Job Description

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).