This role is responsible leading the Group pricing team in servicing the existing portfolio of the group life clients and also support tenders for new clients.
Reporting to the General Manager, you will be managing a large team of senior pricing actuaries and actuarial analysts.
- Pricing New Business Tenders, re-rates and client experience reporting
- Be responsible for peer reviewing every LPS 320 advice for material schemes produced by Senior Product Actuary (except when acting to approve the pricing)
- Delegated authority to approve pricing for schemes up to an approved level (above the senior product actuary levels).
- Managing pricing resources in respect of the pricing of new business tenders and requests from assigned existing mandates to support the business’s growth strategy.
- Working closely with relevant relationship managers and product managers, develop solutions for assigned mandate customer given price constraints.
- Responsible for content (and narrative) of pricing material presented to clients including regular experience reviews, when required, lead presentation of results to key clients.
- Assist in the development of non-standard policy terms and conditions to assist mandate clients to achieve their goals.
- Review and sign off of the pricing aspects of client proposal documents for each material scheme.
- Manage the team (allocate pricing resource) to new business tenders and existing portfolio management in the execution of the business’s group strategy.
- Ensure team members have a documented career plan including access to relevant training and mentoring relationships to support them in their career development.
- Creating the desired culture and values within the team.
Pricing Framework and Assumptions
- Be responsible for all group life pricing assumptions and processes, ensuring that they comply with the company’s Product Pricing Policy.
- Be responsible for the pricing models (including maintenance) and work with portfolio actuary to improve processes
- Work with the Head of Portfolio Analytics and reporting in relation to experience analysis / assumptions review and evolution of pricing models and process efficiency
- Responsible for ensuring appropriate signoff and documentation of assigned pricing tasks.
- Manage existing relationships, gathering market intelligence and expanding new relationships for the business strategic advantage.
- For each tender or re-price of a material scheme co-ordinate the Senior Product Actuaries reinsurance strategy and activity to ensure a coherent approach consistent with overall reinsurance strategy
- Ensure that the pricing team works closely with Group Product to ensure timely execution of all reinsurance treaties and addenda.
- Qualified Actuary with experience in consulting and/or corporate environment
- Strong people leadership capability
- Strong commercial judgement & strategic thinking capability
- Strong communication and stakeholder influencing skills
- Strong group life pricing and product technical skills