Actuary (Internal Model)

Actuary

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, helping people achieve a better later life through competitive and innovative products, services, financial advice, and guidance.

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.

In this role, you will help to support the Head of Internal Model in managing and measuring the Group’s capital position, including:

• Leveraging new technologies to develop and maintain the Group’s Internal Model.
• Ensuring the ongoing maintenance of a fully-documented Internal Model compliant with all Solvency II tests and standards.
• Implementing first line Internal Model validation activities in accordance with the validation framework.
• Supporting capital impact assessments for Group projects.
• Developing BAU processes to run efficiently and deliver robust results.
• Coaching and managing more junior members of the Internal Model team.

Examples of Key Activities

The following sets out some of the key day-to-day activities:

• Drive improvements in the Internal Model using new technologies.
• Contribute to delivery of an annual recalibration of the Internal Model risks.
• Contribute to delivery of the annual proxy structure review.
• Assess the capital model implications of Group projects.
• Identify risks, issues, and opportunities that could impact the capital position.
• Support Project Owners to ensure projects are implemented in a capital efficient way.
• Propose and prepare analysis to support papers for the Internal Model Governance Forum.
• Become established as a technical lead in a number of areas of the Internal Model.

Essential for the role

• Nearly/newly qualified FIA, FFA or equivalent.
• Programming experience in Python and/or other languages.
• 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.

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 reduce 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.

Diversity, Equity, and inclusion (DE&I) is a key priority for Just. We have joined a number of initiatives designed to improve outcomes for employees from underrepresented backgrounds. We also run a Reciprocal Mentoring scheme for employees from diverse backgrounds.

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.