Pricing Actuary Expert
3 weeks ago
Cer Financial Ltd is seeking an experienced Senior Pricing Actuary to join their team on a permanent basis. The ideal candidate will have expertise in commercial insurance pricing, with a strong understanding of FCA/PRA pricing requirements.
Job Description- Carry out pricing calibrations, provide challenge and oversight of pricing models, model governance, pricing strategy, processes, and compliance.
- Assess the need for external pricing software support and work closely with IT to improve existing systems and embed pricing changes.
- Act as the company's pricing/data expert reference point.
- Nurture and develop a near-qualified actuary in the Underwriting Management team to assist in pricing work.
The successful Senior Pricing Actuary will be responsible for:
- Building upon and extending the existing infrastructure to implement cutting-edge pricing and analytics practices throughout the commercial business in accordance with the company's pricing framework.
- Reviewing pricing structures and recommending changes based on analysis of performance across different customer segments.
- Reviewing external and internal data sources for value to insurance pricing and making recommendations.
- Designing and implementing pricing tests to understand customer behavior like elasticity.
- Creating actionable insights and helping the company continuously improve pricing structure.
- Supporting the Chief Underwriting Officer (CUO) in setting product-level benchmark prices, underwriting, and reinsurance strategies from a pricing perspective.
- Supporting new products pricing and product fair value assessment reviews.
- Translating complex analysis to non-technical audiences, focusing on material financial impacts of key modeling.
- Owning pricing risk governance with relevant regular reports and ensuring embedding of pricing controls.
- Communicating results and preparing pricing regulatory returns and management information across the Underwriting and Product Management Committees.
To be considered for this role, you should have:
- A numerate degree such as Mathematics, Engineering, or Economics, or equivalent.
- 5+ years of experience in commercial insurance pricing, with personal lines pricing considered a plus.
- Qualified or partly qualified actuary status.
- Able to code in Python or similar languages.
- Prior experience with any programming language, including SAS, SQL, Big Query, or similar.
- Good Excel skills and ability to set up basic business models.
- Experience in setting and embedding pricing controls and dealing with complex data and ambiguity.
- Good commercial sense, with a deep understanding of FCA/PRA pricing requirements.
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