Pricing Analyst (Actuary)
Munich Re
- Toronto, ON
- Permanent
- Full-time
- Conduct indication analysis to ensure rate adequacy of applying pricing components and rating methodology to price existing and new products based on thorough statistical analysis.
- Provide actuarial support in the development of new products and services to achieve successful implementation of approved strategic initiatives.
- Provide actuarial and statistical analysis related to rate adequacy, including loss and premium trends, production of rate indicators and development of rating structures.
- Ability to effectively communicate results of analysis to management.
- Collaborate with internal stakeholders such as Treaty, Regional Offices, Digital Distribution and New Solution Development to support their needs for pricing across all products.
- Provide ongoing review and improvements of pricing and processes for greater automation, accuracy and rate adequacy.
- Drive and deliver in various pricing projects, including developing and implementing rating structures and pricing models.
- Measure, Track and Monitor Products performance. Analyze market changes and emerging trends affecting product pricing and profitability and make recommendations on rates to management to ensure profitable revenue growth.
- University Degree in Actuarial Science, Business, Mathematics, Statistics, Economics or Computer Science.
- 5-7 years of relevant experience in a similar role with the ability to apply actuarial methods to develop insurance rating and pricing structures, compile, analyze, present and translate findings from analytics to concrete suggestions for business opportunities and facilitate decision-making.
- A deep understanding of insurance principles and pricing techniques is required.
- Believes in working collaboratively with a team and in cross-functional areas.
- Advanced programming knowledge and data processing abilities (using tools such as MS Office, Power BI and languages such as VBA, and SQL), deep knowledge of databases, analytics tools and experience with data cubes.
- Strong analytical and problem-solving skills and looking for efficient, automated solutions.
- Organizational and time management skills to prioritize workloads and multiple projects and meet time-sensitive deadlines with high accuracy.
- Ability and desire to learn and adapt quickly to a changing and fast-paced environment.
- Strong interpersonal and communication skills in effectively working within a team and collaborating with several business partners.
- Strong written and oral communication skills.
- P&C and Insurance analytics experience including a strong understanding of earned premium, incurred claims, loss development and deriving loss costs is an asset.
- Strong team player, able to contribute in a collaborative environment.
- A positive, professional attitude is essential for this role.