Actuarial Undergraduate Placement

Working hours: 35 hours per week, Monday to Friday

Duration: 12 month placement

Location: Gloucester

Closing date for applications: Friday 8th January 2027

Start date: September 2027

Job Ref: 205617

About the role

Benefact Group are looking for an Undergraduate to join our 2027 Actuarial Placement Programme in Gloucester. This paid 12-month placement offers hands-on experience across Pricing, Reserving and Capital Modelling within a well-established General Insurance Actuarial team.

You'll work on real business challenges, support key decision-making, and develop valuable technical and commercial skills while gaining insight into a rewarding actuarial career.

This placement is an excellent opportunity to apply your academic knowledge in a practical environment, learn from experienced actuaries, and build a strong foundation for your future career.

Why join us?

Join a collaborative and inclusive culture that’s committed to making a difference and building a more sustainable future. Ranked amongst the UK's 15 Best Big Companies to Work For in 2025, we offer fantastic career and development opportunities within a rapidly growing, innovative Group - where all profits go to charity and good causes.

What you'll be doing

Throughout the placement you will be expected to be involved and add value in the following:

• Year-end/quarter-end claims reserving, using core actuarial methods, for example, chain ladder and bornhuetter-ferguson reserving techniques.

• Technical pricing review for one of (or several) our niches at Ecclesiastical Insurance, using generalised linear modelling and other pricing techniques.

• Capital model calibration and testing, selecting appropriate parameters to be used as model inputs and testing the output of the model (i.e. against actual experience).

• Other business projects and ad-hoc requests that address business need. Typical examples include:

  • Price monitoring

  • Business plan claims forecasting

  • Capital model uses to support business decisions

What you'll need to have

• On track to achieving at least a 2:1 degree (or equivalent) in statistics, Actuarial studies, Computing, Mathematics, Economics or Physics.

• Strong analytical and mathematical skills.

• A strong track record of personal success as well as academic achievement.

What makes you stand out

• A proactive mindset, with the drive to spot opportunities and make meaningful improvements.

• The ability to work independently and consistently deliver high-quality results with minimal supervision.

• Effective communication skills to build effective relationships.

• Strong commercial awareness with the ability to create practical, balanced solutions that deliver real value.

• An interest and understanding for the general insurance industry and actuarial career.

What we offer

• Hybrid working

• Group Personal Pension - up to 12% employer contribution

• Generous annual bonus scheme: on-target bonus between 6% and 24%

• 25 days annual leave plus bank holidays, and a holiday buy and sell scheme

• An array of health and wellbeing benefits, including private healthcare, income protection and life assurance

• £200 annual personal grant to a charity of your choice

• Encouraged to take at least one volunteering day per year

• Employee Assistance Programme

• Full study support to gain professional qualifications

• Access to virtual GP

• Enhanced maternity and paternity pay

Hear from the hiring manager

"Our Actuarial team offers a dynamic and supportive environment where interns can apply their university learning to real-world challenges. Whether it's pricing new products, understanding the impact of the economic environment on cost of claims, or modelling the impact of catastrophes, you'll gain a hands-on and broad actuarial experience. It's a chance to grow your skills, contribute to meaningful work, and explore where an actuarial career can take you."

About us

Benefact Group is a unique international financial services Group made up of over 30 businesses. We are owned by a charity and have been the 3rd largest UK corporate donor over a decade*, having given away £250 million since 2014. We have ambitious plans to become the UK’s number one corporate donor, with strategic objectives in place to double the Group’s size.

We believe it’s essential to attract, empower, grow and reward talented people, offering fantastic opportunities for career and personal development. Our giving ethos, 135-year history and the diversity of what we do, has enabled us to build a culture of kindness, great ambition, and of passionate people driven to do better and be better.

At Benefact Group, we are committed to creating an inclusive culture and building an environment where each and every one of us feels valued and respected. We are a community made up of people with a range of different backgrounds, abilities, perspectives, beliefs and interests and we value the strength this brings to us as a Group. We welcome applications from everyone.

If you need any additional support during the recruitment process, then please let us know.

*Directory of Social Change’s UK Guides to Company Giving 2017-26