Job Details: Pricing Analyst - Trainee Actuary
Full details of the job.
Vacancy Name: Pricing Analyst - Trainee Actuary
Vacancy No: VN427
Location Country: Ireland
Work Location: Reporting to a Pricing Manager, the role holder will demonstrate knowledge in the area of Pricing across the UCS business.
Main Purpose of the Role:
New Business Activities and Activities in supporting In-Force Portfolio:
* Produce timely and accurate responses to quotation requests received from clients, both for unit rated and single premium costed schemes.
* Work closely with the Operations, Claims, Medical Underwriting and Client Services teams to provide pricing and analytical support as required for the future growth and development of business within the target territories.
* Be fully conversant with the cover provided within the various plans/schemes within the Irish and GRS portfolios, and understand best practice.
* Extend knowledge to all other quotations, rate reviews and benefit changes.
* Liaise with the UCS Sales team and reinsurers on all required data and benefit queries and production of quote responses.
* Expand knowledge on pricing and actively participate in engagements with reinsurers. Aim to receive individual Authority Limits within the UCS team.
Governance and Strategic Pricing Activities:
* Take on responsibility to develop MI to monitor risk retention and profitability.
* Help review and enhance the Utmost pricing methodology(s) to ensure it remains fit for purpose and strikes a balance between ensuring that risk is appropriately priced whilst also retaining a competitive offering within the market.
* Maintain all required databases to ensure effective administration of data.
* Help monitor/analyse competitor offerings and propose appropriate responses to ensure that the Utmost offering remains competitive.
* Comply with the risk control framework in place within the Pricing processes and ensure that the controls implemented are operating effectively.
* Work with wider Utmost actuarial teams to ensure accurate and consistent data is produced in terms of key metrics and KRIs.
* Help with the delivery of the annual/periodic review of all pricing policies and related documentation to ensure compliance with internal and external requirements.
Key Responsibilities:
UCS New Business and Renewals:
* Generating competitive, timely and accurate quotations for new business and renewals.
Stakeholder Engagement:
* When required engage with reinsurers on a case-by-case basis on quotations where the proposed rates fall outside Utmost’s authority limits.
* Provide support to stakeholders in UPE (especially Actuarial team and UCS Business Partner) and external parties on pricing-related queries and requests.
Pricing Methodology:
* Help with the continual review and enhancement of the Utmost pricing methodology to ensure it remains fit for purpose.
* Help with identifying potential changes to the pricing methodology to produce consistent quotes that balance commercial opportunities with appropriate management of risk.
* Help with reviewing and updating of pricing tables as required or, for rates provided by reinsurers, review and assess them to ensure that they are fit for purpose.
UCS Product Development:
* Support the evaluation and development of UCS propositions from a pricing perspective initially, throughout the product development life cycle and post implementation.
Portfolio Analytics:
* Help in the delivery of portfolio analysis of key drivers of profitability for the UCS business by benefit type, reinsurance treaty etc.
* Help in the delivery of accurate MI (Including KRIs and KPI’s).
Risk Management:
* Help in the development and application of key controls within the pricing process.
* Help ensure that documented risk controls are adhered to at all times by all members of the UCS Pricing team.
Development of self and others:
* Seeks self-development opportunities.
Key Requirements:
Knowledge – Experience or qualifications:
* Trainee Actuary – Actuarial or Financial Mathematics Graduate with at least 4 IFoA exam exceptions; OR
* A business/finance/maths degree, who also have a few years’ experience in a relatable role.
Desirable Experience:
* Statistical competence working with claims, premiums and performance statistics.
* Experience of pricing mechanics, actuarial concepts and financial analysis.
* Excel VBA coding experience would be desirable.
* Experience of market analysis, customer research and distribution management would be an advantage.
* Experience in a cross-border insurance environment would be desirable.
Skills (Essential):
* Excellent IT skills, MS Excel in particular.
Behaviours (Essential):
* Judgement & Decision Making - Able to make decisions quickly on available data and come to considered judgements as how to proceed. Full documentation of all decisions for audit and compliance review.
* Diplomacy – Demonstrates discrete and careful communications to match client expectations.
* Problem Solving – Actively spots potential issues. Ability to solve problems involving commercial and legal considerations.
* Analysing & Interpretation - Systematically collates and links information from different sources to identify patterns, trends and solutions. Suggests and implements continuous quality improvement programs and enhancements to current approach.
* Organisation & Planning - Organises tasks to ensure client demands are met.
* Adherence to Process and Procedure - Ensures strict compliance and is systematic in ensuring that all confidential data is maintained within strict privacy guidelines.
* Flexibility - Able to adapt to meet the changing needs of the business; shows a flexible approach to working and adapts to different working conditions and different challenges that they may face.
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