Title:  Longevity Actuarial Analyst

Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the offices 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 Longevity Actuarial Analyst (In-Force) has a key role in supporting the delivery of efficient in-force longevity portfolio management alongside the Head of In-force and the team’s Client Managers, as well as getting involved with the delivery of profitable new business opportunities and actuarial project work as needed.

This is a great opportunity for an ambitious and organised individual to join a highly successful, friendly team in an exciting, challenging and rewarding environment.

Key Responsibilities:

• Carrying out regular in-force actuarial tasks, working with the Head of In-force and Client Managers to manage and protect our portfolio
• Work with other teams within the branch (eg the valuation team) to ensure the smooth operation of the in-force portfolio
• Work on non-standard in-force actuarial projects (such as mortality basis reviews and novations)
• Proactively improve processes and tools to aid efficiency, auditability and actuarial insights gained from the in-force work
• Support longevity projects and new business activity as required
• Be responsible for delivering accurate and timely work as part of a team working together towards tight deadlines
• Supporting overall longevity strategy

General Duties and Tasks:

The Longevity Actuarial Analyst (In-Force) is primarily responsible for supporting the Head of In-force and Client Managers with the actuarial tasks involved in managing and protecting our existing Longevity portfolio. They will also support the Longevity actuarial team in delivering upon the agreed new business strategy as required.

In-force longevity management (80%)

• Assist the Head of In-force and Client Managers with the ongoing management of our in-force longevity business, including coordinating and reviewing the output from other Munich Re teams and external clients. This may include: model reconciliation; data true-ups; validation of swap fixed and floating lines; validation of deal collateral calculations.
• Work on ad-hoc specialised projects, for example mortality basis reviews and restructuring deals with clients
• Work to improve processes, tools and documentation to ensure all in-fore activities are as efficient and well audited as possible
• Support other teams in longevity in-force-related work, e.g. bridging the gap between the Data and Longevity teams, and assisting the valuation team in financial reporting for the longevity portfolio.
• Assist in various other ad-hoc tasks, such as client audits.

General Longevity team support (20%)

• Assist in a variety of Longevity projects and development work streams as necessary.
• Support the new business actuarial team as required, which may include assessing quote attractiveness, new business pricing, or work to enhance our proposition for UK and international markets.
• Produce reports and presentations as required.
• Ensure record keeping and documentation is robust and up-to-date.
• Work in conjunction with other UK life branch teams on branch wide projects or to enhance the reputation of the longevity team and branch within the wider market.

Competencies:

Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.

Collaborates (we lead the ‘we’) – you work together with others in your team, the department and wider business (where relevant) to meet shared commitments.

Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.

Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.

Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

Key Skills & Experience:

Essential

• Strong analytical skills, with the ability to work independently and apply judgement
• Technically strong, with the ability to work with Excel, VBA, R, or other programming languages
• Able to grasp new concepts and technical issues quickly, and communicate them effectively to others
• A team player who will step up and take responsivity when required
• Organisational skills in order to meet deadlines and manage client expectations
• Willing to challenge the status quo
• Strong written and oral communication skills

Desirable

• Experience of the pensions industry or life insurance related fields
• Good understanding of DB de-risking offerings in the market.
• Good negotiation skills and ability to work under pressure
• Project management skills

Qualifications and Educational Requirements:

• Relevant Diploma or equivalent experience or Degree
• Actuarial student part way through their exams

Thought Leaders:

• You will demonstrate 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:

• 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. 

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 our 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

 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.