Job Title: Senior Actuarial Assistant
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
If you are applying internally at Canada Life please note that this position is not intended for those already on the student rotation scheme
This role would be to join the actuarial student scheme at Canada Life. The scheme is designed to provide a breadth of experience to those studying towards Fellowship of the Institute and Faculty of Actuaries (or equivalent) through rotations to different areas of the business.
The first rotation for this role will be within the Longevity and Catastrophe team, based primarily in Potters Bar, north of London, to support the analysis of longevity risk, mainly in the context of modelling the capital requirements relating to this risk, but also to assist the wider work of the team in understanding and modelling mortality/longevity outcomes more broadly. Rotations usually last 18 to 24 months, and subsequent roles would likely to be based in an actuarial team—e.g. pricing or valuation.
Annuitant mortality is our single biggest risk as a business. This role exists to help understand how to optimise our management of this risk and to understand what the latest research (both actuarial and external) in this fast changing field suggests about how longevity will develop in future.
Longevity risk analysis
• Supporting the ongoing development and maintenance of the longevity risk model for Solvency II purposes, ICA as required, and wider applications within the business
• Supporting the annual model calibration and validation tasks
• Support the implementation of longevity risk model changes and developments
• Responding to queries from valuation teams, to support production of capital modelling results
Deepening understanding of annuitant mortality
• Supporting research into longevity topics from both actuarial and wider sources (e.g. medical, epidemiological, social, etc.)
• Supporting the ongoing review of Canada Life’s longevity assumptions for pricing and valuation purposes through research and analysis
• Assisting in the production of clear reports on these issues to senior management and shaping thinking on these topics within the company
Annuity experience analysis and reporting
• Assisting with the production of longevity experience studies for the in-force portfolio
• Assist with analysis of mortality experience and recommend pricing basis on annuity acquisition opportunities (including pension scheme bulk annuities).
• Drafting responses to queries from senior management and other parties (e.g. audit, risk, corporate actuarial)
• Responding to queries from valuation teams, to support production of financial results by providing input assumptions and addressing queries as required
• Ensure familiarity with risk management programs, as they impact this role, and follow appropriate risk management procedures to control, monitor and report on business activities
• Ensure compliance with Company policies, regulatory, professional & legal requirements
• Actively study for the qualification as a FIA (or equivalent)
Desired Knowledge / Experience / Skills
• Student actuary who has already worked within an actuarial department
• Good knowledge of MS Excel and MS Access
• Able to draw conclusions and make recommendations
• Strong communication skills
• Able to build relationships with people at all levels
• Understanding and ability to implement/maintain an actuarial control framework and meet governance requirements
• Ideally a demonstrable interest to work in the field of longevity
What you’ll like about working here
As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development.
Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences