Pricing Actuary

Overview

Job Title: Pricing Actuary

Division: Finance - Actuarial

Reports To: Lead Pricing Actuary - Property Risks

Key Relationships: Underwriters and business managers, Beazley actuaries, Claims managers, Data Management and Ceded Reinsurance teams, regulators, external actuaries, brokers.

Job Summary: Actuarial pricing for the Property Risks Division at Beazley

• Provide pricing support to the Property Risks underwriting teams at Beazley; pricing support includes (as required):
• Developing pricing tools that support the estimation of price adequacy and rate change
• Performing portfolio and transactional pricing analyses
• Performing segmental and trend analyses
• Performance monitoring (e.g. rate change and price adequacy metrics)
• Develop, maintain and review pricing models to the required standards
• Contribute effectively to the production of the relevant reports required for any key committees where required.
• Provide training to underwriters in pricing; this includes technical pricing and rate change requirements
• Understand and support the underwriting controls related to pricing and relevant regulatory principles
• Understand and apply the pricing quality assurance process
• Assist in other projects undertaken by the actuarial team e.g. liability transfer valuations and business planning analyses
• Operate as an effective team member by supporting colleagues and contributing in the delivery and achievement of overall team and business objectives
• Build your technical pricing skills and experience
• Provide support and mentoring to the junior members of the team
• Keep abreast of industry best practice, new initiatives and changes in regulatory requirements
• Build and maintain constructive working arrangements with those groups identified as being key to your role
• Work with the underwriters, exposure management, claims managers, Data Management and Ceded Reinsurance to ensure the quality and appropriateness of the data used for pricing; ensure the necessary data is captured from pricing tools to enhance future pricing capabilities
• Maintain pricing model documentation with required frequency, obtaining the appropriate managerial sign-offs
• Identify opportunities and contribute to delivering improvements in the pricing processes and methodologies
• Undertake professional, technical and career development training (delivered internally and externally); this includes pursuing the actuarial qualification where applicable

It Is Important That Within All Your Interactions Both Internally And Externally You Adhere To Beazley’s Core Values - Being Bold, Striving For Better, And Doing The Right Thing - As They Contribute To An Internal Environment Of Teamwork And Promote a Positive Brand Image And Experience To Our External Customers. We Also Expect Beazley Employees To

• Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct.
• Undertake training on Beazley policies and procedures as delivered by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

• Actuarial qualification
• Pricing experience; with specialty (re)-insurance market knowledge desirable
• Firm grasp of actuarial / statistical techniques used in pricing
• Understanding of reinsurance and capital with application to pricing

• University degree in Mathematics or related field

• General commercial and financial knowledge
• Competent user of MS Excel; VBA, Access, Python, SQL and R skills desirable
• Strong analytical skills with attention to detail; accurate and numerate
• Able to communicate effectively both verbally and in writing
• Team worker as well as able to work on own initiative
• Ability to manage time, meet deadlines and prioritise

• Outcome focused, self-motivated, flexible and enthusiastic
• Professional approach to successfully interact with team members, internal and external stakeholders

• Achievement and solution focused
• Analytical
• Information seeking
• Stakeholder focus
• Using…