Pricing Actuary - Delegated Authority - Avencia Consulting : Job Details

About us

HDI Global Specialty are a growing specialty lines insurer with Delegated Authority business being a key part of the company's strategy. This role focuses on supporting a EUR 425 million multi-line book split between the UK and US markets with ambitious short-term growth targets.

Lines of business include Property, Liability, Cyber, Legal Expenses and Pet offering an extremely varied and challenging Actuarial role. In Addition, there is exposure to several other lines of business via our Open Market portfolio, providing support in assessing line slips and binder business.

We are looking for an adaptable and confident Actuary who is keen to be closely involved in writing business, can consider all the various commercial aspects of a deal and is comfortable negotiating with a non-technical audience.

The role

• Play an active role in the process of on-boarding and renewing Delegated Authority arrangements, providing Actuarial analysis, support and advice to the Delegated Authority Underwriting team with a strong focus on performance and profitability.
• Support the company in our ambition to provide market leading Actuarial Pricing support and control of our Delegated Authorities. In particular, playing a key role in monitoring our Delegated Authorities to ensure they are performing in line with plans and, where required, working with our Agents to better their underlying pricing models.
• Understand each Agency Agreement as a whole, outside of just claims performance, providing alternatives and improvements to the commission, profit commissions and reinsurance structures where possible.
• Support the wider Finance team with involvement in projects and activities including Financial Planning, Reserving, Actuarial systems etc. in line with the Company's strategy and business plan.

Key accountabilities

Actuarial

• Responsible for ensuring that all new business and renewal proposals are assessed actuarially by completing margin calculations or providing peer review support to others within the Delegated Authority Pricing team.
• Continual development and improvement of technical pricing methodologies used in assessing Delegated Authority business.
• Implementation of regular Pricing MI and involvement in monthly discussions with each Agency in order to monitor performance in line with their business plan.
• Provide actuarial advice, recommendations and solutions to drive increased profitability and align each business with the HDI Global Specialty strategy.
• Work with Delegated Authorities to develop and maintain per risk pricing models, where required.
• Calculation of appropriate loss ratios and premium projections for use in the Delegated Authority business planning cycle and reserving process.

Relationship Management

• Build strong and effective relationships within the business to facilitate effective commercial underwriting decisions.
• Represent the company externally at client and broker meetings.

Communication

• Communicate technical assumptions and pricing techniques to a non-technical audience, both internally and externally.
• Ensure the relevant audience understands the risks and limitations of any analysis when being used to inform business decisions.

Reporting

• Design, develop and analyse reports to enable better understanding and monitoring of the mechanics of each Agency.
• Identify and recommend solutions to reporting issues in line with group/branch requirements, ensuring all parties understand and value the reasons and benefits behind any changes.

Process Improvement

• Identify and enhance the quality and value of the Delegated Authority Pricing processes.
• Implement and maintain process controls to ensure the quality of output within the Delegated Authority Pricing function is as reliable and accurate as possible.

Project Management

• End to end project management of Actuarial projects and contribute to any Branch wide projects.

Compliance and Conduct

• Maintain an understanding of and comply with all relevant FCA / PRA / Company regulatory requirements and other relevant regulatory requirements.

Skills & experience

• Experience of General Insurance pricing. Exposure to Specialty Lines and Delegated Authority is advantageous.
• Experienced user in software relevant to actuarial analyses (e.g. ResQ, SAS, GLM software…)
• Strong knowledge of Microsoft Excel and ideally VBA for excel.
• Extensive and varied knowledge of actuarial best practice and market standards in pricing.
• IFoA Nearly / newly qualified or equivalent.

Other

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