Global Longevity Actuary in London

Key Skills & Experience:

About UK Life Branch: With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of 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.

About the role: The Global Longevity Actuary supports Munich Re’s international longevity expansion ambitions within the Global Longevity Development (“GLD”) team by contributing to market assessments, basis development and transaction support activities across global markets that are outside Munich Re’s established longevity business. Working closely with the Head of Global Longevity Development, Global Longevity Development Strategy Lead, Global Longevity Development Pricing Lead and local Munich Re offices, the role takes ownership of defined analytical, technical and project activities, exercising actuarial judgement and providing constructive challenge across the GLD team. The role offers exposure to market development, pricing, basis development and transaction support activities, helping Munich Re identify, assess and develop emerging longevity opportunities globally.

Key Responsibilities:

• Contribute to delivery of Munich Re’s international longevity market development strategy.
• Own defined elements of market assessments and opportunity evaluations across international longevity markets, making recommendations to senior members of the team.
• Develop market-testing assumptions and exploratory bases for emerging longevity opportunities, with oversight from the GLD Pricing Lead.
• Take responsibility for defined components of pricing analyses, transaction support and technical assessments.
• Develop, maintain and enhance pricing tools, analytical frameworks and supporting documentation for international markets.
• Prepare market-entry assessments, business cases and strategic recommendations.
• Maintain the international longevity opportunity pipeline and associated reporting, in support of the GLD Strategy Lead.
• Coordinate elements of client, broker and local-office engagement activity through preparation of presentations and analysis.
• Monitor and assess competitor activity, client developments and market developments relevant to international longevity opportunities.
• Review and challenge analysis produced by colleagues, providing constructive feedback and supporting the development of more junior team members.
• Contribute to knowledge sharing, research and development activities across the Longevity function.

General Duties and Tasks: The Global Longevity Actuary works with the Head of GLD, GLD Strategy Lead and GLD Pricing Lead in delivering Munich Re’s international longevity expansion strategy. The role contributes across market assessments, basis development, pricing support and transaction activities within both the Strategy and Pricing workstreams, as well as wider Longevity initiatives where required. The role is expected to take ownership of defined activities and deliver them with a high degree of independence, with oversight from the relevant GLD Lead or Head of GLD.

Market Assessment and Opportunity Development (25%):

• Own the maintenance and development of market assessments for existing and prospective longevity markets.
• Undertake research into emerging longevity opportunities and market developments.
• Prepare defined elements of market-entry assessments and business cases.
• Monitor and assess competitor activity and market developments.
• Support prioritisation exercises and opportunity reviews.
• Prepare and present management reporting and presentations.

Basis Development and Pricing Support (25%):

• Develop and review market-testing assumptions and exploratory bases under the oversight of the GLD Pricing Lead.
• Own defined data analysis and technical assessment work.
• Take responsibility for defined components of pricing analyses and transaction support activities.
• Develop and maintain pricing tools and methodologies.
• Prepare technical papers and documentation.
• Review and challenge technical assessments of emerging opportunities, escalating where appropriate.

Stakeholder Coordination and Business Development Support (20%):

• Coordinate defined activities with local Munich Re offices regarding longevity opportunities.
• Prepare and present analysis and materials for client, broker and consultant engagement.
• Take responsibility for defined elements of market-development initiatives and strategic projects.
• Coordinate meetings, market reviews and opportunity discussions, ensuring actions are progressed.
• Prepare materials for governance and reporting activities.

General Longevity team (20%):

• Support wider Longevity Team initiatives where required, including work and quotes in the UK and Dutch markets where business needs require.
• Work with the Head of Longevity and Deputy Head of Longevity to assist in a variety of Longevity projects and development workstreams as necessary, which may include assessing quote attractiveness, new business pricing, or work to enhance our proposition for existing markets.
• Work with the Head of In-Force on in-force related projects as required to manage our existing portfolio.
• Promote knowledge sharing across teams and locations.
• Maintain awareness of developments in longevity and annuity markets.
• Support wider UK Life Branch as required.
• Undertake any additional duties and responsibilities that may reasonably be expected in accordance with the role.

Contribution to the Wider GLD Team (10%):

• Work with the Head of GLD, GLD Strategy Lead and GLD Pricing Lead in delivering the wider GLD mandate.
• Work flexibly across the Strategy and Pricing workstreams as priorities develop.
• Provide technical review and constructive challenge across market-development, pricing and transaction-support activities.
• Collaborate with colleagues across the Longevity Team and wider Munich Re Group.
• Contribute to team initiatives and knowledge-sharing activities.

Competencies:

• Drives results: You consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind.
• Business insight: You can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.
• Collaboration: 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: 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: You create new and better ways for Munich Re to be successful.
• Courage: You are willing to challenge the status quo and address difficult issues.
• Persuades: You use clear and compelling arguments to gain the support, enthusiasm and commitment of others.

Key Skills & Experience:

• Essential: Experience in actuarial work within life insurance, pensions or reinsurance.
• Strong analytical and problem-solving skills, with the ability to exercise judgement and operate with a high degree of independence.
• Ability to communicate technical information clearly.
• Strong Excel and actuarial modelling skills.
• Ability to take ownership of defined activities, manage competing priorities and deliver accurate work to agreed timescales.
• Proactive and collaborative working style.
• Interest in longevity, pensions de-risking and international market development.
• Strong written and verbal communication skills.

Qualifications and Educational Requirements:

• Nearly or newly qualified actuary.
• Directly relevant actuarial experience within longevity, annuities, pensions or life reinsurance.

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.

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 6 months family leave for times when you need it the most.

About us: You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning.