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A fantastic opportunity has arisen for an experienced and qualified Protection Pricing Actuary to join a friendly, growing and progressive Insurance company in the South West.
This position would report into the CFO. Ideally, the successful applicant would be open to a 1 year fixed term contract - this can be 3-4 days per week. This role has the opportunity to become permanent.
PURPOSE OF THE POSITION
· Working with our Pricing Actuary, help lead our Protection product pricing
· To take a lead role in the development of innovative propositions
· To work with the Capital and Reporting Actuary to understand our Protection experience
· To manage risk within the risk framework of the business
· To deliver the requirements of Customer Duty
· To reinforce the company brand and support delivery of its purpose and vision
Critical Outcomes
· Product design and pricing that are profitable and marketable and meet business plans.
· Effective protection pricing philosophy documented and agreed.
· Deep level of Protection experience and the market to allow prices to be set at a sustainable level.
· Underwriting and claims handling procedures that are consistent with product design and pricing
· Delivery of outcomes that are consistent with our members’ expectations.
· Adherence to the Group’s core values and behaviours.
KEY RESPONSIBILITIES
· To work with our Pricing Actuary and lead Protection pricing to maximise (within the agreed constraints) the value generated by new business
· To work with our Pricing Actuary to review and make recommendations to propositions to improve the value generated by new business
· To represent (as agreed) the Chief Actuary and the Pricing Actuary at Proposition Governance Committee and Distribution Quality Management
· To work with the Head of Insurer Solutions to help develop reinsurance strategies for new and existing protection business
· To advise management on appropriate business quality metrics
· To liaise with IT and other departments in specifying, developing, testing, implementing and operating systems
· To liaise with our reinsurers, our proposition team, our distribution and marketing teams and other departments in specifying and developing product changes and new products
· To liaise with our underwriting and claims departments on suitable underwriting strategies and to assist them in optimising the value of underwriting
· To analyse and report to the Board on new product or distribution opportunities
· To assist analysis of potential mergers, acquisitions, and partnerships
· To peer review the output of other members of the actuarial team
· To provide insight into business planning
· To identify, escalate, manage and mitigate risks in a timely manner
OTHER RESPONSIBILITIES
· Adhere to the Financial Conduct Authority Individual Conduct Rules, and The business's Expectations
EXPERIENCE AND QUALIFICATIONS
· Must be a qualified actuary
· Must have experience of protection pricing or product development
· Prophet experience an advantage
· Must have the right to work in the UK
PERSON PROFILE
· Strong technical skills
· Ability to think logically and creatively
· Ability to apply judgement in both actuarial and business contexts
· Excellent organisation and prioritisation skills
· Effective written and verbal communication skills
· Able to work at a fast pace and manage interruptions
