DB Reinsurance Analyst

Date Posted: 01/10/2024

Location: London

Job Type: Full time

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Who are Just?

We’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly. With the defined benefit buy in / buy out space growing each year, Just continues to annually grow its business by over £4bn of assets.

We are a purpose driven company with compelling and credible goals. Quite simply, we help people achieve a better later life. We achieve this by providing competitive and innovative products, services, financial advice and guidance to help our customers achieve security, certainty and provide them with peace of mind in retirement.

That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement.

Purpose
Develop Just’s reinsurance capabilities for the Defined Benefit (DB) business. Work across the DB team to analyse reinsurance pricing and implement reinsurance terms from multiple counterparties into the DB Pricing framework and to optimise use of reinsurance from an operational and commercial perspective.

Job Role Accountabilities

Support delivery of key reinsurance developments projects to enhance Just’s reinsurance capabilities
Support the embedding of new reinsurance counterparties into BAU pricing
Work closely with the DB Pricing leads to ensure reinsurance terms are appropriately allowed for in pricing metrics
Work with wider DB Reinsurance team to support efficient execution of new reinsurance contracts.
Support with key development projects, proactively driving them forward to ensure they are progressed in line with expected timescales
Develop a deep technical and operational knowledge of all systems and tools used in DB. Continuously look for areas where we can improve – our people have a proactive approach to integrating technology into daily tasks and processes in order to drive innovation and efficiency
Be curious, proactive and open to new ideas - applicants should demonstrate a track record of adapting to change, embracing technology, learning from experience, and showing resilience in the face of obstacles.
Prepare written reports for internal committees
Carry out detailed pricing analyses to develop deep understanding different reinsurers’ bases
Work closely with reinsurance counterparties on all pricing and actuarial aspects
Develop strong technical skills, for example by learning new coding languages, in order to support the development of models, tools and processes in the team.
Work collaboratively with colleagues in Finance and Reporting and the DB Data and Integration and DB Operations team to ensure that commercial changes flow through effectively to the wider DB ecosystem - such that operational changes are communicated and made when necessary and in a timely fashion.
Proactively look to improve processes and efficiencies within the DB Reinsurance Development team
Proactively work to promote a culture of collaboration and engagement within the DB Pricing team

Examples of Key Activities

Analysing live pricing received from reinsurers and calculate relevant pricing metrics under various reinsurance scenarios to support key pricing decisions.
Ensure reinsurance terms are accurately built into pricing models
Analysing pricing and operational impact of new reinsurance terms, including assessment of relevant risks. Presenting this analysis to internal committees via written reports to support approval of new counterparties/transactions.
Prepare and present pricing feedback to reinsurers to strengthen relationships and help improve reinsurer pricing
Work closely with reinsurers to support cashflow reconciliation and mutual understanding of terms
Work closely with internal and external stakeholders on contract negotiations for new reinsurance deals
Support development of pricing database comparing pricing and terms received from multiple reinsurers
Support the accurate and timely delivery of collateral calculations
Check and review work carried out by other team members

Skills and Knowledge

Problem analysis and resolution skills.
Strong numeracy skills
Capable of working collaboratively
Strong IT skills including Excel and programming languages, and a keen attitude to learn where these skills don’t exist
Non-excel coding experience is very desirable, for example Julia, Python and/or VBA.
implications/Excellent verbal, written communication, and interpersonal skills.
Open minded and willing to engage in challenge.
Basic knowledge of the DB de-risking market and pricing of bulk annuity liabilities.

Experience
Experience in an actuarial role, in the Life Insurance or DB pensions space
Experience in bulk annuity pricing and/or reinsurance pricing is desirable
Coding experience is desirable, for example Julia, Python and/or VBA.

Why Just?

We are committed to building a more sustainable business and have publicly committed to reduce our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. We’ve made good progress so far and encourage our people to make small and meaningful changes in their everyday lives, so that we can protect our planet for future generations.

Diversity, Equity and inclusion (DE&I) is a key priority for Just as part of our overall strategy and ensuring all of our people feel proud to work at Just. We have joined a number of initiatives including the Race at Work Charter, designed to improve outcomes for employees from underrepresented backgrounds. We also run a Reciprocal Mentoring scheme for employees from a BAME background, those with a disability and those who identify as LGBTQ+. There are multiple employee network groups, which champion issues including race, gender, social mobility and neurodiversity.

What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing and most importantly - each other.

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