Lead Pricing Actuary

3 weeks ago

London, Greater London, United Kingdom Rokstone Underwriting Full time

Job Title: Lead Pricing Actuary

Reports to: Chief Actuary

Location: London Office /Hybrid

About Us

At Rokstone Underwriting, we pride ourselves on our innovative approach. We strive to be distinct in our industry, particularly in how we care for our team members. To us, they are not just employees; they are integral to our vision and work collaboratively to enhance the insurance landscape.

We provide our staff with a comprehensive benefits package that includes personalized training sessions, wellness initiatives, and an extra day off to celebrate their birthday. Our culture promotes continuous learning, and we are dedicated to fostering our employees' professional growth within Rokstone.

Position Overview

You will be part of a newly established actuarial team. The primary objective of this team is to collaborate with our Chief Underwriting Officers (CUOs) to develop and implement a pricing strategy. This will involve establishing a framework of validated technical pricing models that produce Management Information (MI) and conducting individual risk assessments and portfolio evaluations. Our goal is to become a trusted resource for our underwriting and management teams through effective communication and a deep understanding of our insurance offerings and corporate strategy.

Key Responsibilities

Develop a technical pricing framework that aligns with underwriting and management strategies.

For designated business lines, create a technical pricing model that:

  1. Reflects the underwriter's perspective on risk and is owned by the underwriter
  2. Captures a technical price, bound price, and various risk diagnostics
  3. Is implemented in user-friendly software for the underwriting team
  4. Can be adjusted as external conditions, underwriter risk appetite, or company objectives evolve
  5. Typically consists of exposure raters with an integrated experience rating feature, varying by business line
  6. Is thoroughly documented with a clear audit trail.

Utilize the resulting rater MI with analyses that feed back into underwriting strategies, model adjustments, and reserving considerations.

Offer risk pricing assistance for assigned business lines upon request or when risk quotes are anticipated to surpass a pre-established premium threshold.

Support annual business planning for future periods, which will include forecasting portfolio performance based on market cycle insights, claims inflation, and recommendations for target rate adjustments or adequacy based on RS objectives and market conditions.

Assist with outward placement analysis using our understanding of gross underwriting risk.

Qualifications

  • University degree in Mathematics or a related discipline
  • Qualified actuary (FIA or equivalent)
  • Experience collaborating closely with underwriting teams on technical pricing and influencing subsequent commercial decisions at both risk and portfolio levels
  • Intermediate to advanced proficiency in R or Python
  • Prior experience and a solid understanding of reserving are advantageous but not mandatory

Skills and Competencies

We are committed to supporting the Rokstone management and underwriting teams with technical expertise and clear, effective communication.

We value honesty, pragmatism, and commercial awareness. We will respectfully challenge differing opinions while maintaining professionalism and always communicating the uncertainties and limitations inherent in our work.

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