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Head of P&C Reserving and Reporting, Western European Market

Job Title:

Head of P&C Reserving and Reporting, Western European Market

Division:

Actuarial

Location:

Madrid, Dublin or Lisbon

Reports to:

WEM Actuarial Leader/Chief Actuary

Job Summary

Lead the WEM P&C Reserving & Reporting team and provide a specialist Reserving and Reporting service to Liberty Seguros; advising on issues and making recommendations where appropriate. Embed Actuarial (Reserving) function at the core of sound decision making within WEM.

Key Tasks & Responsibilities

  • Lead the P&C (Non-life) Reserving & Reporting area for WEM, developing and delivering required business plans. Plan and manage team operations and resources in line with agreed performance targets, service standards, budgets and wider business and change objectives
  • Ensure appropriate people strategy is in place across all locations; to develop the capability and expertise of the people in the team and foster a strong process and customer culture.
  • Lead key elements of the regular review and analysis of non-life GAAP reserves for WEM and report the “Actuarial Central Estimate” to the WEM Reserve Committee, advising on issues and making strategic recommendations where appropriate.
  • Responsible for performing and/or reviewing the calculation of S2 technical provisions across WEM. Develop standardized approach and documentation to Technical Provisions. Ensure all technical guidance and best practices are adhered to in the calculation of Technical Provisions.
  • Responsible for co-ordination of Actuarial QRT & NST regulatory reporting.
  • Advise WEM Executive and Board on the level of reserves to set by making clear booking recommendations to the Reserving Committee. Exceed all local Reserving requirements and WEM Reserving Committee requests and work to ensure continued effective Governance of WEM reserves.
  • Provide business and market context to GRM West reserving team on the performance and reserve adequacy of the non-life reserves across WEM.
  • Implement and develop/ improve sound processes and policies to support the delivery of work to the highest standard across the team. Develop and maintain standards for Reserving work across WEM and ensure that processes and methodologies comply with local professional standards.
  • Lead strategic thought on existing and evolving Reserving & Reporting requirements, e.g. GAAP Reserving, Solvency II and IFRS 17, develop Reserving strategies in line with WEM business targets and Risk Appetite.
  • Regularly present to the LS Board Audit Committee and Board as required on matters relating to Reserving/ Solvency 2 TPs, flagging any issues related to Reserving/S2 TPs as required.
  • Build key internal and external stakeholder relationships and manage the integration of the department with others so as to deliver a better service to the business
  • Develop and lead key large-scale Actuarial projects across WEM including international group initiatives. Provide a senior escalation point for complex technical queries, ensuring effective and commercially sound resolution
  • Lead reserving analysis of P&C operating performance as part of the Forecasting and Plan process. Co-ordinate the support other actuarial and financial management activities as required, including capital planning and broader operational support to Finance and Claims.
  • Proactively research and evaluate the external market to identify risks and opportunities for the business, including appropriate tools and databases.
  • Work with Chief Actuary and control functions in LS to agree the optimal structure in which the Actuarial Function is framed, ensuring the objectiveness and independence are retained with respect to other key functions and operational areas.
  • Provide thought leadership and support on-going development of tools, functionality and databases to support the Reserving, Planning/ Forecast and ORSA processes. Support the technical side of the ORSA process for Liberty Seguros.
  • Report KPI/ KRI trends/ anticipated developments in reserving results to the Executive Risk Committee to support ongoing decision-making.
  • Assess and address data quality issues affecting the Actuarial team. Actively work to enhance data capabilities across WEM.
  • Develop and maintain appropriate documentation of key controls for Reserving Risk Policy and establish a robust LAP/SOX control framework.
  • Manage key internal and external stakeholder relationships and manage the integration of the department with others so as to deliver a better service to the business
  • Use the objective setting and performance evaluation processes to ensure employees understand the expectations, receive regular feedback, and are appropriately developed and rewarded. Ensure adherence to policies, procedures and objectives. Deal decisively with performance and/or conduct issues
  • Provide technical guidance on complex issues arising and as Subject Matter Expert input to evolving Reserving and Solvency II and regulatory reporting matters.
  • Support other actuarial and financial management activities as required, including Capital, Reinsurance and broader operational support to Finance, Risk and LIEH functions.
  • Monitor developments in Actuarial Reserving matters and research the external market to identify risks and opportunities for the business. Keep abreast of material developments in the Irish, Spanish and Portuguese markets which may impact the claim environment.

Qualifications

  • Actuarial Degree or Master’s Degree in a quantitative discipline.
  • Professional actuarial or other relevant professional qualifications.
  • Qualified Actuary, with 5-10 years post qualified experience in general insurance required.

Knowledge & Experience

  • Excellent knowledge of insurance operations and the procedures of Financial, Underwriting, Claims, Statistical, Information Technology, Legal and Sales departments;
  • Significant reserve modelling experience for all major lines of business;
  • Experience in structuring and modelling large-scale reserving projects; including stochastic reserving exercises. Develop high quality reporting templates and reserving tools to streamline reserving processes.
  • Must have excellent understanding of the Solvency II regulatory framework, particularly as it relates to S2 Technical Provisions and regulatory reporting in Ireland, Spain and Portugal.
  • Be an excellent influencer, with very strong analytical and innovative problem solving skills
  • Leader, with an appreciation of the need to ensure strong links are built and maintained with other business functions and areas.
  • Skilled in project and remote people management. Experience in multinational general insurance entities and European regulatory environment.
  • Previous experience of applying actuarial/statistical methods to wider business problems
  • Previous experience of leading a high-performing team within a broader Actuarial department and extensive commercial experience of European insurance market(s) an advantage
  • Strong IT skills with knowledge of GI actuarial modelling packages such as ResQ and/or Igloo an advantage. Stochastic modelling experience a distinct advantage.
  • Familiarity with operating within relevant departmental and company-wide procedures, policies and guidelines
  • Thorough and broad understanding of the business and general insurance industry
  • Sound understanding of the external environment and of modern actuarial skills, processes and techniques
  • Good working knowledge of professional actuarial standards and codes
  • Good understanding of project management disciplines an advantage
  • Strong English language skills (verbal and written) required. Excellent report writing and presentation skills
  • Experience working in a multi-cultural or cross-border organisation an advantage

Competencies

  • Motivated to deliver consistent high performance.
  • Excellent planning and organising skills, highly skilled at managing own workload and wider team objectives. Demonstrates urgency for achieving goals; quickly tackles and resolves issues, holds people accountable.
  • Inspires others to look at problems and processes in new ways; contributes ideas to improve operations.
  • Good leadership and interpersonal skills, works closely with other individuals / teams to achieve goals. Manages expectations effectively. Delegates effectively and appropriately.
  • Seeks to maximise the benefits of a team focussed organisation and supports collaboration
  • Skilled communicator presents a credible, commercially aware position so as to influence key stakeholders and the team.
  • Able to influence / negotiate with others to achieve solutions.
  • Able to collect, analyse and challenge technical information.
  • Distils complex quantitative and qualitative information into key facts and makes well-reasoned recommendations to management.
  • Demonstrates awareness of the broader business environment and the impact of external developments on practices.

 

Key Internal / External Relationships

External: Regulators, Peer Reviewers, Actuarial advisors and External auditors.

Internal: WEM Actuarial Leader, WEM Finance Leader, WEM Reporting Accountants, WEM Claims Management team, WEM Product Leader and management, WEM Actuarial colleagues in Capital and Life, GRM Actuarial staff and management in Boston. Board and Board Audit Committee.

Liberty Insurance is an Equal Opportunity Employer. 

If you would like to apply for any of the above positions please submit your CV to recruit@libertyinsurance.ie

Alternatively, if you require further information on this vacancy, please contact our
Human Resources Department on +353 (0)1 553 4060.