Global Longevity Development Actuary (Pricing Lead) in Vauxhall

Together, we engage with everything we have and are, to help humankind act braver and better.

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, 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.

About the role: The Global Longevity Development Actuary (Pricing Lead) supports Munich Re's international longevity expansion ambitions within the Global Longevity Development (“GLD”) team by developing and maintaining the technical capability required to assess and transact longevity opportunities across global markets that are outside Munich Re's established longevity business. Working closely with the Head of Global Longevity Development, local Munich Re offices and other internal stakeholders, the role is responsible for the development of market-testing assumptions, pricing methodologies and exploratory bases for new longevity markets. The role may also be responsible for managing and developing actuaries within the GLD team working to support various elements of the overall GLD strategy, or actuaries in the wider longevity team.

This is a great opportunity for a technically strong and ambitious individual to join a highly successful, friendly and growing team in an exciting, challenging and rewarding environment.

Key Responsibilities:

• Support the development and delivery of Munich Re's international longevity market development strategy.
• Support the Head of GLD in coordinating and delivering the wider GLD mandate across basis development, pricing and execution activities.
• Develop and maintain market-testing assumptions and exploratory bases for emerging longevity markets.
• Support pricing readiness for prospective international longevity opportunities.
• Develop and maintain methodologies, models and analytical tools used in market assessments and transaction pricing.
• Ensure Munich Re's longevity pricing tools, methodologies and analytical capabilities remain fit for purpose to assess and support international longevity opportunities, identifying enhancements where required.
• Support development of technical assessments, pricing analysis and recommendations for priority markets.
• Coordinate technical engagement with local Munich Re offices and central functions regarding longevity opportunities and market developments.
• Support preparation of technical papers, pricing analyses and recommendations for management and governance forums.
• Maintain awareness of developments in pricing methodologies, competitor approaches and longevity market practice.
• Effectively manage, develop and support actuaries within the Longevity team.
• Nurture the team culture, support personal development and drive results.
• Promote collaboration and knowledge sharing across the Longevity function and wider Munich Re Group.

General Duties and Tasks:

• The Global Longevity Development Actuary (Pricing Lead) is primarily focused on market-testing assumptions, basis development, pricing support and technical readiness for international longevity opportunities.
• The role is also expected to contribute to wider GLD activities, including market assessments, business development support and strategic initiatives, as well as activities across the wider Longevity team where required.

Competencies:

• Strategic mindset – you look, plan and move into the future with clear intentions and purposeful actions.
• Ensures accountability – you hold yourself and others accountable to take responsibility and meet commitments.
• Managing complexity – you make sense of complex and sometimes contradictory information to effectively solve problems.
• Sponsors work – you know when to lead and when to let others lead, providing direction and delegating to others.
• Develops talent – you develop the team to meet their career ambitions.
• Being resilient – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.

Key Skills & Experience:

• Experience within longevity, pensions de-risking, life insurance or reinsurance markets.
• Strong understanding of longevity pricing and basis development.
• Strong analytical and problem-solving skills.
• Ability to assess and communicate complex information clearly.
• Excellent written and oral communication skills.
• Ability to work across multiple priorities and projects simultaneously.
• Strong stakeholder-management skills.
• Curious and proactive mindset with an interest in emerging longevity opportunities.

Qualifications and Educational Requirements:

• Qualified actuary.
• Directly relevant actuarial experience of the bulk annuity/longevity swap market, preferably including non-UK markets.

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.

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.