Title:  GSI Corporate Pricing Actuary Sr

GSI Corporate Pricing Actuary Sr

GSI Corporate Underwriting

Level 10

Hiring Manager:  Michele Bernal

Recruiter:  Jessica Pruiti 

Hiring Location: Flexible — candidates may be based in any Munich Re office or work remotely; Munich or London are also possible locations based on candidate fit and business needs.  

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Munich Re America Services (MRAS) is a shared service organization that delivers services to all Munich Re US P&C Companies and other group entities.

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

The Opportunity

Future focused and always one step ahead!

As a member of the Global Specialty Insurance (GSI) Corporate Underwriting team, the GSI Corporate Pricing Actuary assumes a strong role in ensuring adequacy and appropriateness of technical pricing and pricing approaches within the global primary insurance portfolio.  Support GSI-CU’s 2nd line of defence oversight of the GSI units with Pricing & Model Reviews and Management and Analysis of KPI’s.   

This role will act as a deputy to the Head of GSI Corporate Pricing. 

As GSI Corporate Pricing Actuary, under limited direction you’ll be responsible for supporting the Head of GSI Corporate Pricing on the following and stepping in to lead when necessary:

• Deliver Pricing & Model reviews across all GSI entities which includes maintaining GSI Model Inventory, building knowledge of all 170+ products written within GSI’s BU’s, identifying models of highest risk and recommend models for review, leading and coordinate reviews, securing resources from across GSI as needed and influencing improvements in pricing.   
• Act as thought leader on Pricing topics and sharing best practices to improve pricing quality, promoting consistency where appropriate.

• Ensuring there are measurable standards for Business Unit Pricing excellence, including KPIs, best practices, UW quality assurance, appropriate response to market developments and results monitoring for primary BUs.

• Aggregate and present Pricing KPI information quarterly for GSI.
• Ensure adequacy of annual Pricing KPI delivery to CU Munich.
• Leadership of Pricing and Analytics Roundtables.
• Support UW Reviews either by GSI, BU’s or Munich.

• Ensuring that the Pricing guidance provided by CU Munich , with respect to Pricing is well understood throughout GSI; participate in Expert Groups, Topic Networks and Consulting Groups, and provide cross-divisional support, advice and assistance for Pricing activities. Work with BU Pricing teams to ensure consistent understanding and application of MR guidance.
• Occasional coordination with reinsurance colleagues in the various Reinsurance Divisions, including support for reinsurance underwriting initiatives as needed.

• Support or lead other research and analysis within GSI-CU.
• Support or lead other GSI pricing and UW projects as assigned.
• Pursue formal education via actuarial exams and continuing education.
• Recognized as an expert and advisor within the organization and has in-depth and/or breadth of expertise in Pricing topics.

Successful candidates will possess the following skills/capabilities:

• Bachelors Degree in Mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming, or quantitative analysis.
• In-depth knowledge of insurance pricing practices and procedures, skill in analyzing qualitative and quantitative data and decision making capability.

• Fellow of the Casualty Actuarial Society, or equivalent organization.    
• 10+ years of experience in primary insurance pricing, both commercial and personal lines preferred
• Actuarial skills and strong knowledge and understanding of primary rating models.
• Preference for experience/interest in Advanced Analytics Modelling,  DataBricks, Python, SQL.
• Strong interpersonal skills.  Ability to influence and negotiate with others and create acceptance for proposals.
• Excellent oral and written communication skills and presentation skills (PowerPoint)
• Ability to explain complex insurance and reinsurance concepts to both technical and non-technical audiences.
• Strong judgmental and problem-solving skills to address potentially complex and high-profile issues.
• Strong time management and organizational skills including the ability to manage conflicting priorities, complete multiple tasks and projects

• Willingness to travel (up to 25%).

The Company is open to considering candidates in numerous locations, including New York City (NY), Princeton (NJ), Chicago (IL), Philadelphia (PA), Hartford (CT), Amelia (OH) or Remote. The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $158,300 – 290,300, plus opportunity for company bonus based upon a percentage of eligible pay.  In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).   

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the NYC job market.  Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range. 

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.  

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.