Senior Pricing Analyst

Company
Munich Re Specialty Group
Location
London , United Kingdom

Reporting to the Head of MGA Performance, you will support in reaching our goals with responsibilities for pricing review and validation of new products and on-going monitoring and pricing of live products. This role is essential in ensuring that Munich Re Specialty Insurance (MRSI) maximises the long-term value of our partnerships.

To be successful in this role, you will have worked in a similar role with experience in GI Personal / Commercial Lines pricing (e.g. Home, SME, Cargo, Cyber) and working knowledge with industry recognised tools such as EMBlem, Radar or Earnix.

The Role:

• Support the Head of MGA Performance in developing the pricing structures and capabilities for our European products, focussing on the UK. This includes:

• Creating pricing structures for new products and markets
• Automation and digitisation of existing rating structures to improve the accuracy and efficiency of underwriting
• Providing technical expertise on actuarial models and risk issues
• Leveraging Munich Re Group’s internal resource to assist in the pricing activity
• Evaluate the impact of new data sources and rating factors to improve risk selection
• Finalising pricing structures in line with agreed timelines and governance procedures
• Provide support for quality assurance and User Acceptance Testing (UAT) of changes.

• Monitor the performance of live product performance in relation to financial KPIs as well fair pricing and GIPP metrics:

• Creating, maintaining and improving pricing reporting and MI capabilities
• Perform analysis, rate reviews and reporting using appropriate tools and techniques.
• Developing existing rating structures and recommendation of price change proposals to achieve loss ratio, premium, and profit targets
• Monitoring and analysing market and competitor actions to optimise our competitive position
• Provide support and advice to stakeholders including insights into the underlying performance and ensuring that decisions taken are supported by strong technical analysis
• Ensure monitoring compliance against the FCA GIPP pricing remedy
• Contribute to the accurate submission of data / reports within FCA deadlines
• Contribute to expanding the breadth of data science, modelling and statistical techniques used across the team, engaging and collaborating across MRSI, to bring innovation to pricing and underwriting
• Assist Product and Underwriting with product design by assessing and/or recommending changes to product covers and ensuring such changes are correctly priced.
• Be comfortable as a point of contact for pricing for internal and external stakeholders.
• Engage and collaborate with relevant stakeholders, with a focus on pricing
• Provide timely updates on opportunities, risks, issues and progress.
• Overcome project impediments and report regularly on progress.
• Help support good conduct for the business to deliver the best outcomes for customers / policyholders.
• Contribute towards the wider task delivery within the pricing and underwriting department
• Any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.

You are required to comply with the PRA and FCA conduct rules

About MRSG...

MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Munich Re Specialty Insurance (UK) Limited (MRSI UK), Roanoke International Brokers Limited (RIBL) and Munich Re Digital Partners Limited (DP).

As part of Munich Re Specialty Group (MRSG), Munich Re Specialty Insurance (UK) Ltd (MRSI UK) brings together the long-standing and market-leading underwriting and claims expertise of NMU in the UK marine & specialty insurance markets with GrovesJohnWestrup, our UK Private Client proposition for insurance brokers and other intermediaries with clients who have unique and complex risks, as well as GJW Direct, UK‘s Specialist Direct Boat insurer.

Additionally, MRSI UK is affiliated with Munich Re Digital Partners Ltd (MRDP) that provides digital distributors a comprehensive go-to-market partnership in the UK and the EU, and Munich Re Risk Solutions Ireland Ltd (MRRSI) offering marine & specialty insurance solutions in Ireland and the EU.

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.

Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.

Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.

Ensuring that we recruit versatile staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market.

To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle.

Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.