You will be part of the Europe 1st line actuarial team. The team provides reserving and capital analysis to the board and the management of the P&C strategic business unit (SBU).
The P&C SBU has a total gross reserve of more than 725m euro, and a gross premium of more than 350m per year.
Key Result Areas
The jobholder will be involved in the following areas of work facing the team, under the direction and prioritisation of the Lead Actuary and/or the Chief Financial Officer:
Carry out the quarterly process of reserving for covering business written within the P&C strategic business unit (SBU). The function is charged with determining actuarial best estimates for claims provisions in line with actuarial standards and Group and statutory requirements. The jobholder is expected to pro-actively identify and execute actuarial analyses to determine best estimate reserves and get more insight in the development of the portfolio. This applies to the claim and the premium projection. The actuarial reserving process not only forms the basis of the booked reserves (and hence underpins its financial reporting), but is also fundamental in measuring the underwriting performance of the business.
A main part of the responsibilities is the explanation of the results of the actuarial projection to the various stakeholders. This includes the CFO and the Management Board in general, the underwriters and claims handlers of the P&C SBU, and the Financial functions who will process the results further. Reports on the results, the underlying assumptions and potential different views have to be prepared and will be discussed in the reserving meetings. The jobholder is expected to be able to express his/her view clearly and convincingly.
In the near future the reserving process will have several important changes, like the implementation of the new IFRS17 regulation and a switch of the projection base from accident year to underwriting year. The jobholder is expected to implement this and help to explain it to the stakeholders.
Next to the regular reserving process, the jobholder is also expected to perform separate analyses on request of the underwriters, claim handlers and/or the board. Typical subjects might include the performance of certain classes, unexpected movements in the earned premium or the impact of changes in the claim handling process.
Data quality and tooling
The jobholder will be required to assist in projects within the team for improvements in the IT infrastructure, data quality and tooling. This may include writing specifications, testing of the implementation, and maintenance of internally developed tooling.
In conjunction with the Actuarial capital modelling team (based in London), input has to be provided for the capital assessment process. This includes providing input for the underwriting risk of the Standard Formula SCR, and ensuring that the parameterisation of the Internal Model is appropriate and that the model accurately reflects the risk profile of the business. Help might be provided for scenario analysis to understand the impact of potential developments and choices on the SCR.
The Operating Environment and Context of the Job
The role reports through to the Chief Financial Officer and the designated actuarial team leader. Policies are set up by the group-wide Actuarial function, headed by the Chief Actuary, and so the jobholder will be required to interface with actuarial colleagues elsewhere within the group.
This is where you come in.
You can help us to achieve this by:
- Having practical actuarial experience
- Having an analytical or mathematical education
- Actuarial qualification is preferred
- Programming experience is preferred
- Knowledge of standard reserving techniques
- Reserving technique for Property & Casualty would be preferred
- English (Dutch is strong preference)
What we are looking for:
- Analytical mindset
- Good communication skills
- Stakeholder management experience