Pricing Actuary

Job d:

Location:

London, England, United Kingdom Category:
Actuarial & Risk Management Company:
Munich ReTogether, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition.

So we need a smart strategy and structure in order to succeed.

At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture. In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.

About the role:

The role holder will be a member of the Protection Pricing team, supporting the Pricing Leads in the deliverables of the team. They will also assist the more junior members of the team, providing technical expertise and guidance and also checking their work where appropriate.

The team is responsible for delivery of Protection quotes (which includes both production of data/Biometric analysis and Pricing deliverables); supporting with client queries and changes on existing open to new business treaties; monitoring performance of open to new business treaties; monitoring of experience on inforce treaties for reporting purposes; supporting the Basis development team in the review of assumptions for both existing and new propositions;

and supporting the Infrastructure and Tools team with continued improvement and maintenance of our tools and processes.  Where appropriate the team will also support the commercial Protection team on other related activities including new product and proposition development.

Key Responsibilities:

Be a key technical expert within the team across Pricing and Biometric elements, developing technical expertise and knowledge relevant to reinsurance pricing for Protection business.

Represent the team and communicate results to senior management and other departments.

Take responsibility for the delivery of accurate and timely work. Checking other team members’ work and providing guidance to more junior members of the team.

Checking work that’s produced by the team for quotes and projects, ensuring the accurate use of data and production of experience analysis, setting of appropriate Pricing assumptions and supporting the negotiation of commercial terms.

Develop an understanding of the financial implications, across all appropriate metrics, of decisions made. Ensuring the right balance between commercial needs and risk is achieved.

Develop relationships with the Protection department and construct an important branch wide network of contacts.

Support the training and development of more junior members of the Pricing team, providing feedback where appropriate.

Contribute to the team’s on-going drive to ensure we are the most efficient we can be by proposing and supporting improvements to Pricing tools and process’ and embracing new technology.

Support the development and review of the Protection basis and assumptions.

Where required provide support to the development of new Protection propositions and support the Protection department on their activities.

Input in to team discussions on non-technical topics…