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:

The UK life market is one of the most competitive life markets in the world. Life insurers work in a dynamic market where medical progress, demographic trends, and changing lifestyles are constantly giving rise to new risk landscapes. This 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.

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 assist junior members of the team, providing technical expertise and guidance.

The team is responsible for the delivery of Protection quotes, supporting client queries, monitoring performance of treaties, and supporting the Basis development team in the review of assumptions.

Key Responsibilities:

• Be a key technical expert within the team across Pricing and Biometric elements.
• Represent the team and communicate results to senior management and other departments.
• Take responsibility for the delivery of accurate and timely work.
• Check work produced by the team for quotes and projects, ensuring accurate use of data.
• Develop an understanding of the financial implications of decisions made.
• Develop relationships with the Protection department and construct a branch-wide network of contacts.
• Support the training and development of junior members of the Pricing team.
• Contribute to the team’s drive for efficiency by proposing improvements to Pricing tools and processes.
• Support the development and review of the Protection basis and assumptions.
• Provide support to the development of new Protection propositions.
• Input into team discussions on non-technical topics.
• Develop an understanding of the Protection market.

Competencies:

Drives results: You consistently achieve results even under tough circumstances.

Business insight: You can apply your knowledge of the business and the market to advance goals.

Collaboration: You identify opportunities and bring the right people together to work on a common goal.

Client focus: You build and maintain strong client relationships, listening to their needs.

Cultivates innovation: You create new and better ways for Munich Re to be successful.

Courage: You are willing to challenge the status quo and address difficult issues.

Persuades: You use clear and compelling arguments to gain support and commitment from others.

Key Skills & Experience:

• Relevant knowledge or experience of the UK life insurance market.
• Knowledge of Pricing processes, including experience analysis production and assumptions setting.
• Ability to grasp new concepts and technical issues quickly.
• Strong analytical skills and ability to make judgement calls.
• Ability to communicate technical concepts effectively.
• Confidence and diplomacy to challenge peers and manage upwards.
• Effective at dealing with stakeholders from various technical backgrounds.
• Strong computer literacy, particularly in Microsoft Excel & Word, with experience in R, Python, 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 ‘go to’ person for your area of specialism within Munich Re.

You will demonstrate and role model inclusive behaviour and encourage your colleagues to create an inclusive culture.

Regulatory & Conduct Requirements:

The individual will also be responsible for 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, private medical insurance, and an employer's contributory pension of 10%.

We 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.

If you are excited about this role but your experience does not align perfectly with everything outlined, we encourage you to apply anyway.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.