Actuarial Analyst

Munich Re; City Of London; On-site; GBP 40,000 - 60,000; Full time

Job summary

A global insurance and reinsurance firm is seeking a member of the longevity pricing team. Responsibilities include delivering pricing quotes, supporting deal executions, and contributing to process improvements. Ideal candidates will have knowledge of the UK life insurance market and strong computer skills, particularly in Excel. A commitment to training for actuarial qualification is essential. This role offers a competitive salary, on-target bonus, and generous leave policies.

Benefits

Competitive compensation package

On-target bonus

25 days annual leave

Private medical insurance

Employer's contributory pension of 10%

Fully paid 6 months family leave

Qualifications

• Relevant knowledge or experience of the UK life insurance market.
• Experience with pricing processes and assumptions setting is desirable.
• Ability to understand new concepts quickly and communicate clearly.

Responsibilities

• Deliver quotes and support deal executions.
• Produce metrics to support commercial negotiations.
• Contribute to improvements in pricing tools and processes.

Skills

Knowledge of UK life insurance market

Data manipulation skills

Good numerical skills

Strong computer literacy

Confidence and diplomacy

Team player

Education

University graduate or equivalent

Tools

Microsoft Excel

Power BI

R

Python

VBA

Job description

Overview

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 highly competitive. We operate in a dynamic market where medical progress, demographic trends and changing lifestyles create new risk landscapes. This is further shaped by changing laws, regulations and competitive pressures. We need a smart strategy and structure to succeed.

In UK & Ireland Life we focus on three pillars: protection, longevity and reinsurance structuring. We provide clients with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing to help them stay competitive and profitable.

About the role:

The role holder will be a member of the Longevity pricing team within the Pricing division. Responsibilities include delivering quotes (data/biometric analysis and pricing deliverables), supporting deal executions, handling client requests, monitoring experience on inforce treaties for reporting, aiding Basis development in reviewing assumptions for existing and new propositions, and supporting the Infrastructure and Tools team with ongoing tool and process improvements. Where appropriate, the team may support the commercial team on related activities. The wider division also covers Pricing for Protection and Structured reinsurance, with opportunities to gain exposure to other lines of business as appetite allows.

Responsibilities

• Develop technical knowledge and expertise relevant to reinsurance pricing. Draft written reports and documentation for results and methods used. Deliver accurate and timely work as part of a team working toward deadlines.
• Help deliver quotes and projects, including data manipulation, experience analysis, pricing assumptions and producing metrics to support commercial terms.
• Produce metrics and analysis to support commercial negotiations internally and with clients. Build relationships with commercial teams and develop a branch-wide network of contacts.
• Represent the team and communicate results to senior management and other departments.
• Contribute to ongoing efficiency by proposing and supporting improvements to pricing tools and processes and embracing new technology.
• Assist with the development and review of pricing basis and assumptions. Support the commercial teams as required.
• Contribute to team discussions on non-technical topics (including people and culture) and engage in branch-wide initiatives.
• Develop an understanding of the UK life insurance and longevity market.

Our values

• Nimble learning – actively learn by tackling new problems and quickly learning from both successes and failures.
• Collaborates – work with others to meet shared commitments.
• Optimises work processes – identify efficient processes and seek improvements.
• Resourcefulness – find a way to get things done with available resources, asking for support when needed and offering help to others.
• Communicates effectively – communicate clearly, share ideas, and keep stakeholders informed, seeking feedback.

Your profile

• Relevant knowledge or experience of the UK life insurance market, or relevant pensions knowledge.
• Knowledge or experience of pricing processes including experience analysis, assumptions setting and modelling methodology is desirable.
• Ability to quickly understand new concepts and communicate them clearly with colleagues across diverse backgrounds.
• Good numerical skills with willingness to offer judgement calls where there is uncertainty.
• Confidence and diplomacy to challenge peers and manage upwards.
• Team player who can adapt and work effectively with different people across the branch.
• Strong computer literacy, particularly in Microsoft Excel and Word; experience with R, Python, VBA or similar is useful. Experience with Power BI is desirable.

Qualifications and Educational Requirements:

• University graduate or equivalent
• Commitment to train towards Actuarial qualification for which the Company will provide support

Regulatory & Conduct Requirements:

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

Thought Leader

• Demonstrate inclusive behaviour and encourage colleagues to contribute to an inclusive culture.
• Treat colleagues and sales and business partners fairly and with respect.

We offer a competitive compensation package including on-target bonus, 25 days of annual leave (with option to purchase more), private medical insurance, and the employer's contributory pension of 10%. We also provide fully paid 6 months family leave.

Diversity, Equity & Inclusion

At Munich Re, embracing differences is core to who we are. We recognise diversity can be multi-dimensional and are committed to building an equitable and inclusive work environment with equal opportunities to succeed.

If you are excited about this role but your experience does not align perfectly, or you don’t meet every requirement, we encourage you to apply anyway. You might be the candidate we are looking for. All candidates in consideration can request a reasonable adjustment at any point in our recruitment process by speaking to your Talent Acquisition contact.

You will demonstrate inclusive behaviour and encourage colleagues to contribute to an inclusive culture and treat colleagues and sales and business partners with fairness and respect.