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Capital Model Validation Analyst - Risk Actuary

Req ID:
Bromley; Birmingham; Glasgow; Bristol; London

We are Direct Line Group – home to some of the country's best-known brands including Direct Line, Churchill, Privilege, Greenflag, and NIG. Our vision is to create a world where insurance is personal, inclusive, and a force for good, and our purpose is to help people carry on with their lives- giving them peace of mind now and in the future.

To help us deliver on our vision and purpose, we're transforming our systems, products, and services, and positioning ourselves as a challenger brand that disrupts the market and innovates for the future. We're already award-winning across several of our brands, but we want to continue this evolution to be a forward-thinking technology and data company. Aligned to this wider business transformation, the Risk & Compliance function is reviewing its practices to ensure that we continue to effectively deliver on our responsibilities, while considering new ways of working and ensuring we are positioned for success in a data and technology enabled future.

Since the start of 2022, the Risk & Compliance function has embarked on a 2 year transformation journey with the aim to reposition and rebrand Risk through a re-energised vision and leadership team, as well as scaled up capabilities through investment in our people and in technology. We are on a journey to make DLG Risk Positive and our team a Force for Good core to achieving DLG's strategic goals. Our journey covers people, culture, frameworks and processes and technology.

We are looking for people to join us who are excited by the challenge of becoming a cutting-edge Risk function, and as a result we have an exciting opportunity to join the team as a Risk Actuary, focused on the group's Capital position.

What you'll be doing:

Reporting into the Head of Validation, you will undertake the ongoing technical independent validation of the Internal Economic Capital Model (IECM), with a primary focus on reviewing and performing the technical test elements and coordinating the delivery of primary validation testing, as part of DLG's continuing compliance with Solvency II.

Our Model Validation Team has an objective to bring more of the validation activity currently outsourced, in-house and putting processes in place which will improve efficiencies. And this role will be imperative to achieving this!

What else will you do?

  • Supporting the Validation Framework planning, leading on and performing deep dive reviews into models and reporting findings to the Model Validation Team, leading on model change testing and parameter selection reasonableness checks

  • Risk oversight reviews of Solvency II reporting, capital management, investment activity, and pricing

  • Produce and share regular external and internal market reporting and commentary on DLG risks

  • Build and maintain effective relationships across different teams (wider Risk and Compliance, Actuarial, and Investment and Capital Management/Treasury)

What we're looking for:

  • Nearly or newly qualified actuary (or similar) with technical experience in Capital, Reserving or Pricing

  • Good understanding of market risk and asset liability management

Hours: 35 hours (Monday - Friday)

Home Working: Hybrid model with a virtual-first approach which means you would primarily work from home. The team currently meet 1 day a week in the Bromley (BR1 1DP) office. As long as you live a commutable distance from one of our offices in Leeds, Birmingham, Bristol, Bromley, or Glasgow and understand you might need to travel into Bromley upto 1x a week, that's great. We'll support you as best as we can! And, we're moving to London Bridge next summer, so there's that to look forward to as well!

Ways of Working

Our mixed model way of working offers a 'best of both worlds' approach combining the best parts of home and office-working, offering flexibility for everyone. How much you'll be in the office depends on your role, and we'll consider the flexible working options that work best for you.

Read our flexible working approach here.


We recognise we wouldn't be where we are today without our colleagues, that's why we offer excellent benefits designed to suit your lifestyle:

  • Generous 9% employer pension. Regardless of whether you contribute into your pension or not, DLG pay 9% into your pension (but you can take this as cash if you want!)

  • Eligibility for annual performance bonus of up to 10%

  • 50% off home, motor and pet insurance

  • Free travel insurance and Green Flag breakdown cover

  • Electric Vehicle car scheme which allows all colleagues to lease a brand new electric or plug-in hybrid car in a tax efficient way

  • Generous holidays, starting at 25 days and going up to 28 days per year. Plus, the option of buying or selling upto 5 days each year!

  • Buy-as-you-earn share scheme

  • Employee discounts and cashback

Being yourself

Direct Line Group is an equal opportunity employer, and we think diversity of background and thinking is a big strength in our people. We're delighted to feature as one of the UK's Top 50 Inclusive Employers and are committed to making our business an inclusive place to work, where everyone can be themselves and succeed in their careers.

We know you're more than a CV, and the things that make you, you, are what bring potential to our business. We recognise and embrace people that work in different ways so if you need any adjustments to our recruitment process, please speak to the recruitment team who will be happy to support you.



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