Longevity Actuary

Longevity Actuary

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 offices 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.

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 it’s important to look at the big picture. We trust our clients as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise, and sharp pricing to ensure they are both competitive and profitable.

About the role:

The Longevity Actuary plays a key role in helping the Longevity team secure profitable new business by acting as a pricing and process expert. They will help ensure our approach to pricing longevity risk is market appropriate and that our product offerings and processes are optimized.

The Longevity Actuary will support the wider team across the range of actuarial work we complete, including checking new business quotes, proposition and basis work, and further developing our global centre of competence role. They will also support system development to ensure we continue to drive efficiencies across our work.

This is a great opportunity for a technically strong and ambitious individual to join a highly successful, friendly, and growing team in an exciting, challenging, and rewarding environment.

Key Responsibilities:

• Support new business tenders for both UK and non-UK markets
• Develop an in-depth understanding of our pricing approach and models used to support the wider team with their technical and modelling capabilities
• Assess new data (internal and external) and modelling approaches to keep the Longevity team’s processes competitive and efficient
• Support longevity basis development for the UK and non-UK markets
• Support UK proposition development
• Oversee regular in-force actuarial tasks, working with the Head of In-Force to manage our portfolio
• Support overall longevity strategy
• Assist the Head of Longevity with appropriate ad-hoc tasks as required
• Provide guidance and support to longevity team members

General Duties and Tasks:

• The Longevity Actuary is primarily responsible for supporting the Senior Longevity Actuary and Head of Longevity in delivering agreed strategy, including the development of profitable new business.

Deal origination & the pricing process (40%):

• Support the Senior Longevity Actuary in assessing deal attractiveness
• Lead or support new business quotes as part of quote teams
• Support other quote teams in terms of best practice
• Support executions on the actuarial side – contractual aspects, model reviews, etc.
• Work alongside the Senior Longevity Actuary to enhance our relationship with clients
• Review and challenge pricing assumptions in tenders and wider basis related discussions
• Proactively develop and train others on the pricing process and modelling approaches used

Basis and proposition development (30%):

• Support the Senior Longevity Proposition and Basis Actuary, and International Longevity Actuary, in deriving international bases for specified markets
• Support enhancements to the UK basis, proposition, and market offering
• Ensure that Munich Re’s approach to pricing longevity business is appropriate, suggesting and embedding enhancements to basis processes as necessary

General Longevity team (20%):

• Coordinate and facilitate various internal processes with colleagues
• Use research to track developments in the market
• Proactively develop talent through knowledge sharing on market developments and practices
• Promote Longevity within the UK office and aid the Head of Longevity in developing the UK’s Global Centre of Competence role
• Provide guidance and support for in-force monitoring activity within the Longevity team
• Work with the Head of In-Force on in-force related projects as required
• Manage material operational risk failures, data/accounting issues, etc.
• Support the wider branch as required, plus any additional duties that may reasonably be expected

Longevity system & process development (10%):

• Optimize current longevity pricing and basis systems and lead/support the development of new systems
• Improve efficiencies in current systems by increasing speed and automation
• Recommend and investigate new tools and modelling techniques to support basis development and pricing analysis
• Introduce R or other programs/databases as necessary to develop systems and processes

Competencies:

Drives results (we think big): You consistently achieve results even under tough circumstances, with the organization’s performance in mind. You make timely decisions to keep things moving, using analysis, experience, and judgment.

Business insight (we think big): You can apply your knowledge of the business and the market to advance your business’ and wider organization’s goals.

Collaboration (we lead the ‘we’): You identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion while 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 support, enthusiasm, and commitment from others.

Key Skills & Experience:

Essential:

• Relevant experience in the bulk annuity market and longevity swap pricing
• Strong analytical and modelling skills, with the ability to work independently
• Technically strong, with the ability to develop models in Excel, VBA, R, or other programming languages
• Able to grasp new concepts quickly and communicate them effectively
• A team player who will take responsibility when required
• Good people development and training skills
• Willing to challenge the status quo
• Strong written and oral communication skills

Desirable:

• Good commercial awareness
• Good understanding of DB de-risking offerings in the market
• Longevity insurance/reinsurance experience
• Contacts with key longevity players in the market
• Good negotiation skills and ability to work under pressure

Qualifications and Educational Requirements:

• Nearly or newly qualified actuary
• Directly relevant actuarial experience in the bulk annuity/longevity swap market

Thought Leaders:

You are seen as an expert in your field and will be the ‘go-to’ person for your area of specialization within Munich Re. You will be a role model/mentor to others, identifying opportunities to share your knowledge.

You will demonstrate inclusive behavior and encourage your colleagues to create an inclusive culture.

You will treat your colleagues and business partners fairly and with respect.

Regulatory & Conduct Requirements:

Ensuring compliance with Munich Re’s 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 an employer's contributory pension of 10%. We offer fully paid 6 months family leave when needed.

About us:

You will work in an environment where we think big: Change and culture are continuously role-modeled. We create and articulate a compelling and ambitious shared purpose, vision, and direction.

You will experience that we care & dare: We are empathetic, knowing when to lead and when to let others lead.

We communicate in a clear & authentic way, interacting with a positive and humble spirit.

You will grow with your clients: We support business efficiently and effectively to create value for our clients.

We lead the ‘we’: We have a passion for winning and growing as a team, creating an inclusive environment where different thoughts and experiences are valued.

Diversity, Equity & Inclusion:

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation.

If you are excited about this role but your experience does not align perfectly with everything outlined, 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.