Actuary

We are looking for an enthusiastic, resourceful and proactive early career Actuary to join MO’s Insurance Risk team at an exciting time in the development of MO’s insurance arrangements.

This role reports to the Lead Actuary and is well suited to someone with actuarial experience, looking to deepen their technical skills - particularly in capital modelling and reserving - within a small but high-impact team.

The Actuary Will Become One Of MO’s In-house Actuarial Experts, Supporting All Actuarial Tasks In Support Of MO’s Insurance Risk Model

• Supporting the development, maintenance and use of the insurance components of MO’s economic capital model
• Reserving in support of MO Reinsurance Limited
• Pricing in support of our relationship with our insurance partner
• Working with our broker on the analysis supporting our reinsurance programmes

The Actuary will support actuarial colleagues and consultants, carrying out analysis in-house wherever possible, and co-ordinating development of the actuarial approach applied.

The role holder will also interact extensively with the third parties who support MO’s insurance risk model, including our insurance partner, our reinsurance broker, our appointed peer review partner and auditors, and the MORL managers.

Upon completion of probation period and satisfactory progress in the role, MO will support the successful applicant with their actuarial studies, offering study days and payment of relevant fees as the Actuary works through IFOA exams.

This opportunity comes at an exciting time for the successful applicant as MO is building our relationship with our new insurance partner, DLG (now owned by Aviva). We are applying new actuarial techniques, working with the latest actuarial tools, and developing our understanding of our changing operational environment and risk profile with growth in Electric Vehicles. As insurance expertise within MO grows, there will be numerous new opportunities for the Insurance Risk team to demonstrate expertise and help shape MO’s future development of our insurance offering.

This is a unique role, responsible for managing a large book of motor risk, consisting of 815k+ cars, 1.4m+ drivers, and £1bn of annual premium. Though not an insurance company, Motability Operations is a significant presence in the UK motor market, and the MO Actuary will represent MO and MORL in engagements with our insurance partner, our reinsurance broker and reinsurers, as well as with our expert actuarial partners and auditors.

This is an opportunity for someone pursuing the career path of an Actuary to make a mark in a small risk & actuarial team which manages a large, complex and distinctive motor book. We are looking for someone who:

• You will have gained actuarial or analytical experience within insurance or a related environment
  Has experience in, or an interest in developing skills across, general insurance capital modelling and/or reserving/pricing
  Exposure to capital modelling (e.g. economic capital, solvency, stress & scenario testing) is highly preferred
  Experience with Tyche or similar actuarial modelling software is desirable but not essential
• Can Demonstrate strong organisation skills
  Self-starter, able to prioritise and manage workload
  Disciplined, structured approach & methodology
  Enjoys solving problems and delivering smart solutions
  Work collaboratively or independently to achieve objectives
• Communicate well in a variety of environments
  Good written, oral, presentation and interpersonal skills
  Presents information in a confident manner
  Enjoys communicating with people at all levels, both to technical and non-technical audiences
• Previous actuarial or analytical experience within insurance or a related environment
• Graduate with a relevant numerical degree
• Some progress towards IFoA qualification, typically including passes in CS1 and/or CM1, with a strong interest in general/motor insurance
• Candidates with capital modelling or reserving experience, and / or motor insurance experience, strongly preferred
• Strong analytical skills, including advanced Excel and experience working with large datasets (experience with programming languages…