Senior Actuarial Analyst (Longevity Pricing)

Next Insurance, Inc.; Greater London; On-site; GBP 90,000 - 130,000; Full time

Benefits offered by this job

25 days annual leave

Private medical insurance

Employer pension 10%

Job summary

Munich Re UK Life Branch, based in London, seeks a Newly or nearly qualified Actuary to join the Longevity Pricing team. You will support pricing leads, guide junior members, and contribute to data, analysis, and pricing assumption development for longevity propositions.

You will liaise with commercial teams, influence decision-making, and help improve Pricing tools and processes while embracing new technology. 25 days leave and comprehensive benefits.

Qualifications

• Knowledge of UK life insurance pricing and experience analysis production/analysis.
• Ability to set pricing assumptions and model methodology.
• Strong analytical skills and judgement under uncertainty.

Responsibilities

• Be an important technical expert within pricing and biometric elements for Longevity pricing.
• Represent the team and communicate results to senior management.
• Check work produced by the team for quotes and projects, ensuring data accuracy and appropriate assumptions.

Skills

Pricing processes

Experience analysis production

Data interpretation

Communication with senior management

Excel

Power BI

R/Python basics

Staying analytical under uncertainty

Education

Newly or nearly qualified Actuary

Tools

Excel

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, 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:

You will be a member of the Longevity Pricing team, supporting the Pricing Leads in the deliverables of the team. You will also assist the more junior members of the team, providing technical expertise and guidance and also checking their work.

The team is responsible for delivery of Longevity quotes (which includes both production of data/Biometric analysis and Pricing deliverables); inputting in to deal executions; 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 Longevity team on other related activities.

Key Responsibilities:

• Be an important technical expert within the team across Pricing and Biometric elements, developing technical knowledge relevant to reinsurance pricing for Longevity business.

• Represent the team and communicate results to senior management and other departments.

• 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 commercial Longevity team and construct an important branch wide network of contacts.

• Support the training and development of more junior members of the Pricing team, providing feedback.

• 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 process' and embracing new technology.

• Support the development and review of the Longevity basis and assumptions. Where required provide support to the development of new Longevity propositions and support the commercial Longevity team on their activities.

• Input in to team discussions on non-technical topics (including people and culture) and show an interest in branch wide programs.

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 effectively 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 or relevant pensions knowledge.

• 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 to challenge peers and manage upwards.

• Effective at dealing with stakeholders from a variety of technical backgrounds and levels of seniority.

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

Diversity, Equity & Inclusion:

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.