Background
Randall & Quilter, an AIM listed financial services group which specialises in a wide range of Insurance products and services, engaged Hewitt Stone for the first time.
Despite having existing agency relationships, they were unable to find a suitable candidate through the agencies on their PSL for several weeks.
The Challenge
Hewitt Stone was then invited to meet with the Chief Actuary and discuss the requirement in detail for an actuary to provide actuarial input and analyses for R & Q clients and the R & Q Group as required. However, the challenge was in finding an experienced actuary with the following:
- Hands on experience of calculating and communicating Reserves and Solvency II Technical Provisions.
- Prior experience of producing reports for the Reserves and Technical Provisions.
- Experience of producing analysis on reserves and communicating with stakeholders (Internal/External) to ensure that reserving models continue to appropriately reflect the business and meet regulatory requirements.
- In addition to the software packages such as ResQ, the suitable candidate had to have prior experience of interaction with regulators.
- Technically, prior experience of applying the Actuarial Standards as set out by BAS (i.e. TASR), as well as experience of Pricing analysis and Capital assessments, was needed to satisfy this position.
Solution
Following our meeting with the Chief Actuary, we performed a comprehensive research exercise, tailored around the specific requirements. The position was not advertised in the market because we felt that the best solution towards filling this role was to draw from our Executive Search methodology.
Within a week, we submitted a shortlist of suitable candidates, who were all invited for interviews. After a few rounds of interviews, the position was successfully filled by one of the candidates in our shortlist.
We have since become a preferred supplier following our first engagement with R&Q, and to date, we have outperformed our competitors in delivering for R&Q.