Overview

Pricing Actuary – Qualified

Permanent

Our client is looking to hire a Qualified Actuary to join their Surrey based office on a Permanent basis.

Ref: 49445

  • Location: Surrey
  • Category: Life Actuarial
  • Type: Permanent

Overview

Key Duties:

  • Review the performance of existing portfolios and support recommendations to the appropriate Pricing Governance Group and Executive Team of the company regarding the appropriate rating actions to deliver the financial plan targets and improve risk selection. This will involve:
    • Working closely with the Customer Insight team, gather and interpret external and internal information, building these into the pricing and statistical models where appropriate
    • Liaising with the Actuarial and Commercial Finance teams in terms of business targets and objectives
    • Determining the conversion rates, loss ratios, lapse rates and new business performance by key rating factors and business segments
    • Developing pricing to include a detailed understanding of ‘cost to serve’ by working with Finance as they develop a deeper understanding of the cost base
    • Developing pricing to include a detailed understanding of ‘cost of capital’ by working with Finance to incorporate this into pricing models
    • Making recommendations regarding rating structures and models
    • Managing internal stakeholders during the process
    • Analysing the impact on existing customers and companies
  • Lead the production of Generalised Linear models and optimisation analysis
  • Lead the development of new product designs across the B2C, SME, B2B, Corporate, Wellness, Cash Plan, Travel and Dental
  • Lead the pricing of any relevant new product or benefit changes
  • Ensure all analysis completed is adequately documented in terms of the methodology applied, data used and assumptions made, including compliance with the relevant Technical Actuarial Standards and regulatory requirements
  • Proactively raise and provide pricing solutions for any area that presents an opportunity or threat for BHW
  • Continually develop and improve the pricing and statistical models to understand risk and customer needs, including internal and external customer insight and behaviour
  • Work closely with the Actuarial team to ensure that the impact of these prices are included in the forecasting cycles
  • Lead significant projects and manage meetings regarding rate reviews, pricing etc with senior stakeholders
  • Action tasks and queries in line with SLA’s
  • Provide strategic recommendations to senior stakeholders on financial aspects e.g. pricing for specific lines of business. Will clearly define and articulate problems and provide resolutions. Responsible for structuring day to day activities and for making decisions.
  • Assist with the delivery of pricing* solutions for new and existing products within the company. This includes all existing and new products within B2C PMI, B2B SME, B2B PMI (including Tender responses), Travel, Dental, Cash Plan, Wellness

* Pricing includes insurance, reinsurance, risk and retail pricing, discounting, promotional activity, loyalty and reward programmes, underwriting and commission and expenses

Jobholder will have specific responsibility for one or more of the core product lines

  • Assist the Pricing Development team and wider company in achievement of its commercial objectives, with particular emphasis on the product development, pricing and use of actuarial and statistical models
  • Lead projects across the Pricing and Actuarial teams by assisting the development of actuarial and statistical solutions to specific business problems

 

Other Skills:

  • A proactive mindset, challenge requirements, seeing things from a customer’s viewpoint and exploring new directions from results of analyses
  • Objective, analytical and lateral thinker with a ‘can-do’ attitude
  • Ability to work with ambiguity and uncertainty – often driven by incomplete / uncertain data
  • Capable of managing own time and workload and project manage to ensure fast turn around, good communication and delivery focus
  • Excellent planning and organisational skills
  • Excellent interpersonal, communication and influencing skills with an emphasis on achieving results and successful outcomes through consultation and conciliation. Ability to work and communicate with staff at all levels
  • Ability to own relationships with internal key stakeholders and a track record of influencing and challenging them
  • Ability to champion continuous improvement and customer focus
  • Excellent in presenting all types of information including complex data and strategic recommendations to all levels of an organisation

Qualifications required:

  • Fellowship level of the Institute and Faculty of Actuaries or equivalent

Experience required:

  • Demonstrable experience with general insurance and/or life insurance. Strong knowledge of general insurance or health markets
  • Day-to-day experience in building, using and documenting a least three of the following four types of models:
    • Pricing of annually renewable insurance contracts including rating factors analysis
    • Pricing of new insurance products
    • Statistical modelling experience such as generalised Linear modelling or regression modelling
    • Econometrics such as price optimisation
    • Reserving
    • Financial or capital models; lifetime value or Embedded value modelling
  • Proven track record of applying analytics and data modelling to business situations in order to provide strategic recommendations. Ability to refine and apply knowledge of data to solve business needs
  • Excellent coaching skills in order to provide support and development to team members
  • Advanced PC skills including Excel, Word, and PowerPoint. Experience of data manipulation using Microsoft packages, primarily Excel. Ability to run programmes within SAS and basic understanding of programming
  • Strong commercial awareness. Ability to maintain an awareness of the changing needs of the business unit and adapt their working practices and decision making accordingly

Consultant

Steve Stubbings

Executive Director

T: +44 (0)203 867 9821

Email me

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