Actuarial, Pricing and Risk

We provide pricing and products that meet our customers’ needs and protect the financial security of our business. Our people are the engine room that drives our success. And that’s why we invest in you, encourage your career development and support you to work towards your professional qualifications. So whatever your background or level of experience, whether you’re qualified or part qualified - if you’ve a passion for numbers, statistical modeling, programming or data science and want a challenging career in insurance (outside of London), then this is the perfect team to join.

Capital

We calculate the amount of funds required to cover extreme events that would adversely impact our solvency - for example, severe adverse investment returns or catastrophic claim events. A real mix of talent and experience, we include highly experienced actuaries, analysts at the beginning of their actuarial career and those with specialist skills such as model developers. As a result we can offer diverse development opportunities, whatever stage you’re at in your career.

Reserving

We calculate the amount of funds required to pay all claims relating to business already written. This includes notified claims, claims that have occurred, but the claims team is currently unaware of, and future claims relating to unexpired periods of risk. Again, we’re made up from a real mix of talent and experience, ranging from experienced actuaries, who’ve spent their entire career with Co-op Insurance to Actuarial Analysts and all levels of experience in-between.

Pricing

We’re responsible for working out the appropriate premium to charge for insurance cover. The technical areas calculate the premium required to cover expected claim costs and expenses. The retail area considers market and external influences on prices and determines the final amount to charge.

Risk

We make sure the business has adequate risk controls in place and help to validate the work of the other actuarial teams. We also help management in ensuring that risk remains within Board risk appetite.

Other areas that work closely with these teams are:

Underwriting

We’re responsible for the technical content of policy wordings and, along with Pricing, monitor the mix of business within each portfolio. We oversee footprint management across the channels, making sure that risks fit with the business risk appetite. We’re also responsible for Financial Crime management including application fraud monitoring.

Products

We look after product design and implementation.

Reinsurance

We organise and implement the placing of the business’s reinsurance arrangements and oversee the administration after placement.

We also have data management and data science roles in the wider team but you’ll find more information on this on our Insurance Technical section. 

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