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About the Role

The Longevity Actuary plays a crucial role in supporting the Longevity team to secure profitable new business by serving as a pricing and process expert. This role ensures the longevity risk pricing approach is market-appropriate and optimizes product offerings and processes. The actuary will also support the team with actuarial tasks, including checking new business quotes, proposition and basis work, developing the global center of competence, and system enhancements for efficiency.

Responsibilities

Support new business tenders for both UK and non-UK markets.
Develop an in-depth understanding of pricing approach and models to support the team's technical and modelling capabilities.
Assess new data and modelling approaches to keep processes competitive, market-appropriate, and efficient for new and in-force activities.
Support longevity basis development for UK and non-UK markets.
Support UK proposition development.
Oversee regular in-force actuarial tasks and manage the portfolio with the Head of In-Force.
Support overall longevity strategy.
Assist the Head of Longevity with ad-hoc tasks.
Provide guidance, support, and knowledge sharing to longevity team members.
Support the Senior Longevity Actuary and Head of Longevity in delivering strategy and developing profitable new business.
Support the assessment of deal attractiveness.
Lead or support new business quotes as part of quote teams.
Support other quote teams with best practices.
Support actuarial aspects of executions, including contractual elements and model reviews.
Enhance client relationships alongside the Senior Longevity Actuary.
Review and challenge pricing assumptions in tenders and basis discussions.
Proactively develop and train others on pricing processes and modelling approaches.
Assist in deriving international bases for specified markets.
Support enhancements to the UK basis, proposition, and market offering.
Ensure Munich Re's longevity business pricing approach is appropriate and embed necessary enhancements to basis processes.
Coordinate and facilitate internal processes with colleagues.
Track market developments through research.
Proactively develop talent through knowledge sharing on market developments and practices.
Promote Longevity within the UK office and aid in developing the UK’s Global Centre Of Competence role.
Provide guidance and support for in-force monitoring activity.
Work with the Head of In-Force on in-force related projects.
Manage operational risk failures and data/accounting issues with colleagues.
Support the wider branch as required.
Optimize current longevity pricing and basis systems and lead/support new system development.
Improve system efficiencies through increased speed and automation.
Recommend and investigate new tools and modelling techniques for basis development and pricing analysis.
Introduce R or other programs/databases to develop systems and processes that enhance the team’s center of competence role in non-UK markets.

Requirements

Relevant experience of the bulk annuity market and longevity swap pricing.
Strong analytical and modelling skills, with the ability to work independently and apply judgment.
Technically strong, with the ability to develop models in 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 responsibility when required.
Good people development and training skills.
Willing to challenge the status quo.
Good commercial awareness.
Good understanding of DB de-risking offerings in the market.
Longevity insurance/reinsurance experience.
Contacts with key longevity players in the market.
Good negotiation skills and ability to work under pressure.
Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Skills

Excel
VBA
R
Programming languages
Analytical skills
Modelling skills
People development
Training skills
Commercial awareness
Negotiation skills

Location

London

Work Type

Full-time

Experience Level

Nearly or newly qualified actuary
Directly relevant actuarial experience of the bulk annuity/longevity swap market, DB pensions market or longevity swap pricing

Education Level

Nearly or newly qualified actuary

Salary/Compensations

On target bonus
Employers' contributory pension of 10%

Benefits

Great compensation package
25 days annual leave with the option to purchase more
Private medical insurance
Fully paid 6 months family leave

About the Company

Together, we engage with everything we have and are, to help humankind act braver and better.
With offices 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.
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.
At UK & Ireland Life we have three pillars to our business strategy: protection, longevity and reinsurance structuring.
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.

Equal Opportunity

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.