Pension Insurance Corporation ("PIC") provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.
PIC is recruiting for a Head of Origination Business Partnering, who will partner with Origination to ensure PIC's pricing is competitive, appropriate for PIC's balance sheet, in line with the business plan and reflects the underlying risks. You will work closely with the Risk team to support second line review of pricing, and support the end-to-end process of on-boarding new business by ensuring that relevant information is shared between teams, including balance sheet impacts, unusual features of potential deals, implications for downstream processes and review of performance against pricing metrics. You will also ensure liabilities and reinsurance in the MA portfolio are MA eligible, with any ineligible elements reflected through appropriate deal structuring.
Specific accountabilities assigned to the role of Head of Origination Business Partnering within the Capital, Insight and Actuarial department: Support and challenge New Business Pricing
- Develop a strong, detailed and deep knowledge of the company's New Business pricing methodology to support and challenge new proposals by the Origination team, highlighting key balance sheet impacts and known areas of prudence or optimism
- Perform model review (New Business Pricing Model) of any major development when required;
- Work with Origination and the relevant Heads of Assumptions and Internal Model Change to ensure PIC's pricing and reserving actuarial assumptions are consistent, highlighting the impact of any material difference to Senior Management
- Support Origination to develop clear Line 1 papers with compelling business cases highlighting key risks and mitigants to support decision making in committees
Support and develop New Business Structuring
- Provide ongoing technical support to Origination's deal leads regarding unusual/complex deal features and MA eligibility, proposing solutions for any eligibility;
- Work with Origination's Head of Funded Re to develop PIC's Funded Reinsurance strategy;
- Work with the Co-heads of Origination to develop PIC's other NB strategy and risk limits and frameworks where required.
- Act as an SME when reviewing proposed new business structures against the Solvency UK regulations and support the Head of Regulatory Affairs in explaining key features of PIC's new business transactions to the PRA
On-boarding of new deals
- Ensure timely sharing of information on prospective new BPA deals with other teams within PIC to facilitate smooth on-boarding of new deals, particularly ALM, Legal, Operations Reporting team and the Forecasting and Planning team
- Work with other members of the Business Partnering team to ensure cashflow matching for new business
Team management
- Lead and manage the Origination Business Partnering Team (2 direct reports), ensuring the team's activities are appropriately resourced with the correct knowledge and skillset to deliver the relevant and agreed outcomes for the function.
- Elevate talent to develop and enhance both technical and non-technical skills required to deliver a strong and purposeful Business Partnering team.
- Look to improve processes, ensure scalability and support other ad hoc initiatives across the business
DEI at PIC
At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we're proud of our progress, we recognise there's work ahead, and we remain dedicated to listening, learning and evolving together.
Experience:
- Proven, relevant post-qualified experience (Institute & Faculty of Actuaries or similar)
- Experience working in pensions or life insurance
Knowledge:
- Good technical knowledge of a UK life insurer's balance sheets (UK Solvency II, IFRS 17)
- Understanding of UK DB pensions and bulk annuities
- Established knowledge of actuarial pricing techniques • Understanding of relevant regulations including the Matching Adjustment
Skills:
- Strong communication skills and ability to build relationships to persuade and influence both directly and indirectly
- Ability to organise work to meet deadlines and commercial judgement
- Excellent numerical and analytical skills
- Ability to manage people and other resources effectively
In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.