Pricing Actuary

IGI - International General Insurance Co. Ltd.; Greater London; On-site; GBP 90,000 - 130,000; Full time

Job summary

IGI - International General Insurance Co. Ltd. is seeking an actuarial professional to support pricing and underwriting. The role reports to the Head of Pricing and collaborates with underwriters across IGI’s offices to provide actuarial review, develop pricing tools and monitor KPIs.

The role will base in London with occasional travel to Amman and other offices, working closely with senior management and the actuarial team to drive performance and risk insights.

Qualifications

• Actuarial qualification with 3+ years in Property/Casualty.
• Bachelor’s degree and strong communication.
• Experience with Power BI or BI tools; Python or R; SQL/Access.

Responsibilities

• Provide actuarial analysis of submissions with underwriters.
• Identify and advise on performance of niches, risks and actions.
• Enhance underwriting processes with actuarial and data science input.
• Develop submission data, exposure and claims databases.
• Create dashboards and pricing tools; support decisions.
• Collaborate with underwriters and senior management; present findings.

Skills

Actuarial experience

Pricing specialty

Power BI

Python or R

SQL/Access

Communication skills

Strategic thinking

Education

Bachelor's degree

Actuarial qualification in progress

Tools

VBA

Python

R

SQL

Microsoft Access

Job description

Job Summary

IGI is has a global underwriting presence. This role will:
Report to the Head of Pricing
Work with Underwriters based in all of IGI’s offices providing Actuarial review of Underwriting Submissions
Develop Underwriting Pricing Tools
Develop, monitor and enhance Underwriting Key Performance Indicators
Report on and evolve rate monitoring

The role has a strong mandate from both underwriters and senior management.

This role will share ideas, initiatives, methodologies, techniques with the Group Chief Actuary, Pricing Actuaries and wider Actuarial team, as well as working closely with the respective underwriting teams, underwriting operations and Senior Management.

This role is based in London with occasional travel to other offices, particularly Amman (Jordan).

Job Description

Company Description

IGI - International General Insurance Co. Ltd. is a leading international specialist commercial insurer and reinsurer with a global portfolio ofEnergy, Property, Construction & Engineering, Ports & Terminals, Marine, Financial Institutions, General Aviation, Professional Indemnity, Casualty, Directors’ and Officers’, Legal Expenses, Political Violence, Contingency and Treaty Reinsurance. Registered inBermuda as a limited liability company, withoperational headquarters in Amman, Jordan and offices in London, Malta, Bermuda, Norway, Dubai, Kuala Lumpur and Casablanca, we aim to deliver outstanding levels of service to our clients and brokers.

Key Responsibilities

Technical

• Submissions: Work with underwriters to provide actuarial analysis of relevant submissions.

• Deep dive: Work with Senior Management on Performance Management to identify well and poorly performing niches, emerging risks and desirable movements in risk profile. Identification and recommendation of remedial actions and/or changes to process.

• Processes: Augment existing underwriting processes with actuarial and data science perspectives that are timely and commercial. Continuously improve.

• Augmentation of data: Develop optimal use of submission data, facilitate identification and capture of external information (web, commercial provider, broker…). Develop databases of exposure and claims information where these will provide valuable perspective of profitability, frequency and/or severity.

• Innovation: Use all available and emerging sources of data and tools to evolve dashboards and pricing tools.

• Development of Rating Tools:

• Develop new and evolve existing rating tools and processes.
• Where these are not already on one of the rater platforms; develop stand-alone and/or Proof-of-Concept raters (in conjunction with underwriters and the Pricing Model and Rating Tool Actuary).
• Raters are implemented on hX’s Python/Json/Java rating platform.
• Parameterisation of Rating Tools: Work closely with Underwriters, Pricing Actuaries, Pricing Model and Rating Process Actuary and Actuarial Reporting Team to parameterise tools.
• Rate Change:
• Report on and evolve the rate change process.
• Optimise and embed use of rate change outputs in other areas such as reserving and business planning.
• Develop and maintain Power BI dashboards and reports to monitor price adequacy, portfolio metrics and support data-driven decision-making.
• Thought leadership: Identify emerging opportunities, including but not limited to; business areas, tools and methodologies (actuarial, data science, engineering, statistical etc…) and information. Develop influence with decision-makers.
• Reserving and Capital: Work closely with reserving and capital actuaries to feed in and take out the relevant shared insight and models

Relationships

• Essential to develop excellent working relationships with Underwriters and Management.
• Work closely with Underwriters, Group Chief Actuary, Head of Pricing, Actuarial, Risk Management and Reinsurance teams.
• Will require presentation to and sharing of ideas, analysis and findings with Underwriters and Management.
• Frequent interaction with Brokers.

Professional

• All work should be compliant, and documented in accordance, with Professional and Technical Actuarial standards.

Leadership

• This role models the IGI corporate values of Integrity, Genuine and Innovative, ensuring own and other team members’ behaviours and ways of working respect and mirror these values.

Key Attributes & Professional Qualifications

• Nearly or newly qualified actuary with 3+ years of Property/Casualty experience, at least 18 months of which within Pricing Specialty Lines.

• A bachelor’s degree
• Excellent verbal and written communications skills and the ability to work in a multicultural environment
• Creative, innovative, logical thinking and great attention to detail
• Ability to think strategically, proactively and commercially
• Experience of working with and constructively challenging underwriters
• Good knowledge of Power BI or other business intelligence and visualisation tools
• Knowledge of programming languages (at least VBA, ideally Python or R, knowledge of SQL and/or Access).
• Ability to exploit emerging tools to enhance processes
• Self-motivated and solutions-oriented

Conduct Rules

SMCR was introduced by the Financial Conduct Authority (FCA), includes a set of Conduct Rules that apply to most employees in UK financial services firms. These rules aim to improve individual accountability and promote a healthy culture across the industry.

Individual Conduct Rules

These are the core five rules that apply to all employees

• Act with integrity
• Act with due skill, care and diligence
• Be open and cooperative with the FCA, PRA, and other regulators
• Pay due regard to the interests of customers and treat them fairly
• Observe proper standards of market conduct