Longevity Actuary

Together, we engage with everything we have and are, to help humankind act braver and better.

With the offices in London, 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.

The Longevity Actuary has a key role in helping the Longevity team in securing profitable new business by acting as a pricing and process expert. They will help ensure our approach to pricing longevity risk is market appropriate, and that our product offerings and processes are optimised.

The Longevity Actuary will support the wider team across the range of actuarial work we complete, including checking new business quotes, proposition and basis work and further developing our global centre of competence role. They will also support with system development to ensure we continue to drive efficiencies across our work.

This is a great opportunity for a technically strong and ambitious individual to join a highly successful, friendly and growing team in an exciting, challenging and rewarding environment.

• Support new business tenders both for UK and in non-UK markets
• Develop an in-depth understanding of our pricing approach and models used, such that they can support the wider team with their technical and modelling capabilities
• Assess new data (internal and external) and modelling approaches such that the Longevity team’s processes remain competitive, market appropriate and efficient across both new business and in-force activities
• Support longevity basis development both for the UK and non-UK markets
• Support UK proposition development
• Support and oversee regular in-force actuarial tasks, working with the Head of In-Force to manage our portfolio
• Supporting overall longevity strategy
• Support Head of Longevity with appropriate ad-hoc tasks as required
• Providing guidance / support / knowledge sharing to longevity team members

The Longevity Actuary is primarily responsible for supporting the Senior Longevity Actuary and Head of Longevity in delivering agreed strategy, including the development of profitable new business.

• Deal origination & the pricing process (40%)
  • Supporting the Senior Longevity Actuary in assessment of deal attractiveness
  • Leading or supporting new business quotes as part of quote teams
  • Supporting other quote teams in terms of best practice
  • Supporting executions on the actuarial side – contractual aspects, model reviews, etc
  • Working alongside the Senior Longevity Actuary to further enhance our relationship with clients
  • Review and challenge pricing assumptions in tenders and wider basis related discussions
  • Proactively develop and train up others on the pricing process and modelling approaches used
• Basis and proposition development (30%)
  • Support the Senior Longevity Proposition and Basis Actuary, and International Longevity Actuary, in deriving international bases for specified…