Pricing Actuary

4 weeks ago

London, Greater London, United Kingdom Munich Re Full time
Munich Re UK Services Limited

Transforming Knowledge into Progress
Role Profile

Job Title:

Pricing Actuary/Senior Actuarial Assistant

Level:

C/D

Department

UKLB Pricing

Section

UKLB (Life and Health)

Base location

10 Fenchurch Avenue, London, EC3M 5BN

Reporting to:

Pricing Actuary
Job Purpose:

We are seeking high calibre individuals with relevant experience to sit within the UK Pricing team. Applicants should be high potential actuaries with the role being flexible to the level of experience of the successful candidate.

This an opportunity to be part of a Pricing team which is looking to support the growth ambitions of the UK Life Branch. The Pricing team is responsible for Longevity, Protection and Structured reinsurance pricing, negotiating commercial terms both internally and with clients, as well as basis development work. Therefore the successful candidate should be open to and has the opportunity to get exposure to all business lines.

Given the range of work the team carries out we operate in a flexible, collaborative way and encourage a supportive environment so that people have the opportunity to develop.

We are looking for individuals who are technical experts in at least one of our core lines of business, namely Protection, Structured Reinsurance and Longevity. Relevant experience in the pricing of deals is desirable but not essential.

Key Responsibilities:
  • Play a key role in the delivery of quotes across all lines of business
  • Be a key technical expert and contact point within the team across at least one of protection, structured reinsurance, longevity, modelling and basis development
  • Propose and support commercial negotiations both internally with key stakeholders and externally with clients
  • Contribute to the team's on-going drive to improve processes to ensure we are the most efficient and competitive we can be
  • Develop strong client-focused relationships with our business developers and construct an important branch wide network of contacts
  • Be responsible for delivering accurate and timely work as part of a team working together towards tight deadlines
General Duties and Tasks:
  • Derive best estimate bases for protection and longevity quotations
  • Check and peer review other team members' work depending on the level of experience
  • Provide guidance to more junior members of the team
  • Provide technical input to the development of protection products, longevity proposition and structured finance solutions
  • Develop and maintain pricing tools
  • Develop technical knowledge and expertise relevant to reinsurance pricing.
  • Develop the ability to represent the team and communicate results to senior management and other departments.
  • Develop a sound commercial awareness of our business.
  • Work successfully with the team and with others in the branch
Plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.

Key Skills and Experience:
  • Significant and relevant experience in the UK insurance market, preferably in reinsurance and preferably on the pricing side
  • Confidence and diplomacy to challenge peers and manage upwards
  • Effectively dealing with stakeholders from a variety of technical backgrounds and levels of seniority
  • Ability to build an understanding of internal and external client strategy and needs
  • Ability to grasp new concepts and technical issues quickly, and communicate them effectively to colleagues
  • Pricing processes, bases and modelling methodology
  • Strong analytical skills and willingness to offer judgement calls
  • UK insurance/reinsurance market knowledge and awareness
  • A team player who will step up and take responsibility when required
  • Good organisational and planning skills with the ability to think laterally as well as logically
  • Strong computer literacy, particularly in Microsoft Excel & Word skills. Programming skills for R, Basic VBA or similar programming is desirable.
Qualifications and Requirements:
  • University graduate or equivalent
  • Qualified Actuary

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