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Location: London
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Summary:
The role holder will lead the team running Canada Life UK’s actuarial models and associated data processes to support valuation, capital, pricing and business planning across the life business. They will also undertake an active role in development, maintenance and enhancement of valuation models.
They will ensure models are robust, well-governed and aligned with regulatory and internal policy requirements, providing high-quality management information and insight for senior stakeholders.
The role holder will manage a mixed team of qualified actuaries, students and actuarial analysts, setting clear objectives, providing technical oversight and coaching, and ensuring consistent, high-quality delivery under tight timelines. In addition to these management responsibilities, a key part of the role is to build and maintain a high performing offshore modelling capability, with clear work packages, quality standards and feedback loops.
The role holder will work closely with colleagues in the rest of the Modelling & Production department as well as other departments such as Reporting & Analysis, Chief Actuary Team, Finance, Pricing, Risk, Investments and IT to embed best-practice modelling into business-as-usual processes and support modernisation of actuarial and data systems
What will you be doing:
1. Lead and oversee the end-to-end BAU modelling processes for valuation, capital, forecasting and stress testing along with related reporting, ensuring models and runs are efficient, controlled and deliver outputs that meet business and regulatory requirements.
2. Manage, develop and motivate a team of c. 8-10 qualified actuaries, students and actuarial analysts, setting clear objectives, allocating work, providing coaching and ensuring high-quality, timely delivery.
3. Plan and control the BAU modelling production schedule, including the prioritisation of tasks, co-ordination and planning of onshore and offshore resources and work packages, monitoring of service levels and day-to-day issue management to ensure reporting deadlines are consistently met.
4. Provide technical oversight, challenge and review of Prophet model runs, methodologies, assumptions and data used in BAU processes, ensuring outputs are robust, well-governed and aligned with internal policies and regulatory standards.
5. Collaborate with stakeholders across Modelling & Production, Reporting & Analysis, Chief Actuary Team, Finance, Pricing, Risk, Investments and IT and offshore partners to ensure BAU Prophet outputs and processes support business needs and can be relied upon in decision-making and external reporting, including clear, timely communication of issues, assumptions and key movements.
6. Identify, specify and oversee implementation of incremental improvements and fixes to BAU modelling processes (including automation, controls and documentation), working with change teams where needed to enhance efficiency and reduce operational risk.
7. Produce and review clear working papers, controls evidence and management information summarising Prophet results, key movements and issues, and present findings to senior stakeholders as required.
8. Ensure adherence to relevant risk management, model governance, data governance and internal control frameworks across all BAU Prophet activities, including maintaining appropriate documentation, reconciliations and audit trails
What Experience will you have for the position:
• Extensive experience of life insurance actuarial modelling using Prophet or equivalent tools, including supporting valuation, capital, pricing and business planning for annuity and/or protection products.
• Strong understanding of life insurance valuation, capital and risk management under Solvency II / Solvency UK and IFRS17 reporting bases.
• Detailed understanding of the UK life insurance regulatory environment and how different reporting bases affect actuarial modelling and decision making.
• Proven ability to provide technical direction, challenge and review of models, assumptions, data and results, ensuring solutions are robust, well-governed and aligned with business objectives.
• Experience of managing model change and development projects, including planning, prioritisation, resourcing (onshore and offshore) and delivery under tight time pressure.
• Strong communication skills, able to explain complex and technical modelling issues clearly in writing and verbally to senior audiences and non-specialists as well as an ability to influence stakeholders to agree priorities and solutions.
• Ability to build and maintain effective relationships with senior stakeholders across Modelling & Production, Reporting & Analysis, Chief Actuary Team, Finance, Pricing, Risk, Investments and IT and offshore partners, operating both independently and as part of a wider team.
• Proven experience managing, developing and motivating a team of qualified actuaries, students and actuarial analysts, including performance management, workload prioritisation and on-the-job coaching.
• Experience of working with or overseeing offshore delivery teams, including defining work packages, quality standards and feedback mechanisms.
Qualifications
• Qualified Actuary (Fellow of the Institute and Faculty of Actuaries or equivalent) – essential.
• Demonstrable track record of experience in relevant actuarial modelling roles.
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular perso