Pricing Actuary – UK Commercial Property & Casualty

The Pricing Actuary will provide Actuarial pricing support primarily for Chaucer’s UK Commercial Property and Casualty insurance portfolio, focusing on account pricing, benchmark rate reviews, and portfolio analyses. The role will be strongly client-facing, incorporating support for broker negotiations and pricing support for insureds. It will involve developing pricing and oversight capabilities for existing and new client relationships.

This role will support the pricing team to leverage data from a range of sources to provide additional insights and enhance pricing and portfolio analytics capabilities, including implementing predictive analytics and other more sophisticated pricing techniques where feasible. The collection and maintenance of pricing data, particularly from coverholders, will incorporate cross-functional project work and will feed into wider key strategic initiatives across the Group.

The successful applicant will have strong technical pricing skills, ideally with a background in modelling for data-rich commercial or personal lines classes. They will also have strong communication skills, stakeholder management and consultancy experience, and commercial awareness to provide effective support to underwriting teams and clients for product development and ongoing portfolio management.

The Pricing Actuary will also provide pricing support for other classes as required, including other classes within the insurance, reinsurance, and Partnership/Innovation divisions.

Job Description

• Development of a deep understanding of the Property, Casualty and data-rich classes, trends and underwriting team strategy.
• Account pricing and underwriter support for broker negotiations.
• Support the collection, maintenance and exploration of pricing data, implementing predictive analytics and other more sophisticated data transformation and pricing techniques where feasible.
• Ongoing portfolio monitoring for accounts and overall portfolio.
• Contributing ideas for new Pricing MI Insights Model recalibration reviews.
• Keep abreast of industry initiatives and develop new pricing/visualisation techniques and best practice where opportunities arise.
• Collaborate, present and share knowledge with the wider Actuarial team on pricing approaches.
• Assistance for other pricing team activities as required.

Skills and Competencies

• General insurance pricing experience.
• Experience of predictive analytics/data science techniques relevant for general insurance.
• Experience in pricing delegated business would be desirable.
• Model development experience.
• IT skills, including comprehensive knowledge of Excel and VBAR or Python (desirable).
• SQL (desirable).
• Experience in building and using dashboards in PowerBI (desirable).
• Strong attention to detail, with an organised and clear-thinking approach to work.
• Self-motivated, hard working and committed to delivering high-quality outcomes.
• Professional, reliable and able to represent the business appropriately.
• Flexible and adaptable, with the ability to respond effectively to changing priorities.
• Able to plan, organise and manage multiple tasks to meet targets and deadlines.
• Collaborative team player with strong communication skills and the ability to engage with colleagues at all levels.

Education

• 2.1 or 1st degree in Maths or a Maths-related subject (e.g. Physics, Engineering, Statistics).
• 3 or more ‘A’ levels, including Maths.
• Qualified (FIA or equivalent) or nearly qualified.