Pricing Actuary

Munich Re Group; Greater London; On-site; GBP 55,000 - 75,000; Full time

Benefits offered by this job

Private medical insurance

Employer pension 10%

25 days annual leave

Fully paid 6 months family leave

Job summary

Munich Re Group UK Life seeks an actuary to join the Protection Pricing team, supporting pricing leads and guiding junior colleagues. The role centers on delivering protection quotes, conducting experience analysis and refining pricing assumptions with strong analytical skills.

Applicants should be newly or nearly qualified actuaries familiar with Excel; R/Python and Power BI are desirable. We welcome candidates with UK life market knowledge and a collaborative mindset.

Qualifications

• Newly or nearly qualified Actuary with UK Life pricing knowledge.
• Experience in pricing processes, including analysis, assumptions and modelling.
• Familiarity with reinsurance pricing is preferable.

Responsibilities

• Be the technical expert within Pricing for Protection business.
• Deliver accurate quotes and assist with data and experience analysis.
• Support junior team members and communicate results to management.
• Contribute to pricing assumptions and commercial terms discussions.
• Develop understanding of financial implications and balance commercial risk.

Skills

Pricing knowledge

Experience analysis

Assumptions setting

Modelling methodology

Analytical skills

Excel

Power BI

R/Python/VBA

Communication

Education

Newly or nearly qualified Actuary

Tools

Power BI

Excel

R

Python

VBA

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, supporting the Pricing Leads in the deliverables of the team. They will also assist the more junior members of the team, providing technical expertise and guidance and also checking their work where appropriate.

The team is responsible for delivery of Protection quotes (which includes both production of data/Biometric analysis and Pricing deliverables); supporting with client queries and changes on existing open to new business treaties; monitoring performance of open to new business treaties; 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 Protection team on other related activities including new product and proposition development.

Key Responsibilities:

• Be a key technical expert within the team across Pricing and Biometric elements, developing technical expertise and knowledge relevant to reinsurance pricing for Protection business.
• Represent the team and communicate results to senior management and other departments.
• Take responsibility for the delivery of accurate and timely work. Checking other team members’ work and providing guidance to more junior members of the team.
• Checking work that’s produced by the team for quotes and projects, ensuring the accurate use of data and production of experience analysis, setting of appropriate Pricing assumptions and supporting the negotiation of commercial terms.
• Develop an understanding of the financial implications, across all appropriate metrics, of decisions made. Ensuring the right balance between commercial needs and risk is achieved.
• Develop relationships with the Protection department and construct an important branch wide network of contacts.
• Support the training and development of more junior members of the Pricing team, providing feedback where appropriate.
• 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.
• Support the development and review of the Protection basis and assumptions.
• Where required provide support to the development of new Protection propositions and support the Protection department 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 Protection market.

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 etc.

Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effective even when things are uncertain and the way forward is unclear.

Persuades (we are clear and authentic) – You use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

• Relevant knowledge or experience of the UK life insurance market.
• Knowledge of Pricing processes, including experience analysis production/analysis, assumptions setting and modelling methodology. Prior Pricing experience and in particular experience with reinsurance pricing is preferable.
• Ability to grasp new concepts and technical issues quickly.
• Strong analytical skills and ability to make judgement calls where there is uncertainty.
• Ability to communicate technical concepts effectively to colleagues from with varying levels of knowledge.
• Confidence and diplomacy to challenge peers and manage upwards.
• Effective at dealing with stakeholders from a variety of technical backgrounds and levels of seniority.
• 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:

• Newly or nearly qualified Actuary

Thought Leader:

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:

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 your 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.

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.