General Insurance Actuary

Job summary

Do you want an actuarial career with a difference? Where you can have a real impact working with government departments and the wider public sector. If yes, then a career at the Government Actuary's Department (GAD) could be for you.

At GAD our mission is to support effective decision-making and robust reporting within the public sector as the first-choice provider of actuarial and specialist analysis, advice and assurance. The department’s work covers valuation work and policy support in relation to insurance type indemnities and contingent liabilities, pension schemes, financial risk, and social security. We also provide financial modelling and quality assurance.

We offer great working benefits including a world-class pension, flexible working options and a career where your learning and development is taken seriously.

You will be a key consultant advising our general insurance clients. The purpose of the role is to support our engagement and delivery of actuarial advice to help make more effective and informed decisions. The work is significantly more varied than a traditional general insurance actuary role given the public sector context. For example, supporting the client holistically on feeding reserving insights into pricing and cashflow considerations, producing financial statements, wider policy support, and adapting to changes in client priorities, situations where there may be limited data or novel areas of risk where government may act as insurer of last resort.

Further information on GAD is provided in the attached pack.

N.B. GAD may work with recruiters on this campaign provided prior agreement is reached for this specific campaign

Job description

The role will likely be based in our Insurance Provisioning team, although we would expect you to support other teams and undertake a wider variety of work as required (see Key responsibilities 4). This team works closely with public sector risk-pooling arrangements (such as the schemes operated by NHS Resolution and the Risk Protection Arrangement for schools).

The role is likely to be initially concentrated on working for an individual client but the work is varied, interesting, and has purpose, for example working in the best interests of the taxpayer or adapting to new challenges. You are expected to lead on some aspects of core annual projects, as well as supporting and/or leading on a range of additional projects (more details below).

You will be expected to build client relationships, identify areas where GAD can provide additional support and ensure consistency of approach where appropriate. Additionally, the expectation is that, over time, you will work with more than one client.

Core annual projects:

Calculation of the provision for government accounting, which includes:

• Producing the year-end provisioning estimates (akin to reserving in the private sector)
• Supporting the client on features of the known claims book
• Supporting the production of the accounts and liaising with auditors

Cashflow projections and pricing, which includes:

• Producing short-term cashflow projections to meet government budgetary requirements
• Supporting annual contribution setting within the arrangement (akin to pricing in the private sector)

Additional projects might include:

• Quantifying the impacts of emerging trends and changes to the risk pool
• Using insights from our work to feed into policy development and wider decision making such as risk prevention measures
• Supporting client analysis, model development and/or system improvements
• Developing and implementing process improvements

Person specification

Supporting client engagement on general insurance related actuarial advice to the public sector risk-pooling arrangements (such as the schemes operated by NHS Resolution and the Risk Protection Arrangement for schools). This includes advice in relation to reserving and pricing but also wider policy advice. Including maintaining and building existing client relationships.

Manage and oversee project delivery for smaller project and supporting larger projects (for Band 2) and supporting projects (for Band 1), through collaborating with colleagues to ensure all work is appropriately scoped and delivered in an efficient and timely manner with a focus on providing value for money for our clients. This includes:

• Specifying work, monitoring output and providing feedback;
• Effective project management;
• Working with more junior staff and liaising with colleagues across the organisation; and
• Partnering with clients including business development and client engagement activities.

The role requires a consistently high level of service to be provided and for work to be undertaken within professional requirements. This includes:

• Providing/supporting appropriate quality advice (oral or written);
• Complying with checking and peer review procedures;
• Adapting to changing client needs and balancing conflicting priorities;
• Complying with all professional actuarial and GAD guidance; and
• Developing both your own skills, and those of junior colleagues to meet the evolving nature of GAD’s work.

To ensure effective and agile co-operation with other teams within GAD, including flexible working across teams as required to meet client demand.

To maintain an up-to-date knowledge of role-relevant actuarial and other matters (including meeting all CPD requirements).

This job description is a broad reflection of the current duties. It is not an exhaustive list, and changes may be required, based on GAD’s immediate operational needs which are at the discretion of the relevant Unit Director and in conjunction with the post holder.

Behaviours

We'll assess you against these behaviours during the selection process:

• Managing a Quality Service
• Seeing the Big Picture
• Working Together
• Communicating and Influencing

Technical skills

We'll assess you against these technical skills during the selection process:

• Fellow of the Institute and Faculty of Actuaries, IFoA, or equivalent actuarial professional body (Essential)
• Knowledge of UK general insurance actuarial concepts and techniques (Essential)

Benefits

Alongside your salary of £67,259, Government Actuary's Department contributes £19,484 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides (opens in a new window).

As well as competitive salaries, we offer a substantial package of benefits:

• Exceptional learning and development opportunities that you can explore alongside your day-to-day work.
• 25 days annual leave per year, increasing to 30 days after 5 years’ service. In addition, we offer 9 days public and privilege days leave per year (pro rata for part time staff)
• A Civil Service pension with an employer contribution of 28.97%
• 5 days of paid volunteering leave
• Up to 9 months maternity leave on full pay + generous paternity and adoption leave
• Staff reward and recognition bonuses that operate throughout the year.
• Occupational sick pay
• Family-friendly policies such as help with caring responsibilities, special leave, generous paid maternity, paternity, and adoption leave.
• Access to employee assistance programme which offers staff 24/7 confidential support and resources such as counselling, debt guidance and management advice.
• The o