General:
Job description and person specification
Job Title: Assistant Pricing Actuary
Division: Finance - Actuarial
Reports To: As per Beazley’s organisation chart
Key Relationships: Underwriters and business managers, Beazley actuaries, claims managers, Data Management, software developers and Ceded Reinsurance teams, Lloyd’s, external actuaries and auditors.
Job Summary: Actuarial pricing for lines of business within the MAP Risks Division (including classes such as Marine Hull, Energy, Aviation, War, Political, Terrorism, Contingency, Life, Accident and Portfolio Underwriting) at Beazley. Note that the pricing team currently has a Division rotation system in place which gives team members the opportunity to work on other lines of business in the future depending on business needs and demands
Key Responsibilities:
Technical
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Provide pricing and analytics support to the various underwriting teams at Beazley; pricing support includes (as required):
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Developing pricing tools that support the estimation of price adequacy and rate change
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Performing portfolio and transactional pricing analyses
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Performing segmental (e.g. COB/stat, risk code, new/renewal) and trend analyses
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Performance monitoring (e.g. rate change and price adequacy metrics)
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Reinsurance pricing
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Develop, maintain and review pricing models to the required standards
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Produce the relevant monthly/quarterly reports required by the Underwriting Committee and Underwriting Governance Committee
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Understand and support the underwriting controls related to pricing and the Lloyd's Oversight Principles
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Work with the underwriters, claims managers, Data Management and Ceded Reinsurance to ensure the quality and appropriateness of the data used for pricing; ensure the necessary data is captured from pricing tools to enhance future pricing capabilities
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Maintain pricing model documentation with required frequency, obtaining the appropriate managerial sign-offs
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Assist in other projects undertaken by the actuarial team e.g. liability transfer valuations and business planning analyses
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Build and maintain constructive working arrangements with those groups identified as being key to your role
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Operate as an effective team member by supporting colleagues and contributing in the delivery and achievement of overall team and business objectives
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Build your technical pricing skills and experience
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Contribute to improving the pricing processes and methodologies
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Undertake professional, technical and career development training (delivered internally and externally); this includes pursuing the actuarial qualification where applicable
General
At Beazley we are committed to doing the right thing because it is the right thing to do. It is important that within all your interactions both internally and externally you adhere to this principle through adoption of Beazley’s core values and behaviours.
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Adopt the Beazley culture of professionalism, integrity, effectiveness and dynamic attitude that contributes to an internal environment of teamwork and promotes a positive brand image and experience to our external customers.
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Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA, Lloyd’s and FCA Conduct Rules. Undertake training on BFL’s policies and procedures as delivered by your line manager, Culture and People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
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Display business ethics that uphold the interests of all BFL customers.
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Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
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Comply with any specific responsibilities necessary for your role as outlined by your line manager, Culture and People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, BFL’s underwriting control standards, BFL’s claims control standards, other Beazley standards and customer relationship management.
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Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any BFL committees or working groups.
Personal Specification:
Essential Criteria
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University degree in Mathematics or related field
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Progress towards an actuarial qualification
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Grasp of actuarial / statistical techniques used in pricing
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Building understanding of reinsurance and capital with application to pricing
Skills and Abilities
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General commercial and financial knowledge
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Competent user of MS Excel; VBA, Access, Python, Hyperexponential, SQL and R skills desirable
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Strong analytical skills with attention to detail; accurate and numerate
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Able to communicate effectively both verbally and in writing
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Team worker as well as able to work on own initiative
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Ability to manage time, meet deadlines and prioritise
Knowledge and Experience
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Building pricing experience; Lloyd’s / London market knowledge desirable
Aptitude and Disposition
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Outcome focused, self-motivated, flexible and enthusiastic
- Professional approach to successfully interact with team members, internal and external stakeholders
Competencies
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Achievement and solution focused
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Analytical
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Information seeking
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Stakeholder focus
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Using initiative
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Having integrity
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Taking responsibility
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Being reliable
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Attention to detail
