Reserving Manager

Reserving Manager

Location:
Gibraltar, Haywards Heath or Manchester
Salary:
Competitive
Department:
Finance
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We’re First Central Insurance & Technology Group (First Central for short), an award-winning innovative insurance and technology organisation, delivering market-leading motor insurance, underwriting, distribution, finance, technology and legal services.
 

We’re on the hunt for a talented Reserving Manager to join our Finance team in Salford Quays, Manchester, Haywards Heath, West Sussex, or our office in Gibraltar.

You'll support the Head of Reserving in all aspects of the actuarial reserving function including the estimation of the internal Best Estimate reserves and the evaluation of Solvency II technical provisions.

To be successful in this role, you'll need to:

  • Have proven core reserving experience involving practical application of actuarial methods and statistical techniques used in reserving, ideally within motor and / or home insurance
  • Have thorough knowledge of the regulatory environment, including specific responsibilities placed on the actuarial function as part of the Solvency II framework
  • Ideally have advanced proficiency and experience working with ResQ

Job responsibilities

1. Quarterly reviews of reserves. Work covers:

  • Appropriate application of actuarial loss reserving techniques and expert judgement, recommending an appropriate Best Estimate reserve figure;
  • Ongoing development and enhancement of actuarial methods and diagnostic tools applied in reserving analyses and monitoring of loss trends;
  • Maintenance and further development of detailed documentation of reserving assumptions and methodology including the Group Reserve Committee (GRC) pack and actuarial procedure documents, ensuring the documentation meets the requirements of TAS’s;
  • Coordinate and review analysts’ work, providing timely performance feedback and training to ensure high professional standards are met at all times;
  • Identification and implementation of technical and other process enhancements to increase the efficiency of the reserve review process and controls around data quality;
  • Understand risks and opportunities within the recommended Best estimate reserve number and ensure this is communicated to the Head of Reserving;
  • Make recommendations to the Head of Reserving as appropriate;
  • Liaise with finance, claims management and business intelligence to ensure data accuracy and that any operational processing issues or changes are factored into the reserving exercise;
  • Co-ordinate with actuarial pricing teams and claims insight function to ensure a consistent best estimate view of ultimate reserves is used;
  • Timely delivery and communication of results to the Head of Reserving;
  • Support with ad hoc requests from management, regulators and auditors as required, including liaising with external actuaries;
  • Support independent actuaries in the completion of their independent reserve reviews

2. Monthly monitoring of claim performance:

  • Support the actuarial input into the monthly Skyfire Claims review meeting;
  • Monitor how claims experience is developing against expectation;
  • Investigate deviations to provide insight to the business;
  • As appropriate, support the Claims Insight area in providing recommendations on claims inflation

3. Involvement in Solvency II technical provision calculations and related regulatory returns, including:

  • Update and development of key reserving processes, model variables and assumptions used to input into Solvency II technical provisions;
  • Support finance in the development of the technical provision model;
  • Support in the calculation of the Events not in data (ENID) allowance;
  • Support in the initial technical provision sign off process before results go to relevant committee;
  • Assist other business units regarding regulatory matters related to Solvency II technical provisions as required, including help with completing regulatory submissions and resolving queries from the regulator;
  • Support Skyfire’s Actuarial Function Holder as required

4. Periodic analysis of reserve risk to quantify and communicate the range of uncertainty around the actuarial best estimate and support internal capital modelling, including:

  • Support in specifying and calibrating a set of statistical distributions used to model reserve risk;
  • Contribute to internal model validation by implementing improvements to address prior validation findings and assisting with validation queries

General

  • Contribute to the growth of intellectual capital within the actuarial reserving department through attendance and participation in professional development initiatives and events as well as sharing of specialized expertise with other members of the team
  • Demonstrate planning in execution of work, so that spreadsheets and models are intuitive, dynamic and scalable, with appropriate audit trails

Skills and Experience:

Essential:

  • Proven core reserving experience involving practical application of actuarial methods and statistical techniques used in reserving
  • Commercial awareness and knowledge of relevant industry changes, legal updates and technical developments
  • Thorough knowledge of the regulatory environment, including specific responsibilities placed on the actuarial function as part of the Solvency II framework
  • Strong analytical skills with aptitude for detail and ability to apply advanced problem solving skills
  • Excellent written and verbal communications skills

Education:

  • Bachelor’s degree in Actuarial Science, Mathematics, Statistics or related field
  • Ideally qualified or making good progress towards actuarial qualification

Desirable:

  • Advanced proficiency and experience working with ResQ
  • Previous experience working in Motor and Home insurance

Are you the person we’re looking for? If so, we look forward to hearing from you. Apply today!

We pride ourselves on being a great place to work. Check out our Glassdoor page to see what our employees think about working here.

What can we do for you?
We believe we can offer you a great working environment as we’re so passionate about our people. Here are just some of the benefits and perks that we offer…

  • Fantastic training and development opportunities
  • Employee benefit packages to suit your lifestyle
  • Flexible working
  • YOUday – we give you an extra day off to celebrate a special day
  • The opportunity to take a paid day off each year to do charity work
  • A health cash plan
  • Help with travel expenses
  • The opportunity to buy additional holiday
  • Company pension scheme
  • Group life assurance
  • Enhanced maternity and paternity pay
  • Professional subscription fees paid

Employee wellbeing is high on the agenda here too. We provide a weekly free fruit delivery, discounted membership at a local health club and access to an Employee Assistance Programme, which promotes physical and emotional wellbeing at work and at home. In addition, we provide wellbeing events throughout the year to support physical and mental health.

For further information on what we can offer and to learn more about this role, feel free to contact our dedicated Recruitment team.

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86% of people would recommend a friend to work at First Central

Based on 150 Glassdoor reviews (October 2021)

Benefits

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Flexible working

We support colleagues who wish to work flexibly whilst meeting the needs of the business.

YOUday

We give you an extra day off to celebrate a special day.

Holiday Extra

Not only do you get a generous holiday entitlement, you can also buy additional leave.

Volunteering

Get a day off each year to take part in volunteering activities.

Health cash plan

Claim money back on your healthcare costs, such as dental check-ups and eye tests.

Season ticket loan

We provide interest-free loans to cover the cost of season tickets for rail, bus or car parking.