Actuarial Analyst

Munich Re Group; Greater London; On-site; GBP 60,000 - 90,000; Full time

Job summary

Munich Re Group in the UK is seeking a role within the Protection pricing team. The role focuses on delivering quotes, data analysis, and pricing assumptions for UK life insurance and longevity products. You will support commercial negotiations and work with multiple stakeholders to improve pricing tools and processes.

The position offers involvement across Life, Longevity, and Structured reinsurance with opportunities to grow within the division. A graduate with actuarial ambition is preferred.

Qualifications

• University graduate or equivalent.
• Commitment to train towards Actuarial qualification with company support.
• Strong Excel and Power BI experience desirable.

Responsibilities

• Develop technical knowledge and expertise in reinsurance pricing.
• Draft written reports and documentation for results and methods.
• Deliver accurate and timely work as part of a team.
• Assist with quotes and projects, including data manipulation and experience analysis.
• Produce metrics to support commercial negotiations and client requests.
• Build relationships with commercial teams and senior management.
• Support pricing tool/process improvements and new technology.
• Contribute to development and review of pricing basis and assumptions.

Skills

Analytical skills

Team collaboration

Communication

Problem solving

Education

University graduate or equivalent

Commitment to train towards Actuarial qualification

Tools

Power BI

Python

R

VBA

Excel

Job description

Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, 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 key 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:

The role holder will be a member of the Protection pricing team and part of the wider Pricing division.

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

The wider division also covers Pricing for Longevity and Structured reinsurance. Where there is appetite we would look to offer future opportunities to get exposure to the other lines of business as well.

Key Responsibilities

• Develop technical knowledge and expertise relevant to reinsurance pricing.
• Draft written reports and documentation for results and methods employed.
• Responsible for delivering accurate and timely work as part of a team working together towards deadlines.
• Assist with the delivery of quotes and projects which includes accurate manipulation of data and production of experience analysis, setting of appropriate Pricing assumptions and producing metrics to support the negotiation of commercial terms.
• Assist in the production of key metrics and analysis to support commercial negotiations both internally with key stakeholders and externally with clients.
• Develop relationships with the commercial teams and construct an important branch wide network of contacts.
• Represent the team and communicate results to senior management and other departments.
• 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.
• Assist in the development and review of the Pricing basis and assumptions.
• Where required assist the commercial teams 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 UK life insurance and Longevity market.

Competencies

Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.

Collaborates (we lead the ‘we’) – you work together with others in your team, the department and wider business (where relevant) to meet shared commitments.

Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.

Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.

Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

Key Skills & Experience

• Relevant knowledge or experience of the UK life insurance market, or relevant pensions knowledge.
• Knowledge or experience of Pricing processes including production of experience analysis, assumptions setting and modelling methodology is desirable.
• Ability to grasp new concepts and technical issues quickly, and communicate them effectively to colleagues.
• Strong analytical and numerical skills with a willingness to offer judgement calls where there is uncertainty.
• Ability to work on own initiative.
• Confidence and diplomacy to challenge peers and manage upwards.
• A team player who can adapt and work effectively with different people across the branch.
• 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

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

Thought Leader

• You will demonstrate 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.

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.

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 paid6months family leave for times when you need it the most.

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

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.

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.