Pricing Actuary

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 is responsible for taking a leading role in the delivery of UKLB’s Predictive Analytics initiative to support growth across all its lines of business by harnessing data-model-driven insights to meet our ambitions.  

Key Responsibilities: 

• Deliver the Predictive Analytics roadmap to achieve data-model-driven stakeholder value for UKLB and our clients.

• Assist the Head of Predictive Analytics in establishing and developing a mature Data & Analytics culture and its talent.

• Conceptualize and offer analytics products and services to internal and external stakeholders along the whole value chain for Longevity and Protection by building/maintaining and using explanatory models (including GLMs, GAMs and other regression models).

• Apply statistical models/techniques to interpret data output and provide views on future Pricing.

• Create models to improve the analysis of data sets (internal and external) and provide additional insights.

• Support the development of our data pools for Pricing purposes.

• Development of culture, policies (including review) and strategy relating to embedding predictive modelling into the analysis of experience for pricing new business quotes and basis development.

• Provide training and support to Pricing Division members to upskills on best practices and techniques

• Support the Basis Development team by assessing how new data and new techniques can help improve our Longevity and Protection terms of trade.

• Maintain knowledge on emerging Predictive modelling practices and share within the team.

• Deputise for the Head of Predictive Analytics as and when required.

• Develop client-focused relationships with the other Pricing teams (in particular, the Basis Development team) and the commercial Longevity and Protection teams. Construct an important branch wide network of contacts.

• Input into team discussions to help set the direction of the team (including people and culture).

• Where appropriate support the basis development team in their analysis for setting terms of trade.

Competencies:

Strategic mindset (we think big) – you look, plan and move into the future with clear intentions and purposeful actions, seeking regular feedback, that allows you to make decisions today that will lead the business towards its future commitments.

Ensures accountability (we lead the ‘we’) – you hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions and appreciate how they contribute to the team/organisation commitments.

Managing complexity (we grow with our clients) – you make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.

Sponsors work (we care and dare) – you know when to lead and when to let others lead, providing direction and delegating to others, empowering and trusting them to achieve their commitments. Develops talent (we care and dare) – you develop the team to meet their career ambitions, building capability at an individual and organisational level, preparing them for future opportunities. You discuss feedback and development regularly and promote a diverse and inclusive workforce.

Being resilient (we are clear and authentic) – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.

Key Skills & Experience:

• Expertise in data manipulation, statistical analysis, and predictive modelling using tools such as R, Python, SAS, or similar, in a life (re-) insurance environment. This includes actuarial concepts, risk assessment, and pricing methodologies

• In-depth knowledge of predictive analytics techniques, including but not limited to: Generalised Linear Models (GLMs), Generalised Additive Models (GAMs) and other regression models.

• Effective senior stakeholder management.

• Excellent communication and presentation skills; consulting or project management experience is a plus. Ability to communicate technical concepts to different audiences.

• Highly motivated, proactive and innovative mindset, with experience in applying data and analytics to drive business value.

• Confidence and diplomacy to challenge peers and manage upwards.

• Can build an understanding of internal and external client strategy and needs.

Qualifications and Educational Requirements:

• 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.

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.