Assistant Pricing Actuary

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

• Provide pricing and analytics support to the various underwriting teams at Beazley; pricing support includes (as required):
• Developing pricing tools that support the estimation of price adequacy and rate change
• Performing portfolio and transactional pricing analyses
• Performing segmental (e.g. COB/stat, risk code, new/renewal) and trend analyses
• Performance monitoring (e.g. rate change and price adequacy metrics)
• Reinsurance pricing
• Develop, maintain and review pricing models to the required standards
• Produce the relevant monthly/quarterly reports required by the Underwriting Committee and Underwriting Governance Committee
• Understand and support the underwriting controls related to pricing and the Lloyd's Oversight Principles
• 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

Maintain pricing model documentation with required frequency, obtaining the appropriate managerial sign-offs

Assist in other projects undertaken by the actuarial team e.g. liability transfer valuations and business planning analyses

Build and maintain constructive working arrangements with those groups identified as being key to your role

Operate as an effective team member by supporting colleagues and contributing in the delivery and achievement of overall team and business objectives

Build your technical pricing skills and experience

Contribute to improving the pricing processes and methodologies

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.

• 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.
• 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.
• Display business ethics that uphold the interests of all BFL customers.
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• 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.