Senior Actuary - Longevity

Canada Life Limited
Potters Bar, United Kingdom
24 May 2022
11 Jun 2022
Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Duration: 12 months contract

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.
Job Purpose
We are recruiting for a 12 month fixed term contract for our Longevity Risk Actuary, who supports the transformation and the future growth of the Longevity and Catastrophe team within the Insurance function, so it can be a trusted and commercial partner that influences the business to make good financial decisions, by delivering excellent support, expertise and high quality Management Information.
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.

Key Accountabilities
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
• Carrying out the annual recalibration of the longevity risk model
• Completing the annual line one validation of the model
• Contributing to the full suite of model documentation, reviewing and developing this on an ongoing basis
• Supporting the upkeep and improvement of the various spreadsheets, models and processes contained in the longevity risk model
• Support the implementation of longevity risk model changes and developments
• Maintaining the ICA view of longevity risk as required
Assist in managing the governance framework around the model
• Ensuring compliance of the longevity risk model with CLL internal model governance (change control, documentation standards etc.), and maintenance of the various logs (expert judgements, limitations etc.)
• Collating evidence of use of the longevity model, engaging with users and incorporating feedback into model development plans
• Contributing to internal governance groups including the Internal Model Experts Group
• Coordinating longevity expert judgement panels
Provide support to other stakeholders (internal and external)
• Providing support to corporate actuarial in the production of capital reporting
• Supporting CLL and wider group risk teams (CLG, GWL) in longevity related analysis (ORSA/DCAT/risk appetitive/reverse stress testing)
• Dealing with external stakeholders, e.g. consultants, independent validators and regulatory bodies
Deepening the company's understanding of annuitant mortality
• Supporting research into longevity topics from both actuarial and wider sources (e.g. medical, epidemiological, social, etc.)
• Assisting in the production of clear reports on these issues to senior management and shaping thinking on these topics within the company

General responsibilities
• 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
• Ensuring continuous review and improvement of the relevant processes
• Fostering good risk culture and awareness within the wider team
• Managing, motivating and developing junior colleagues (this role has 2 direct reports)

Desired Knowledge / Experience / Skills
• Qualified Actuary with technical longevity knowledge and experience or a demonstrable interest to work in this field together with the ability to pick up new technical material quickly
• Strong written communication tailored for a wide range of audiences
• Effective communication with senior stakeholders
• Good project and workflow management
• Understanding and ability to implement/maintain an actuarial control framework and meet governance requirements
• Knowledge of Solvency II internal model requirements
• Ability to develop a network within CLL and with those working in the longevity field elsewhere

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

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