Pricing Actuary (Life Insurance)

Munich Re; Sydney; On-site; AUD 110,000 - 170,000; Full time

Job summary

Munich Re Life team in Australia and New Zealand seeks an actuary with up to 5 years post-qualification experience in life pricing or reserving. You will lead cross-functional projects, model profitability, and support pricing decisions for existing and new products and treaties.

Strong knowledge of Australian/New Zealand insurance law, Excel modelling, stakeholder engagement, and FIAA progression are essential. This role offers collaboration with internal SMEs and clients across markets.

Qualifications

• Pricing and reserving expertise in life reinsurance.
• Strong analytical and modelling capabilities.
• Excellent communication and stakeholder interaction.

Responsibilities

• Lead projects to drive technical assessments and commercial outcomes.
• Perform actuarial modelling, analysis and reporting for profitability and pricing decisions.
• Analyze profitability on in-force portfolios and advise on pricing of existing business.
• Provide recommendations on pricing of new products and treaties.
• Support changes to product definitions and underwriting processes.
• Develop and price new products and treaties.
• Improve internal models and processes for efficiency.
• Collaborate with SMEs and clients on Treaty documentation changes.
• Build client relationships and support MRA’s client strategy.
• Assist in managing commercial negotiations with stakeholders.

Skills

Pricing analytics

Analytical thinking

Communication

Interpersonal skills

Education

FIAA qualification/in progress

Tools

Excel

Job description

The Life team provides reinsurance services for the life industry in Australia and New Zealand.

The Life team operates in Retail, Group and Direct markets.

We have expertise in many areas, such as product, pricing, claims management underwriting.

The Commercial team oversees MRA’s client relationships, with a focus on Retail and Direct insurance. The team provides advice into all aspects of pricing, product design, claims, underwriting. The team also brings Munich Re’s global insights and capabilities to the Australian and New Zealand market.

Your Role

• Leading projects to drive technical assessments and commercial outcomes in a cross functional environment
• Performing actuarial modelling, analysis and reporting in support of:
• Profitability analyses on in force portfolios
• Recommendation on pricing of existing business
• Client requests for changes to existing business (including updated product definitions, changes to underwriting processes, etc.)
• Pricing of new products and treaties
• Enhancing internal models and processes to improve efficiency
• Working with internal SMEs and clients to agree changes to Treaty documentation
• Develop and build client relationships and support MRA’s client strategy
• Support the effective management of commercial negotiations including engagement with key internal and external stakeholders

Your Profile

• Up to 5 years post-qualification experience as an Actuary, in a Life (re)insurance pricing or reserving environment
• Knowledge of relevant insurance law in Australia and New Zealand
• Strong knowledge of individual and/or group risk products – product features, benefits, pricing, reserving, for the Australian and NZ markets
• Strong modelling and Excel skills
• Engaging - Effectively communicate, share knowledge and support initiatives and projects
• Problem solving – ability to proactively consider, research and recommend pragmatic solutions to tasks and problems
• Interpersonal – ability to build and maintain effective professional relationships with all stakeholders based on trust and a constructive and collaborative approach
• FIAA Qualified, or well-progressed towards qualification.

We see DEI as a business imperative, helping us to attract, grow and inspire a diverse, inclusive, and equitable workforce that better enable us to serve our customers, investors, and communities. Globally, we strive to build balanced teams across all aspects of difference.