Pricing Actuary
Department: Actuarial
Employment Type: Permanent - Full Time
Location: London
This is a new role for a qualified actuary (or equivalent) with deep experience of pricing for commercial and speciality lines and a broad General Insurance skillset. The successful candidate will be reporting to the Group Head of Pricing and Capital and will be responsible for underwriter relationships, pricing models, case pricing and wider pricing activities across all Lancashire entities.
The right candidate should be able to work independently, manage their own time and that of the pricing & portfolio management team, and communicate well with all business functions. They should also be able to train junior team members and their direct reports. They should have a commercial focus which will benefit the company.
Specific Responsibilities
- Act as a main point of contact within the Actuarial Function for key underwriting teams within Lancashire.
- Deploy pricing models for new lines of business.
- Maintain existing pricing models and enhance in line with best in class principles.
- Integrate key systems with the pricing platforms to leverage data and functionality.
- Ensuring models and processes are aligned with both Lloyd’s principles at the required maturity and the Lancashire view of pricing best practice.
- Update parameters for pricing models, using Lancashire and benchmark data.
- Conduct annual model reviews in accordance with the Pricing Policy.
- Upkeep of relevant documentation libraries.
- Provide data driven insights to underwriting decision making.
- Research market trends and use external datasets to provide underwriting insights and develop innovative pricing approaches.
- Undertake Case pricing reviews, manage the Case Pricing workload of the team and ensure alignment to Case Pricing terms of reference.
- Contribute to an enhanced pricing MI suite for Lancashire.
- Manage the junior member of the pricing team and provide appropriate on the job training.
- Attend relevant committees.
- Undertake project work for the Group Head of Pricing and Capital, as necessary.
- Provide support to other actuarial functions, as required. This includes reserving, capital modelling, catastrophe exposure analytics and validation.
- To act in accordance with all applicable Supervisory Bodies, principles, rules and regulations.
Essential Skills & Requirements
- Qualified actuary (or near).
- Minimum 5 years’ experience in General Insurance in a pricing role.
- Extensive Lloyd’s or London Market experience.
- Experience of building, maintaining and enhancing pricing models.
- Experience of case pricing.
- Excellent IT skills, including Python, MS Excel, VBA, MS Access, SQL, R, Power BI.
- Knowledge of pricing platforms, preferably hx:Renew.
- Strong analytical, technical and presentational skills to enable the results of actuarial analysis and of actuarial methods to be communicated to a non-actuarial audience.
- Problem solving skills and project management skills.
- Excellent interpersonal skills, as there will be a high level of communication.
- Good attention to detail.
- Able to work well under pressure and time manage.
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