Longevity Actuary - London, United Kingdom - Munich Re

Munich Re

Verified Company

London, United Kingdom

3 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 secure 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 efficiently managing the in-force portfolio.

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 by predominantly acting at the checker level
Develop an indepth understanding of our pricing approach and models used, such that they can be a "go to" person who supports 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 and oversee regular inforce actuarial tasks, predominantly at the checker level, working with the Head of In-Force to manage our portfolio
Support longevity basis development both for the UK and nonUK markets
Support UK proposition development
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 Longevity team in delivering profitable new business, as well as supporting the Head of In-Force with the actuarial tasks involved in managing our existing Longevity portfolio.

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, and acting as a technical and modelling expert
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

In-force longevity management (20%)

Assist the Head of Inforce with the ongoing management of our inforce longevity business, acting at checker level to coordinate and review the output from other Munich Re teams and external clients

This may include:
model reconciliation; data true-ups; validation of swap fixed and floating lines; validation of deal collateral calculations.

Drive efficiencies in our execution and inforce management processes.
Work on ad hoc specialised projects, for example mortality basis reviews, restructuring deals with clients, or process improvements as and if required.

Basis and proposition development (20%)

Support the Senior Longevity Proposition and Basis 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

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

General Longevity team (10%)

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 colleagues to manage material operational risk failures, data/accounting issues, etc.
Support wider branch as required