Head of Reserving & Capital
Salary £120,000 - £150,000 Subject to experience
FT - 35 hours per week
Hybrid - Home and London Hub
Our new Head of Reserving & Capital within AICL (our in-house underwriter), will own the reserving and capital processes alongside the excess of loss reinsurance placement. You will support a team of 6 providing best-in-class management of the underwriting result, working seamlessly with the claims operation, finance and pricing as part of the insurance underwriting management team.
We are at a pivotal point in our business turnaround and by joining us now, you will play a key role in completing the turnaround, learning and embedding the cultural changes and the underwriting ethos critical to the ongoing success of our business.
As the Head of Reserving & Capital within the Insurance Analytics team, you will be responsible for understanding claim trends, developments and inflation and leading the analysis, evaluation and reporting of insurance liabilities under IFRS 4 and 17 and Solvency II and wider solvency reporting. You will provide deep claims, reserving and capital insights, advising on the appropriate levels for claims reserves, reserving risks and ranges of outcomes and capital requirements and return on capital.
Your immediate priorities will include embedding commerciality within the reserving process, ensuring as much attention is given to emerging claims trends, impacts, risks and opportunities as is given to overall reserving adequacy, and you will overlay commerciality to the capital process balancing both prudential assessment of capital metrics with appropriate return on capital. Using precision and pace you will be driving process efficiency and continuous improvement, challenging the status quo to ensure our colleagues are enabled to develop insights and communicate outputs to derive best value for the business.
As our Head of Reserving & Capital you will be accountable for the following areas;
- Being a technical champion, ensuring appropriate methodologies and assumptions are applied to business problems and that results are interpretable and explainable to non-technical business partners.
- Managing and developing the team and wider Insurance functions.
- Driving innovation and efficiency and continuous improvement.
- Understanding claims process and financial data pipelines critical for the actuarial process.
- Managing the monthly reserving processes, including results reporting and commercial analysis of trends and inflation.
- Embed commerciality within the actuarial team and drive continuous improvement.
- Identify emerging claims trends, through partnering with stakeholders, understanding business problems and making strategic recommendations.
- Great management of external relationships (e.g. external audit process and independent actuarial reserve review).
- Driving accurate and efficient output across all 3 pillars of Solvency II requirements (quarterly and annual quantitative reporting templates, ORSA, SFCR, RSR, Actuarial Function Report (AFR) and Opinions).
- Supporting the reinsurance program renewal process, providing expert analysis of large claims to support best reinsurance outcomes.
- Delivering ad hoc analysis to answer key tactical and strategic business questions.
- Supporting the Claims Operation with the MI transformation program for claims MI and insights and tracking of machine learning use cases.
- Clear and concise communication of analysis and outputs to each business problem.
- Driving SAGA's risk-aware culture and consider it in everything we do.
- Adhering to Technical and Actuarial practice standards (TAS and APS) and other internal governance standards.
- Developing and maintaining clear & transparent documentation to minimise key person dependencies.
- Compliance with group legal and DPO best practice to ensure processing and transfer to and from third parties is compliant with governance processes, GDPR and DPA, and follow ICO best practice.
The Ideal Candidate
As our Head of Reserving & Capital, you would be able to demonstrate the following skills and experience:
- Qualified Actuary or qualified by experience (10+ years)
- BSc/MSc in actuarial science, mathematics, statistics, or related discipline
- UK personal lines insurance (Motor & Home)
- Strong numerical and statistical capabilities
- Excellent verbal and written communication skills, comfortable communicating with stakeholders of all levels
- Comfortable working with large amounts of data
- Proactive, with a strong desire to learn and improve
- Demonstrates enthusiasm and self-motivation
- Strong organisational skills
- Strong communication
- Successfully contributes to a fun, fast-paced, "fail fast"/agile environment
- Managing teams through change and transformation
Everyday our colleagues deliver exceptional experiences to our customers. We believe exceptional work deserves even more exceptional rewards, that's why we have put together an amazing benefits package for all colleagues.
We offer total flexibility over where you work you choose a place that you feel most comfortable and productive, either from home or in one of our hubs in London, Ashford or Sandwich.
BENEFITS AVAILABLE TO ALL COLLEAGUES:
- Our working week is 35 hours per week, these can be worked flexibly to suit your working style
- 25 days holiday + bank holidays
- Option to purchase additional leave up to 5 extra days
- Pension scheme matched up to 10%
- Company performance related annual bonus - Up to 15%
- Car allowance
- Life assurance policy on joining us
- Wellbeing programme
- Colleague discounts including family discounts on cruises and holidays
- Range of reductions and offers from leading retailers, travel groups and entertainment companies
- Enhanced maternity and paternity leave
- Grandparents leave
- Income protection
- Access to Saga Academy, our bespoke learning platform
About the Company
Over the past 70 years we have become the UK's specialist provider of products and services to people aged over 50 in the UK. The Saga brand has become one of the most recognised and trusted brands amongst UK consumers in this demographic, recognised for its high quality products and exceptional standards of service. These include cruises and holidays, insurance, personal finance and the Saga Magazine.
At Saga we are committed to treating all employees fairly and to offering equal opportunities in all aspects of employment and advancement. We value diversity not just because it is the right thing to do, but because diverse teams perform better.
Fair consideration is given to applications from all applicants, including those with disabilities and those over who are over 50 as we are champions of age inclusivity. We are an official Disability Confident Committed employer and ensure that our recruitment process is inclusive and accessible and we will make reasonable adjustments as required. For more information on our DEI policies please visit our Saga Careers page.
Saga does not accept agency CVs unless specifically engaged on the role by the Talent Acquisition Team. Please do not forward CVs to our recruiters, employees or any other company location. Saga will not be responsible for any fees related to CVs received in this unsolicited manner.