AVP, Deal Pricing, Methodology & Proposition
Job Description
The Team
The Savings & Retirement (S&R) team at Pacific Life Re is responsible for sourcing opportunities and executing reinsurance transactions with clients in our target global retirement markets. We deliver bespoke reinsurance solutions to our clients to support policyholders’ retirement needs and financial goals. The Deal Pricing team within S&R is responsible for pricing all products and reinsurance structures across our global markets.
Key Responsibilities:
- The team focusses on the cashflow & capital modelling, ensuring the specific products & risks are appropriately captured in pricing. We will produce the deal metrics to ensure these meet all pricing hurdles & governance requirements.
- We are responsible for setting the investment strategy for funded transactions and seek to optimise this within our investment risk tolerances. We achieve this by working closely with the ALM and investment management teams.
- Working with the client solutions team we have a strong focus on optimising deal structuring to provide clients with a strong commercial package whilst ensuring an efficient capital structure for PL Re.
The Role
We have an exciting opportunity for an individual with strong technical actuarial / investment background to join the S&R Deal pricing team delivering on the team’s responsibilities above.
You will be a leader in the team providing high quality analysis and supporting the technical & personal development of other team members.
As a creative thinker the role holder will support the development of PL Re pricing sophistication by understanding latest pricing and analytical techniques and continuously improving internal approaches and expanding our proposition
Key responsibilities
- Maintain S&R Deal Pricing methodology framework. Ensure this remains aligned with the enterprise frameworks and meets the needs of Savings & Retirement as the business develops
- Responsible for the maintenance and development of the S&R pricing models. Ensure high standards of development and changes in line with model development frameworks
- Provide technical leadership and expertise for methodology and proposition developments within S&R. Work closely with client solutions and the pricing and portfolio solutions team on implementing new strategies and solutions for our clients
- Demonstrate sound judgement in reviewing pricing proposals through constructive challenge and active recommendations. Including ensuring enterprise owned assumptions and inputs to the pricing are well understood and appropriate for the S&R business.
- Uses initiative and creative thinking to deliver new solutions, processes or approaches to pricing risk & develop new deal structures.
- Responsible for coaching and developing members of the team, to achieve team and company goals and individual performance standards
- Support and collaborate with the client solutions team in building and maintaining effective relationships with clients and promoting the Pacific Life Re brand. Support efforts to enter new markets & products and ensure appropriate pricing input is provided.
- Support the pricing of non-standard transactions by providing technical oversight and challenge.
- Ensure our pricing frameworks are well understood by the teams using these and lead delivery of training to maintain standards and technical excellence
Qualifications & Experience
The successful candidate will:
- have strong technical skills necessary to develop and implemented pricing strategies for asset and insurance risk. Prior pricing experience beneficial but not essential
- have a strong desire to improve the effectiveness and efficiency of the pricing team through development of models, frameworks and individuals
- be a qualified actuary or professional with financial markets/banking sectors with at least 7yrs post qualified experience.
- have strong and relevant experience in life (re)insurance and/or life consultancy, ideally with asset strategy expertise.
- have strong analytical skills, combined with sound judgement and commercial awareness, to produce justifiable and practical pricing advice even where data is sparse or difficult to work with.
- have a good understanding of the Savings & Retirement markets (e.g. UK PRT, Japan funded reinsurance)
- enable the development of junior members of the team and encourage ownership and responsibility for their individual task in respect deal pricing responsibilities.
- Have experience driving projects forward, ensuring targets are met & securing approvals from senior stakeholders
- Have strong written and verbal communication skills. Demonstrate an ability to work with colleagues at all levels of the organisation
- Have a solid understanding of life insurance company balance sheets, capital and profit reporting regimes (IFRS, Solvency II, US GAAP, BMA).
Working For Pacific Life Re
Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.
Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.
• Health Insurance
• Dental Insurance
• Life and AD&D
• Long Term Disability Insurance
• Group Registered Pension Plan
• Social insurance and employee payroll tax
• Corporate Travel Insurance
• Employee Assistance Programme
• Gym Membership
• Housing Allowance
You Can Be Who You Are
We are committed to a culture of diversity and inclusion that embraces the authenticity of all employees, partners and communities. We support all employees to thrive and achieve their fullest potential.
As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.
Pacific Life Re Values
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