Pricing Actuary – UK Commercial Property & Casualty - Chaucer Group

Job Profile Summary

The Pricing Actuary will provide Actuarial pricing support primarily for Chaucer’s UK Commercial Property and Casualty insurance portfolio (with a focus upon account pricing, benchmark rate reviews and portfolio analyses). The role will be strongly client-facing, incorporating support for broker negotiations, pricing support for insureds and will involve developing pricing and oversight capabilities for existing and new client relationships.

This role will support the pricing team to leverage data from a range of sources to provide additional insights and to enhance pricing and portfolio analytics capabilities, including implementing predictive analytics and other more sophisticated pricing techniques where feasible. The collection and maintenance of pricing data, particularly from coverholders, will incorporate cross-functional project work and will feed into wider key strategic initiatives across the Group.

There are a number of classes that lend themselves to more sophisticated pricing &/or data science techniques. Reflecting this, the successful applicant will have strong technical pricing skills, ideally with a background in modelling for data-rich commercial / London Market or personal lines classes. They will also have strong communication skills, stakeholder management and consultancy experience, and commercial awareness in order to provide effective support to underwriting teams and clients for product development and ongoing portfolio management.

The Pricing Actuary will also provide pricing support for other classes as required including other classes within the insurance, reinsurance and Partnership / Innovation divisions.

The role will be located within the Actuarial pricing team in London and work directly with the underwriting team under the guidance of the Insurance Pricing Manager and the rest of the Pricing leadership team.

Job Description

1. Development of a deep understanding of the Property, Casualty and data-rich classes, trends and underwriting team strategy
2. Account pricing and underwriter support for broker negotiations
3. Support the collection, maintenance and exploration of pricing data, implementing predictive analytics and other more sophisticated data transformation and pricing techniques where feasible
4. Ongoing portfolio monitoring for accounts and overall portfolio
5. Contributing ideas for new Pricing MI Insights
6. Model recalibration reviews
7. Keep abreast of industry initiatives and develop new pricing/visualisation techniques and best practice where opportunities arise
8. Collaborate, present and share knowledge with the wider Actuarial team on pricing approaches
9. Assistance for other pricing team activities as required

Skills and Competencies

1. General insurance pricing experience
2. Experience of predictive analytics / data science techniques relevant for general insurance
3. Experience in pricing delegated business would be desirable
4. Model development experience
5. IT skills, including comprehensive knowledge of Excel and VBA
6. R or Python (desirable)
7. SQL (desirable)
8. Experience in building and using dashboards in PowerBI (desirable)
9. Strong attention to detail, with an organised and clear-thinking approach to work
10. Self-motivated, hard working and committed to delivering high-quality outcomes
11. Professional, reliable and able to represent the business appropriately
12. Flexible and adaptable, with the ability to respond effectively to changing priorities
13. Able to plan, organise and manage multiple tasks to meet targets and deadlines
14. Collaborative team player with strong communication skills and the ability to engage with colleagues at all levels

Education

1. 2.1 or 1st degree in Maths or a Maths-related subject (e.g. Physics, Engineering, Statistics)
2. 3 or more ‘A’ levels, including Maths
3. Qualified (FIA or equivalent) or nearly qualified

ABOUT US

Chaucer is a leading insurance group at Lloyd’s, the world’s specialist insurance market. We help protect industries around the world from the risks they face. Our customers include major airlines, energy companies, shipping groups, global manufacturers and property groups.

Our headquarters are in London, and we have international offices in Bermuda, Copenhagen, Dubai and Singapore to be closer to our clients across the world. To learn more about us please visit our website.