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About UK Life Branch:
Along with the offices in Munich and Madrid, 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 Longevity Execution Actuary will play a key role in enabling the Longevity team secure, execute and manage profitable new business by acting as an execution and in-force expert. They will do this by working closely with the Head of In-Force and Longevity Execution Actuary to ensure robust processes are in place from deal exclusivity, through the execution process, and ongoing in-force management.
Key Responsibilities:
- Take the lead on the execution process for new transactions both UK and European, including the running of internal approvals processes and negotiating contractual terms with clients
- Lead actuarial projects related to backbook management (eg novations and mortality basis reviews)
- Provide actuarial support to the in-force team on requests related to ongoing contract management (eg implementation, data true ups and collateral reviews)
- Support new business tenders both in UK and non-UK markets
- 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 in-force activities
- Support longevity proposition development both for UK and non-UK markets
- Supporting overall longevity strategy
- Support Head of Longevity with appropriate ad-hoc tasks
- Providing guidance / knowledge sharing to longevity team members
General Duties and Tasks:
The Senior Longevity Actuarial Analyst is responsible for supporting the Longevity Execution Actuary and Head of Longevity in delivering agreed strategy, including the execution of profitable new business treaties and leading on in-force actuarial activities.
Deal Execution (30%)
- Lead on deal executions, working with Legal, Risk, Actuarial and Operations teams to coordinate contractual reviews – referring important matters to the Longevity Execution Actuary.
- Before executing a new transaction, challenge counterparties as required on any issues that arise, while working towards a mutual agreement of contractual terms acceptable to both Munich Re and the counterparty.
- Work with external lawyers to facilitate legal review of any particular areas of interest
- Lead internal approvals processes, managing senior stakeholders within the UK and Munich as required to ensure all governance is successfully completed prior to execution.
In-Force Longevity Management (30%)
Assist the Head of In-force with the ongoing management of our in-force longevity business, including coordinating and reviewing 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.
Work on ad hoc specialised projects, for example mortality basis reviews, restructuring deals with clients, or process improvements as and if required.
Support other teams in Longevity in-force-related work, e.g. bridging the gap between the Data and Longevity teams, and assisting the valuation team in financial reporting for the longevity portfolio.
Deal origination & the pricing process (20%)
- Pricing specific deals and providing indicative terms to clients
- Supporting in the assessment of deal attractiveness
- Supporting executions on the actuarial side – pricing, model reviews, etc
- Review and challenge pricing assumptions in tenders and wider basis related discussions
- Support enhancements to the UK proposition and market offering
- Support in deriving international bases for specified markets
Longevity system & process development (10%)
- Optimise current longevity pricing and basis systems and project manage the development of new systems
- Work in conjunction with other Munich Re and UK Life Branch teams to coordinate & facilitate internal processes and controls.
- 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
General Longevity team support (10%)
- Work together with colleagues to coordinate & facilitate several internal processes
- Use desktop and other research to track developments in the market
- 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
- Work with colleagues to manage material operational risk failures, data/accounting issues, etc.
- Support wider branch as required. Plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role
Competencies:
Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.
Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.
Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.
Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.
Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.
Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.
Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.
Key Skills & Experience:
Essential
· Strong analytical skills and the ability to apply judgement
· Able to grasp new concepts and technical issues quickly, and communicate them effectively to others
· A team player who will step up and take responsibility when required
· Willing to challenge the status quo
· Strong written and oral communication skills
· Good negotiation skills and ability to work under pressure
Desirable
· Relevant experience of the DB pensions landscape, bulk annuity market or longevity swap pricing
· Good understanding of contractual workings in relation to longevity
· Good commercial awareness
· Project management skills
· Longevity insurance/reinsurance experience
Qualifications and Educational Requirements:
- Part-qualified actuarial student through to newly qualified actuary
- Relevant actuarial experience
Thought Leaders:
- You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.
- You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.
- You will treat your colleagues and business partners fairly and with respect.
Regulatory & Conduct Requirements:
- Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules
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.
