General information

Job Title
Head of Reserving
Ref #
9307
Location
Reigate
Department
Actuarial (TU)
Business Area
Actuarial
Working time
Full-Time
Date Published
14-07-2025

Serving our customers, communities, and planet a little better every day.

Salary – Competitive + annual bonus & benefits
Work Level – 3
Permanent role
Location – Reigate
Office Attendance - Our roles are hybrid, however you need to travel to our Reigate office 2 days per week for this role.
Closing Date for applications – 18th August at 5pm.
Certified role – successful applicant will be screened according to our pre-employment screening policy guidance.

We deal in the personal – from pet insurance for your best friend, and home insurance for peace of mind, to motor insurance for your dream car or travel money for that trip you’ve worked hard for. And that means we always work with heart. Whether we’re helping our customers or looking after our people, you’ll find there’s a warmth and friendliness to everything we do.

Opportunity

We’re recruiting a Head of Reserving to join our Actuarial Function at Tesco Underwriting, reporting into the Chief Actuary.

In this key leadership and Certified role, you’ll bring your expertise, insight, and collaborative spirit to help shape the future of our insurance business. You’ll work closely with the Chief Actuary, leading on reserving strategy and contributing to broader actuarial initiatives that support our long-term goals.

You’ll be part of a supportive and forward-thinking team, where your voice is heard and your work makes a real difference. You’ll also have the opportunity to build a strong network across Tesco Insurance and the wider insurance industry.

The Role

• Acting as the lead expert on reserving across Tesco Underwriting’s insurance portfolio.
• Leading the Reserving team of qualified and student actuaries. Ensuring that team objectives are delivered.
• Managing the creation and presentation of complex, high-quality actuarial analyses, insights, and management reports, providing guidance to others in complex or ambiguous situations to support business decision-making and/or business performance evaluation.
• Based on statistical analysis and modelling, producing recommendations on the required level of reserves for all lines of business.
• Developing, embedding and maintaining a robust reserving process which meets Solvency 2 and IFRS 17 requirements. Seeking to improve the efficiency and documentation of the processes.
• Producing actuarial analyses and reports on the ‘claims experience’ of TU business portfolios. Identifying areas of interest, concern and potential business growth for consideration by senior management.
• Adhering to the TU Financial and Risk Data Management Policy as data owner.
• Evaluating product line performance and the assumptions used in product development. Ensuring full integration with wider business models to enable actuarial analysis, financial reporting, and regulatory compliance.
• Analysing financial risks and ensuring the appropriateness of reserves across various scenarios. Making recommendations on reserves, surplus forecasts, and dividend allocations.
• Managing the production of statutory and non-statutory actuarial financial information, reports, and other disclosures relating to.

We need you to have (min exp)

• Strong technical expertise in actuarial reserving, with a track record of leadership in a regulated environment.
• Strong knowledge of the personal lines insurance market, including motor and home products
• Knowledge of the wider economy and the expected influence on the insurance market
• A collaborative mindset, with a passion for developing people and driving continuous improvement.
• Experience working with internal and external auditors, and confidence in representing actuarial views to senior stakeholders.
• Experience of supervising and directing people and other resources to achieve specific end results within limited timeframes. Experience of working in multi-disciplinary teams and leading projects.

Qualifications

• Fellow of the Institute and Faculty of Actuaries or equivalent with significant post-qualification experience (over 5 years PQE).
• Degree or equivalent qualification or experience in mathematics or a suitably related discipline.
• Hold or be working towards a recognised actuarial qualification.
• Proven experience of working in a regulated actuarial/financial environment with a proven track record of actuarial delivery.
• Knowledge of Prudential Regulation Authority (PRA) regulatory framework and compliance/governance requirements.
• Knowledge of IFRS 17 and other appropriate accounting regulations.
• Significant theoretical and practical understanding of actuarial and statistical modelling techniques.
• Strong technical knowledge in reserving techniques, in particular in relation to Motor and Home insurance.
• Excellent IT skills with a proven ability to use statistical tools and modelling techniques, including actuarial/statistical analysis software and insurance analytical systems.

What’s in it for you?

• Prepare for your retirement with our colleague pension scheme.
• Virtual GP Service for you and your family 365 days a year.
• Performance related annual bonus.
• Indulge in a generous holiday allowance with a minimum of 7.2 weeks, with the opportunity to buy more.
• Embrace the benefits of our Colleague Clubcard, enjoy a 10% discount that increase to 15% every payday (worth up to £2K). As an added perk, we’ll give you a second card to share with someone else.
• Green Car Leasing Scheme.
• Company Car Allowance.
• Health screening and Critical Illness cover.
• Benefit from our family-oriented initiatives, encompassing enhanced maternity leave pay, a shared parental leave policy, and a generous 8-week paid paternity leave.
• Take part in our Buy as you Earn and Save as you Earn share schemes.

Everyone’s welcome

We want all our colleagues to always feel welcome and be themselves. We’re committed to building a more inclusive workplace and celebrating everything that makes colleagues unique, and value the richness and diversity this brings to our business. A more diverse business helps us deliver on our purpose to serve our customers, communities, and planet a little better every day.

Additional Information

We also know the importance of balancing work with life’s other commitments. Please talk to us at interview about the flexibility you need, as we’re committed to exploring part time and flexible working opportunities, at every level of the organisation.

Interviews commencing August 2025.

Why Tesco Insurance and Money Services?

Seeing your impact all around you: there's no better feeling.

Lucky for us, we get to feel it all the time. Because whatever our role, we're helping our colleagues and serving our customers, communities and planet a little better every day.

We deal in the personal – from pet insurance for your best friend, and home insurance for peace of mind, to motor insurance for your dream car or travel money for that trip you’ve worked hard for.

Everything we do is about making things better. Not just for others, but for you too. It's why you'll get bags of choice and plenty of development. It's why you'll always be heard and find balance that works for you. It's why you'll feel totally at home in a place where everyone's welcome.

So, if you want a career where you can do good and feel good, you've found it.

Let's make everyday a little better.

Our story

Making Insurance and Money Services more rewarding and offering great value and choice - because we know little wins can make a big difference.

We began life in 1997 and now help more than 2 million customers protect what matters to them.

We want to deliver a helpful service in everything we do and to make life easier for our customers. Our policies are really easy to manage online for our customers, but we know that being able to speak to our customer service staff when you need to is really important. This is why our customer service centres are open seven days a week.

Delivering great customer service means having great people behind the scenes – people who understand our customers and are driven by doing the right thing for them. We offer colleagues a place where they can feel totally at home in a place where everyone's welcome, where they can be part of a great team focused on making a real difference for our customers.

How to apply

We value our people and diverse teams and believe the variety of backgrounds and experiences make us stronger to achieve our goals.

Our colleagues are working hybrid, taking time to meet with colleagues in our offices for moments that matter, such as team catch ups, planning meetings and more. If you’re interested in finding out more about what a career at Tesco Insurance and Money Services looks like, click apply to find out more!
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