General
JobTitle: Pricing Actuary
Division: Finance - Actuarial
ReportsTo: Lead Pricing Actuary –Cyber & ExecutiveRisks
KeyRelationships: Underwriters and business managers, Beazley actuaries, Claims managers, Data Management and Ceded Reinsurance teams, regulators, external actuaries, brokers.
Job Summary: Actuarial pricing for theCyber RisksDivisionandtheExecutive Risks classes (within the Specialty RisksDivision)at Beazley
KeyResponsibilities:
Technical
- Provide pricing support to theCyber & ExecutiveRisks underwriting teams at Beazley; pricing support includes (asrequired):
- Developing pricing tools that support the estimation of price adequacy and rate change
- Performing portfolio and transactional pricing analyses
- Performing segmental and trend analyses
- Performance monitoring (e.g. rate change and price adequacy metrics)
- Develop,maintainand review pricing models to the required standards
- Contribute effectively to the production of the relevant reportsrequiredfor any key committees whererequired.
- Provide training to underwriters in pricing; this includes technical pricing and rate change requirements
- Understand and support the underwriting controls related to pricing and relevant regulatory principles
- Understand and apply the pricing quality assurance process
- Assistin other projects undertaken by the actuarial team e.g. liability transfer valuations and business planning analyses
- Operate as an effective team member by supporting colleagues and contributinginthe delivery and achievement of overall team and business objectives
- Build your technical pricing skills and experience
- Provide support and mentoring to the junior members of the team
- Keep abreast of industry best practice, newinitiativesand changes in regulatory requirements
- Build andmaintainconstructive working arrangements with those groups identified as being key to your role
- Work with the underwriters, exposure management, claims managers, Data Management and Ceded Reinsurance to ensure the quality and appropriateness of the data used for pricing; ensure the necessary data is captured from pricing tools to enhance future pricing capabilities
- Maintain pricing model documentation with required frequency, obtaining theappropriate managerialsign-offs
- Identifyopportunities and contribute to delivering improvements in the pricing processes and methodologies
- Undertake professional, technical and career development training (delivered internally and externally); this includes pursuing the actuarial qualification where applicable
General
It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:
- Comply withBeazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct.
- Undertake training on Beazley policies and procedures as delivered by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
- Display business ethics that uphold the interests of all our customers
- Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
- Comply withany specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazleystandardsand customer relationship management.
- Carry outadditionalresponsibilities as individually notified, either through yourobjectivesor through the learning management system. These may include membership of any Beazley committees or working groups.
Personal Specification:
Essential Criteria
- Pricing experience;withspecialty (re)-insurance market knowledge desirable
- Firm grasp of actuarial / statistical techniques used in pricing
- Understanding of reinsurance and capital with application to pricing
Education and Qualifications
- University degree in Mathematics or related field
Skills and Abilities
- General commercial and financial knowledge
- Competent user of MS Excel; VBA, Access, Python,SQLand R skills desirable
- Strong analytical skills with attention to detail;accurateand numerate
- Able to communicate effectively both verbally and in writing
- Team worker as well as able to work on own initiative
- Ability to manage time, meet deadlines and prioritise
Aptitude and Disposition
- Outcome focused, self-motivated,flexibleand enthusiastic
- Professional approach to successfully interact with team members, internal and external stakeholders
Competencies
- Achievement and solution focused
Who We Are:
Beazley is a specialist insurance company with over 30 years’ experience helping people,communitiesand businesses to manage risk all around the world. Our mission is to inspire our clients and people with the confidence and freedom to explore, create and build – to enable businesses to thrive. Our clients want to live and work freely and fully, knowing they arebenefittingfrom the most advanced thinking in the insurance market. Our goal is to become the highest performing sustainable specialist insurer.
Our products are wide ranging, from cyber & tech insurance to marine, healthcare, financialinstitutionsand contingency; covering risks such as the weather, filmproductionor protection from deadly weapons.
Our Culture
We have a wonderful mix of cultures, experiences, and backgrounds at Beazley with over 2,000 of us working around the world. Employee’s diversity, experienceand passion allow us to keep innovating and moving forward, delivering the best. We are proud of our family-feel culture at Beazley that empowers our staff to work from when and where they want, in an adult environment that is big on collaboration, diversity of thought and personal accountability. Our three core values inspire the way we work and how we treat our people and customers.
Upholding these values every day has enabled us to become an innovative and responsive organization in touch with the changing world around us – our ambitious inclusion & diversity and sustainability targets are testament to this.
We are a flexible and innovative employer offering a friendly, collaborative, and inclusive working environment. We actively encourage and expect applications from all backgrounds. Our commitment to fostering a supportive and dynamic workplace ensures that every employee can thrive and contribute to our collective success.
Explore a variety of networks toassistwith professional and/or personal development. Our Employee.Networks include:
- Beazley RACE - Including,understandingand celebrating People of Colour
- Beazley SHE - Successful, High potential, Empowered women in insurance
- Beazley Proud - Our global LGBTQ+ community
- Beazley Wellbeing - Supporting employees with their mental wellbeing
- Beazley Families - Supporting families and parents-to-be
We encourage internal career progression at Beazley, giving you all the tools you need to drive your own career here, such as:
- Internal Pathways (helping you grow into an underwriting role)
- iLearn(our own learning & development platform)
- External qualification sponsorship
- Continuing education and tuition reimbursement
The Rewards
The opportunity to connect and build long-lasting professional relationships while advancing your career with a growing, global organization.
- Attractive base compensation and discretionary performance related annual bonus
- Private medical insurance coverage for both you and your dependents
- Company paid life assurance andlong termdisability insurance
- Pension with 10% employer contribution, plus a further matched contribution up to 2.5%
- 25 days of annual leave (prorated for 1st calendar year of employment), plus public holidays, with the ability to flex the religious bank holidays to suit your religious beliefs, subject to approval.Additionalannual leave purchase is also available up to a maximum of fiveadditionaldays per year.
- Up to 2.5 days matched paid leave for volunteering at a charity of your choice and 5 days paid leave to provide or arrange care for a dependent with along termcare need annually
- Up to £550 reimbursement towards home office setup
- Free in-office lunch and monthly lifestyle allowance
- Monthly travel allowance or annual season ticket
- The opportunity to save for, and purchase, shares of Beazley stock
- Six months fully paid parental leave, regardless of how you come to parenthood
- Company paid sabbatical up to 12 weeks after 10 years of continued service
- Support with exam/study leave and fees for relevant qualifications related to furthering education
- Smart working policy and flexible working culture, trusting our employees to do what works best for them, theirroleand the needs of the business
