Secondment Opportunity - Internal Audit Actuary

United Kingdom - London - Leadenhall


Secondment Opportunity - Internal Audit Actuary
Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.
The insurance companies of Chubb serve multinational corporations, mid-size and small businesses with property and casualty insurance and services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and other specialty insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage.
With $150 billion in assets and $37 billion of gross written premiums in 2014* on a pro forma basis, Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Chubb’s parent company is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.

Role Purpose

This is a 2 year secondment with Internal Audit, the key focus of which is to bring actuarial insight into relevant Internal Audit projects across Chubb. In addition, this role will also support the independent validation of capital models which would entail working closely with Chubb’s Model Validation Unit, a unit which is separate to Internal Audit, but who are engaged by them to perform validation activities where required to do so.  

The postholder will play an integral part in assisting the Internal Audit leadership team to enhance and continually develop the assurance strategy and coverage over actuarial and model related activities across the Chubb group.  


With respect to model validation the postholder will be engaged in challenging and validating methodology, assumptions, and output of capital models used throughout Chubb. They will play a key role in identifying and testing core assumptions about diverse risks including premium risk, reserving risk, market risk, credit risk and their correlations, and evaluate these risks with reference to external regulatory frameworks including Solvency II and the Swiss Solvency Test. 

They will also be required to test the governance, processes and risks of modeling activities to help ensure models are stable and resilient to change over time. 

Key Responsibilities

1. Provide effective, high-quality, risk-based internal control assurance over Chubb’s actuarial and capital modelling functions. This includes contributing to the annual audit risk assessment, planning and budgeting processes associated with Actuarial and Capital Modelling processes.

2. Participate with management as an objective, professional, and respected business partner on control design and effectiveness to help meet business objectives. Primary relationship will include the Actuarial, and Capital Modelling functions at European and COG level.  

3. Manage multiple audits/ projects from conception to completion, operating within budgeted parameters, so assignments are completed in an efficient manner. The delivery of assigned portfolios of audit related projects (including model validation), and relevant SOX testing will be in accordance with departmental timing, budget and quality standards.  

4. Improve key competencies and technical skills of self through on-the-job training, coaching, and CPE so that business partners value our assistance in improving the control environment.

5. Play an active part in training and development of audit staff. This will include sharing and monitoring industry trends and best practices relating to the Actuarial and Capital Model functions across IA, as well as the development of assurance strategies within these areas.

6. Manage tracking and closeout of relevant audit issues.

7. Contribute to reporting to audit committees and other stakeholders, and represent the department at selected governance forums as required.

8. Contribute to global departmental administrative and development initiatives


This position requires agility to investigate diverse risk areas, sourcing and processing lots of internal and external reference data and using actuarial knowledge and experience to identify and challenge methods and assumptions. You will develop capabilities in many different areas, including written communications & presentation as well as core actuarial knowledge.

This position is open to candidates with the stated or similar qualifications, and / or equivalent expertise, with a strong enthusiasm for the intellectual and business opportunities that validation provides. 

Experience in general actuarial fields is highly relevant, especially insurance risk capital modeling, volatility estimation, and any experience working with market risk or credit risk in addition to insurance risk. 


The position relies heavily on the excellent communication skills of team members, including multiple time zones. These must include effective communication in conference call meetings, and ability to write clearly and without clutter about complex technical topics, in both report and presentation formats.  Our team members have great visibility, taking responsibility and credit for their work to the maximum extent possible with internal and occasionally external audiences. Coaching on communications techniques and style is part of the work plan, but the core ability and enthusiasm for communication is a key required characteristic for the role.


Degree in mathematics, actuarial science, finance, engineering or similar discipline, with emphasis on actuarial science.

Fellow or Associate Actuary, CFA path, or similar professional qualification with relevant experience.

Lateral thinker, solving problems by analogy with parallel situations or fields of study.

Clear and confident communicator, with empathy and the ability to listen.  

A data science mind-set, with qualifications and / or experience, is an advantage.

Confident user of technology solutions that we have in place to facilitate online meetings, taking notes in real time, and organizing our own work without face to face supervision.

English (fluent) both spoken and written is essential

Work Location: London - Leadenhall
Job Function: Internal Audit
Employment Type: Fixed Term Contractor (FTC)

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