Pricing Manager (Protection)

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Sector: Insurance

Role: Manager

Contract Type: Permanent

Hours: Full Time

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

About UK Life Branch:

With the office in London, 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.

In terms of clients, we trust them as experts in their business and provide them with the financial strength of the world's largest reinsurer, global expertise, and sharp pricing so that they are both competitive and profitable.

About the role:

The role holder will be a manager within the Protection Pricing team. They will have line management responsibility and will be responsible for checking and reviewing the work of other colleagues within the team.

The team is responsible for delivery of Protection quotes, supporting with client queries and changes on existing open to new business treaties, monitoring performance of open to new business treaties, monitoring of experience on inforce treaties for reporting purposes, supporting the Basis development team in the review of assumptions for both existing and new propositions, and supporting the Infrastructure and Tools team with continued improvement and maintenance of our tools and processes. Where appropriate, the team will also support the commercial Protection team on other related activities including new product and proposition development.

Key Responsibilities:

• Be a key technical expert within the team across Pricing and Biometric elements, developing technical expertise and knowledge relevant to reinsurance pricing for Protection business.
• Input into Head of Protection Pricing to support the planning and prioritisation of the team.
• Represent the team and communicate results to senior management and other departments.
• Take responsibility for the delivery of accurate and timely work, checking and peer reviewing other team members' work and providing guidance to more junior members of the team.
• Check and review work produced by the team, ensuring the accurate use of data and production of experience analysis, setting of appropriate Pricing assumptions, and supporting the negotiation of commercial terms.
• Understand and explain the financial implications of decisions made, ensuring the right balance between commercial needs and risk is achieved.
• Develop strong client-focused relationships with the Protection department and construct an important branch-wide network of contacts.
• Direct line management responsibility and support the development of the team by setting expectations, providing feedback, and looking for opportunities where individuals can challenge themselves and have autonomy.
• Contribute to the team's ongoing drive to ensure efficiency by proposing and supporting improvements to Pricing tools and processes, and embracing new technology.
• Support the development and review of the Protection basis and assumptions.
• Where required, provide technical input into the development of new Protection propositions and support the Protection department on their activities.
• Input into discussions with the Head of Protection Pricing and other managers to help set the direction of the team, including non-technical topics (people and culture).
• Develop and maintain an understanding of the Protection market.

Competencies:

Strategic mindset (we think big): You look, plan, and move into the future with clear intentions and purposeful actions, seeking regular feedback to make decisions today that will lead the business towards its future commitments.

Ensures accountability (we lead the 'we'): You hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions.

Managing complexity (we grow with our clients): You make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.

Sponsors work (we care and dare): You know when to lead and when to let others lead, providing direction and delegating to others.

Develops talent (we care and dare): You develop the team to meet their career ambitions, building capability at an individual and organisational level.

Being resilient (we are clear and authentic): Setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn, and move forward with courage and commitment.

Key Skills & Experience:

• Knowledge or experience of the UK Protection market.
• Experience managing or providing leadership to other colleagues, providing feedback and supporting development.
• Knowledge of Protection Pricing processes, including experience analysis production/analysis, assumptions setting, and modelling methodology. Prior Pricing experience, particularly with reinsurance pricing, is preferable.
• Ability to grasp new concepts and technical issues quickly.
• Strong analytical skills and ability to make judgment calls where there is uncertainty.
• Ability to communicate technical concepts effectively to colleagues from varying levels of knowledge.
• Confidence and diplomacy to challenge peers and manage upwards.
• Effective at dealing with stakeholders from a variety of technical backgrounds and levels of seniority.
• Ability to build an understanding of internal and external client strategy and needs.
• Strong computer literacy, particularly in Microsoft Excel & Word, but also experience with R, Python, Basic VBA, or similar programming. Experience with Power BI is desirable.

Qualifications and Educational Requirements:

• Qualified Actuary

People Leader:

You are aware of your role as a leader in influencing your team structure and culture to promote principles of diversity and inclusion.

Thought Leader:

You are seen as an expert in your field and will be the 'go to' person for your area of specialism within Munich Re.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the individual will also become responsible for 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.

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. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.