Purpose of the role
The role of Actuarial Technician will primarily involve taking responsibility and ownership of BGLi’s life insurance technical product design, and reinsurance structure, ensuring that the structure delivers the optimal competitive position in the market, delivering value to our customer whilst maximising return for BGLi. This role will involve working closely with the Senior Product Manager, Associate Director, capacity providers and pricing team to ensure that we secure rates and commission terms that support the strategy and long term plan.
Our vision is to make life insurance more accessible and we want a talented, hard working and innovative individual to be apart of our shared goal.
Scope of the role
- Key risk pricing analyst for the Product team, build in house models to review the competitiveness of our insurer and reinsurer terms against those available in the market and identifying optimal structure for chosen reinsurance partners to deliver products to market. Identify any changes in market rates that impact our business and generate ideas on how any upward movement could be mitigated
- Internal and External Stakeholder relationship management including the Board members, Executive Teams, all Life Insurance product providers and reinsurers, all Business Units and Support Departments.
- Provide specialist product & pricing insight and support to the BU in order to ensure the success of the business.
- Identify and develop new underwriting risk rating factors in conjunction with our chosen reinsurance partners
- Demonstrate ownership of all pricing reviews and new product pricing, delivering the best possible outcome for our customers and BGL.
- Assist in the development of new and existing product in accordance with the Groups Product Development Framework, delivering management information that determines how each product is performing.
- Present relevant reports to key stakeholders, including but not restricted to net rate performance and underwriting performance by product.
- Monitor and manage the ongoing performance of the business (lapses, cancellations, STP, mix of business, volume, distribution mix, Mortality & Morbidity investigations) and implement remedial remedies where issues are identified.
- Deliver quantifiable, annualised benefit to the Group.
- Professional networking with current and potential Life Insurance product providers and affinity partners.
Key result areas include: commercial, product development, strategic planning and financial delivery. This can be discussed in more detail at initial call stage.
This is a permanent, full time position based in Peterborough.
Why Choose Us?
BGL Insurance is part of the BGL Group of businesses. A leading digital distributor of insurance to more than three million customers, BGL Insurance provides a range of motor, home and life insurance products in partnership with several of the best-known brands in UK financial services and through own brands Budget Insurance, Dial Direct and Beagle Street, all supported by state-of-the-art, award winning, contact centres and market leading digital platforms.
With almost 2,000 colleagues across three sites in Peterborough, Sunderland and Wakefield, BGL Insurance uses its passion, scale and expertise for the benefit of its customers, offering unrivalled value, ease and confidence.
Diversity and Inclusion
We're a diverse community of dedicated, innovative and talented professionals. Inclusive by instinct, we encourage our people to create and share ideas – supporting their growth and celebrating their uniqueness. We're proud to be an equal opportunity employer and stand firmly against discrimination of any kind.
Flexible, hybrid working
BGL Insurance has a truly hybrid approach to working. We know one size does not fit all, so our people work where they need to be to get the job done and find the balance needed to deliver our strategic goals.