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04 Jan 2021

Job Description

Actuarial Consulting: General Insurance Graduate Programme

Are you ready to join our team of internationally respected experts, and use your skills to help craft tailored insurance solutions for clients around the world?

At Aon, our actuarial and analytics (A&A) team work with a wide range of clients across the globe, including multinational corporations, captive insurers, and insurance and reinsurance companies. As a graduate with us, you’ll become a key part of our specialist London team, where you’ll quickly gain the knowledge and expertise you need to manage your own portfolio of projects.

You’ll be given responsibility from day one, as well as assisting more senior members of the team. It’s likely that you’ll be involved in projects from all product areas during your first few years at Aon — so, when you’re ready, you can choose where to specialise.

Location: London

What will I gain by joining

As we’re a multi-disciplinary team, your training programme will cover all of our product offerings. Our training plan is designed to gradually build up your technical knowledge in each area, while you gain hands-on experience working in the team.

You’ll also receive training and guidance in a range of modelling software. In particular, we use ReMetrica: a capital modelling software package we’ve developed ourselves at Aon. You won’t need previous programming experience, as you’ll be able to learn on the job — but it may help on certain projects.

We’re committed to giving you all the support you need to develop your skills and excel in your career. That’s why we’ll fully support your study towards qualification as a Fellow of the Institute of Actuaries — providing professional study materials, tailored tutorials and study days to help you pass your exams. We’ll also pair you up with a buddy who’s recently been a graduate themselves, and a line manager to give you advice and guidance throughout the programme.

You’ll work across a range of client services, including:


We help our clients decide how much money to put aside to finance liabilities arising from insurance policies they’ve 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 influence the amount of capital that companies need to hold to make sure they can stay solvent.

Pricing and insurance programme optimisation

We help companies understand the degree of risk in their insurance programmes by using historic claims data, industry data and exposure information — this allows us to estimate the potential cost and volatility of claims arising under future policies. Then, based on each company’s appetite for risk, we can estimate premiums to charge and advise clients on insurance programmes that will maximise their expected return.

Solvency II

Solvency II has been a key part of general insurance work since 2016. We’ve developed a bespoke tool to determine regulatory solvency capital calculations and our work involves carrying out these assessments, as well as giving advice on regulatory guidance such as data quality, model governance, reporting and documentation.

Also, for a number of our clients, we act as the head of actuarial function — a role that’s defined as a key function of an organisation under Solvency II.

Capital modelling

Capital modelling involves analysing all the financial risks that an (re)insurance company may face, from economic and regulatory perspectives. We use this to calculate the capital needed to ensure a company’s solvency in the ‘worst-case’ scenario. We provide services in model build, validation, management and improving model efficiency.

After the programme, what’s next?

There’s a seamless transition from the graduate programme to a permanent role within the team.

While on the graduate programme, you’ll be a key part of the actuarial and analytics team — working on live client projects and contributing to internal development initiatives. Once you’ve completed the programme, you’ll continue to naturally progress and grow in your role, working on an increasing number of projects.

In the years that follow your graduate programme, you’ll gradually take on more responsibility for client and project management, as well as helping to develop more junior members of the team.

Over two thirds of our current team began their Aon career on the graduate programme and have gone on to rise through the ranks, with some experienced team members going on to take on more senior leadership roles.

Entry Requirements

  • Strong analytical skills and the drive to deliver excellent work to our clients
  • Educated to degree level with a minimum predicted grade of at least a 2:1 or equivalent qualification in a numerate/semi-numerate discipline
  • An ‘A’ or above in Maths A-level, or equivalent
  • A minimum of AAB at A-level (excluding General Studies), or 340 UCAS points for exams taken prior to 2017 OR 136 UCAS points for exams taken post 2017, or equivalent
  • Job Type: Graduate Job
  • Area of Specialism: Broking, Risk Management, Underwriting
  • Degree Result Required: 2:1
  • Location: London
  • Salary: Competitive
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