Pricing Actuary (Protection)

Munich Re; London; On-site; GBP 45,000 - 75,000; Full time

Job summary

An established industry player is seeking a skilled individual to join their Protection Pricing team in London. This role offers a unique opportunity to engage in the dynamic UK life insurance market, where you will provide technical expertise and guidance to junior members while ensuring the accuracy of pricing deliverables. You will be instrumental in analyzing data, supporting client queries, and developing new propositions. The company values innovation and efficiency, encouraging you to propose improvements to tools and processes. With a competitive compensation package, including a generous bonus structure and extensive family leave, this position is ideal for those looking to make a significant impact in a collaborative environment.

Benefits

25 days annual leave

Private medical insurance

10% employer contributory pension

Fully paid 6 months family leave

Option to purchase additional leave

Qualifications

• Newly or nearly qualified Actuary required.
• Relevant experience in UK life insurance and pricing processes is essential.

Responsibilities

• Support Pricing Leads and assist junior team members with technical expertise.
• Deliver accurate and timely work, ensuring data integrity and pricing assumptions.

Skills

UK life insurance market knowledge

Pricing processes

Analytical skills

Communication skills

Microsoft Excel

Python

R

Power BI

VBA

Education

Actuarial qualification

Tools

Microsoft Excel

R

Python

Power BI

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 London, 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 processes 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 into 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.

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 desirable.
• 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 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

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.

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 paid 6 months family leave for times when you need it the most.

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.