Actuarial Consulting – General Insurance Summer Internship
Introduction to the Stream
Aon's Actuarial & Analytics (A&A) Team provides tailored consulting solutions to clients across the insurance and banking industries. Our clients include multinational corporations, banks, captive insurers, and insurance and reinsurance companies in the UK, Europe and across the world. The A&A Team works with the wider Aon network of brokers and captive managers to provide a broad range of products and services to Aon's diverse client base.
We utilise our broad skill set and market experience to help our clients implement effective risk management approaches to operate efficiently in the increasingly sophisticated and dynamic global market.
The team in London consists of around 20 consultants, with many of them starting in the team as graduates. The team comes from a range of diverse backgrounds, including areas such as mathematics, engineering, physics, banking and actuarial science, from universities both in the UK and abroad.
You will work in small project teams to deliver a wide range of actuarial and analytical solutions to Aon's global client base; quickly gaining the knowledge and expertise to manage your own portfolio of projects.
From day one, you will be given responsibility on projects, assisting more senior members of the team on a range of areas. It is likely that you will be involved in projects from all product areas during your first few years at Aon. There will also be plenty of scope to specialise when you are ready.
The main services we offer our clients are:
We help our clients quantify how much money they need to hold aside to finance the liabilities arising from insurance policies they have written. Future unknown losses on existing policies are forecast using historic loss experience and actuarial judgment and assumptions. We also assess the volatility of these reserves, which influences the amount of capital that companies are required to hold to ensure their continued solvency.
Pricing/Insurance Programme Optimisation
We help companies understand the degree of risk in their reinsurance programmes by using historic claims data, industry data and exposure information to estimate the potential cost and volatility of claims arising under future policies. We can then estimate premiums to charge and advise clients on the optimal reinsurance programme to maximise their expected return, based on their risk appetite.
Solvency II is a key driver of general insurance work in 2016 and beyond. We have developed a bespoke tool to determine regulatory solvency capital calculations and our work involves carrying out these assessments, as well as providing advice on regulatory guidance such as data quality, model governance, reporting and documentation. We will also perform the role of Actuarial Function holder for a number of clients, a role that is defined as a Key Function of an organisation under Solvency II.
Capital modelling involves analysing all the financial risks that a reinsurance company may face, from both an economic and regulatory perspective. We use this to calculate the capital required to ensure a company's solvency in the ‘worst-case' scenario. We provide services in model build, validation, management and improving model efficiency.
Our technical training
As we are a multi-disciplinary team, you will follow a balanced training programme that covers all of our product offerings. We have a range of training programmes in place, from an introduction to our services during your first week as a graduate, to softer skills development in client management and sales skills later in your career. Our training plan has been designed to gradually build up your technical knowledge in each area as you gain further experience in the team.
You will also receive training and guidance in a range of modelling software. In particular, we use ReMetrica, a capital modelling software package that has been developed by Aon. No previous programming experience is required as you will learn on the job, but it may help in your first few projects.
We are committed to giving you the support you need to develop your skills and take your career to the highest levels. For new starters, we will fully support your study towards qualification as a Fellow of the Institute of Actuaries – professional study materials, tailored tutorials and study days will all help you pass your exams. You will also be allocated a buddy who's recently been in your position and a line manager to give advice and guidance throughout the year.
To apply for our Actuarial Consulting – General Insurance summer internship, you will need strong analytical skills and the drive to deliver excellent work to our clients. You will be a penultimate year undergraduate student or beyond and be predicted at least a 2.1 or equivalent; an ‘A' or above in Maths A-level, or equivalent; and a minimum of 340 UCAS points at from you top 3 A-level’s (excluding General Studies), or equivalent.
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