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About UK Life Branch:
With the office in London, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.
At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.
About the role:
The role holder will be a member of the Protection pricing team and part of the wider Pricing division.
The team is responsible for delivery of quotes (which includes both production of data/Biometric analysis and Pricing deliverables); inputting in to deal executions; supporting client requests; monitoring of experience on inforce treaties for reporting purposes; supporting the Basis development team in the review of assumptions for both existing and new propositions; and supporting the Infrastructure and Tools team with continued improvement and maintenance of our tools and processes. Where appropriate the team will also support the commercial team on other related activities.
The wider division also covers Pricing for Longevity and Structured reinsurance. Where there is appetite we would look to offer future opportunities to get exposure to the other lines of business as well.
Key Responsibilities:
- Develop technical knowledge relevant to reinsurance pricing.
- Draft written reports and documentation for results and methods employed.
- Responsible for delivering accurate work as part of a team working together towards deadlines.
- Help deliver quotes and projects which includes accurate manipulation of data and production of experience analysis, setting of Pricing assumptions and producing metrics to help negotiate commercial terms.
- Help produce important metrics and analysis to support commercial negotiations both internally with partners and externally with clients.
- Develop relationships with the commercial teams and construct an important branch wide network of contacts.
- Represent the team and communicate results to senior management and other departments.
- Contribute to the team’s on-going drive to ensure we are the most efficient we can be by proposing and supporting improvements to Pricing tools and process’ and embracing new technology.
- Support the development as well as reviewing of the Pricing basis and assumptions.
- Where required assist the commercial teams on their activities.
- Input into team discussions on non-technical topics (including people and culture) and show an interest in branch wide initiatives.
- Develop an understanding of the UK life insurance and Longevity market.
Thought Leader:
You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.
You will treat your colleagues and sales and business partners fairly and with respect.
Regulatory & Conduct Requirements:
In addition to the responsibilities set out above, the individual will also become responsible for ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.
Key Skills & Experience:
- Relevant knowledge or experience of the UK life insurance market, or relevant pensions knowledge.
- Knowledge or experience of Pricing processes including production of experience analysis, assumptions setting and modelling methodology is desirable.
- Ability to grasp new concepts and technical issues quickly and communicate them to colleagues.
- Good analytical and numerical skills with a willingness to offer judgement calls where there is uncertainty.
- Ability to work on own initiative.
- Confidence to challenge peers and manage upwards.
- A team player who can work well with different people across the branch.
- Strong computer literacy in Microsoft Excel & Word skills but also experience with R, Python, Basic VBA or similar programming. Experience with Power BI is desirable.
Benefits
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%
We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.
At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.
