Actuarial Capital Manager

Job Description:

Actuarial Capital Manager

Hybrid working with 1-2 days per week working on site

Angel Court, London, EC2R 7HJ

Permanent

Salary £57,100 - £71,300 per annum

Fantastic benefits including healthcare and generous pension scheme

Full time 37.5 hours per week

We make health happen

Our Actuarial teams play a key role in helping us deliver on our strategy. Whether your focus is pricing, reserving, modelling or another area we believe in allowing our colleagues to work in a way that suits them. Giving them the time and freedom to keep our customers at the heart of every decision.

We are seeking a highly motivated professional to lead our Capital Reporting team. The Actuarial Capital Manager takes ownership of the governance and development of the Solvency Capital Requirement (SCR) and Re-Metrica based Economic Capital Model (ECM), ensuring they remain robust, compliant, and fit for purpose in a dynamic regulatory environment.

This role will collaborate with many other teams to promote understanding and appreciation of the impact our capital has on business growth.

How you’ll help us make health happen

The Actuarial Capital Manager is responsible for:

• Ownership and development of the Solvency Capital Requirement (SCR) model and Risk Margin model calculating for insurance entities BINS and BGDAC.

  • Lead the delivery of capital reporting on a quarterly basis, reporting clear and informative insight to 1st line sign-off and 2nd line review.

  • Provide validation (including proof of challenge on SCR data inputs), and explanation of methodology and movement to Head of Actuarial Reporting Capital to fully explain the drivers of latest SCR figures.

  • Lead development of the model to improve the team’s efficiency in interacting with the process and ability to analyse all risk charges. Particular focus should be placed on the Market Risk calculations and communication with data providers as it is owned by teams outside of Actuarial.

  • Continue to improve the communication of the importance and role of the capital reported to the wider actuarial and finance teams.

  • Review the model on a regular basis and respond to recommendations from the second line of defence (“2LOD”) validation exercises and mitigate the risks identified in such assessments.

• Manage the end-to-end BINS Economic Capital Model (ECM) alongside the Head of Economic Capital.

  • Act as subject matter expert on the modelling and methodology of our ReMetrica model.

  • Be an integral part of the design and future developments of model components

  • Engage with the 2nd line to prioritise validation and development activities.

  • Development of the communication of the results

  • Support any future project on a Partial Internal Model (“PIM”) for BINS alongside the Capital Risk Team.

• Maintain model documentation and process notes in compliance with Bupa and Actuarial governance standards for all of the above models

• Transition ownership of the USP monitoring and recalibration within the capital team.

• Mentor junior team members and foster a culture of continuous improvement and technical excellence.

• Other responsibilities:

  • SCR Sensitivity for SFCR (an annual process).

  • CAT risk data collection (an annual exercise).

  • Premium Volume Measure (an annual exercise)

  • SCR Plan and Stress and Scenario Testing (SST). 

This role reports to the Head of Actuarial Reporting and Capital. It requires leadership of the capital team as well as key interaction with cross functional departments that are key to the SCR, ECM and Risk Margin.

Key Skills / Qualifications needed for this role:

The jobholder will be able to demonstrate:

• Proven leadership attributes with the ability to translate and implement strategic vision through people management and development activities

• Effective people skills, including influencing, to liaise with market units, business units, information suppliers and external auditors

• Extensive, first-hand experience of regulatory and economic capital calculations and of operating in a regulated environment

• Knowledge of PRA and EIOPA reporting requirements

• Excellent management information and communication skills

• Strong analytical skills, with the ability to search out relevant information, prioritise and explain

• Advanced Microsoft Office skills (in particular Excel)

• Experience with ReMetrica, Psicle and Snowflake ideal

• An ability to work well within a widely connected business

• Experience of working with project / programme teams

• Ability to work effectively in a time-pressured and constantly changing environment

• Ability to adapt to changing and ambiguous situations

• Ability to handle multiple priorities simultaneously with high quality results

Benefits

Our benefits are designed to make health happen for our people. Viva is our global wellbeing programme and includes all aspects of our health – from mental and physical, to financial, social and environmental wellbeing. We support flexible working and have a range of family friendly benefits.

Joining Bupa in this role you will receive the following benefits and more:

• 25 days holiday per year, pro rata to your contract.
• Access to a range of services to support your physical and mental wellbeing
• Fixed term benefits allowance
• Access to our confidential employee assistance programme
• Workplace pension
• Online discounts covering your everyday shopping, entertainment, eating out and more.

Why Bupa?

We’re a health insurer and provider. With no shareholders, our customers are our focus. Our people are all driven by the same purpose – helping people live longer, healthier, happier lives and making a better world. We make health happen by being brave, caring and responsible in everything we do.

We encourage all of our people to “Be you at Bupa”, we champion diversity, and we understand the importance of our people representing the communities and customers we serve.  That’s why we especially encourage applications from people with diverse backgrounds and experiences.

Bupa takes pride in being a Level 2 Disability Confident Employer and will aim to offer an interview/assessment to disabled applicants who best meet the minimum criteria for the role. We’re committed to ensuring you’re treated fairly during the recruitment process and offer reasonable adjustments to anyone who may benefit from accommodations to the recruitment process. 

If you require information regarding this role in an alternative format, please email: careers@bupa.com

Time Type:

Full time

Job Area:

Finance & Accounting

Locations:

London