Project Overview

A UK-based, early-stage insurance venture is preparing to launch a new employee benefits product, focused on health. The client is looking for an experienced Pricing Actuary to build the first pricing model from scratch. The model must be flexible enough to test changing assumptions and variables. The results will shape the venture’s go-to-market and distribution strategy, so this is a high-impact role working directly with the leadership team. Phase one is a focused, fast-paced pricing project. It’s a good fit for a hands-on actuary with health & P&C risk pricing experience who is comfortable pricing a product that has no claims history yet. Further actuarial work may follow, depending on the results of the engagement.

Key Deliverables:

• Design and build a flexible pricing model for a new product, with adjustable inputs to test product design and pricing
• Develop pricing assumptions without the client’s own claims data, using population statistics, market benchmarks and comparable products. Document the rationale and sensitivities
• Run scenario and sensitivity analysis to show how the price and viability change under different assumptions
• Advise on how insurers are likely to view and classify the risk, to inform the choice of distribution and partnership model
• Present findings and a clear pricing recommendation to the leadership team
• Produce documentation and models that can be reused in future insurer and partner conversations
• Potentially support later phases, such as insurer engagement, reserving, valuations and capital requirements

Your Background

Essential:

• Qualified actuary (FIA or equivalent), or nearly qualified actuary, with 8+ years of pricing experience
• Pricing background in health and P&C insurance
• Proven experience pricing new products or risks with limited or no claims history
• Strong skills in building flexible, transparent pricing models (Excel essential; R or Python a plus)
• Good knowledge of the UK insurance market and regulation (FCA/PRA), and of how insurers assess new products
• Able to explain complex pricing in plain terms to non-actuarial stakeholders
• Based in the UK, and able to meet in person in London when needed

Desirable:

• Experience in reserving, capital modelling or valuations
• Previous consulting or independent contracting experience with early-stage clients

Engagement Details:

• Location: UK-based, with occasional in-person sessions in London.
• Start: As soon as possible
• Commitment: Around 3 to 4 days a week for 1 to 2 months, then occasional ad hoc support