Pricing Actuary

Job Title: Pricing Actuary

Division: Finance – Actuarial

Reports To: Lead Pricing Actuary – Property Risks

Key Relationships: Underwriters and business managers, Beazley actuaries, Claims managers, Data Management and Ceded Reinsurance teams, regulators, external actuaries, brokers.

Job Summary: Actuarial pricing for the Property Risks Division at Beazley

Key Responsibilities

Technical

• Provide pricing support to the Property Risks underwriting teams at Beazley; pricing support includes (as required):
• Developing pricing tools that support the estimation of price adequacy and rate change
• Performing portfolio and transactional pricing analyses
• Performing segmental and trend analyses
• Performance monitoring (e.g. rate change and price adequacy metrics)
• Develop, maintain and review pricing models to the required standards
• Contribute effectively to the production of the relevant reports required for any key committees where required.
• Provide training to underwriters in pricing; this includes technical pricing and rate change requirements
• Understand and support the underwriting controls related to pricing and relevant regulatory principles
• Understand and apply the pricing quality assurance process
• Assist in other projects undertaken by the actuarial team e.g. liability transfer valuations and business planning analyses
• Operate as an effective team member by supporting colleagues and contributing in the delivery and achievement of overall team and business objectives
• Build your technical pricing skills and experience
• Provide support and mentoring to the junior members of the team
• Keep abreast of industry best practice, new initiatives and changes in regulatory requirements
• Build and maintain constructive working arrangements with those groups identified as being key to your role
• Work with the underwriters, exposure management, claims managers, Data Management and Ceded Reinsurance to ensure the quality and appropriateness of the data used for pricing; ensure the necessary data is captured from pricing tools to enhance future pricing capabilities
• Maintain pricing model documentation with required frequency, obtaining the appropriate managerial sign-offs
• Identify opportunities and contribute to delivering improvements in the pricing processes and methodologies
• Undertake professional, technical and career development training (delivered internally and externally); this includes pursuing the actuarial qualification where applicable

General

It is important that within all your interactions both internally and externally you adhere to Beazley’s core values – Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to comply with procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct, undertake training on Beazley policies and procedures, display business ethics, ensure fair outcomes, comply with specific responsibilities, and carry out additional responsibilities as notified.

Personal Specification

Essential Criteria

• Actuarial qualification
• Pricing experience; with specialty (re)-insurance market knowledge desirable
• Firm grasp of actuarial / statistical techniques used in pricing
• Understanding of reinsurance and capital with application to pricing

Education and Qualifications

• University degree in Mathematics or related field

Skills and Abilities

• General commercial and financial knowledge
• Competent user of MS Excel; VBA, Access, Python, SQL and R skills desirable
• Strong analytical skills with attention to detail; accurate and numerate
• Able to communicate effectively both verbally and in writing
• Team worker as well as able to work on own initiative
• Ability to manage time, meet deadlines and prioritise

Aptitude and Disposition

• Outcome focused, self-motivated, flexible and enthusiastic
• Professional approach to successfully interact with team members, internal and external stakeholders

Competencies

• Achievement and solution focused
• Analytical
• Information seeking
• Stakeholder focus
• Using initiative
• Having integrity
• Taking responsibility
• Attention to detail

Benefits

• Attractive base compensation and discretionary performance related annual bonus
• Private medical insurance coverage for both you and your dependents
• Company paid life assurance and long term disability insurance
• Pension with 10% employer contribution, plus a further matched contribution up to 2.5%
• 25 days of annual leave (prorated for 1st calendar year of employment), plus public holidays, with the ability to flex the religious bank holidays to suit your religious beliefs, subject to approval. Additional annual leave purchase is also available up to a maximum of five additional days per year.
• Up to 2.5 days matched paid leave for volunteering at a charity of your choice and 5 days paid leave to provide or arrange care for a dependent with a long term care need annually
• Up to £550 reimbursement towards home office setup
• Free in-office lunch and monthly lifestyle allowance
• Monthly travel allowance or annual season ticket
• The opportunity to save for, and purchase, shares of Beazley stock
• Six months fully paid parental leave, regardless of how you come to parenthood
• Company paid sabbatical up to 12 weeks after 10 years of continued service
• Support with exam/study leave and fees for relevant qualifications related to furthering education
• Smart working policy and flexible working culture, trusting our employees to do what works best for them, their role and the needs of the business

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