Experience Mid Level (6-10 years) | Senior (11-15 years) | Expert (15+ years)
Duration 2 Months
Insurance
Hybrid
United Kingdom
Required Skills Actuarial Consulting Insurance Products Product Pricing Financial Modelling Actuarial
Project Overview
A UK-based, early-stage insurance venture is preparing to launch a new employee benefits product, focused on health. The client is looking for an experienced Pricing Actuary to build the first pricing model from scratch. The model must be flexible enough to test changing assumptions and variables. The results will shape the venture’s go-to-market and distribution strategy, so this is a high-impact role working directly with the leadership team. Phase one is a focused, fast-paced pricing project. It’s a good fit for a hands-on actuary with health & P&C risk pricing experience who is comfortable pricing a product that has no claims history yet. Further actuarial work may follow, depending on the results of the engagement.
Key Deliverables:
- Design and build a flexible pricing model for a new product, with adjustable inputs to test product design and pricing
- Develop pricing assumptions without the client’s own claims data, using population statistics, market benchmarks and comparable products. Document the rationale and sensitivities
- Run scenario and sensitivity analysis to show how the price and viability change under different assumptions
- Advise on how insurers are likely to view and classify the risk, to inform the choice of distribution and partnership model
- Present findings and a clear pricing recommendation to the leadership team
- Produce documentation and models that can be reused in future insurer and partner conversations
- Potentially support later phases, such as insurer engagement, reserving, valuations and capital requirements
Your Background
Essential:
- Qualified actuary (FIA or equivalent), or nearly qualified actuary, with 8+ years of pricing experience
- Pricing background in health and P&C insurance
- Proven experience pricing new products or risks with limited or no claims history
- Strong skills in building flexible, transparent pricing models (Excel essential; R or Python a plus)
- Good knowledge of the UK insurance market and regulation (FCA/PRA), and of how insurers assess new products
- Able to explain complex pricing in plain terms to non-actuarial stakeholders
- Based in the UK, and able to meet in person in London when needed
Desirable:
- Experience in reserving, capital modelling or valuations
- Previous consulting or independent contracting experience with early-stage clients
Engagement Details:
- Location: UK-based, with occasional in-person sessions in London.
- Start: As soon as possible
- Commitment: Around 3 to 4 days a week for 1 to 2 months, then occasional ad hoc support
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Pricing Actuary in London employer: Outsized
As a forward-thinking company in the fintech sector, we pride ourselves on fostering a collaborative and innovative work culture that empowers our consultants to thrive. With a focus on professional growth, we offer unique opportunities for independent specialists to engage in transformative projects across digital payments and product management, all while being part of a dynamic network that values expertise and creativity. Our UK-based operations ensure that you are at the forefront of industry advancements, making a meaningful impact in the evolving landscape of financial services.
