Job Description

Pricing Actuary – Portfolio Solutions   

About us

IQUW is a speciality (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Speciality (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation and human expertise to make smart decisions, fast.

ERS is the UK's largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it's a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn't enough. That's why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.

IQUW has a hybrid working model that offers flexibility while maintaining opportunities for collaboration and connection with colleagues in person.

Our hybrid working model will consist of 3 days per week in the office and 2 days working remotely. Teams can coordinate specific in-office days to support collaboration and flexibility.

The role

This is a newly created role to support the growth of our Portfolio Solutions class, which aims to establish enduring partnerships with parties demonstrating consistent outperformance against market peers across the cycle.

We are looking for a candidate with strong expertise and best practice knowledge to design and implement technical pricing processes for portfolio business, supporting our data-driven and analytics-based underwriting approach.

Key responsibilities

Responsible for designing and implementing pricing models for Portfolio Solutions business across multiple classes:

• Work with underwriters to define key policy features and parameters
• Identify and leverage internal and external data sources
• Set up pricing templates and models for use by underwriters
• Assist with the implementation and maintenance of pricing software
• Work closely with the Exposure Management team to monitor aggregations
• Assist with forming an IQUW view of risk across modelled and non-modelled perils
• Act as expert adviser to underwriters using the pricing software, adding bespoke features as required

Responsible for portfolio monitoring, analysis and reporting:

• Monitor and report various pricing metrics (e.g. pricing adequacy, RARC etc.)
• Develop MI to identify underperforming segments and facilities
• Contribute to portfolio optimisation and capital allocation workstreams
• Part of feedback loop between annual planning cycle, reserving, pricing and capital

Responsible for carrying out the reserving process for the Portfolio Solutions class:

• Extract and utilise key information from case pricing exercises, including planned premium, expected losses and development profiles
• Develop and maintain reserving methodologies appropriate for portfolio business
• Provide regular updates on reserving adequacy and emerging trends
• Work with the broader actuarial team to ensure consistency in approach across classes

Collaborate with brokers, MGAs and consortium partners:

• Partner with external stakeholders to develop tailored pricing frameworks
• Evaluate and assess partner data quality and reporting capabilities
• Support business development by providing technical expertise for new opportunities
• Build relationships with key market stakeholders to understand evolving portfolio needs

Lead professional development initiatives:

• Contribute to team knowledge sharing
• Keep current with emerging actuarial techniques and market trends
• Contribute to IQUW's thought leadership in the specialty insurance space
• Represent the company at industry forums and events when appropriate

Develop strong communication and collaboration with underwriters, capital and reserving teams

Ensure all regulatory requirements from Lloyd's, PRA, FCA impacting Portfolio Solutions' pricing function are known and addressed. Contribute to AFRs as required

Responsible to deliver additional analysis and documentation that may be required and

Assist the capital team in validating syndicate 1856's internal model assumptions.

The above duties and responsibilities are not an exhaustive list and you may be required to undertake any other reasonable duties compatible with your experience and competencies. This description may be varied from time to time to reflect changing business requirements.

Qualifications, skills and experience

• Actuarial skills at the level of a qualified UK actuary
• Minimum of 5 years of relevant actuarial experience in insurance pricing
• Experience with catastrophe modelling software (e.g., RMS, AIR)
• Proficiency with data visualisation tools (e.g., Tableau, Power BI)
• Knowledge of machine learning techniques for portfolio optimisation
• Pricing knowledge across multiple lines of business, particularly within broker facilities, MGAs or consortia is an advantage
• Experience with programming in R or Python an advantage
• Knowledge and skills relating to the management of insurance data; and
• Strong written and face to face communication skills.

Core behavioural competencies

• Analytical
• Team player with ambition to lead
• Organised
• Persuasive
• Self-starter