Pricing Manager (m/f/d)
Are you an enthusiastic Actuarial specialist looking for an exciting new challenge within Pricing?
Munich Re is a leading global provider of reinsurance, primary insurance and insurance-related risk solutions.
London , United Kingdom
This role sits within the Munich Re Syndicate Limited (MRSL) pricing team, part of the wider actuarial department. The focus of this role will be to provide pricing and analytical support which will underpin the underwriting and management activities of MRSL.
- Take ownership for the Pricing function of allocated LOB’s, ensuring all pricing related regulations and requirements are adhered to.
- Provide effective, efficient and reliable pricing support to assist the business in achieving a profitable and successful operating model.
- Optimally manage, mentor and support your delegated reports, nurturing their career development and ensuring they are provided with the correct level of support and training to achieve their optimum output.
- Manage the relationships with the underwriters, ensuring a productive working basis that allows the syndicate to remain a driven, inspirational and trusted leader in the Lloyd’s market, whilst still delivering profitable results for the business.
- Investigate, promote and embrace innovative ideas to develop and enhance the pricing capabilities of the syndicate, including development of real time MI, use of web-based rating platforms, AI modelling / machine learning and price optimisation.
- Work closely with the Head of Pricing to steer the development and achieve the ultimate strategic goals for the Pricing team and Actuarial department, ensuring clear communication and effective collaboration.
- Develop and manage relationships in the wider Munich group, collaborating and sharing expertise and data sources for mutual benefit.
- Investigate alternative data sources and strive to build data suites that can be utilised for the parameterisation of pricing models and enhancement of modelling techniques.
- Review and if necessary, provide challenge on the work / conclusions of peers, reports and management.
- Work independently on individual pricing assessments of large or unique risks, including clear communication of results to the underwriters and challenging the underwriting view if and where necessary.
- Represent pricing in both internal and external meetings, presenting analyses and providing expertise and advice where required.
- Build, review, maintain and enhance pricing models, striving to achieve the optimum balance between rating integrity and market suitability while considering data availability and user capabilities.
- Regularly review and analyse pricing model data, including rating parameter validations.
- Provide support for the business planning process, ensuring plans are realistic, achievable and suitably aligned to the business requirements.
- Provide analyses for new business initiatives and independent portfolio reviews.
- Collaborate with other departments to develop and enhance the syndicate’s operational processes such as the new initiative review process and the Delegated Underwriting Group (DUG) reviews.
- Ensure all advice offered is in line with the Technical Actuarial Standards (TAS).
- Help drive forward good conduct for the business to deliver the best outcomes for customers.
Your profileKnowledge and Skills
- Extensive experience of actuarial pricing within industry.
- Knowledge and understanding of FCA regulations and Lloyd’s minimum standards.
- In depth knowledge and understanding of the underlying principles of insurance and reinsurance.
- Highly developed mathematical / statistical knowledge.
- In depth knowledge, understanding and practical experience in using of a range of actuarial modelling techniques and applications for pricing.
- Current Lloyd’s market knowledge.
- In depth knowledge and understanding of the dynamics and rating considerations for a varied range of business lines.
- Experience with mentoring junior members of an actuarial team.
- Willingness to further increase knowledge of any pricing related matters and key market topics and develop technical and leadership skills.
- Team orientation
Work cooperatively and flexibly with other members of the team with a full understanding of the role to be played as a team member.2. Communication
Communicate clearly and persuasively, both orally and in writing.3. Achievement/results-orientation
Get things done well and the ability to set and meet ambitious goals, create own measures of excellence and constantly seek ways of improving performance.4. Problem-solving
Analyse situations, diagnose problems, identify the key issues, establish and weigh up alternative courses of action and produce a logical, practical and acceptable solution.5. Flexibility
Adapt and work effectively in different situations and to carry out a variety of tasks.6. Customer focussed
Take constant care in looking after the interests of external and internal customers. Ensure that their wants, needs and expectations are given due consideration and that all efforts are made to meet them wherever fair and reasonable, in line with any standards from an industry regulator.7. Planning and prioritising
The ability to decide on courses of action, ensure that the necessary resources are available and schedule the work required to achieve a defined result in a desirable manner.8. Share knowledge
Share knowledge about the role you perform fully and willingly with others, where this is relevant, in the interests of the organisation.9. Self-development
Take ownership for your own career and actively support ‘continuing professional development’.10. Commercial/business awareness
The capacity to understand the business opportunities and priorities of the organisation and constantly seek methods of ensuring that the organisation continues to be business-like and continues to meet the standards and requirements of its regulators.
Education and Professional Qualifications Required / (preferred)
- University degree in Mathematics, Actuarial Science, Statistics, Economics or similar subject area.
- Qualification as a fellow of the Institute and Faculty of Actuaries or equivalent international body OR relevant work experience (5+ years) in a dedicated actuarial pricing role if professional body studies were not completed.
- MS Teams
- MS Word
- MS Excel
- MS Outlook
- MS PowerPoint
- MS Power BI
MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited, Munich Re Specialty Group Limited (MRSG), Groves, John & Westrup Ltd (GJW), NMU (Specialty) Ltd (NMU) and Roanoke International Brokers Limited (RIBL).
As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.
Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.
Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.
Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.
Ensuring that we recruit passionate staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market..
To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle. Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.
Please Note: All applications must be received via the website. Any CVs received via email will not be considered.
Re_think, Re_engineer, Re_define, Re_invent, the boundaries of Insurance.
Once you hit apply, there is a short, 10 minute application form to complete. Please ensure you attach your current CV when applying and include details regarding your salary expectations. If you have a disability or special need that requires accommodation, please let us know. Due to volume, we cannot always provide detailed feedback at CV stage.
MRSG Talent Partner