Longevity Actuary - London, United Kingdom - Munich Re

Munich Re

Verified Company

London, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Longevity Actuary

Company
Munich Re

Location
London, United Kingdom

Job Purpose:

The Longevity Actuary has a key role in helping the Longevity team in securing profitable new business by acting as a pricing and process expert.

They will help ensure our approach to pricing longevity risk is market appropriate, and that our product offerings and processes are optimised.

The Longevity Actuary will support the wider team across the range of actuarial work we complete, including checking new business quotes, proposition and basis work and further developing our global centre of competence role.

They will also support with system development to ensure we continue to drive efficiencies across our work.

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

Key Responsibilities:

Support new business tenders both for UK and in nonUK markets
Develop an indepth understanding of our pricing approach and models used, such that they can support the wider team with their technical and modelling capabilities
Assess new data (internal and external) and modelling approaches such that the Longevity team's processes remain competitive, market appropriate and efficient across both new business and inforce activities
Support longevity basis development both for the UK and nonUK markets
Support UK proposition development
Support and oversee regular inforce actuarial tasks, working with the Head of In-Force to manage our portfolio
Supporting overall longevity strategy
Support Head of Longevity with appropriate adhoc tasks as required
Providing guidance / support / knowledge sharing to longevity team members

General Duties and Tasks:

The Longevity Actuary is primarily responsible for supporting the Senior Longevity Actuary and Head of Longevity in delivering agreed strategy, including the development of profitable new business.

Deal origination & the pricing process (40%)

Supporting the Senior Longevity Actuary in assessment of deal attractiveness
Leading or supporting new business quotes as part of quote teams
Supporting other quote teams in terms of best practice
Supporting executions on the actuarial side contractual aspects, model reviews, etc
Working alongside the Senior Longevity Actuary to further enhance our relationship with clients
Review and challenge pricing assumptions in tenders and wider basis related discussions
Proactively develop and train up others on the pricing process and modelling approaches used

Basis and proposition development (30%)

Support the Senior Longevity Proposition and Basis Actuary, and International Longevity Actuary, in deriving international bases for specified markets
Support enhancements to the UK basis, proposition and market offering
Ensure that Munich Re's approach to pricing longevity business is appropriate, suggesting and embedding enhancements to basis processes as necessary

General Longevity team (20%)

Work in conjunction with colleagues to coordinate & facilitate various internal processes
Use desktop and other research to track developments in the market
Proactively develop talent through knowledge sharing on market developments and practices
Promote Longevity within the UK office and aid the Head of Longevity in the development of the UK's Global Centre Of Competence role including working with international clients and colleagues
Provide guidance and support for inforce monitoring activity within the Longevity team
Work with the Head of In-Force on in force related projects as required to manage our existing portfolio
Work with colleagues to manage material operational risk failures, data/accounting issues, etc.
Support wider branch as required. Plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role

Longevity system & process development (10%)

Optimise current longevity pricing and basis systems and lead/support the development of new systems
Seek to improve efficiencies in current systems by increasing speed and automation
Recommend and investigate new tools and modelling techniques to support basis development and pricing analysis
Introduce R, or other programs/databases as necessary, to develop systems and processes that boost the team's centre of competence role in nonUK markets

Key Skills and Attributes:

Essential

Relevant experience of the bulk annuity market and longevity swap pricing
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 responsivity when required
Good people development and training skills
Willing to challenge the status quo