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Pricing Actuary

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Professional Job ID 10384 Company Munich Re Employment type Regular Area of expertise Actuarial & Risk Management
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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, if not 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 important to the success of our business so it's important to look at the big picture. In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world's largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.

About the role:

You will be a member of the Longevity Pricing team, supporting the Pricing Leads in the deliverables of the team. You will also assist the more junior members of the team, provide technical expertise and guidance and also checking their work.

The team delivers Longevity quotes (which includes both production of data/Biometric analysis and Pricing deliverables); input in to deal executions; monitoring of experience on inforce treaties for reporting purposes; support the Basis development team in the review of assumptions for both existing and new propositions; and support the Infrastructure and Tools team with continued improvement and maintenance of our tools and processes. The team will also support the commercial Longevity team on other related activities.

Your job:

  • ·Be an important technical expert within the team across Pricing and Biometric elements, developing technical knowledge relevant to reinsurance pricing for Longevity business. 

  •  Represent the team and communicate results to senior management and other departments.

  •  Oversee the delivery of accurate and timely work. Checking other team members' work and providing guidance to more junior members of the team.

  • Checking work that's produced by the team for quotes and projects, ensuring 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. Ensuring the right balance between commercial needs and risk is achieved.

  • Develop relationships with the commercial Longevity team and construct an important branch wide network of contacts.

  • Support the training of more junior members of the Pricing team, providing feedback where appropriate.

  • Contribute to the team's on-going drive to ensure we are the most efficient we can be by proposing and supporting improvements to Pricing tools and process' and embracing new technology.

  • Support the development of the Longevity basis and assumptions.

  • Where required provide support to the development of new Longevity propositions and support the commercial Longevity team on their activities.· Input in to team discussions on non-technical topics (including people and culture) and show an interest in branch wide initiatives.· Develop an understanding of the Longevity market.

Competencies:

Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s 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 business’ and wider organisation’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, whilst maintaining clarity and unity of direction.

Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), 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 e.g., generating ideas, creating efficiencies, harnessing new technology etc.

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. You also continue to operate effectively even when things are uncertain and the way forward is unclear.

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.

Your profile:

  • Relevant knowledge or experience of the UK life insurance market or relevant pensions knowledge.

  • Knowledge of Pricing processes, including experience analysis production/analysis, assumptions setting and modelling methodology. Prior Pricing experience and in particular experience with reinsurance pricing is preferable.

  • Strong analytical skills and ability to make judgement calls where there is uncertainty.

  • Ability to communicate technical concepts effectively to colleagues from with varying levels of knowledge.

  • 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. Experience with Power BI is desirable.

Qualifications and Educational Requirements: 

  • Newly or nearly qualified Actuary

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the individual will also become responsible for ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

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 be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.

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 6months family leave for times when you need it the most. 

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 and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t 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. You can request an adjustment by speaking to your Talent Acquisition contact.

You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

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

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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