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Head of Reserving

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

Job Introduction

When you join Saga we welcome you with open arms and we fuel your career possibilities. We support. We encourage. We champion you to reach your full potential

This role is an important leadership role within the Actuarial team who strive to facilitate, to help and support AICL function of the business and reports directly to the CEO of AICL.

This is a role which will see you mentor and develop the team, calculate and present quarterly and year-end reports to the relevant committees, interact regularly with the regulator and work to ensure that reserving models continue to appropriately reflect the business and meet regulatory requirements.

You will bring with you a wealth of experience and knowledge of the UK personal lines insurance market and expertise in reserving practices and Solvency II. You will have great communication skills and the desire to mentor and develop those around you.

And in return, you can look forward to all of the responsibility and involvement of an integral role, providing you with a rewarding and fast paced career with an excellent benefits package including life assurance, pension, high street and online discounts, and concessions for holidays and travel.

Role Responsibility

  • Calculation of quarterly and year-end Reserves and Solvency II Technical Provisions (including IBNR, bad debt analyses, expense and cash flow projections, ENIDs and risk margins).
  • Presentation of the above to relevant AICL committees.
  • Hold the role of AICL Actuarial Function holder.
  • Provide the required reports on Reserves, Technical Provisions and Actuarial Function.
  • Ad-hoc segmental analysis to support and enhance the quarterly reserve review.
  • Maintaining, monitoring and developing effective MI and analysis using AICL’s granular and varied data sources. 
  • Enhancing analytics between actuarial and claims to drive insight and shareholder value within the operations.
  • Enhance communication and collaboration with AICL underwriting, claims and finance departments and other AICL business partners.
  • Interaction with Senior Management and relevant functions to ensure that the reserving models continue to appropriately reflect the business and meet regulatory requirements.
  • Interaction with regulators to ensure timely and accurate delivery of regulatory requirements.
  • As appropriate provide additional support to AICL BAU and project work.
  • Application of the Actuarial Standards as set out by BAS.
  • Mentoring and coaching of the actuarial team
  • Working to develop a deep understanding of Saga culture and reinforcing the messages within the team and during interactions with other business functions.
  • Actively assist in the ongoing review of business risks, the monitoring and development of controls including ensuring knowledge is shared throughout the business and covered in AICL’s policies and procedures.  
  • Working with the finance team to include business planning and forecasting.

The Ideal Candidate

Key Competencies:

  • Expert in reserving practises and Solvency II
  • In-depth knowledge of the UK personal lines insurance market
  • Strong analytical skills
  • Ability to prioritise workloads and objectives
  • Ability to produce accurate, high-quality work within agreed timescales
  • Ability to interlink reserving, reserve margin, capital and cash flow requirements of a UK insurance company to provide commercial insight into the operation of the business

Special Skills:

  • Strong IT skills (particularly Excel, SQL and reserving/Solvency II software)
  • Communication and influencing skills
  • People skills and employee engagement
  • Strategic perspective

Experience Required:

  • Demonstrable competence in a reserving and Solvency II insurance environment.

General Qualifications:

  • Degree calibre or equivalent
  • Technical Qualifications
  • FIA or FFA qualified or similar relevant experience.

Package Description

The standard benefits when you join Saga include:

  • Option to purchase a further 5 days annual leave per year
  • Free private medical insurance after 1 years service
  • Pension
  • AXA Be Supported
  • Apples Nursery (Folkestone only and on a waiting list basis)
  • Free fruit 
  • Give as you earn
  • Free eye tests
  • Honeymoon benefit
  • Sharebuy
  • Salary finance
  • Discounts on Saga holidays and insurance products
  • A range of reductions and offers from leading retailers, travel groups and entertainment companies
  • Long service awards

About the Company

When you join Saga you will see that we are committed to treating all employees fairly and to offering equal opportunities in all aspects of employment and advancement. 

We value diversity not just because it is the right thing to do, but because diverse teams perform better. Creating a culture in which everyone feels welcome and offering equal opportunities in all aspects of employment and advancement is incredibly important to us. Fair consideration is given to applications from all applicants, including those with disabilities. If you need support at any point with your application please let us know as we will be happy to help.

Learn more about the Saga business by watching our Saga plc Interim results for the six months ended 31st July 2018




To all recruitment agencies: Saga does not accept agency CVs unless specifically engaged on the role by the HR Recruitment Team. Please do not forward CVs to our recruiters, employees or any other company location. Saga is not responsible for any fees related to unsolicited CVs.


Saga Group

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