At a Glance
- Tasks: Manage and oversee a growing longevity portfolio, ensuring profitability and strategic decision-making.
- Company: Join Munich Re, a leading reinsurer with a collaborative and innovative culture.
- Benefits: Enjoy competitive pay, 25 days leave, family leave, and a generous pension scheme.
- Other info: Be part of a diverse team that values growth, innovation, and inclusivity.
- Why this job: Make a real impact in the dynamic life insurance market while developing your actuarial skills.
- Qualifications: Qualified actuary with strong analytical skills and experience in pensions or longevity.
The predicted salary is between 75600 - 92400 £ per year.
Together, we engage with everything we have and are, to help humankind act braver and better.
About UK Life Branch:
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.
About the role:
The Longevity In-Force Actuary has an important role in managing and overseeing a rapidly growing in-force Longevity portfolio, covering UK and Dutch business from a wide range of clients. They will support the Head of In-Force with actuarial leadership, taking responsibility for delivering a variety of regular and ad-hoc in-force management activities whilst ensuring key contractual commitments are met.
The successful individual will be expected to:
- Assume ownership for the actuarial management of in-force longevity contracts
- Maximise the value of the in-force portfolio through proactive management
- Lead on actuarially complex in-force management exercises
- Liaise with external and internal stakeholders to set and achieve deadlines for in-force activities
- Challenge the status quo and lead on efficiency projects to ensure the portfolio can grow sustainably
- Lead and develop effective processes to monitor the performance of the portfolio
- Nurture the team culture, support personal development and drive results
- Support overall longevity strategy
- Provide guidance/support/knowledge sharing to longevity team members
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:
- Take ownership of the actuarial management of in-force longevity contracts, including the technical review and sign-off of key actuarial deliverables
- Ensure all longevity processes are efficient, effective and relevant
- Implement relevant controls to support early identification of problems
- Approve the completion of various workstreams
- Review and challenge pricing assumptions in tenders and wider basis related discussions
- Act as a key actuarial point of contact for clients and internal stakeholders on in-force matters
- Maximise Value
- Lead on a variety of actuarially complex in-force management exercises
- Seek to improve efficiencies in current systems/models
- Build and champion collaborative relationships with other UK Life Branch teams
- Provide clear, concise and informative updates to the Head of Longevity and other senior stakeholders
- Develop strong working relationships with other Munich Re stakeholders
Team Management & Development:
- Line manage junior in-force actuaries, providing regular feedback and taking responsibility for their development
- Conduct regular resource planning
- Manage day to day resources and workloads
- Provide expert guidance to in-force team members on complex matters
- Proactively develop talent through knowledge sharing
- Assist with recruitment to meet resourcing needs
Other:
- Support the Head of Longevity and Head of In-Force as required
- Oversee a variety of longevity projects and development work streams
- Support the wider longevity team strategy
- Provide expert input into strategic discussions
Competencies:
- Strategic mindset
- Ensures accountability
- Managing complexity
- Sponsors work
- Develops talent
- Being resilient
Key Skills & Experience:
- Directly relevant experience of the bulk annuity/pensions industry
- Strong knowledge of DB pensions
- Strong analytical skills
- Understanding of key financial and longevity drivers
- Good commercial awareness
- Able to grasp new concepts quickly
- A team player
- Good people development and training skills
- Willing to challenge the status quo
- Strong written and oral communication skills
Qualifications and Educational Requirements:
- Qualified actuary (FIA or equivalent)
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.
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.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway.
Longevity In-Force Actuary in Vauxhall employer: Munich Re
Munich Re is an exceptional employer that fosters a collaborative and innovative work culture in the heart of London. With a strong emphasis on employee growth, we offer numerous opportunities for professional development and mentorship, ensuring that our team members thrive in their careers. Our commitment to cutting-edge technology and Agile practices not only enhances job satisfaction but also positions our employees at the forefront of the insurance industry.
