Who are we?
In AGCS Actuarial we are about 60 people of close to 20 different nationalities working in offices across Europe and the United States of America. We are part of the finance department and our Chief Actuary reports to the Chief Financial Officer of AGCS. Most of us are actuaries, or studying to become one, but statisticians and IT experts are the right individuals for some roles in the team.
The career of an actuary in AGCS can take many directions: All across AGCS is the unique combination of technical skills and business understanding, which the actuary has built up over time, recognized as attractive. Many successful careers within a large number of different departments have started out from AGCS Actuarial.
The international structure of AGCS offers great opportunities for an international career experiencing a number of the vastly different insurance markets across the globe. The wide variety of risks insured by AGCS gives scope for a broad experience base.
What are we responsible for?
At a high level the actuarial department has an external role related to the regulatory safeguarding of our clients and an internal role taking part in securing the ongoing profitability of the company. The regulatory role is central to the public regulation of the insurance industry – so central that the actuarial function has been classified as a “key function” in the European regulatory framework commonly known as Solvency II.
Our main responsibility is to estimate and recommend to the Board of Management which amount of money to set aside as a reserve for claims that, according to the insurance agreement, have already happened – some of which we do not even know about yet.
Our many other responsibilities include providing an actuarial opinion on the business plan, advising on which business segments look promising for growth and which might have issues that need to be addressed. We also advise on how AGCS best can reinsure itself against very large losses such as losses originating from natural catastrophes. We are responsible for part of the internal risk capital model, approved by the regulator, which determines how much capital is required for AGCS to support its activities. And, we help make decisions on the right prices to charge for our products through advanced statistical analysis of the recent history.
As the AGCS global business evolves, actuaries are involved in a large number of exciting projects and initiatives together with colleagues from the other Finance departments but also underwriters, IT specialists and other experts throughout AGCS.
What do we do?
Central to all our work is the continuous analysis of the various parts of our business. We analyze the loss experience in relation to our premium income, enabling us to estimate the expected level of future claims and other key statistics important for running the business – all using mathematical and statistical methods.
The results of our work are communicated to our business partners including senior and board-level management, and the advice we give has a direct and profound influence on the running and profitability of the company.
If you are interested in pursuing an actuarial career and joining our international team, you can view open positions here.