Model Development / Pricing Actuary
Job Market: Actuary / Actuarial / Insurance
Model Development / Pricing Actuary: About the role
The Pricing Actuary will lead the pricing team in the development of pricing models to drive sustainable pro?table growth and support strategic initiatives. This role will support many lines of business, including Casualty, Property, Energy, Aerospace, Marine and Credit Lines.
The successful candidate must have strong communication skills, commercial awareness and a solid understanding of good model design principles and approaches in order to provide best-practice modelling solutions for underwriting teams based in London and overseas. This role will involve close collaboration with underwriting teams across the business, underwriting management, and divisional actuaries to develop modelling techniques, rationalise and streamline models and drive more data-driven insights through use of internal and external data. The Pricing Actuary will be responsible for ensuring that effective model development governance.
The Pricing Actuary is a member of the Actuarial pricing team in London and works closely with underwriting teams under the guidance of the Assistant Pricing Manager / Head of Pricing and Project Pricing Actuary. The Pricing Actuary will have line management responsibilities for a team focusing on model development activities.
Model Development / Pricing Actuary - Key duties
Quickly establish familiarity with unfamiliar lines of business, pricing models, data and work?ow systems
Plan and prioritise a wide array of potential modelling improvements
Work in collaboration with underwriters, the pricing team and management across the planning and development process
Develop pricing models to meet underwriter requirements and in line with Actuarial pricing frameworks and technological solutions platforms
Lead the team in regard to model development activities, working in collaboration with the Assistant Pricing Manager / Head of Pricing and Project Pricing Actuary
Research and develop techniques and approaches to deliver improvements in operational efficiency, data quality and modelling capabilities through model design and use of technology
Provide thought leadership and evaluation for pricing models developed/calibrated by divisional actuaries
Develop strong relationships with underwriting and cat modelling teams to coordinate sharing of best practices and expertise with peers across the Group
Ensure alignment of pricing with evolving exposure management practices and 'Own View of Risk’ frameworks, providing input into the development of modelling approaches where appropriate
Collaborate, present and share knowledge with the wider Actuarial team on pricing approaches
Assistance for other pricing team activities as required
Model Development / Pricing Actuary - Key requirements
Quali?ed Actuary with solid London Market pricing experience in model development and maintenance
Strong IT skills, including comprehensive knowledge of Excel and VBA Desirable
R, SQL, Python
Pricing platform experience (e.g. Rulebook, EASA, Tyche)
2.1 or 1st degree in a Maths or Maths-related subject (e.g. Physics, Engineering, Statistics)
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