Actuarial Analyst

22 Aug 2017
19 Sep 2017
Contract Type

QBE Insurance Group is one of the world's top 20 general insurance and reinsurance companies, with operations in all the key insurance markets. QBE is listed on the Australian Securities Exchange and is headquartered in Sydney. We employ more than 17,000 people in 43 countries.

Our underlying business strategy is to maintain operations in the key global insurance markets and, where possible, to be a lead underwriter for selected lines of business.

QBE's strategy of diversification by product and geographical exposure is fundamental to managing our insurance and reinsurance risks and has been a vital ingredient in the Group's success. We have developed a unique QBE culture which is based on six core values and effective risk management practices and controls.

We aim to grow the business through our existing extensive networks and acquisitions of insurance businesses, portfolios and teams of underwriters that meet our stringent criteria for minimum return on equity and EPS accretion in the first year of acquisition. QBE Group has successfully delivered more than 135 acquisitions since our first acquisition in 1982 and has grown substantially over the last 10 years. QBE's gross written premium was US$17.9 billion in 2013.
This is an actuarial analyst role working mainly within a reserving team in QBE's central Actuarial department, which is a respected and experienced team with strong links to other areas of the business. The department has significant involvement with reserving, business planning, portfolio analysis, commutations pricing and collaboration with pricing actuaries. This provides an excellent opportunity to work on interesting and unusual classes to gain specialist expertise working alongside a large group of experienced actuaries.

The Actuarial department maintains close working relationships with the Underwriting divisions, and Claims, Reinsurance and Finance in order gain a thorough understanding of the portfolios and their drivers of profitability. The successful candidate would be assisting the actuary responsible for portfolios of business and would work closely with other departments to maintain the appropriate knowledge.

The department strives for continuous improvement. We are supported by a dedicated combined in-house development team for database and system maintenance and development. This enables the reserving teams to spend less time processing data and more time on analytical thinking.
  • Producing reserve assessments for various classes of business using a wide range of actuarial techniques on a half-yearly basis
  • Creating models for bespoke reserving, portfolio analysis and monitoring
  • Communicating with stakeholders inside and outside the department, in particular with the Underwriting, Claims, Reinsurance and Finance teams, to gain and share knowledge and insights
  • Planning execution of reserving and other processes for assigned classes of business and to support the wider actuarial team in cross-department projects
  • Monitoring reserve assessments with interim analyses including actual vs expected, large loss reporting, business planning, and special projects
  • Reporting and verifying results within the business, to Group in Australia, to Lloyd's and external parties such as external actuaries and regulators
  • Learning and using software such as ResQ reserving software, Excel, Access, TM1 financial management and claims/reinsurance management systems, to produce efficient and higher quality output
  • Maintaining high standards of risk management including reconciliations, sense checks, clear audit trails
  • Self-development, including studying the actuarial examinations and attending Lunch and Learns and industry presentations, whilst developing general insurance knowledge and actuarial techniques.

Essential Requirements

General Insurance knowledge and experience is advantageous but this role may also suit a strong graduate who is prepared to work hard to accelerate their learning and development.

The key qualities sought are:
  • Excellent interpersonal skills: ability to build positive relationships within and external to the team
  • Strong analytical and creative problem solving skills
  • Enthusiasm and personal drive to continually achieve higher standards
  • Ability to learn quickly and grow knowledge of general insurance and actuarial reserving techniques
  • Adaptability to changing priorities and timescales
  • Commitment to succeed in actuarial examinations
  • Confident user of MS Excel spreadsheets

Number of Openings:

How to Apply:

To submit your application, click "Apply" and follow the step by step process.

Equal Employment Opportunity:

QBE is an equal opportunity employer and is required to comply with equal employment opportunity legislation in each jurisdiction it operates.