Senior Actuary - With-Profits - 6 month Fixed Term Contract Senior Actuary - With-Profits - 6 month Fixed Term  …

M&G plc.
in London, United Kingdom
Permanent, Full time
Be the first to apply
M&G plc.
in London, United Kingdom
Permanent, Full time
Be the first to apply
Senior Actuary - With-Profits - 6 month Fixed Term Contract
At M&G our vision is: to become the best loved and most successful savings and investment business and we're looking for people who are excited about joining us on our journey. We're digitally transforming and investing heavily in technology and innovation to develop new and improved customer propositions that really raise the bar for our customers. To help us achieve our vision we're looking for exceptional people who live our values and behaviours and who can inspire others; embrace change; deliver results and keep it simple.

We know that an inclusive environment makes us more accessible and ensures we attract, engage, promote and retain exceptional people. We welcome applications from all individuals regardless of age, gender/gender identity, sexual orientation, ethnicity/nationality, disability, or military service and welcome those who have taken career breaks. We will consider flexible working arrangements or home working arrangements for any of our roles.

What you can expect from us:
We are committed to creating an environment where you can be exceptional at all you do. To help us deliver this, we promise to:
  • Challenge Your Limits by creating a stimulating working environment and providing opportunities for you to be involved in meaningful and challenging work
  • Support Your Aspirations with a commitment to learning and development that helps you achieve and build your experience with people who want you to succeed
  • Value Your Input whereby leaders and managers will involve you in key decisions, listen to your thoughts and recognise the important contribution you make
  • Balance Your Life through a work life partnership that focuses on making this an inclusive, diverse and friendly place to work and offers the flexibility and support that enables everyone to be at their best

How do we support our employees:
All M&G plc employees will be supported in the workplace through our LifeWorks employee assistance programme which is run by Canada Life. If you need counselling, confidential financial or legal advice. T he service is available 24 hours a day, 365 days a year and offers access to qualified professionals who can provide specialist information, advice and support on many issues. It offers a broad range of services, including help with family issues, maintaining work/life balance and mental health support.

The Role:

The with-profits management team serves the following purposes:
  • Providing expert with-profits knowledge to inform key business decisions, delivered through a comprehensive understanding of the investment strategy, bonus policy, capital and expense drivers and profitability of the with-profits business
  • Reviewing and challenging of initiatives and changes proposed by the business to the extent they impact the with-profits funds and policyholders
  • Enabling the statutory role of the With-Profits Actuary to be fulfilled in connection to the With-Profits business, with a view to safeguarding policyholders' interest and ensuring they are treated fairly

In order to discharge its responsibilities in an efficient manner, the with-profits management team is moving to operating as a series of networked teams, clustering individuals in a fluid fashion to address specific pieces of work, although the main priorities for each individual will be specified in their objectives.

In the above context the Senior Actuary (with-profits) is expected to be proactive and a self-starter, proposing solutions to complex problems and able to move easily across multiple stakeholders within finance, risk and other business areas as appropriate. The individual is expected to demonstrate maturity and be comfortable in managing subordinates and peers as the work requires and in some instances being managed by peers.
The individual must be confident in presenting to Executive level and Board level committees with the appropriate gravitas whilst also be able to effectively manage individuals and peers to meet challenging timelines and multiple priorities.

Key Work Level Accountabilities:
Integration Leader:
  • Critical role in translating strategy into implementation plans, influences and contributes to the strategy
  • Ensures successful implementation of defined strategy
  • Typically leaders of teams, or technical roles will lead the provision of advice across an area of expertise
  • Balances competing requirements to deliver a balanced set of results, resolving significant or priority conflicts
  • Addresses problems with broad reaching ramifications, with a need to manage different parts of complex systems and link to the broader picture
  • Responsible for driving continuous improvement
  • Drives incremental and transformational change in response to experience of market and customer needs, typically leads the delivery of major programmes of work
  • Allocates resources optimally to deliver on strategy, prioritising conflicting resource demands, agendas and activities

Key Responsibilities for this role:
  • Work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in M&G's operational risk profile
  • Provide the appropriate support to the With-Profits Actuary so that he/she can discharge his/her statutory responsibilities. Such support to include inter alia
  • Support the WPA in providing advice to management, relevant Boards and Committees on the implications for the fair treatment of with-profits policyholders of the company's exercise of discretion relating to setting risk appetite and the overall financial management framework
  • Undertake the appropriate reviews and documentation to ensure compliance with the statutory requirements
  • Work closely with the With-Profits Committee, providing input and opinions where required and operational support
  • Liaise closely with the business where issues which may impact the fair treatment of with-profits policyholders are identified and bring these to a satisfactory resolution
  • Lead and/or contribute to the sound financial management of the with-profits fund by considering the implications of its financial strength and resilience (both now and projected in the future) and thereby help to drive the fair treatment of with-profits policyholders alongside the capital management agenda
  • Drive the with-profits agenda on behalf of finance, drawing key expertise from across the function to ensure a leading edge approach
  • Ensure that policyholder interests are appropriately allowed for

Key Knowledge, Skills & Experience:
  • A fellow of the Institute and Faculty of Actuaries(or equivalent actuarial qualification)
  • Significant experience in the financial management of with-profits business including capital management, investment strategy, bonus policy, risk appetite and a clear understanding of how these affect policyholder outcomes and the implications for treating policyholders fairly
  • Experience in leading actuarial programs where new methodologies, frameworks and concepts are created, deployed and operationalised
  • Significant experience as a trusted adviser, utilising subject matter expertise to interpret complex recommendations, considering cause and effect, drawing conclusions and recommending solutions
  • Experience in coaching and guiding others in using advanced actuarial principles and methodologies to solve complex or unique problems and in ambiguous or unique situations
  • Experience in using multiple strategies to gain stakeholder support for change
  • Expert knowledge of all aspects of with-profits business including a deep understanding of how conflicts of interest between shareholders and policyholders and between different groups of policyholders can be manifested and how these conflicts can be resolved
  • Detailed knowledge of life and pensions products, markets and competitors
  • Detailed knowledge of underlying regulations (Solvency II, COBs)
  • Detailed knowledge of actuarial profession's standards and codes of conduct

Work Level: Integration Leader
Recruiter Name: Emma Pryde
Closing Date: 21st January 2021

We live by four behaviours at M&G and we ask all our employees to:
  • Inspire Others - Support and encourage each other, creating an environment where everyone can contribute and succeed
  • Embrace Change - Be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas
  • Deliver Results - Focus on outcomes, set high standards and deliver with energy and determination
  • Keep it Simple - Cut through complexity and bureaucracy, be clear and decisive and never overcomplicate things
M&G plc. logo
More Jobs Like This
See more jobs