Senior Pricing Analyst

3 weeks ago

London, Greater London, United Kingdom Munich Re Full time
:

At Munich Re Specialty Group (MRSG), individuality and intellectual curiosity is a key driver for our success and innovation. We believe that leveraging a variety of perspectives and backgrounds, and empowering all employees to make an impact, will motivate us to perform at our best and give us a competitive edge. We know there is always more work to be done, but we're committed to building a strong and inclusive culture where everyone is welcomed and valued for their "own expression of self-identity".

About us

MRSG is part of the Munich RE group. We are known for our dedication to excellence and quality of service provision across both primary and reinsurance.

As well as operating in the Lloyd's of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Singapore, Labuan and Dubai.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht. Our purpose is to inspire our clients and people with the confidence and freedom to explore, create and build - to enable people and businesses to thrive.

Senior Pricing Analyst

We are currently seeking a Senior Pricing Analyst to join our team and help with the provision of actuarial pricing and performance management support to MRSG. This role predominantly focuses on commercial lines business with some exposure on retail products.

Responsibilities

• Support the development and enhancement of technical and commercial pricing capabilities for MRSG products (e.g. Financial lines, Cargo, Cyber, etc) in the UK and Europe.

• Assist product and underwriting teams with product design by assessing and recommending changes to product covers and ensuring such changes are correctly priced.

• Conduct technical analyses, investigations (e.g. inflation) and independent deep dive reviews.

• Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance related results.

• Track performance and lead profitability exercises using modelling and reserving techniques, as required.

• Conduct due diligence actuarial work to support the onboarding of new MGAs.

• Work collaboratively and delegate work as required.

• Engage proactively and collaborate with relevant stakeholders, with a focus on pricing and performance. Be able to explain and justify your point of view.

• Provide technical expertise on actuarial models such as case pricing, risk rate reviews and standard reserving analyses.

• Participate in projects and initiatives to improve modelling capabilities and streamline pricing processes.

• Maintain and improve governance procedures to cater for internal and external requirements.

• Contribute to expanding the breadth of actuarial, modelling and statistical techniques used across the team, engaging and collaborating across the wider Munich Re Speciality Group to bring innovation to pricing and underwriting.

• Stay up-to-date with industry trends and emerging technologies that could impact the P&C insurance industry

• Ensure all advice offered is in line with TAS requirements and other appropriate guidelines.

• Ensure compliance with regulatory requirements, including General Insurance Pricing Practices. Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.

• Any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.

You are required to comply with the PRA and FCA conduct rules:

• Acting with honesty and integrity at all times

• Acting at all times with due care, skill and diligence

• Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times

• Always paying due regard to the interests of customers and always treat them honestly and fairly

• Observing proper standards of market conduct at all times

• Act to deliver good outcomes for retail customers. This includes abiding by the Consumer Duty cross-cutting rules below:
  • Act in good faith towards retail customers.
  • Avoid causing foreseeable harm to retail customers.
  • Enable and support retail customers to pursue their financial objectives
What we are looking for:
  • Minimum of 7 years of pricing general insurance experience, ideally including pricing SME products, Cargo, Cyber and/or Financial Lines.
  • Proven experience with pricing analyses and performance monitoring.
  • Expertise with industry recognised tools such as Hx, Emblem or Radar. Pricing knowledge using other tools, including Excel, will be considered.
  • Good knowledge on a range of modelling techniques and applications for pricing.
  • Good understanding of standard reserving methods such as Chain Ladder and Bornhuetter- Ferguson.
  • Good knowledge of insurance processes and regulatory requirements in the UK.
  • Understanding of wider business requirements and the impact of pricing / product design.
  • Strong analytical skills and attention to detail, with a proven ability to work collaboratively with underwriters.
  • Excellent written and verbal communication skills, including report writing, presentations and ability to present complex analyses to senior management.
  • Ability to build and sustain strong working relationships with a variety of internal and external stakeholders.
  • Ability to work in a small, dynamic team
Your career with us

At MRSG, you'll find the flexibility, development and support you need to excel your career combined with a competitive salary and a benefits package that promotes wellbeing and work-life balance, on top of the standard features that include a non-contributory pension, private medical care, life assurance and more

Diversity & Inclusion

Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Working together, we are an employer of choice by building the workforce for today and the future. We make it happen. Together.

Push Boundaries. With us. | Munich Re

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