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About the Role
The role holder will be a member of the Protection Pricing team, supporting the Pricing Leads in the deliverables of the team. They will also assist the more junior members of the team, providing technical expertise and guidance and also checking their work where appropriate. The team is responsible for delivery of Protection quotes, supporting with client queries and changes on existing open to new business treaties, monitoring performance of open to new business treaties, 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 Protection team on other related activities including new product and proposition development.
Responsibilities
- Be a key technical expert within the team across Pricing and Biometric elements, developing technical expertise and knowledge relevant to reinsurance pricing for Protection business.
- Represent the team and communicate results to senior management and other departments.
- Take responsibility for the delivery of accurate and timely work, checking other team members’ work and providing guidance to more junior members of the team.
- Check work 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 Protection department and construct an important branch wide network of contacts.
- Support the training and development of more junior members of the Pricing team, providing feedback where appropriate.
- Contribute to the team’s on-going 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 Protection basis and assumptions.
- Where required provide support to the development of new Protection propositions and support the Protection department on their activities.
- Input in to team discussions on non-technical topics (including people and culture) and show an interest in branch wide initiatives.
- Develop an understanding of the Protection market.
- Ensure compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.
Requirements
- Relevant knowledge or experience of the UK life insurance market.
- 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 and diplomacy to challenge peers and manage upwards.
- Effective at dealing with stakeholders from a variety of technical backgrounds and levels of seniority.
- Strong computer literacy, particularly in Microsoft Excel & Word skills but also experience with R, Python, Basic VBA or similar programming.
- Experience with Power BI is desirable.
Skills
- Pricing
- Biometric analysis
- Reinsurance pricing
- Data analysis
- Microsoft Excel
- Microsoft Word
- R
- Python
- VBA
Location
- Munich
Work Type
- Full-time
Experience Level
- Senior
Education Level
- Newly or nearly qualified Actuary
Benefits
- Great compensation package
- On target bonus
- 25 days annual leave with the option to purchase more
- Private medical insurance
- 10% employers' contributory pension
- Fully paid 6 months family leave
About the Company
- With the office in Munich, 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.
- 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.
- 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.
- 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.
- 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.
- We 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.
- 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.
Equal Opportunity
- 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.