Global Longevity Actuary

Munich Re; Greater London; On-site; GBP 90,000 - 135,000; Full time

Benefits offered by this job

Private medical insurance

Pension scheme

25 days annual leave

Family leave

Job summary

Munich Re Group in the UK leads international longevity expansion within the Global Longevity Development function. The Global Longevity Actuary collaborates with global markets and local offices to deliver market assessments, basis development and pricing support for longevity opportunities.

The role provides exposure to market development, pricing analyses and transaction support, with increasing independence and opportunities to contribute to governance and reporting across the GLD team.

Qualifications

• Experience in actuarial work within life insurance, pensions or reinsurance.
• Strong analytical and problem-solving skills.
• Ability to communicate technical information clearly.
• Strong Excel and actuarial modelling skills.
• Ability to take ownership of defined activities.
• Directly relevant actuarial experience within longevity, annuities, pensions or life reinsurance.

Responsibilities

• Contribute to delivery of Munich Re's international longevity market development strategy.
• Own defined elements of market assessments and opportunity evaluations across international longevity markets.
• Develop market-testing assumptions and exploratory bases for emerging longevity opportunities.
• Take responsibility for defined components of pricing analyses and transaction support.
• Develop and maintain pricing tools and methodologies.
• Prepare market-entry assessments, business cases and strategic recommendations.
• Coordinate elements of client, broker and local-office engagement activity.

Skills

Longevity actuarial

Market development

Pricing analysis

Data analysis

Communication

Independence

Education

Nearly or newly qualified actuary

Actuarial qualifications (ACU/FIA)

Job description

Application Closing Date : Friday, 13th November

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 Global Longevity Actuary supports Munich Re's international longevity expansion ambitions within the Global Longevity Development (“GLD”) team by contributing to market assessments, basis development and transaction support activities across global markets that are outside Munich Re's established longevity business.

Working closely with the Head of Global Longevity Development, Global Longevity Development Strategy Lead, Global Longevity Development Pricing Lead and local Munich Re offices, the role takes ownership of defined analytical, technical and project activities, exercising actuarial judgement and providing constructive challenge across the GLD team.

The role offers exposure to market development, pricing, basis development and transaction support activities, helping Munich Re identify, assess and develop emerging longevity opportunities globally. The role contributes to both strategic and technical activities across the GLD team, delivering defined pieces of work with an increasing degree of independence, as well as contributing to activities across the wider Longevity team where required.

This is a great opportunity for a technically strong and ambitious individual to join a highly successful, friendly and growing team in an exciting, challenging and rewarding environment.

Key Responsibilities:

• Contribute to delivery of Munich Re's international longevity market development strategy.
• Own defined elements of market assessments and opportunity evaluations across international longevity markets, making recommendations to senior members of the team.
• Develop market-testing assumptions and exploratory bases for emerging longevity opportunities, with oversight from the GLD Pricing Lead.
• Take responsibility for defined components of pricing analyses, transaction support and technical assessments.
• Develop, maintain and enhance pricing tools, analytical frameworks and supporting documentation for international markets.
• Prepare market-entry assessments, business cases and strategic recommendations.
• Maintain the international longevity opportunity pipeline and associated reporting, in support of the GLD Strategy Lead.
• Coordinate elements of client, broker and local-office engagement activity through preparation of presentations and analysis.
• Monitor and assess competitor activity, client developments and market developments relevant to international longevity opportunities.
• Review and challenge analysis produced by colleagues, providing constructive feedback and supporting the development of more junior team members.
• Contribute to knowledge sharing, research and development activities across the Longevity function.

General Duties and Tasks:

The Global Longevity Actuary works with the Head of GLD, GLD Strategy Lead and GLD Pricing Lead in delivering Munich Re's international longevity expansion strategy. The role contributes across market assessments, basis development, pricing support and transaction activities within both the Strategy and Pricing workstreams, as well as wider Longevity initiatives where required. The role is expected to take ownership of defined activities and deliver them with a high degree of independence, with oversight from the relevant GLD Lead or Head of GLD.

Market Assessment and Opportunity Development (25%)

• Own the maintenance and development of market assessments for existing and prospective longevity markets.
• Undertake research into emerging longevity opportunities and market developments.
• Prepare defined elements of market-entry assessments and business cases.
• Monitor and assess competitor activity and market developments.
• Support prioritisation exercises and opportunity reviews.
• Prepare and present management reporting and presentations.

Basis Development and Pricing Support (25%)

• Develop and review market-testing assumptions and exploratory bases under the oversight of the GLD Pricing Lead.
• Own defined data analysis and technical assessment work.
• Take responsibility for defined components of pricing analyses and transaction support activities.
• Develop and maintainpricing tools and methodologies.
• Prepare technical papers and documentation.
• Review and challenge technical assessments of emerging opportunities, escalating where appropriate.

Stakeholder Coordination and Business Development Support (20%)

• Coordinate defined activities with local Munich Re offices regarding longevity opportunities.
• Prepare and present analysis and materials for client, broker and consultant engagement.
• Take responsibility for defined elements of market-development initiatives and strategic projects.
• Coordinate meetings, market reviews and opportunity discussions, ensuring actions are progressed.
• Prepare materials for governance and reporting activities.

General Longevity team (20%)

• Support wider Longevity Team initiatives where required, including work and quotes in the UK and Dutch markets where business needs require.
• Work with the Head of Longevity and Deputy Head of Longevity to assist in a variety of Longevity projects and development workstreams as necessary, which may include assessing quote attractiveness, new business pricing, or work to enhance our proposition for existing markets.
• Work with the Head of In-Force on in-force related projects as required to manage our existing portfolio.
• Promote knowledge sharing across teams and locations.
• Maintain awareness of developments in longevity and annuity markets.
• Support wider UK Life Branch as required.
• Undertake any additional duties and responsibilities that may reasonably be expected in accordance with the role.

Contribution to the Wider GLD Team (10%)

• Work with the Head of GLD, GLD Strategy Lead and GLD Pricing Lead in delivering the wider GLD mandate.
• Work flexibly across the Strategy and Pricing workstreams as priorities develop.
• Provide technical review and constructive challenge across market-development, pricing and transaction-support activities.
• Collaborate with colleagues across the Longevity Team and wider Munich Re Group.
• Contribute to team initiatives and knowledge-sharing activities.

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…

Courage (we care and dare) – you are willing to challenge the status quo and address difficult problems;…

Persuades (we are clear and authentic) – you use clear and compelling arguments that communicate ....

Key Skills & Experience:

Essential

• Experience in actuarial work within life insurance, pensions or reinsurance.
• Strong analytical and problem-solving skills, with the ability to exercise judgement and operate with a high degree of independence.
• Ability to communicate technical information clearly.
• Strong Excel and actuarial modelling skills.
• Ability to take ownership of defined activities, manage competing priorities and deliver accurate work to agreed timescales.
• Proactive and collaborative working style.
• Interest in longevity, pensions de-risking and international market development.
• Strong written and verbal communication skills.

Desirable

• Exposure to longevity, annuity or pension risk-transfer markets.
• Experience supporting pricing or basis development work.
• Experience preparing presentations, reports or business cases.
• Interest in international markets and market development.
• Experience using actuarial modelling and analytical tools.

Qualifications and Educational Requirements:

• Nearly or newly qualified actuary.
• Directly relevant actuarial experience within longevity, annuities, pensions or life reinsurance.

Thought Leaders:

• 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.
• 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.

Regulatory & Conduct Requirements:

• 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, 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.