Senior Consultant, Actuarial Services

Company Description
Supporting millions of Aussies since 1988 with low fees and competitive long-term performance. Profits back to members, not shareholders
Closing date: 15th March 2024
Please note Rest does not accept speculative resumes from recruitment agencies
Job Description
About Us
Established in 1988, Rest is one of Australia’s largest profit-to-member superannuation funds.
We support nearly two million members, with around $75 billion of funds under management and are recognised as a responsible investment leader*. We believe when members understand and engage with their super, they’re more likely to get a better retirement outcome.
Everything we do at Rest is underpinned by our values and behaviours, we want to Be Daring, Keep it Simple, Take Action and Have Grit. To put it simply we want our people to thrive and love the work they do.
About the Job
The responsibility of this role is to support the Senior Manager, Actuarial Services and General Manager, Actuarial Services in carrying out actuarial valuations, business planning, advice and insights to drive intelligent, commercial outcomes for Rest’s Insurance Group. Reporting to the Senior Manager or General Manager, Actuarial Services this role will support the provision of strategic analytical advice and support relating to negotiations and decision making in the group insurance pricing under the Premium Adjustment Model (i.e. profit-sharing group insurance), Insurance Reserve monitoring and forecasting.

• Overall responsibility for supporting financial management of the insurance premium costs and insurance reserving. You will be responsible for analyzing and interpreting financial data related to insurance premiums and reserves, as well as identifying trends and opportunities for improvement.
• Supporting the Premium Adjustment Model process. Prepare independent loss ratio analysis, validate insurer’s loss ratio assumptions, methodology, negotiate with insurer on forward adjustments for best estimate pricing and review annual APA calculations on an annual basis.
• Quarterly loss ratio reporting. The results are presented at Product Impact Forum (PIF) to Rest senior leaders.
• Monitoring insurance reserving including forecasting balances based on prevailing claims and premium experience. The results are presented at Product Impact Forum (PIF) to Rest senior leaders.
• Monitoring and reviewing group insurance pricing assumptions, actual claims expense and premiums
• Data analytics using database including R and/or SQL
• Developing trend analysis for claims expenses and premium based on prior experience
• Developing appropriate monitoring and reporting framework for financial aspects of groups insurance expense
• Assisting with members best financial interest analysis for insurance expenditure
• Support decision making on insurance premium pricing and terms with Groups external insurer including for corporate tenders
• Assess and review exposure under the Premium Adjustment Model adopted by the Group. As a responsible and accountable member of the team, your role would involve not only conducting assessments and reviews under the Premium Adjustment Model, but also providing recommendations for any necessary adjustments to be made based on your findings. You would be expected to communicate these recommendations clearly to relevant stakeholders, and work collaboratively with others to ensure that any necessary actions are taken in a timely and effective manner. Ultimately, the outcome of your assessment and review would have a significant impact on the overall financial performance of the Group,
• Build strong working relations with key internal and external stakeholders to ensure business objectives are met.

Qualifications
About You:

• Tertiary qualifications in Actuarial Science, Mathematics, Statistics or other relevant fields

Required experience, understanding or credentials including:

• Demonstrated actuarial experience in group life insurance.
• Actuary (AIAA or equivalent)
• Strong knowledge in life insurance pricing, policy liability or capital valuation models are highly regarded.
• Expert in analyzing financial metrics & data and usage of database software tools including R and SQL.

Additional Information
Benefits
Our benefits have been designed so you can tailor your experience with us and include:

• Personal and professional development opportunities
• Flexible, hybrid working – work to suit your lifestyle (must be based in Australia)
• Purchase leave scheme and gender neutral 16 weeks paid parental leave
• Super Contribution Continuation for 12 Months of parental leave
• Meeting free breaks (Rest Stops)
• Income Protection Insurance
• Rest Excellence awards (peer recognition awards based on Rest’s values and behaviours)

If you share our values, believe you can help make a difference for our members and want to be part of a leading superannuation fund with a Super culture, please click Apply Now.
Rest is committed to creating a flexible work environment and culture that embraces diversity, equity, and inclusion - where people feel welcome, safe to be themselves and inspired to do their best.
We value the different backgrounds, lived experiences and abilities our diverse team brings. We welcome and encourage applications from candidates of all ages, cultural backgrounds, faiths, gender identities, sexual orientations and thinking styles. This includes people with disability, neurodiverse individuals, Aboriginal & Torres Strait Islander peoples and those with disrupted work history due to career or other breaks.
Please note only people with the right to work in Australia will be considered.
*Funds under management as at 30 June 2023. Rest is recognised as a by the Responsible Investment Association Australia (RIAA) in its Responsible Investment Benchmark Report 2022.
Rest will review applications prior to the closing date and may close the role earlier