Functional Area :
AC - ActuarialEstimated Travel Percentage (%) : Relocation Provided : AIG Life Limited
Reporting to : Chief Pricing Actuary (Partnerships)
AIG Life is a rapidly growing, exciting company to work for with plans to double new business over the next three years.
As we drive this growth plan and expand the company we are looking to add a Pricing Actuary to the team to build and develop the seniority of the team.
The wider Actuarial team at AIG Life covers Pricing, Reinsurance, Risk and Reporting for protection products : Term Life, Critical Illness, Income Protection and Whole of Life.
This role fits within the Partnerships Pricing team, which reports into the CFO. The Partnerships Pricing team is led by the Chief Pricing Actuary (Partnerships), who has responsibility for the pricing of new partnerships and product developments.
This team helps deliver the company’s business plans by helping win new partnerships and develop new products, and ensuring the pricing is appropriate and meets target profitability metrics, and risks are effectively managed.
We pride ourselves on being nimble and agile and there is a strong culture of collaboration across departments. This role requires experience of managing internal and external commercial stakeholder as there will be contact with other areas of the business including US stakeholders.
The Pricing Actuary will lead on and support the Chief Pricing Actuary in a wide range of potential exercises relating to : pricing, reinsurance, distribution, product development or other commercial actuarial work, as well as develop the more junior team members.
There are a number of areas of core work that the team are expected to complete. These are responding to and pricing new partnership opportunities, pricing new products, contributing to product development and innovation, assisting reinsurance tenders, analysing sales and profitability, and attending committees.
The team are expected to own these processes, continually looking for ways to optimise and improve efficiency.
AIG Life is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA in the UK.
Expert communication skills, both written and verbal.
Advanced skills in Excel and VBA skills, experience of Access / SQL and the ability to develop knowledge of new IT packages quickly.
Advanced experience of cashflow modelling tools (e.g. Mo.Net, Moses, VIP, Prophet).
Attention to detail and strong quality assurance.
Ability to work under pressure to short deadlines.
Ability to mentor junior team members and work well in a team.
Lead the derivation of partnership tender commercial terms.
Lead the production of suitable and accurate market premium rates to agreed deadlines.
Obtain sign-off of commercials and pricing in line with AIG Life governance.
Assist in the development of market leading protection products.
Assist in the development of pricing tactics that maximise profitability for target volumes.
Assist in the development and implementation of an optimal reinsurance programme.
Assist in the analysis of drivers of profitability and emerging experience.
Pro-actively recommend pricing, product and distribution initiatives to the Chief Pricing Actuary.
Ensure processes are robust and efficient, with no errors implemented.
Amend processes to maintain compliance with PRA regulations.
Reconcile pricing results to valuation and explain variances.
Assist with the research and development of pricing basis when required.
Continually review strategy to ensure volume and profit is optimised.
Develop expertise and understanding of distribution.
Support reinsurance tender and relationship management work where required.
Support Intermediary tender work where required.
Carry out price benchmarking to monitor competitive position.
Technical Skills and Expertise
Recently qualified actuary with 2 : 1 or higher degree.
Minimum 5 years’ experience of working in a direct life office or reinsurer
Excellent knowledge of the UK Protection market (competitors, distribution, products)
Excellent knowledge of Protection new business processes, including underwriting and claims, competitive pricing knowledge, experience analyses and basis setting methodology
Experience in pricing and reinsurance in the UK Protection market (reinsurance structures, pricing approaches, profit measures)
Staff management experience desirable including setting objectives; conducting 1 : 1’s and performance reviews; and coaching and developing staff.
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer.
We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission creating a foundation for a creative workplace that leads to innovation, growth, and profitability.
Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.