Munich Re is hiring a
Pricing Actuary (Protection)
Pricing Actuary (Protection)
Company: Munich Re
Location: London, United Kingdom
Together, we engage with everything we have and are, to help humankind act braver and better.
About UK Life Branch:
With the office in London, it forms the Life 1 division of Munich Re. The UK life market is one of the most competitive life markets in the world. We understand that life insurers work in a dynamic market where medical progress, demographic trends, and changing lifestyles are constantly giving rise to new risk landscapes.
This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.
At UK & Ireland Life, we have three pillars to our business strategy: protection, longevity, and reinsurance structuring. All three are key to the success of our business, so itās important to look at the big picture. In terms of clients, we trust them as experts in their business and provide them with the financial strength of the worldās largest reinsurer, global expertise, and sharp pricing so that they are both competitive and profitable.
About the role:
The role holder will be a member of the Protection Pricing team, supporting the Pricing Leads in the deliverables of the team. They will also assist the more junior members of the team, providing technical expertise and guidance and checking their work where appropriate.
The team is responsible for delivery of Protection quotes, supporting with client queries and changes on existing open to new business treaties, monitoring performance of open to new business treaties, and supporting the Basis development team in the review of assumptions for both existing and new propositions.
Where appropriate, the team will also support the commercial Protection team on other related activities, including new product and proposition development.
Key Responsibilities:
- Be a key technical expert within the team across Pricing and Biometric elements, developing technical expertise and knowledge relevant to reinsurance pricing for Protection business.
- Represent the team and communicate results to senior management and other departments.
- Take responsibility for the delivery of accurate and timely work, checking other team membersā work and providing guidance to more junior members of the team.
- Ensure the accurate use of data and production of experience analysis, setting of appropriate Pricing assumptions and supporting the negotiation of commercial terms.
- Develop an understanding of the financial implications, across all appropriate metrics, of decisions made.
- Develop relationships with the Protection department and construct an important branch-wide network of contacts.
- Support the training and development of more junior members of the Pricing team, providing feedback where appropriate.
- Contribute to the teamās ongoing drive to ensure we are the most efficient we can be by proposing and supporting improvements to Pricing tools and processes.
- Support the development and review of the Protection basis and assumptions.
- Where required, provide support to the development of new Protection propositions.
- Input into team discussions on non-technical topics and show an interest in branch-wide initiatives.
- Develop an understanding of the Protection market.
Competencies:
Drives results (we think big): you consistently achieve results even under tough circumstances, with the organisationās performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience, and judgement.
Business insight (we think big): you can apply your knowledge of the business and the market to advance your businessā and wider organisationās goals.
Collaboration (we lead the āweā): you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.
Client focus (we grow with our clients): you build and maintain strong client relationships, listening to their needs and working with them to ensure value is created.
Cultivates innovation (we grow with our clients): you create new and better ways for Munich Re to be successful, generating ideas, creating efficiencies, and harnessing new technology.
Courage (we care and dare): you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said.
Persuades (we are clear and authentic): you use clear and compelling arguments to gain the support, enthusiasm, and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.
Key Skills & Experience:
- Relevant knowledge or experience of the UK life insurance market.
- Knowledge of Pricing processes, including experience analysis production/analysis, assumptions setting, and modelling methodology.
- Ability to grasp new concepts and technical issues quickly.
- Strong analytical skills and ability to make judgement calls where there is uncertainty.
- Ability to communicate technical concepts effectively to colleagues from varying levels of knowledge.
- Confidence and diplomacy to challenge peers and manage upwards.
- Effective at dealing with stakeholders from a variety of technical backgrounds and levels of seniority.
- Strong computer literacy, particularly in Microsoft Excel & Word skills, but also experience with R, Python, Basic VBA, or similar programming.
Qualifications and Educational Requirements:
- Newly or nearly qualified Actuary
Thought Leader:
You are seen as an expert in your field and will be the āgo toā person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others, identifying opportunities to share your knowledge.
You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture.
You will treat your colleagues and business partners fairly and with respect.
Regulatory & Conduct Requirements:
In addition to the responsibilities set out above, the individual will also become responsible for ensuring compliance with Munich Reās Code of Conduct and the FCA Conduct Rules.
Benefits:
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more, along with private medical insurance and employers' contributory pension of 10%.
We are one of the few employers to offer fully paid 6 months family leave for times when you need it the most.
At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you donāt meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.
Apply now!