New Business Pricing Actuary
Rothesay Life - Pricing Actuary
Key activities include
- Modelling scheme benefits in Rothesay Life’s proprietary valuation system, based on:
o Benefit specifications provided by EBCs
o Trust Deed & Rules
o Member data
- Analysing the socio-demographic profiles of pension scheme populations, undertaking mortality experience analysis, and generating appropriate demographic assumptions to be used in new business pricing.
- Producing projected deal economics, including the UKGAAP PnL, IFRS PnL and IRRs.
- Producing and presenting materials for internal deal approval committees.
- Communicating complicated technical issues to senior colleagues, including non-actuaries
- Liaising with EBCs to clarify data and benefit features.
- Applying experience and professional judgement to identify potentially significant risks faced by Rothesay Life when writing new business.
- Undertaking detailed due diligence of pricing data prior to deal transaction.
- Interacting with external legal counsel to analyse the legal benefit risks of pension schemes
- Ensuring the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of the various actuarial balances.
- Producing and reviewing transaction documentation.
- Updating and initiating new reinsurance transactions.
- Expressing an opinion on the overall underwriting policy and new business opportunities.
- Advising and monitoring the risks to which Rothesay is exposed.
- Working with internal teams to ensure smooth transition from deal execution to BAU.
Skills & Experience
- Recent or partly qualified actuary (minimum of three actuarial exam passes).
- Self-motivated, organised and able to progress multiple tasks with a high degree of accuracy and working to strict deadlines.
- Good verbal and written communication skills. The successful candidate will need to be able to confidently express their own viewpoint.
- A basic knowledge of key DB pension features such as GMP, Barber, deferred revaluation, and pension increases.
- A basic knowledge of the key demographic assumptions such as mortality base tables and mortality improvements.
- Confident user of Microsoft Office, in particular Microsoft Excel.
- Good level of knowledge on recent commercial events within the pensions and BPA marketplace.
- Good knowledge of some of the more complex features of DB pension benefits including anti-franking and statutory requirements.
- Relevant experience working on an insurance transaction.
- Understanding and knowledge of member option exercises such as ETVs, PIEs, and WULS.
- Understanding of Solvency II and an insurers capital requirements.
- Good understanding of risk management and control principles.
- Ability to manage multiple tasks and stay focused on the operational risks.