At a Glance
- Tasks: Provide pricing and analytics support to underwriting teams and develop pricing tools.
- Company: Beazley, a leading specialist insurance company with a global presence.
- Benefits: Competitive salary, private medical, generous leave, and career progression opportunities.
- Other info: Diverse workplace culture with a commitment to inclusion and professional development.
- Why this job: Join a dynamic team and make a real impact in the insurance industry.
- Qualifications: Degree in Mathematics or related field; actuarial qualification preferred.
The predicted salary is between 36000 - 60000 £ per year.
Job Title: Pricing Actuary - MAP Risks
Division: Finance - Actuarial
Reports To: Lead Pricing Actuary – PAC 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 MAP Risks Division (Political, Accident, Contingency, Marine and Portfolio Underwriting) at Beazley.
Key Responsibilities
- Provide pricing support to the MAP 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
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
The Rewards
- 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
Pricing Actuary in Birmingham employer: Beazley
Beazley is an exceptional employer that fosters a dynamic and inclusive work culture, encouraging employees to be bold, strive for better, and do the right thing. With a commitment to professional development, employees in the Pricing Actuary role benefit from extensive training opportunities, mentorship, and a supportive environment that values diverse backgrounds. Located in a vibrant city, Beazley offers competitive benefits including private medical insurance, generous leave, and internal career progression tools, making it an ideal place for those seeking meaningful and rewarding employment.
StudySmarter Expert Advice🤫
We think this is how you could land Pricing Actuary in Birmingham
✨Tip Number 1
Network like a pro! Reach out to current or former employees at Beazley on LinkedIn. A friendly chat can give us insider info and maybe even a referral!
✨Tip Number 2
Prepare for the interview by brushing up on your pricing models and analytics skills. We want to show off our knowledge and how we can contribute to the team right from the start!
✨Tip Number 3
Don’t forget to showcase your teamwork skills! Beazley values collaboration, so share examples of how we’ve worked well with others in past roles during interviews.
✨Tip Number 4
Apply through our website! It’s the best way to ensure our application gets seen. Plus, it shows we’re genuinely interested in being part of the Beazley family.
We think you need these skills to ace Pricing Actuary in Birmingham
Some tips for your application 🫡
Tailor Your CV:Make sure your CV is tailored to the Pricing Actuary role. Highlight relevant experience and skills that match the job description, like your analytical skills and any pricing experience you have. We want to see how you can contribute to our team!
Craft a Compelling Cover Letter:Your cover letter is your chance to shine! Use it to explain why you're passionate about the role and how your background aligns with Beazley’s mission. Don’t forget to mention any specific projects or achievements that showcase your capabilities.
Showcase Your Technical Skills:Since this role requires strong technical skills, make sure to highlight your proficiency in tools like MS Excel, SQL, or R. If you’ve developed pricing models or conducted analyses, share those experiences to demonstrate your expertise.
Apply Through Our Website:We encourage you to apply directly through our website. It’s the best way for us to receive your application and ensures you’re considered for the role. Plus, it shows you’re keen on joining our team at Beazley!
How to prepare for a job interview at Beazley
✨Know Your Numbers
As a Pricing Actuary, you'll need to demonstrate your analytical skills. Brush up on key statistical techniques and be ready to discuss how you've applied them in past roles. Prepare examples of pricing models you've developed or worked with, and be ready to explain your thought process.
✨Understand the Business
Familiarise yourself with Beazley’s products and the insurance market, especially Lloyd's and London market specifics. Show that you understand how pricing impacts underwriting decisions and overall business performance. This will help you connect your skills to their needs.
✨Showcase Team Spirit
Be prepared to discuss how you’ve collaborated with underwriters and other stakeholders in previous roles. Highlight your ability to work as part of a team while also being self-motivated. Share examples of how you’ve supported colleagues or mentored junior team members.
✨Ask Insightful Questions
At the end of the interview, have a few thoughtful questions ready. Inquire about the challenges the pricing team currently faces or how they measure success in pricing strategies. This shows your genuine interest in the role and helps you assess if Beazley is the right fit for you.
