Senior Pricing Actuary

3 weeks ago

London, Greater London, United Kingdom SCOR Full time

The role of Senior Pricing Actuary - Property, Construction & Specialty at SCOR involves developing and maintaining pricing models, providing analyses and management information reports to internal and external stakeholders, and pricing outwards reinsurance for the portfolio. This position requires a commercially minded Senior Pricing Actuary who would like to take the next step in their career and broaden their knowledge.

This role provides the opportunity to work within a diverse and growing pricing team who oversee a global book of Property, Construction and Specialty business. The team is responsible for managing the Property, Construction & Specialty P&M team, including organization, resource allocation, development of team members and interactions across disciplines and with other areas in SCOR and the SCOR Syndicate.

The ideal candidate will have extensive pricing experience in P&C large corporate insurance and London Market with significant exposure to Property, Energy and Specialty lines of business. They will also have a solid understanding of basic ratemaking concepts on exposure adjustments, trend, loss development, exposure rating and experience rating.

The Senior Pricing Actuary will be responsible for participating in model design, development, evaluation, sensitivity testing and calibration studies. They will also ensure that pricing models are appropriately calibrated and used correctly by underwriters, including rate change calculation.

The role requires strong problem-solving skills, ability to handle large, complex datasets and significant experience using Python, R or any other programming languages in a commercial environment. Python is an advantage, as it is used for pricing transformation projects within SCOR.

The ideal candidate will be a self-starting individual with excellent team player skills, highly motivated and driven with excellent analytical and problem-solving skills. They will also have strong organisational and time management skills, ability to multi-task and proactively support the team as a recognised centre of excellence for Pricing within the Specialty Insurance.

The Senior Pricing Actuary will contribute to various regulatory tasks such as the Lloyd's Performance Management Data Return (PMDR), and board reports. They will also be responsible for regular monitoring and feedback of Underwriter Adjustments, plus pricing strength (adequacy) against the long-term profitability targets.

The role requires a Fellow of the IFoA (or any recognised actuarial organisation) and a degree in a quantitative discipline or related field required, or equivalence.

Key Responsibilities:

  • Manage the Property, Construction & Specialty P&M team
  • Support the development and enhancement of SBS pricing tools
  • Participate in model design, development, evaluation, sensitivity testing and calibration studies
  • Ensure pricing models are appropriately calibrated and used correctly by underwriters
  • Participate in the onboarding of the various lobs and pricing models on the Underwriting Platform
  • Participate in the convergence of the Property Pricing models for Single Risks of SBS and Syndicate
  • Maintenance of pricing tools including technical documentation/specifications/parameter update
  • Portfolio Analysis, business planning and recalibration
  • Assist in studies to improve pricing methodology and predictiveness of pricing analyses
  • Create portfolio monitoring tools to aid the monitoring of pricing adequacy by segments
  • Contribute and manage the annual business planning review of portfolio (deep-dive) by considering combined ratios, rate levels, inflationary effects, and class of business mix for Specialty Insurance (including SCOR Syndicate)
  • Pricing the outwards reinsurance for the portfolio to assist placement by the retro team
  • Lead / represent SBS Pricing in various projects as and when required
  • Contribute to various regulatory tasks such as the Lloyd's Performance Management Data Return (PMDR), and board reports
  • Regular monitoring and feedback of Underwriter Adjustments, plus pricing strength (adequacy) against the long-term profitability targets
  • Any other ad-hoc reporting requirements

Requirements:

  • Fellow of the IFoA (or any recognised actuarial organisation)
  • Degree in a quantitative discipline or related field required, or equivalence
  • Extensive pricing experience in P&C large corporate insurance and London Market with significant exposure to Property, Energy and Specialty lines of business
  • Solid understanding of basic ratemaking concepts on exposure adjustments, trend, loss development, exposure rating and experience rating
  • Strong problem-solving skills, ability to handle large, complex datasets and significant experience using Python, R or any other programming languages in a commercial environment
  • Python is an advantage, as it is used for pricing transformation projects within SCOR
  • Self-starting individual with excellent team player skills, highly motivated and driven with excellent analytical and problem-solving skills
  • Strong organisational and time management skills, ability to multi-task and proactively support the team as a recognised centre of excellence for Pricing within the Specialty Insurance

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