Job Introduction

The purpose of the role is to calculate the provisions for use in the company accounts and communicate the risks and uncertainty in the provisions to Actuarial Reserving Manager. 

Role Responsibility

We are seeking a contractor to deliver the annual valuation of MPS provisions for use in company accounts including all necessary reporting and additional analysis. The successful candidate will be required to:

• For classes assigned, deliver sections of the Actuarial Reserve Report explaining results, key movements and key assumptions
• Perform stress and scenario tests as appropriate for the work
• Ensure compliance with all appropriate governance (in particular, the Actuarial Reserving Policy and Technical Actuarial Standards) 
• Carry out any additional supporting analysis including claims inflation, large claims, claim trends, comparison to external benchmarks 
• 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
• Provide technical thought leadership to the Actuarial team in reserving, identifying process improvement opportunities and supporting up-skilling that enhances departmental resilience 
• Ensure appropriate controls are performed and documented to manage reserve risk and the risk within the reserving process 
• Implement important process improvement opportunities identified during the reserving process (post reserving process)  

The Ideal Candidate

The successful candidate will be able to demonstrate the following credentials:

• Fellow of the Institute and Faculty of Actuaries or equivalent 

• Expert knowledge of Reserving 

• Delivering reserve reviews for significant long-tailed lines of business to prescribed timescales 

• Actuarial report writing 

• Experience of training junior staff members 

• Knowledge of Clinical Negligence would be an advantage.

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