Department Information
We provide general insurers with advice, helping them understand their risk profile, and calculate reserves and capital needed for regulatory or internal risk management purposes. This helps them ensure their customers are protected, treated fairly, and are safe from unforeseen events. We work with a wide variety of insurers, including UK home and motor providers, UK/European entities of global commercial players, and Lloyd’s Syndicates.
Our reserving work leverages LCP InsurSight, the award-winning software solution developed by our Insurance Analytics team, which uses the power of machine learning to more quickly identify key sources of uncertainty in a company’s reserving data.
Typical Graduate and Intern Tasks
Upon joining our Insurance Consulting department, you will spend most of your time supporting our experienced team of consultants on a variety of client projects.
Typical graduate and intern tasks include:
- Analysing reserving data, using LCP InsurSight
- Building and extending models used to set reserves or capital, using a variety of coding languages (including R and Python)
- Performing validation testing for Solvency II internal capital models
- Participating in internal and external client meetings
- Drafting client reports
- Participating in market research projects and benchmarking surveys
Eligibility Criteria
- A Level - Maths A Grade
- Degree - Any subject 2:1
We offer contextualised grading for A levels as part of the recruitment process via REALrating which may allow for a positive uplift in your academic grades. We will also take into account any extenuating circumstances declared when considering your eligibility.
For more information please visit our Graduate FAQs and Summer Intern FAQs.
Personal Development
We have an extensive two-year departmental training programme to get you up to speed on key technical and professional issues, such as technical provisions, internal capital models, Part VII transfers, audit trails and delegation.
You will also be expected to join our regular wider team training sessions, which cover areas such as market “hot topics”, new and evolving areas of insurance, softer skills such as effective communication, and updates from members of the team on unusual client projects.
Additionally, our learning management system, LCPLearn, provides access to hundreds of training resources, including workshops and elearning – allowing an individual to self-serve and drive their own learning.
As a consulting insurance actuary, a key part of your future role will involve presenting advice and ideas to our clients clearly and in a way that is easy to understand. We realise that for some, this will be a new experience – and possibly a daunting prospect! But there is no need to worry, our training programme is specifically designed to help you develop the skills and confidence you need to be a successful consultant. This includes our "LCP Xtra" programmes, which offers the opportunity for you to practise presentation skills in-house before putting them to the test in front of clients.
Professional qualifications
We sponsor insurance graduates to study the Institute and Faculty of Actuaries (IFoA) exams.
Today's IFoA exams are all about giving you the practical knowledge you will need every day. Some of the exams are technical and mathematical while others are more to do with written communication and presentation skills, but all are focused on giving you the knowledge and confidence to excel in your role.
Completing these well-renowned qualifications gives your personal credibility as you hone your experience, but they do require you to dedicate time and effort to your studies. This will involve you investing time on evenings and weekends alongside the study package we offer.
We will support you through every stage, including:
- Financial support to cover at least two attempts at each exam
- A generous study leave allowance each year
- A study mentor to advise you on your route through the exams and discuss any queries that you may have
A quick word of reassurance: very few people pass all their exams first time, and you will not be under any pressure to do so. Our study programme makes allowances for you sitting exams more than once. However, when people’s hard work does pay off, we pride ourselves on recognising and celebrating their success.
Future Career
Insurance is an exciting, fast-paced and developing area, which underpins almost all of what happens in wider society, protecting individuals against their house burning down, doctors and teachers against being wrongfully sued for misconduct, and companies against a wide variety of events including natural disasters, industrial accidents, and economic downturns. As the world becomes ever more uncertain, actuaries are at the forefront of helping insurers understand these risks and provide expert guidance on managing them. With constant developments such as new machine learning techniques to better analyse data for predictive purposes, actuaries are becoming ever more in demand, with new areas of work opening up and opportunities to develop in-demand skills.
Find a career
If you would like to know more about LCP career opportunities follow the link to explore our current vacancies.