Job Description
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Sompo has an opportunity for a Pricing Actuary in our UK Insurance Pricing team to support our London Market business. The role sits within the Financial Lines Pricing team covering the Management Liability, Financial Institutions, Professional Indemnity, Transactional Liability and Cyber classes. You will have the opportunity to gain hands-on experience and contribute to real projects and initiatives within our company. The role will offer exposure to a dynamic work environment and the chance to work alongside experienced professionals in the field.
Our UK Insurance pricing team works closely with our London market Underwriters to provide the support required to achieve their strategies by providing robust data-driven portfolio and pricing insights. The Financial Lines portfolio is a well-established mature portfolio and forms a core part of our UK offering. You will be joining an established team of Analysts and qualified Actuaries working collaboratively to best support our core business.
Location: This position will be based out of our London office. We strive for collaboration which is why we offer a work environmentwhere our employees thrive and develop long lasting careers.
Our business, your impact, our opportunity:
What you’ll be doing:
- Become the lead pricing contact for your assigned lines of business, managing the day to day relationships with the underwriting team.
- Lead the individual account pricing providing actuarial analysis on complex open market cases and review of delegated business. Adhering to established governance framework in place.
- Assist in data collection, analysis and validation for actuarial modelling and calculations. Providing support and guidance to the more junior members of the team.
- Support in developing pricing models for new areas of business written by the Underwriting team and update the pricing models through reparameterisation exercises and structural modifications where necessary.
- Apply actuarial pricing techniques to individual account analysis and portfolio analyses and prepare presentations and quantitative exhibits for management and underwriters that convey insight and key outcomes.
- Lead the business planning process for you allocated classes, working with the lead Pricing Actuary for the class of business and the underwriters to articulate business plans and the rationale that underpins them.
- Assist in identifying and assessing strategic growth opportunities by working alongside the underwriting team to better understand the current portfolio against the market portfolio.
- Lead the development of tools for the monitoring and reporting of rate change and rate adequacy.
- Completion of risk audits to ensure the pricing models are being completed appropriately by the underwriters and that the modelled results are reasonable, taking action to resolve any deficiencies.
- Research into industry developments and trends that could impact Sompo.
- Other ad hoc duties as required.
What you’ll bring:
- A Bachelor’s or Master’s degree in Actuarial Science, Mathematics, Statistics, or a related field.
- Qualified or making good progress towards qualification with the Institute & Faculty of Actuaries or similar actuarial body.
- A minimum of 5 years of experience in the commercial insurance industry (preferably within a pricing role) with the ability to learn quickly and think critically and commercially.
- Previous experience in the classes of business listed would be preferred.
- Experience leading case pricing work, including communication of findings to the underwriting teams.
- Capability of working closely with other members of the team and collaborating with other functions to support day to day pricing activity and deliverables.
- Strong communication skills (verbal and written), including ability to express findings in non-actuarial language.
- Effective time management, ability to organise own workload and manage expectations to meet deadlines.
- Strong analytical and quantitative skills in Excel, SQL or other relevant tools and strong IT skills in areas such as R and Python are an advantage.
- Dynamic/flexible demeanour with strong client service skills.
- Strong interpersonal skills and the ability to effectively interact with colleagues at all levels.
At Sompo, we recognize that the talent, skills, and commitment of our employees drive our success. This is why we offer competitive, high-quality compensation and benefit programs to eligible employees.
Our compensation program is built on a foundation that promotes a pay-for-performance culture, resulting in higher incentive awards, on average, when the Company does well and lower incentive awards when the Company underperforms. The total compensation opportunity for all regular, full-time employees is a combination of base salary and incentives that get adjusted upfront based on overall Company performance with final awards based on individual performance.
We continuously evaluate and update our benefit programs to ensure that our plans remain competitive and meet the needs of our employees and their dependents.
Below is a summary of some of the benefits we offer, which may vary depending on the country:
- Health & Wellness Benefits
- Retirement & Savings Plans
- Global Parental Leave & Adoption Assistance
- Employee Assistance Program
- Tuition Reimbursement & Professional Qualification benefits
Who we are and what we stand for:
At Sompo, our shared purpose is to create meaningful value for clients, communities, and each other. We strive to foster a workplace where everyone feels respected, included, and empowered to excel. As a global organization, we embrace diversity and champion equal opportunity. Guided by our core values—Accountability, Agility, Collaboration, Development, and Integrity—we build trust and support one another to achieve our goals worldwide.
Life at Sompo | Sompo
Our values come to life in how we hire and grow talent. Employment decisions are based on qualifications, merit, and organizational need, and we strive to ensure equitable access to opportunities so everyone can do their best work. If you need an accommodation for any part of the application process, please contact the recruiter in charge.
