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- Must have 5 years experience within a pricing Actuary role within COMMERICAL lines insurance
We are looking for an ambitious and enthusiastic candidate with good numerical skills and analytical abilities to support the Pricing area and lead projects to improve pricing using new sources of external and internal data. This person would also take on a leading role with other seniors in the team in coming up with rate change proposals in existing pricing structure.
Responsibilities:
- Carry out pricing calibrations, provide challenge and oversight of pricing models, model governance, pricing strategy, processes and compliance
- Assess need for external pricing software support and work closely with IT to improve existing system and embed pricing changes
- Act as the company’s pricing/data expert reference point
- As part of the Finance team, nurture, and develop a near qualified actuary in the Underwriting Management team to assist in pricing work
- Build upon and extend the existing infrastructure so that cutting edge pricing and analytics practices are implemented throughout our commercial business in accordance with the company’s pricing framework
- Review pricing structure and recommend changes based on analysis of performance of different customer segments.
- Review external and internal data sources for value to insurance pricing and make recommendations.
- Design and Implement Pricing tests to understand customer behaviour like elasticity.
- Build and run regular reports/dashboards that highlights performance by different segments. Create actionable insights and help the company to continuously improve pricing structure.
- Support the CUO in setting product level benchmark prices, underwriting and reinsurance strategies from a pricing perspective
- Support new products pricing and product fair value assessment reviews
- Translate complex analysis to non-technical audiences, concentrating on material financial impacts of key modelling
- Own pricing risk governance with relevant regular reports and ensuring embedding of pricing controls
- Communicate results and prepare pricing regulatory returns and MI across the Underwriting and Product Management Committees
Requirements:
- 2.1 or higher in a numerate degree such as Mathematics, Engineering or Economics (or equivalent).
- Highly numerate with excellent attention to detail.
- 5+ years experience in commercial insurance pricing. Personal lines pricing considered a plus
- Qualified or partly qualified actuary
- Able to code in Python or similar languages
- Has prior experience with any programming language (SAS, SQL, Big Query or a similar language) is preferred
- Experience in setting and embedding pricing controls and dealing with complex data and ambiguity
- Quick learning and executing skills, ability to identify what is important, what could be wrong, and get solutions in place quickly
- Good commercial sense, with a deep understanding of FCA/PRA pricing requirements.
- Highly motivated and ability to work off your own initiative
- Strong communication and interpersonal skills
- Good Excel Skills and ability to set up basic business models.
- Able to manage own workload effectively to meet deadline.
- Flexibility to adapt to changing conditions and priorities.
