Job Openings Head of Model Development

About the job Head of Model Development

Head of Model Development

Minimum Requirements:

  • Qualified Actuary (passed all subjects) and registered as a fellow Actuary. (Applicants who are not qualified actuaries but have more than 4 years of Valuations experience will also be considered.)
  • Advanced Prophet knowledge required.

Key Accountability: Perform complex actuarial production processes under limited supervision to support sound management of business performance and financial risk. Processes include:

  1. Actuarial Modelling Subject Matter Expert:

    • Utilize Prophet (conventional, unit-linked, and summary libraries) to ensure the accurate calculation of financial reporting metrics, including:
      • IFRS17: Fulfilment cashflows, risk adjustment, and contractual service margin.
      • Embedded value: Adjusted net worth, present value of future profits, and cost of capital.
      • SAM: Technical provisions and life non-market risk solvency capital requirements.
  2. Relationship Management with 3rd Party Prophet Software Provider:

    • Attend meetings with the 3rd party Prophet software provider.
    • Validate cloud usage reports to ensure billing is correct.
    • Optimize allocation of Prophet named user licenses and ownership of the Prophet application, including Prophet Managed Cloud Solution (PMCS).
    • Act as the first point of contact for internal colleagues regarding Prophet-related queries.
  3. Analytics and Financial Reporting Support:

    • Prepare analysis of surplus, analysis of embedded value, and analysis of basic own funds.
    • Produce management information for committee meetings.
  4. Quality Assurance Review:

    • Perform 1st line Quality Assurance to ensure accuracy of model outputs for sound business decision-making and maintain a robust control environment.
  5. Model Governance:

    • Ensure that model change documents are sufficiently detailed so that the model change process can be reviewed and signed off by internal and external stakeholders.
  6. People Management Responsibilities:

    • Support talent development and business resilience, with potential direct reports (1 to 2 direct reports).

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