Senior Actuarial Analyst (Internal Model)

Senior Actuarial Analyst Internal Model

Date Posted: 03/04/2025

Location: London

Job Type: Full time

Who are Just? We’re a FTSE 250 Financial Services company who specialise in retirement solutions. Our world is moving quickly, with the defined benefit buy in/buy out space growing each year. Just continues to grow its business by over £4bn of assets annually. We are a purpose-driven company with compelling goals. We help people achieve a better later life by providing competitive and innovative products, services, financial advice, and guidance to help our customers achieve security and peace of mind in retirement.

Purpose

An Actuary in the Internal Model team supports the Head of Internal Model and Senior Actuaries to manage and develop risk-based capital models within the Group. The role covers all aspects of capital management and modelling, including compliance with relevant regulatory standards around data, documentation, statistical quality, calibration, and validation. Driving improvements in the Internal Model using new technologies is a key aspect of the role.

The Internal Model team supports the development of a stable capital position to enable delivery of organic capital generation.

Job Role Accountabilities

• Support the Head of Internal Model in managing and measuring the Group’s capital position.
• Leverage new technologies to develop and maintain the Group’s Internal Model, supporting Solvency II and IFRS balance sheets, risk appetite, and the ORSA.
• Ensure the ongoing maintenance of a fully-documented Internal Model that complies with all Solvency II tests and standards.
• Contribute to the implementation of first line Internal Model validation activities in accordance with the validation framework.
• Support capital impact assessments for Group projects.
• Implement improvements to BAU processes to run more efficiently and deliver robust results.
• Coach and manage junior members of the Internal Model team on projects.

Examples of Key Activities

• Propose and implement improvements to the Internal Model using new technologies.
• Carry out the regular recalibration of key risks, including credit, property, and interest rates risks.
• Contribute to the delivery of the annual proxy structure review.
• Prepare analysis to assess the capital model implications of Group projects.
• Prepare analysis for papers for the Internal Model Governance Forum to report on activities related to the Internal Model.
• Become established in a number of areas of the Internal Model.

Qualifications

• Part qualified FIA, FFA or equivalent.

Skills and Knowledge

• Proven problem analysis and resolution skills.
• Strong technical and analytical skills.
• Strong verbal, written communication, and interpersonal skills.
• Proficient in the latest technology tools.
• Understanding of the products and services provided by the Group.
• Understanding of a life insurer’s balance sheet and capital requirements.
• Understanding of business processes within a life insurance company.
• Ability to manage smaller defined projects.
• Programming experience in Python and/or other languages.

Experience

• Experience of utilising technological advancements to innovate and improve processes.
• Recent experience of Solvency II as applied to UK life insurers.
• Previous experience of statistical and stochastic models or wider internal model methodologies.
• Experience of developing practical solutions to complex technical issues.

Why Just?

We are committed to building a more sustainable business and have publicly committed to reducing our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. We encourage our people to make small and meaningful changes in their everyday lives to protect our planet for future generations.

Diversity, Equity, and Inclusion (DE&I) is a key priority for Just. We have joined initiatives designed to improve outcomes for employees from underrepresented backgrounds. We also run a mentoring scheme for employees from diverse backgrounds. There are multiple employee network groups that champion issues including race, gender, social mobility, and neurodiversity.

What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing, and most importantly - each other.