This role manages Discovery Insure's capital function, including the ORSA, annual budget and multi-year financial projections, balance sheet and capital management, regulatory solvency reporting, and the ongoing development of the internal economic capital model. It provides actuarial insight into capital efficiency, dividend planning, reinsurance, investment strategy and risk-based decision-making, working closely with senior stakeholders and representing the capital function in governance forums.
The role suits an ambitious qualified or nearly qualified Actuary who is motivated to shape the future direction of the capital function, with broad exposure across Corporate Actuarial.
Areas of responsibility may include but are not limited to:
Corporate Actuarial - Capital Function:
Lead the annual budget and reforecast process, including multi-year projections of the IFRS income statement, SAM balance sheet, own funds and SCR cover, and explain the key drivers of movements between cycles.
Develop and maintain the Discovery Insure Capital Plan and support balance sheet management, including dividend capacity, capital buffers relative to risk appetite, and capital actions, in alignment with Group capital planning and the broader business strategy.
Lead the annual ORSA process, including the design of stress and scenario tests, monitoring against risk appetite, and preparation of the ORSA report.
Develop, calibrate and maintain the internal economic capital model, including methodology, risk calibrations, aggregation and validation, and its reconciliation to the SAM standard formula SCR.
Manage the delivery of quarterly and annual regulatory solvency submissions and support engagement with the Prudential Authority.
Monitor, interpret and lead the implementation of new and emerging regulatory requirements, ensuring timely and compliant adoption.
Support reinsurance optimisation, including capital efficiency assessments, structural analysis and the annual reinsurance renewal.
Provide capital and risk input into the investment strategy.
Drive and deliver strategic actuarial projects and ad hoc investigations that support business performance, capital efficiency and shareholder value.
Prepare, review and present capital-related papers to the Actuarial Committee and deliver high-impact presentations to the Board and EXCO.
Ensure robust documentation, governance and ongoing enhancement of capital methodologies, models and processes, including automation initiatives.
Stakeholder Engagement:
Manage the relationship with the Head of Actuarial Function (HAF), coordinate capital-related reviews and deliverables, and ensure that findings and recommendations are appropriately addressed.
Manage the external audit engagement for the capital function, including the coordination of information requests, resolution of findings and timely delivery of agreed actions.
Collaborate with Finance, Group Risk, Pricing, Reserving, Reinsurance, Claims, Investments, Legal, Business Intelligence, Underwriting and Operations to align data, assumptions, methodologies and governance across the capital, ORSA and financial projection processes.
Provide capital and actuarial insight to support strategic decision-making, product development and growth initiatives.
Manage relationships with Internal Audit, the Prudential Authority and other governance stakeholders.
People Leadership:
Manage, mentor and develop team members, providing clear objectives, regular feedback and appropriate development opportunities.
Oversee the quality and timely delivery of the team's work, promoting effective collaboration, continuous improvement and a high-performance actuarial culture.
Knowledge and Skills:
Advanced SAM Solvency Capital Modelling
ORSA Experience, including Stress and Scenario Testing
Internal / Economic Capital Modelling
Financial Projection and Balance Sheet Modelling (IFRS and SAM)