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Please Note: The application deadline for this job has now passed.

Job Introduction

MPS are seeking a qualified non-life insurance Actuary.

You will primarily be responsible for delivering the provisions for use in the company accounts and communicating the risks and uncertainty in the provisions to senior management.

The reserving process is annual which means there is a lot of opportunity to become involved in capital modelling and to contribute to strategic projects.

Role Responsibility

  • Deliver the annual valuation of MPS provisions for use in company accounts including:
    • Delivering an Actuarial Reserve Report explaining results, key movements and key assumptions
    • Perform stress and scenario tests as appropriate for the work.
    • Communication of results, key assumptions and uncertainties to relevant committees
    • Compliance with all appropriate governance (in particular, the Actuarial Reserving Policy and Technical Actuarial Standards)
    • Any additional supporting analysis including claims inflation, large claims, claim trends, comparison to external benchmarks
  • Take the lead on the reserving element of any MPS projects
  • Perform reserve risk parameterisation for capital modelling annually with appropriate supporting documentation and validation
  • Work with actuarial colleagues to deliver the annual capital model update and to continually improve the capital model including parameterisation and validation. The level of involvement will depend on resourcing needs and the role holder’s interests.
  • Ensure that the quality of data used in the actuarial processes is of the highest standard and reconciles to source data from the data warehouse.
  • Stay abreast of best practice to ensure that all actuarial work is of the highest standard and improve the use and understanding of actuarial analysis within MPS.
  • Undertaking other duties and tasks that from time to time may be allocated to the role holder that are appropriate to the level or role.

The Ideal Candidate

  • Fellow of the Institute and Faculty of Actuaries (or equivalent)
  • Extensive experience in a non-life insurance actuarial environment
  • Reserving expert with experience of delivering reserve reviews for significant long-tailed lines of business from data extraction to communicating results to senior management
  • Capital modelling experience
  • Enthusiastic about training junior staff members
  • Able to manage their own workload as well as that of the junior staff members

Due to the urgency of this role we may commence the interview process prior to the closing date, if you are interested in this opportunity then please submit your application as soon as possible.

Package Description

  • 12% company pension contribution (plus 3% from the individual)
  • Annual bonus scheme up to 15% 
  • Private Medical Insurance
  • Health Care Cash Plan
  • 30 days annual leave, plus bank holidays

About the Company

Medical Protection Society (MPS) is the world’s leading protection organisation for doctors, dentists and healthcare professionals. We protect and support the professional interests of more than 300,000 members around the world, in countries as diverse as the United Kingdom, South Africa and Hong Kong.

We strive to be much more than a last line of defence by being at our members’ side at every step, offering support, advice and world-class defence. Membership provides access to expert advice and support together with the right to request indemnity for complaints or claims arising from professional practice.

We continue to invest in our team to ensure that we are delivering the best possible service for members. This was recognised in 2016 when we were awarded an Investors in People Silver award.

Medical Protection Society

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