Phoenix Group

Internal Model Actuary

Phoenix Group
Edinburgh / Shropshire, Telford / West Midlands, Birmingham
30 Sep 2022
14 Oct 2022
The Phoenix Group
Approved employers
Approved employer
Job role
Contract type
Full time
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As an Internal Model Actuary you will support the maintainenance and development of the internal model, engaging with a wide range of senior stakeholders to ensure the internal model adapts to the growing business needs. If you are a strong communicator, have experience of Solvency 2 internal models and want to play a leading role in the ongoing development of Phoenix's Internal Model then apply now.

Job Type: Permanent
Location: Birmingham/Telford/Preston/London/Edinburgh with hybrid and flexible working
Salary: Competitive plus bonus of 16% on target (up to 32%), 38 days holiday, pension, healthcare and flexible benefits

We're currently recruiting for an Internal Model Actuary to join our Capital Management team to support the Head of Internal Model by assisting the delivery of strategic developments and supporting the development and implementation of Internal Model improvements. The role will assist developments to Internal Model methodologies and ensure that methodologies continue to adapt with the growing business needs.

This is an excellent time to join Phoenix Group as you will have the opportunity to help drive the development of our Internal Model and broader capital management capabilities during a period of change and growth in a dynamic environment. Bringing your knowledge and experience, you will support key projects, enhance Internal Model methodologies and support the business as it continues to develop.

In your role, you will support the Head of Internal Model and Senior Internal Model Actuary to
- develop and maintain the methodologies for the Life companies which underpin the Phoenix Internal Model
- ensure that the methodology developments support and are aligned to the Group risk strategy
- assist with development and implementation of methodology changes that improve the capital efficiency of Phoenix's Internal Model

In your role, you will

- support the maintenance of the Phoenix Internal Model methodologies and frameworks and assist the development of Solvency II methodologies in support of the capital management strategy for the Life companies and Group.
- support Internal Model methodology changes in the delivery of Major Model Change applications and other key projects across the Group by acting as the Internal Model SME.
- monitor relevant emerging regulations and developments within the industry and to report to the business on the implications of developments as they emerge.
- perform methodology deep dives as the Phoenix business evolves and expands to identify the key areas of changes required for the Internal Model to continue to support the business.
- educate the business, and appropriate governance committees on Solvency II methodologies and the Internal Model.
- support the implementation of Internal Model methodology developments that improve the capital efficiency of Phoenix's Internal Model.
- lead small projects and minor methodology developments within the Internal Model team.

Key Responsibilities

- Lead, develop, coach and mentor actuarial trainees and analysts as required to maximise their contribution and ensure they are fairly rewarded.
- Contribute to the preparation of papers and reports for senior management and executives as required, with suitable supervision.
- Lead small scale projects or elements of large scale more complex (12 month plus duration) projects to support the business.
- Communicate effectively with a technical actuarial audience and simplify communications of technical issues to a non-technical audience.
- Continually look to enhance processes and procedures to deliver effective solutions for the business
- Maintaining up to date regulatory, business & professional knowledge in an environment of fast moving regulatory change.
- Communicating complex concepts and recommendations to multiple stakeholders across the business both in the UK and potentially globally.

What We're Looking For

- Solvency II experience either from roles in Financial Reporting, Actuarial Function or Independent Validation.
- Strong communication skills with the ability to simplify communications of technical issues to a non-technical audience.
- Ability to maintain regulatory, business & professional knowledge (including professional Actuarial Standards) in an environment of fast moving regulatory change.

- Knowledge of Solvency II methodologies that underpin Internal Models.
- Knowledge of Internal Model change processes.
- Some experience of managing small projects or processes.

What We Offer

Bring your 'whole self', skills and dedication to the Phoenix Group and we'll recognise your effort, support your development and help to drive your ambition. We'll ensure you're rewarded for your contribution with a competitive package that includes an attractive pension, annual bonus potential, private medical insurance, generous holiday entitlement, enhanced maternity and adoption leave and a range of other financial services and lifestyle flexible benefits.

Join us and you join a unique organisation. It's not just the 14 million policyholders we serve, or the £300 billion of assets we look after. Or that we're a FTSE 100 company that has been listed as one of the UK's Top Employers for nine years running. It's our talented, inclusive and diverse workforce that makes us a success. We offer flexible working opportunities ensuring we attract and retain the very best of talent. Find out about more about our people's stories, our values and our commitment to diversity.


About Us

Phoenix Group is a member of the FTSE 100 index and is the UK's largest long-term savings and retirement business. We specialise in the acquisition and management of Heritage life insurance and pension funds. We've businesses in the UK, Germany and Ireland and hold a broad range of both Heritage and Open products split across three key business segments: UK Heritage, UK Open and Europe. Our open business manufactures and underwrites new products and policies to support people saving for their future in areas such as workplace pensions and SIPPs, primary under the Standard Life brand. And we market corporate pension trustee services and manufacture products to be sold under other brands. Did you know Phoenix Life manufactures SunLife's market leading Guaranteed Over 50's plan? Find out more about Phoenix Group here.

We value diversity in our workforce and welcome enquiries from everyone.


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