÂ?†‹†ƒ–‡™‹ŽŽ„‡Â?‡ƒ”‹Â?‰Â“Â—ÂƒÂŽÂ‹Ć¤Â…ÂƒÂ–Â‹Â‘Â?Ǥ For more information please contact: REF: BH0404

™™™ǤŠˆ‰Ǥ…‘Ǥ—Â? May 2015 • THE ACTUARY 39

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ACTUARIAL ROLES AVAILABLE Since 1861, when Royal London was founded in a London coffee shop, plenty has changed (although the popularity of coffee shops remains undiminished). Royal London is a growing and vibrant business and we are looking to bring in new people across the business to support this growth. As we gear up for Solvency 2, this has also created a need for us to grow the team within the core Actuarial function. We have a wide range of vacancies at all levels from actuarial trainees right through to senior qualified actuaries and are keen to hear from those who want to join the UK’s largest mutual life, pensions and investment company. Vacancies are predominantly in our head office in Wilmslow, Cheshire with possibilities also available in our Edinburgh office. We offer competitive salaries, study support for our trainee positons, bonus, pension, private medical insurance and 28 days holiday! If you are interested in a career with us please send your CV or query to

INFLUENCE OUR FUTURE HEAD OF ACTUARIAL MODELLING – BIRMINGHAM £90K + CAR + BENEFITS (RELOCATION AVAILABLE) We’re Wesleyan. We’re special because we’re specialist. We provide financial advice and solutions for the specific needs of doctors, dentists, teachers and lawyers. Our business is undergoing a significant growth program and so we are excited to announce that we are looking for a Head of Actuarial Modelling to join our senior leadership team. This team has responsibility for the design and delivery of strategy, management, control and initiatives within Group Finance. You will support the Chief Actuary with experience analysis, assumptions setting, with profits bonus distribution, model alignment and actuarial governance. It’s essential that you’re a strong leader who enjoys leading and developing direct reports, and have exceptional stakeholder management with the ability to influence at board level. Pulling on your knowledge in up-to-date technical practices and having your finger on the pulse with statutory and regulatory changes in the external market, you will provide specialist actuarial advice and governance to the business. Interested in finding out more? Please refer to Fairbank Partners at who is acting as our retained consultant. Any CVs submitted directly to Wesleyan will be forwarded.

we are all about you


THE ACTUARY • May 2015

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






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GOOD LUCK TO ALL THE STUDENTS WHO RECENTLY SAT EXAMS Now is a good time to start considering your options. Call us for salary benchmarking and live vacancies. OUR EXPERIENCE, YOUR ASSET




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Two integers great than one and less than 20 are chosen. S is told the sum, P is told the product. S says, “I see no way you can determine my sum.”

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Deputy Chief Risk Oĸcer QualiĮed Life Actuary London

Casual altty Tre reat aty Actuary Sala Sa lary ry up to £95 95kk + bo bonu us + be bene neĮ Įts Lond Lo ndon on

Senior Act ctuaary r Sala Sa lary ry up to £10 100k 0k plu lus bo b nus + beneĮts London

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We are currentl tlyy work working ing wi with th a well e renowned (re)insurrer who ar aree look looking ing fo for someone to head up p thei theirr Casu Casualt altyy Trea Treaty ty team. This person wi w ll be tec techni hnical cally ly ast astute ute ass well as be able to comm ommuni unicat catee and and hol hold d thei theirr own wn wit w h Underwrit ri ers e . Idea deally lly yo you u will will ha have ve Lon London d ma market pricingg experie rience nce wi with th rei reinsu nsuran rance ce exp exposu o re. The ro e will rol w be fo focus cused ed on pri pricin cingg but but wil w l also lso invol v ve el men ele ments ts of res reserv erving ing an and d grou group p work work in inclu cluding insura ins urance nce ri risk sk par parame ameter terisa isaƟ Ɵon. on.

Career planning opportunity for a Life Actuary who has qualiĮed from 2012 onwards to join this small, yet highly interacƟve and strategic team. ReporƟng directly to the Deputy Chief Actuary, this is a 3rd line defence role whereby you will be involved in Solvency II, pricing, reporƟng and new product development opportuniƟes. Seeking 1stt class communicator with strong delive ivery capabiliƟ Ɵes with view to career progre pro ressi ss on.

For a conĮdenƟal discussion please contact Adam Goodwin on 0207 621 3775 /

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Forr a conĮ ĮdenƟal a discussion please contact Cl nto Cli nton n Poor Poo e on 0207 621 3774 / c.poor c.p oore@d e@darw arwiinrhodes. s com

THE ACTUARY • May 2015

ACT Rec May15.indd 42

28/04/2015 11:19

Abby Tempest Life Actuarial Perm +44 (0) 207 337 8810

George Bird Life Actuarial Interim +44 (0) 207 337 8806

Erin O'Donnell Risk Management +44 (0) 207 337 1202

Rupa Pithiya Actuarial / S2 Interim +44 (0) 207 337 1200

Life insurance roles Actuarial Analyst

ÂŁ35 - ÂŁ55k basic, London

Pricing Actuary

ÂŁ80 - ÂŁ100k basic, Greater London

Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D;Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;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&#x192;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;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&#x2039;Â&#x201D;Â&#x2039;Â&#x2C6;Â&#x2021; Insurance team. The role is split between external audit and project based work. The chosen candidate must have worked in valuation or reporting within Life Insurance and have knowledge of UK GAAP or Embedded Value. You need to have cleared the CT series of the actuarial exams. For more information please contact: REF: AT0401

Â&#x160;Â&#x2039;Â&#x2022;Â?Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;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&#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&#x2013;Â&#x2018;Â&#x152;Â&#x2018;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; pricing team. Working with the Chief Actuary you will help to develop the team and manage the students as well as taking the lead on pricing. The chosen candidate should come from a life insurance background or be looking to pursue a career in this area. For more information please contact: REF: AT0402

Solvency II Actuary

Solvency II Pillar III Actuary

ÂŁ70 - ÂŁ90k Basic, London

An opportunity to join a multi-national insurer in a newly created position. Working alongside the Deputy Chief Actuary you will run and build test models, develop new products and assist with their transition to Solvency II. You will be a Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020;Â&#x2039;Â&#x2C6;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2014;Â&#x2019;Â&#x2013;Â&#x2018;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x192;Â?Â&#x2020; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021;Ǥ Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; reporting experience is preferred but is not essential. For more information please contact: REF: EO0401

Actuarial Prophet Developer

ÂŁ750 - ÂŁ850 / day, 6 months, Bristol

An upper tier life insurance company are looking to bolster their existing team of prophet developers based in London. Project work involves hands-on coding, testing and documentation of the Prophet models used by the business. Ideal Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2022;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x2039;Â?Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2018;Â&#x2C6;ƤÂ&#x2DC;Â&#x2021;Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x160;Â&#x192;Â?Â&#x2020;Â&#x2022;ÇŚÂ&#x2018;Â?Â&#x2026;Â&#x2018;Â&#x2020;Â&#x2039;Â?Â&#x2030;Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;ÇĄÂ&#x2122;Â&#x2039;Â&#x2013;Â&#x160; exposure to the full-system lifecycle. For more information please contact: REF: GBI0402

Pricing Contractors

ÂŁ800 - ÂŁ1000 / day, 6 months London

A highly renowned insurer is looking for a pricing contractor for a maternity cover. Working closely with the underwriters, you will be involved with working across all Â&#x2026;Â&#x17D;Â&#x192;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;ÇĄÂ&#x2018;ĆĄÂ&#x2021;Â&#x201D;Â&#x2039;Â?Â&#x2030;Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2122;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;ÇĄÂ&#x192;Â&#x2022;Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x192;Â&#x2022;Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030;Â&#x192;Â?Â&#x2020;Â&#x2021;Â?Â&#x160;Â&#x192;Â?Â&#x2026;Â&#x2039;Â?Â&#x2030; existing rating models. To be considered you must have a commercial lines pricing experience. For more information please contact: REF: RP482

Reserving Contractors

ÂŁ850 - ÂŁ1000 / day, 6 months, London

With the recent changes within this Lloydâ&#x20AC;&#x2122;s entity, my client is looking for a 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&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; team. You will be responsible for managing the team heads as well as getting involved with the work on a daily basis in order to meet tight deadlines. For more information please contact: REF: RP233

ÂŁ700 - ÂŁ800 / day, 6 months, London

 Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; 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&#x2C6;Â&#x2014;Â&#x17D;Â&#x17D;Â&#x203A; 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&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; department in London. The ideal candidate will have excellent knowledge of the Solvency II directive, with a particular focus on the Pillar III work stream. Good reporting and excel skills will be advantageous. For more information please contact: REF: GBI0401

ÂŁ600 - ÂŁ800 / day, 6 months, Manchester

Process Actuary

A market leading life insurer is looking for a process actuary to join their team in Â&#x192;Â?Â&#x2026;Â&#x160;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x201D;ǤÂ&#x160;Â&#x2039;Â&#x2022;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022;Â&#x2020;Â&#x2039;ĆĄÂ&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013;Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022;Â&#x2013;Â&#x2018;Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;Â&#x192;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2021;Â&#x192;Â?Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2020;Â&#x192;Â?Â&#x2020;Â&#x2021;ĆĽÂ&#x2026;Â&#x2039;Â&#x2021;Â?Â&#x2013;ǤÂ&#x160;Â&#x2021;Â&#x2039;Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D;Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x192;Â?Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; actuarial skillset with a proven track record of process engineering and very strong communication and interpersonal skills. For more information please contact: REF: GBI0403

ÂŁ700 - ÂŁ900 / day, 6 months, London

Capital Contractors

This established insurer is looking for a contractor (for an initial 6 month period subject to extension) to work within their actuarial team. You will be involved across the business predominantly within capital modelling and will be involved in validation and parameterisation work. You will also be exposed to other teams and be expected to assist in ad-hoc risk, reserving and pricing work. For more information please contact: REF: RP439

Solvency II Actuaries

ÂŁ750 - ÂŁ1200 / day, 6 months, London

This leading insurer is looking to recruit a Solvency II actuary with Internal model and regulatory interpretation experience. To be successful you must have up to date Solvency II knowledge and know how to apply them practically to the business as well as experience in reviewing and challenging the model. For more information please contact: REF: RP949

Risk roles Risk Analyst

ÂŁ25 - ÂŁ35k Basic, London

A well known reinsurer are looking for a Risk Analyst to join their team. You must hold a 1st Class degree in Mathematics from a top tier university, be a Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2014;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x192;Â?Â&#x2020;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x192;Â?Â&#x192;Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D;Â?Â&#x2039;Â?Â&#x2020;Ǥ Â&#x2013;Â&#x2122;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020;Â&#x192;Â&#x17D;Â&#x2022;Â&#x2018;Â&#x201E;Â&#x2021;Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2013;Â&#x2018;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; previous experience of SQL, Visual Basic, Python or Remetrica. For more information please contact: REF: AT0403

Senior Risk Manager

ÂŁ100 - ÂŁ150k Basic, London

A niche life insurer are looking to appoint a senior risk manager to work alongside Â&#x2013;Â&#x160;Â&#x2021;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D;Â&#x192;Â?Â&#x2020;ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2021;Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022;ǤÂ&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2013;Â&#x160;Â&#x2021;Â&#x203A;Â&#x2018;Â&#x2014;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2018;Â?Â&#x2013;Â&#x160;Â&#x2021; Â&#x2C6;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x192;Â?Â&#x2020;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;Â&#x2021;Â?Â&#x2021;Â&#x201D;Â&#x2030;Â&#x2039;Â?Â&#x2030;Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2022;ÇĄÂ&#x2039;Â?Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2014;Â&#x17D;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2022;ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Ǥ The chosen candidate will have previously worked on the internal model, have Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;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?Â&#x2020;Â&#x201E;Â&#x2021;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;Ǥ For more information please contact: REF: EO0402

May 2015 â&#x20AC;˘ THE ACTUARY 43

+44 (0) 207 337 8800 ACT Rec May15.indd 43 28/04/2015 11:19



Head of Catastrophe Modelling & Development London


A leading Lloyds market managing agent are looking for a Head of Catastrophe Modelling & Development to lead a large team. You would have full strategic and operational responsibility for Catastrophe Modelling, Exposure Management, Development and Business Partnering teams.

Hong Kong

Key strategic decisions will have to be made around new infrastructure, platforms and the operational efficiency across the function as well as delivering accurate output to senior management and boards across Europe and Bermuda.


The ideal candidate will be a recognised leader with extensive insurance experience, have a passion for analytics and the drive to create a best in class team.

Contact: Andy Cannon, Managing Consultant | +44 (0)207 092 3262

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;ÇŁÍ&#x2122;Í&#x203A;Í&#x203A;Í&#x203A;Í&#x2122;ÍĄÍ&#x203A; ÎŽÍ&#x17E;Í?Í&#x17E;Í Í&#x161;ÍĄÍ&#x;Í&#x2122;Í?Í&#x203A; Â&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030;


Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021;Â&#x201D;Â&#x192;Â&#x2039;Â&#x2020;Â&#x2122;Â&#x2018;Â&#x2018;Â&#x2020; Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2013; Â&#x2021;Â&#x2030;ÇŁÍ&#x2122;Í&#x153;Í&#x203A;Í&#x153;Í?Í&#x17E;Í ÎŽÍ&#x17E;Í?Í&#x17E;Í Í&#x161;ÍĄÍ&#x;Í&#x2122;Í?Í&#x203A; Â&#x2030;Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030;

Â&#x2018;Â?Â&#x2030;Â&#x2014; Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2013; 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?

Asia roles Business Development Actuary

HKD $600k- $1.2m + bonus, Hong Kong / Singapore

 Â?Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x203A; 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? Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020; 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; with great communication skills to join and drive the business forward in the Â&#x2022;Â&#x2039;Â&#x192;Â&#x192;Â&#x2026;Â&#x2039;ƤÂ&#x2026;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?ǤÂ&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030;Â&#x2022;Â&#x2039;Â&#x192;Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x192;Â?Â&#x2020;Â&#x192;Â?Â&#x2020;Â&#x192;Â&#x201D;Â&#x2039;Â?Â&#x2022;Â&#x2019;Â&#x2021;Â&#x192;Â?Â&#x2039;Â?Â&#x2030;Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D;ǤÂ&#x201D;Â&#x2039;Â&#x2018;Â&#x201D;Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2021;Â?Â&#x2DC;Â&#x2039;Â&#x201D;Â&#x2018;Â?Â?Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2020;Â&#x2021;Â&#x2022;Â&#x2039;Â&#x201D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;ǤÂ&#x160;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2022;Â&#x192;Â? Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013;Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A;Â&#x2013;Â&#x2018;Â&#x2039;Â?Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x203A;Â&#x2018;Â&#x2014;Â&#x201D;Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;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?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â? ÇŁÍ&#x2DC;Í&#x153;Í&#x2DC;Í&#x2122;

Regional Head of Product


SGD $230k - $260k + package, Hong Kong

Calling all Prophet experts

HKD $450,000 - $1.2m base salary + bonus, Hong Kong

Â&#x2021;Â&#x192;Â&#x201D;Â&#x2021;Â&#x192;Â?Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2039;Â&#x2019;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2022;Â&#x2014;Â&#x201E;Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â?Â&#x2021;Â?Â&#x2013;Â&#x2018;Â&#x2C6; Â&#x160;Â&#x192;Â&#x2022;Â&#x2021;

Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x160;Â&#x2021;Â?Â&#x2021;Â&#x161;Â&#x2013;Â&#x2C6;Â&#x2021;Â&#x2122; years and there is an ongoing need for complex model development especially Â&#x201D;Â&#x2021;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2013;Â&#x2018;Â&#x2022;Â&#x2013;Â&#x2018;Â&#x2026;Â&#x160;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2019;Â&#x160;Â&#x2021;Â&#x2013;Â&#x192;Â?Â&#x2020;Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2026;Â&#x192;Â&#x17D;Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Ǥ Â&#x2C6;Â&#x203A;Â&#x2018;Â&#x2014;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; strong prophet modelling/development skills and are looking to further your career within the Hong Kong markets, please do not hesitate to contact us 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&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â? ÇŁÍ&#x2DC;Í&#x153;Í&#x2DC;Í&#x161;

Chief Actuary

HKD $1.7 - $2.2m + package, Hong Kong

An impressive and highly entrepreneurial reinsurer is seeking a life product Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x2013; Â&#x192;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â?Â&#x2021;Â&#x2122; Â&#x160;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030;Ǥ Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2020;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x17D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; have full autonomy for the end to end product design, the take-to-market Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x203A;Â&#x192;Â?Â&#x2020;Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2018;Â&#x2122;Â?Â&#x2021;Â&#x201D;Â&#x2022;Â&#x160;Â&#x2039;Â&#x2019;Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x192;Â&#x192;Â&#x2026;ǤÂ&#x2022;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2022;Â&#x192;Â&#x2026;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D;Â&#x160;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D;Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2018;ĆĄÂ&#x2021;Â&#x201D;Â&#x2039;Â?Â&#x2030;Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2013;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;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?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x2030;Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x153;Í&#x2DC;Í&#x2122;

Â&#x160;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2013;Â&#x192;Â&#x17D;Â&#x2021;Â?Â&#x2013;Â&#x2021;Â&#x2020;Â&#x192;Â?Â&#x2020;Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2014;Â&#x2013;Â&#x2021;Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;Â&#x2013;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022;Â?Â&#x2021;Â&#x2122;Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2021;Â?Â&#x2013;Â&#x201D;Â&#x203A;Â&#x2DC;Â&#x2021;Â?Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021;Ǥ Â&#x2014;Â&#x17D;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2021;Â&#x2020;Â&#x201E;Â&#x203A;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D;Â&#x2021;Â&#x161;Â&#x2021;Â&#x2026;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; team you will be tasked with all technical and business development as well as the Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2026;Â&#x2020;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?ǤÂ&#x2018;Â&#x201E;Â&#x2021;Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2020;ÇĄÂ&#x203A;Â&#x2018;Â&#x2014;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2020;Â&#x2021;Â?Â&#x2018;Â?Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x192;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2021;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â?Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2020; of team development, direct Hong Kong experience and a depth of technical Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021;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?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x2030;Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x153;Í&#x2DC;Í&#x161;

Reinsurance Actuary

Motor Pricing Actuary

HKD $1m - $1.3m + bonus, Hong Kong

SGD $120k plus bonus, Singapore

Â?Â&#x192;Â&#x152;Â&#x2018;Â&#x201D;Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021;Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2019;Â&#x160;Â&#x192;Â&#x2022;Â&#x192;Â?Â&#x2021;Â&#x161;Â&#x2026;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â?Â&#x192;Â?Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2013;Â&#x2018;ƤÂ?Â&#x2020;Â&#x192;Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; reinsurance actuary who will get involved with a variety of technical and Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2013;Â&#x192;Â&#x2022;Â?Â&#x2022;Â&#x192;Â?Â&#x2020;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022;Ǥ Â&#x2C6;Â&#x203A;Â&#x2018;Â&#x2014;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2C6;Â&#x192;Â&#x2026;Â&#x2039;Â?Â&#x2030;Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;Â&#x192;Â?Â&#x2020; can demonstrate a range of actuarial skills including reinsurance pricing, capital Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x17D;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&#x2013;Â&#x160;Â&#x2021;Â?Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022;Â&#x2026;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020;Â&#x201E;Â&#x2021;Â&#x192;Â&#x2030;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013;Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x203A;Â&#x2018;Â&#x2014;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?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x153;Í&#x2DC;Í&#x2122;

A dynamic insurance group has a vacancy for a motor pricing specialist to lead all Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2C6;Â&#x203A;Â&#x2018;Â&#x2014;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;Â&#x192;Â?Â&#x2020;Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2020;Â?Â&#x2018;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; expertise then this exciting and commercial role could be an excellent step-up for Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013;Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;ǤÂ&#x192;Â&#x2039;Â&#x17D;Â&#x203A;Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2018;Â?Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2122;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x192;Â?Â&#x2020;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x201E;Â&#x2021;Â&#x2026;Â&#x2018;Â?Â?Â&#x2018;Â?Â&#x2019;Â&#x17D;Â&#x192;Â&#x2026;Â&#x2021; Â&#x2022;Â&#x2018;Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;Â&#x192;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2019;Â&#x201D;Â&#x2021;ÇŚÂ&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2013;Â&#x2021;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?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x153;Í&#x2DC;Í&#x161;

EA Licence Number: 14C7034 | +65 6829 7153

THE ACTUARY â&#x20AC;˘ May 2015

ACT Rec May15.indd 44

28/04/2015 11:19 Ground Floor Pellipar House, 9 Cloak Lane, London EC4R 2RU | 0207 332 5870 |



Rapidly growing Personal Lines insurer will soon be looking to increase headcount and further enhance pricing capabilities. This is an excellent opportunity for Part to Nearly QualiƂed Actuaries with existing retail pricing experience to join an organisation at an exciting time in its growth and truly advance your career. In depth experience of Emblem, SAS and similar programs is highly desirable. Ref: sy21843

Top tier consultancy requires a qualiƂed Non-Life Actuary, with extensive knowledge of Capital Optimisation, to bolster their team. Candidates must have solid experience in capital management, M&A transactions and Ƃnancing insurance operations. A management role, you will work closely with key stakeholders, including senior executives and Board therefore Ƃrst rate client management and communication skills are key. Ref: sy23212

LONDON/SURREY Up to £65,000 + bonus+ beneƓts


Samantha Yee

LONDON £excellent salary + package



Boutique Corporate Pensions advisory Ƃrm have an exciting opportunity for a Newly QualiƂed Actuary to join their team. Providing multinationals with strategic advice relating to deƂned-beneƂt pension obligations, work will include Investment strategies research, asset allocation, ALM, funding strategies and M&A. Given the nature of the work and clients, this role requires an extremely switched on and commercial candidate. Ref: bw23184

Leading pension and employee beneƂt consultancy requires a PQ Actuary for the London consulting team. You will assist with managing, advising and developing clients as well as working with the wider actuarial team to advise on actuarial calculations. Demonstrable experience of DB schemes and consulting on EB’s (including GPP and Auto-enrolment) are pre-requisites, with any experience of implementing solutions for legacy pension arrangements highly desirable. Ref: bw22982

CENTRAL LONDON £extremely competitive salary + package


Martin Press



Top end professional services Ƃrm are now recruiting for a Senior Manager to join their Pensions Risk team. You will be FIA or CFA qualiƂed and possess signiƂcant experience in ALM modelling and controlling investment risk, gained from an Investment Consulting or Structured Solutions arena. A management role, candidates must be both technically strong and commercially astute, with the ability to lead and motivate a growing team. Ref: bw22391

Life OfƂce requires a PQ Actuary to join protection reporting team. Responsibilities will include production and analysis of all reporting including P&L and balance sheet results, assisting with the build of the new Solvency II process as well as looking after more junior members of the team. You will be a senior student with a strong understanding of reported results metrics such as Peak 1/2, Pillar 2, Solvency II and IFRS. Excellent spreadsheet skills are a must with any prior experience of Protection business highly desirable. Ref: mp23158

CENTRAL LONDON £highly competitive salary + beneƓts package


Zainab Ali



Ben Whalley

LONDON Up to £60,000 + bonus + beneƓts

Reporting Actuary required for leading Life OfƂce. A varied role, this is a great opportunity to carry out in-depth technical analysis for the overall Group economic capital, including the GI business, and would support a wide variety of capital management initiatives. You will have a solid working knowledge of Pillar1, Pillar2, Solvency II and IFRS reporting with knowledge of analysing changes in Solvency II and knowledge of with-proƂts business an advantage. Ref: mp23164

SOUTH COAST £competitive salary + beneƓts package


Senior Actuarial student with strong reporting experience required for leading international Ƃnancial services organisation. This is an exciting opportunity to join an established team whilst leading small projects within the Reporting process. Reporting standards include IFRS, PRA/ FCA, ICA, FCR, Solvency II and EV results, and the With ProƂts investigations. Full study support provided. Ref: mp22301

ALMOST QUALIFIED? THINKING ABOUT THE FUTURE? As the student Actuarial population breathes a sigh of relief, signalling the end of another exam period, are you thinking about what qualifying might mean for the next stage of your career? The Mansion House Actuarial Team along with Actuary Heeral Gudka, our Career and Life Coaching partner, can offer a one to one, bespoke and unbiased service assisting ambitious individuals to realise their unique aspirations as an Actuary. We will work closely with you to develop a strategic, long term plan, according to your speciwc goals, to help you build a successful career. INTEGRATED LIFE & EXECUTIVE COACH

Heeral Gudka

ACT Rec May15.indd 45

For more information, or to book an appointment, please contact Mansion House Director Ben Whalley on 0207 332 5883. May 2015 • THE ACTUARY 45

28/04/2015 11:20




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THE ACTUARY • May 2015

ACT Rec May15.indd 46

28/04/2015 11:20

Say “Goodbye” to Your Exams and “Hello” to a New Career with LV= Congratulations on completing your latest exams! Laura shares her insights into her role and why LV= was a great choice for her Actuarial career. “LV= has always been invested in my personal development; having been part of the Actuarial Academy rotation scheme, I’ve been able to work in Pricing for With-Profit Products and now in the General Insurance Capital team. I also had the opportunity to work in London with our Re-insurance partners.

The support culture at LV= is amazing; all all the students studen nts study and progress together. We also have an Actuarial Student Representative who meets with the business to ensure we are part of the bigger picture and acknowledged for all our work. This all comes with a great lifestyle balance; living in Bournemouth is great. It is much livelier than it gets credit for – we even have an Actuarial Student Night Out!” We currently have both Qualified and Part-Qualified opportunities available. To find out more and apply please visit or get in touch with Chelsea in our Resourcing team

HEAD OF INVESTMENT RESEARCH London £ Excellent In this newly created senior role you’ll be responsible for the delivery and development of the investment research, including the manager research programme. You’ll provide leadership across the business and be involved in a wide range of projects from: • Leading investment manager research, formulating views on managers and putting forward appropriate material to support views. • Assessing new asset classes and product offerings and identifying suitable entry and exit criteria. • Maintaining up-to-date knowledge of new product developments and regulations that may impact portfolios. • Undertaking performance and risk assessments of portfolios. • Researching and evaluating new investment ideas, whilst demonstrating commercial awareness.

Parvinder Matharu Newton Recruitment t +44(0)1689 862937 e w Contact

DC INVESTMENT CONSULTANT London £ Excellent A fantastic opportunity for a qualified (or part qualified) Actuary/ CFA Charterholder who wishes to take the next leap in their career. In this role your responsibilities will include: • Running and interpreting DC Investment strategy modelling. • Identifying suitable investment structures to implement strategies, taking into account individual client’s circumstances and preferences. • Conducting investment manager research and formulating views on investment managers’ capabilities. • Assessing investment management agreements and insurance policies including negotiating terms with providers. • Agreeing the basis of and overseeing transfers of assets between investment managers and providers. • Maintaining up-to-date knowledge of market practice and legislation. • Undertaking performance and risk assessment of portfolios. Suitable candidates must have DC Investment experience in order to be considered for this role.

Parvinder Matharu Newton Recruitment t +44(0)1689 862937 e w Contact

May 2015 • THE ACTUARY 47

ACT Rec May15.indd 47

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Appointments N ON - LI FE RI S K



£ very attractive package


£ excellent package



£ depends upon experience





Our client is seeking a modelling expert with deep technical knowledge, and non-life reinsurance pricing experience. Catastrophe risk experience would be an advantage.

We are currently working on this exclusive opportunity for a qualified non-life actuary to join a leading insurer as Head of Reserving. Contact us now for more information regarding this fantastic role.

Unique opportunity for a qualified non-life actuary with London Market reserving experience and strong communication skills to take their career to the next level within a leading global reinsurer.




£ excellent + bonus + benefits

£ excellent package

£ dependent upon experience







Leading global reinsurer has a superb opportunity for a part-qualified or qualified nonlife actuary with strong interpersonal skills to join its London Market business, with responsibility for reserving and exposure to capital modelling.

Leading reinsurer has an exciting opportunity for a high-flying part-qualified non-life actuary to get involved in pricing, capital and reserving for a number of lines of business.

Great opportunity for a non-life pricing actuary with strong technical and communication skills to join a global insurance firm's London-based team.




up to £100k + bonus + benefits

up to £120k + bonus + benefits

£ highly competitive package







Leading London Market company seeks a qualified, non-life, capital actuary. You will be a team player with good interpersonal skills and a desire to be at the leading edge of capital modelling.

Our client seeks a non-life reinsurance pricing actuary with specialty lines pricing experience. The successful candidate will be a creative thinker with strong communication skills who can work well independently and as part of a team.

Our client has an exciting opportunity for a qualified non-life actuary with capital experience to lead the development of its general insurance modelling capability.




£ excellent + bonus + benefits

£ excellent + benefits

£ excellent + bonus + benefits







Major insurer seeks talented part-qualified or qualified non-life actuary to build and implement Emblem models and support calibrations within its Pricing team.

Global financial services firm seeks a qualified non-life actuary with strong experience in capital management to work closely with M&A specialists on a wide range of strategic projects.

Specialist global reinsurer has an excellent opportunity for a part-qualified non-life actuary with strong communication skills to play a key role in its reserving process for a variety of lines of business.




£ excellent + benefits

£ excellent + bonus + benefits

£ excellent + bonus + benefits







Leading financial services group has an exciting role for a part-qualified or qualified actuary to work as part of a new team in the development of its in-house pricing capability.

Leading pensions consultancy seeks a part-qualified or qualified pensions actuary with excellent technical and communication skills to join its Midlands-based team.




£ excellent + bonus + benefits

£ to attract the best

up to £250k package

Leading financial services company seeks a qualified actuary with strong communication skills to deliver expert advice to clients wherever pension risk touches their business.



Leading financial services company seeks a part-qualified or qualified actuary with defined benefit expertise to work as part of a new team, configuring and running its pricing model.




Leading firm seeks qualified actuary with proven business development experience to take up a leadership role within its pensions practice. Please contact us to take your pensions career to the next level.



Leading pensions consultancy seeks accomplished pensions actuary with strong client and project management skills to take up a leadership role within its growing business.

Antony Buxton FIA

Louis Manson Lou

Joanne O’Connor Joa

Irene Paterson FFA

Lance Randles MBA Lanc






THE ACTUARY • May 2015 M +44 7766 414 560 E

ACT Rec May15.indd 48

M +44 7595 023 983 E

M +44 7739 345 946 E

M +44 7545 424 206 E

M +44 7889 007 861 E

28/04/2015 11:20


RI SK PENSI ONS I NVESTM ENT "$56"3*"-10453&$36*5&30'5)&:&"3tt £ excellent package LIFE SOUTH EAST




£ excellent package

£ excellent + bonus + benefits





Leading insurer seeks qualified actuary with proven management capability. You will have excellent communication skills, the ability to work effectively with senior management and a strong team orientation.

Leading global life insurer seeks qualified actuary with strong influencing skills and an entrepreneurial approach to take up the position of Chief Actuary responsible for reporting, pricing and capital.

Take this opportunity to raise your industry profile. Our client is seeking a proactive and highly-motivated qualified life actuary with expert knowledge of Solvency II.




£ excellent + bonus + benefits

£ dependent upon experience



£ excellent package, depending on experience





Major life company seeks a qualified actuary with strong technical skills to join its capital team. You will develop and maintain tools to assess, monitor and manage the capital position of the group.

International financial services group has an exciting opportunity for a qualified life actuary to develop its capital projection model in order to understand the impact of potential management actions, including differing investment strategies.

Seeking a qualified life actuary to influence the development and implementation of the capital and investment initiatives that most efficiently utilise capital within the Group.




£ excellent + bonus + benefits

up to £70k + bonus + benefits

£ competitive + bonus + benefits







Major global insurer seeks a qualified life actuary to lead, develop and manage its longevity proposition. You will have commercial acumen and experience pricing corporate longevity risk transactions.

Our client has an exciting opportunity for a qualified life actuary to oversee the development of demographic risk assumptions, ensuring that they are accurate, relevant and innovative.

An exciting role for a qualified life actuary with pricing and product development experience. You will have an analytical and strategic approach, together with strong management skills.




£ excellent + bonus + benefits

£ excellent package

£ excellent + bonus + benefits







Leading insurer is seeking a part-qualified or qualified actuarial systems specialist to provide technical expertise, advice and development support to actuarial modelling projects.

Leading financial services company is seeking a talented individual to promote a compliance culture throughout the business, with responsibility for Compliance Oversight, Money Laundering reporting and Systems and Control Function.

Market-leading insurer seeks a qualified life actuary with reporting experience and a strong customer focus to take the lead in specifying, developing and implementing large scale process change.




£ excellent package

£ competitive + bonus + benefits

£ depends on experience + bonus + benefits



Leading client seeks exceptional actuarial modellers with experience of Prophet, MoSes or Algorithmics AFM or a strong technical computer programming background.



Our client seeks candidates with a background in investment consultancy or asset management to support the future development of its investment proposition through investment research, strategy and analysis.



A superb career opportunity for a professional with investment experience gained in an insurance context. Together with a leading team, you will build propositions, develop the business pipeline, and deliver on projects.

Star Actuarial Futures Ltd is an employment agency and employment business




£ six figure salary + excellent bonus

£ excellent + bonus + benefits

£ to attract the best



A major global provider of investment services seeks a high-quality actuary or CFA to oversee a bank of defined-benefit clients. This is a fantastic opportunity to move into asset management.



Our client is seeking a high-flying partqualified or qualified actuary with life and investment experience and exceptional modelling and programming skills for a once-in-a-lifetime opportunity.

INVESTMENT LOCATION UPON APPLICATION STAR2429 Leading client seeks investment expert to take up leadership role within its growing practice. Please contact us for further information on this career-defining opportunity.

Peter B Baker

Paul Coo Cook

Jo Frankham F

Clare Roberts Cla

Jan n Sparks FIA






May 2015 • THE ACTUARY 49 M +44 7860 602 586 E

ACT Rec May15.indd 49

M +44 7740 285 139 E

M +44 7950 419 115 E

M +44 7714 490 922 E

M +44 7477 757 151 E

28/04/2015 11:20

Appointments GENERAL INSURANCE - UK Senior Pricing Actuaries x 4 Paul Francis

London £140,000 + Bonus + Benefits

Capital Manager – Lloyd’s Paul Francis

London £130,000 + Bonus + Benefits

I am representing four prominent Lloyd’s / London market firms seeking senior actuaries with large commercial pricing skills. You will get involved with model development, peer review, internal / external governance and underwriter performance analysis.

A Lloyd’s organisation with a great reputation and accelerated growth plan require a head of capital. Knowledge of leading DFA software and the capital modelling whole life-cycle (calibration, validation, etc) an advantage. There is a small team to manage.

New Senior Actuarial Management Roles Robert Gormley

Bristol £100,000

Pricing & Reserving Manager London Rachel Kelly £100,000 + Bonus + Benefits

Exciting opportunity to help build a new actuarial team with an established UK insurer (part of a larger group). Brand new roles across both pricing / reserving and capital. You will be qualified FIA and driven by opportunity to shape your own role and have major impact with creation of a new team.

My client, a Lloyd’s syndicate, is looking for a qualified actuary to manage a small team whilst carrying out a range of pricing and reserving activities. You will enjoy working across multiple lines of business and having responsibility for key company projects.

G.I. Pricing / Reserving Actuary London Sarah Robins £70,000 + Bonus + Benefits

Part to Nearly Qualified Opportunities London Ross Anderson £30,000 - £75,000 + Bonus + Benefits

A vacancy has arisen for a qualified actuary within a large multinational insurance company. You will work on the motor and pet accounts. You must have strong personal lines pricing and reserving experience. Managerial experience is desirable.

The Lloyd’s general insurance market is full of activity and set to become more so. We have several broad opportunities and our clients will consider a variety of actuarial backgrounds.


London £800 - £1,000/day

I am seeking capital modellers for a number of contract roles in and around London. Contractors are required to have experience of capital modelling specifically using IGLOO.

Pricing Actuary Elise Ogden

UK Wide £500 - £800/day

A number of our clients are seeking contractors to work on personal lines pricing projects. Candidates must have experience of Emblem. If you are interested in becoming a contractor please get in touch to discuss.

LIFE INSURANCE - UK Director - Pricing Clare Nash

London (City) Up to £140,000 + Excellent Package

Senior Corporate Actuary London Natalie Lightfoot £100,000 - £120,000 + Package

A major reinsurance business is seeking to appoint a senior actuary with vast life insurance experience to assist in the review of large and complex transactions. The ideal candidate will have an excellent understanding of product pricing. Demonstrable experience of senior stakeholder management is essential.

My client, a leading player within the reinsurance world, are looking to expand their team in London through the recruitment of a Senior Corporate Actuary. They are looking for a qualified actuary who has broad exposure to IFRS, US GAAP and risk management.

Head of Pricing - Retirement Products Surrey Natalie Lightfoot £100,000 - £120,000 + Bonus + Benefits

Longevity Pricing Actuary Hugo Chambers

Exciting opportunity to lead on the pricing of retirement products for this leading company in the South East. You will be pivotal in the development of pricing strategies and be responsible for the leadership and development of a large team of actuaries.

Excellent opportunity to join a leading reinsurance business in a high-profile, client facing position. My client is seeking a strong technical pricing actuary to lead the research and management of longevity pricing. The ideal candidate will be a qualified actuary with exceptional communication skills and technical knowledge.

Edinburgh £75,000

Nearly / Newly Qualified? London Richard Howard £65,000 - £75,000 + Bonus + Benefits

Opportunity for a Newly Qualified Actuary to join a prestigious life insurance office in Edinburgh. My client is seeking a well-rounded actuary with a commercial edge. Excellent communication skills are essential along with strong technical expertise.

As exam time concludes, we have a number of exciting positions for nearly/newly qualified actuaries in London. If you are interested in an overview of the market in London now that your studies are out of the way – please give me a call for a confidential discussion.

Newly Qualified Actuary Hugo Chambers

London (City) £80,000

CONTRACTS - LIFE INSURANCE - UK Modelling and Reporting Actuaries Ani Pannell


UK £650 - £850/day

Are you a seasoned contractor looking for your next long-term assignment? This is an exciting opportunity to work in a project environment. A variety of roles available for qualified actuaries with model development expertise, financial reporting experience and THE ACTUARY • May 2015 ideally Solvency II exposure.

ACT Rec May15.indd 50

Solvency II Actuaries Benjamin Moses

London £800 - £1,000/day

Several of my clients are currently looking to bolster their Solvency II teams in order to meet the workload demands in 2015 & 2016. Qualified actuaries with extensive capital, risk and regulation knowledge should get in touch.

28/04/2015 11:20 General Insurance – UK

ASIA Pricing / Products Director Philip Chau

Hong Kong Up to HKD1.6 million

Leading multinational insurer is seeking a director who has strong pricing / products skills and leadership to manage a large team. This role will give you huge visibility within the business as well as wider interactions with the distribution channels. You must have a minimum of 12 years’ experience and prior management experience.

ALM Actuary - Global Business Rhoda Rivera

Hong Kong Up to HKD1.2 million

A niche insurance player is looking for an experienced actuary to join and develop their ALM function to support their international markets globally. You must have at least 8 years’ experience and excellent ALM and / or investment experience. Strong communication skills in English and Mandarin are preferable.

Regional FRM Manager - Asia Rhoda Rivera

Hong Kong Up to HKD1.2 million

Our client is seeking a commercial actuary to join their regional FRM team, specifically focusing on product risk across their Asian local business units. You will need strong pricing experience in traditional and / or health products with excellent communication skills in English and an Asian language.

Hong Kong Up to HKD1 million

Regional Health Strategy Hamza Mush

A rare opportunity to drive regional strategy and build technical maturity for the health and protection business of a global insurer. You will join their fastest-growing, most profitable division and work with a diverse and high calibre team of international actuaries, medical professionals, underwriters and insurance experts.

Reinsurance Pricing - Actuarial Analyst Wynlim Wong

Singapore Up to SGD 120,000

One of the top reinsurer brokers is looking to expand their Singapore team and are looking for an actuary to assist in reinsurance pricing, alongside a spectrum of other projects. You must be qualified and have a background in reinsurance.

Paul Francis

0207 649 9469

Sarah Robins

0207 310 8552

Rachel Kelly

0207 310 8579

Ross Anderson

0207 649 9357

Robert Gormley

0207 310 8546

Contracts - G.I. - UK Elise Ogden

0207 649 9355

Life Insurance - UK Clare Nash

0207 649 9350

Richard Howard

0207 649 9356

Natalie Lightfoot

0207 310 8547

Hugo Chambers

0207 310 8642

Contracts - Life Insurance - UK/Europe Benjamin Moses

0207 310 8793

Ani Pannell

0207 310 8572

Dermott Bradley

+353 144 75159

Asia Gary Rushton

+852 5804 9223

Toby Weston

+852 5804 9042

Philip Chau

+852 5804 9287

Malaysia Up to MYR 90,000

Hamza Mush

+852 5804 9048

A leading multinational P&C insurer is accommodating growth in the business by expanding their team in Malaysia. They’re looking for a NNQ actuary to be responsible for reserving projects as well as assisting in ad-hoc pricing work. Malaysian market experience needed.

Rhoda Rivera

+852 5804 9225

Wynlim Wong

+852 5804 9090

Actuarial Analyst Wynlim Wong

EUROPE Senior Consultant FS Life Natalie Bogner

Munich €80,000 - €150,000

A leading reinsurance company in Munich is looking for an experienced professional to develop the non-standard reinsurance structure under IFRS accounting standards. The minimum requirement is five years’ work experience in insurance, reinsurance, consultancy or investment banking.

Client Manager - Life Reinsurance Audrey Arrighi

Paris Up to €100,000 + Bonus + Benefits

France Emérique Opou

+33 1 76 77 46 30

Agathe Ibazizen

+33 1 76 77 46 31

Audrey Arrighi

+33 1 76 77 46 02

Ireland Patrick McMahon

+353 1 437 0625

Jack Lynch

+353 1 695 0001


My client is looking for an experienced Client Manager to work with international insurers in growth regions to help optimise their reinsurance plans and strategies. You will be responsible for all reinsurance related activities working with key partners.

Niels van Nieuwkerk

Reserving Actuary Patrick McMahon


Dublin €40,000 - €60,000

I am working with some of the best general insurance companies in Ireland to recruit part to nearly qualified actuaries with reserving experience. This role reports into the heads of the department but also offers exposure to other teams and departments. Full study support is also provided.

Economic Capital Modeller Audrey Dadon

Zurich CHF120,000

Key responsibility is the development of key elements of the group capital model, such as SST / Solvency II / RBC. The client, an international insurer, is looking for a model developer with a background in life and non-life insurance.

Catastrophe Modeller Earthquake Agathe Ibazizen

Paris Attractive Package

Our client, an international insurance company is looking for a Catastrophe Modeller, specialised in Earthquake. French and English are required. The role is based in Paris.

Economic Capital Manager - Contract Role Alessio Montaruli

Italy Competitive Daily Rate

We’re recruiting for a 12-month managerial contract role based in Italy. Starting from June/July. Experience: Standard Formula, Best Estimates, ECAP, VBA, Macros. Minimum five years’ of experience, (including management skills). Only English required.

ACT Rec May15.indd 51

+31 20 29 000 33

Frederik Mees ten Oever +31 20 29 000 30

Emina Biscevic

+49 89 3803 8965

Natalie Bogner

+49 89 2109 3935

Italy Alessio Montaruli

+39 02 3600 6810

Switzerland Audrey Dadon

+41 43 508 0444

Please contact one of the team for further information on any of the opportunities above or visit

General Contact Details:


W May 2015 • THE ACTUARY 51


oliver-james-associates 28/04/2015 11:20


The Actuarial Recruitment Company

A fresh approach

Pricing Actuary London

General Insurance Circa £140K

Syndicate Actuary London

General Insurance Circa £130K

An experienced pricing actuary is required for a central pricing team of a London Market business. Working with underwriters and embedded pricing actuaries the role will provide governance of pricing across the group. Responsibilities will include implementation and monitoring of pricing practices, peer review for large case pricing, rate monitoring for senior management, technical actuarial support for embedded pricing actuaries and monitoring of pricing tools used within the group. Ref: ARC26281

This Lloyd’s syndicate role will initially have a reserving and reporting focus with management responsibility for the quarterly reserving process, calculation of technical provisions and annual SAO coordination. The role will also have input to the internal capital modelling work supporting the CRO with Lloyd’s requirements. Longer term the role would develop into a syndicate actuary position with a much wider scope and involvement across the business as well as development of an actuarial team. Ref: ARC26282

Management Consultancy London

Broking London

General Insurance £Competitive

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

General Insurance To £120K

This broking role will suit an experienced actuary with a reinsurance pricing background looking for a challenging environment. As well as traditional reinsurance pricing for renewals there will be involvement in reinsurance optimisation, tenders for new business, capital modelling and advisory work as well as R&D projects. There will be significant client exposure with the role so strong communication and interpersonal skills will be required. Ref: ARC26284

Call us anytime including evenings and weekends on 020 7717 9705 or email Andy Clark BSc FIA Roger Massey BSc MBA FIA

0781 333 7891 0781 398 9016 The Actuarial Recruitment Company is an employment agency


THE ACTUARY • May 2015

ACT Rec May15.indd 52

28/04/2015 11:20

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