Pricing Manager (Protection)

Munich Re; London; On-site; GBP 60,000 - 100,000; Full time

Job summary

An established industry player is seeking a dynamic manager for their Protection Pricing team. This role is pivotal in navigating the competitive UK life market, where you will lead a team to deliver precise Protection quotes and enhance pricing processes. You will be responsible for mentoring team members, engaging with senior management, and fostering client relationships. With a focus on innovation, you will propose improvements and embrace new technologies to streamline operations. The company offers an attractive compensation package, including a generous bonus structure and extensive leave options, making it an exciting opportunity for those passionate about actuarial science and team leadership.

Benefits

25 days annual leave

Private medical insurance

10% employer's contributory pension

Fully paid 6 months family leave

On-target bonus

Qualifications

• Qualified Actuary with experience in Protection Pricing.
• Strong leadership skills with a focus on team development.

Responsibilities

• Manage the Protection Pricing team and ensure accurate delivery of quotes.
• Develop technical expertise in reinsurance pricing for Protection business.

Skills

UK Protection market knowledge

Leadership and management experience

Protection Pricing processes

Analytical skills

Communication skills

Stakeholder management

Microsoft Excel

Python

R

Power BI

Education

Qualified Actuary

Tools

Microsoft Excel

Microsoft Word

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 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 manager within the Protection Pricing team. They will have line management responsibility and will be responsible for checking and reviewing the work of other colleagues within the team.

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.
• Input into Head of Protection Pricing to support the planning and prioritisation of the team.
• Represent the team and communicate results to senior management and other departments.
• Take responsibility for the delivery of accurate and timely work. Checking and peer reviewing other team members’ work and providing guidance to more junior members of the team.
• Checking and reviewing work that’s produced by the team, which includes taking a leading role in the delivery of 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.
• Understand and be able to explain the financial implications, across all appropriate metrics, of decisions made. Ensuring the right balance between commercial needs and risk is achieved.
• Develop strong client-focused relationships with the Protection department and construct an important branch-wide network of contacts.
• Direct line management responsibility and supporting the development of the team by setting expectations, providing feedback and looking for opportunities where individuals can challenge themselves and have autonomy.
• Contribute to the team’s ongoing 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 technical input into the development of new Protection propositions and support the Protection department on their activities.
• Input into discussions with the Head of Protection Pricing and other managers to help set the direction of the team, inputting into non-technical topics (including people and culture).
• Develop and maintain an understanding of the Protection market.

Key Skills & Experience:

• Knowledge or experience of the UK Protection market.
• Experience with managing or providing leadership to other colleagues either directly through line management or indirectly on work, providing feedback and supporting with development.
• Knowledge of Protection Pricing processes, including experience analysis production/analysis, assumptions setting, and modelling methodology. Prior Pricing experience, particularly 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 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.
• Ability to build an understanding of internal and external client strategy and needs.
• 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:

• 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.