Actuarial Internship - London 2024

Actuaries are experts in risk management, using mathematical skills to measure the probability and risk of future events to look at the financial impact it may have on Hiscox and our clients. The primary purpose of the Group Actuarial function is to ensure the solvency of the Hiscox legal entities across the globe and provide opinions on the reserves to the various boards as well as Lloyd’s of London. The function is involved in recommending reserves to be booked, calculating Capital requirements, reporting to regulators and auditors and providing actionable insights to our businesses. As a specialist insurer, the work of the function is unique, interesting and varied, with a flatter hierarchy meaning you will interact and collaborate with the senior management team from the start of the programme.  

As an Actuarial Intern, you will be placed in either our Group Capital Management Operations or Group Reserving team: 

Group Capital Management Operations

In Capital Management, the team look at how much risk we are taking across different parts of the business and ensure we deploy our capital as efficiently as possible. While the modelling can be quite complicated, the nature of the work provides a broad perspective on how the business operates. Embedded within the function is our Operations team which are involved in developing our capital model and ensuring the function’s processes, controls, resourcing and planning are carried out effectively. The team works seamlessly with the wider Capital Management, Reserving and Pricing functions to provide technical and operational support, playing a key part in facilitating the function’s overall success.

Group Reserving

Reserves are funds held to provision for future liabilities (claims). They fall under liabilities on a balance sheet. We need these funds to meet future claims payments, meet statutory requirements and demonstrate financial strength. We are developing our Reserving function to help drive, influence and embed models and processes across finance and reserving to ensure we are the leading Actuarial Function in the market. The centralised team works across all of Hiscox’s extensive and varied portfolios, with the organisation operating three Syndicates at Lloyd’s, a Bermudian reinsurance & ILS carrier and rapidly expanding commercial and retail carriers in the UK, US, Europe and Asia. 

As an Actuarial Intern you can expect to

• Develop your technical and interpersonal skills as you liaise with a variety of team members across different levels to support core processes and continuous improvement
• Be involved in project work where you will learn key insights and provide meaningful conclusions to drive the business forward
• Have the opportunity to build a network across the broader Actuarial team and understand the different roles and work within the function
• Gain exposure to key technical models, data and reporting, developing an understanding of the various elements of the Actuarial function
• Receive on-the-job training as well as structured training sessions as an intern cohort where you will develop an understanding of our business and the industry we operate in
• Carry out a group intern research project on a key area of the business, presenting your recommendations to a panel of senior stakeholders at the end of the programme
• Receive support from the start, beginning with an induction day to welcome you into the business, as well as regular support with your line manager, dedicated ‘buddy’, and check-ins with the Early Careers team to talk through your development and internship experience

Working in the Actuarial function, you can expect to be in the office approximately 3-4 days per week, although you are welcome to come into the office more frequently if you would like.

Is this opportunity for you?

• Are you ambitious and motivated with the desire to stretch yourself out of your comfort zone and propose innovative solutions?
• Do you have a high level of numeric competence?
• Are you analytical, organised, and meticulous with a systematic thinking style?
• Do you have excellent communication skills with the ability to articulate complex concepts to non-technical audiences?
• Do you have strong interpersonal skills with the ability to contribute to both individual and team goals?
• Are you curious with a desire to learn, absorb and understand new information and concepts?

Requirements

• Currently studying for an Undergraduate or Postgraduate degree to be received in 2025 (2:1 minimum predicted) in a numerate degree discipline (Maths, Statistics, Actuarial Science, Computer Science, Physics, or similar) (UK or international equivalent)
• Fluent business English, numerate, strong interpersonal skills
• Permission to work in the UK

The internship will take place from 1st July - 23rd August 2024.

The salary for our internship programme is £25,000 per annum.

The closing date for applications is Monday 26th February 2024 at 09:00 AM UK time. Applications will be reviewed and progressed in order of submission date, and opportunities may close early if we receive a high volume of applicants. Therefore, we recommend that you apply as soon as possible. 

If the opportunity you initially apply for is filled, we will endeavour to consider your application for any other remaining opportunities.