Senior Pricing Analyst (Technical)

Job Type:

Build a brilliant future with Hiscox

The team and role

The UK Pricing team are a fundamental part of the Hiscox UK business driving analytics and business insight that drives the direction of portfolio underwriting decisions. The UK Pricing team sits within a wider Portfolio Underwriting and Pricing function whose primary objective is to provide pricing and underwriting services across our UK retail business wait the aim of providing market leading risk selection and driving profitable growth across our portfolio. The team reports directly to the UK Chief Underwriting Officer and collaborates closely with the rest of Underwriting, Distribution, Operations, Marketing, Reserving and Finance. The pricing team itself are split into “Technical” and “Product Facing” analysts, with product facing pricing analysts having more of a focus on the monitoring, implementation and maintenance of production prices and working with senior stakeholders prioritise pricing activity aligned with the UK strategy.

This role sits within the technical pricing area of the team, you’ll be someone who loves technical detail but is able to bring a commercial understanding to provide insights to directly influence business decisions. Day to day you will be focused on the creation, maintenance, monitoring and embedding of pricing models. You’ll have a passion for the science of data and seeing business outcomes influenced by your expertise.

As a Senior Pricing Analyst, you’ll drive pricing analysis and influence the growing book of non-standard high net worth household, motor, SME commercial as well as specialty lines. The Senior Pricing Analyst plays a critical role supporting influencing the pricing and profitable growth for Hiscox UK.

Please note this role does not require you to pursue, or have previously pursued, actuarial qualifications.

What you’ll be doing

· Design and manipulation of underlying data models to produce standardised data tables which form the basis of all underlying technical pricing models.

· Being the end-to-end architect of all technical pricing models. Creating models to predict claims frequency, claims severity, conversion, cancellation rates and other customer behaviours using GLMs and machine learning techniques.

· Owning a regular reporting cycle which allows us to monitor modelled predicted behaviours to actual observed and being the decision maker of when this cycle would trigger us to revise and update underlying models.

· Taking accountability for the infrastructure that enables the business to access technical pricing model insights and being the driver that ensures these insights are used to drive real change into the business aligned with the UK strategy.

· Defining and establishing regular feedback cycles with Heads of Underwriting to allow for continuous improvement and refinement of technical pricing models to enhance ability to select and accurately price business according to the risk presented.

· Design, development and production of regular reporting for CUO and Heads of Underwriting to monitor performance of the UK portfolio using outputs of technical pricing models.

· Taking accountability of all your own pricing recommendation and the performance of all pricing models used for your products.

· Being a key point of contact for underwriting managers and heads of underwriting actively engaging with them to understand underwriting strategy and identify how technical pricing can support these objectives. You will also need to be comfortable in juggling conflicting priorities between senior stakeholders, building a strong relationship with them to enable you to influence and manage their expectations.

· Work with and support the design and implementation of new technologies – including cloud-based data warehouses, data-visualisation products, and new pricing software for the business

· Offering support and coaching for less experienced members of the team, sharing your own experience and expertise to support their development.

Person Specification:

We are looking for an individual who is highly analytical, driven and detail orientated with a passion for excellent execution. You will need to be articulate and exhibit a track record of good decision-making skills, working under pressure and to tight deadlines, with an ability to quickly understand problems and create and implement solutions. As a senior analyst pricing experience is required but more important is an extremely good understanding of the nuances involved in performing detailed analytics combined with a strong commercial mindset.

Our must haves:

· Of graduate calibre with at least 3 years’ experience and proven success in a similar role

· Practical application of in-depth statistical skills within a business environment

· Strong analytical pragmatic reasoning skills and an aptitude for innovative problem solving

· Highly confident in the use data analysis tools such as Excel and SQL

· Knowledge of programming and statistical tools such as Python, Emblem & SAS

· Experience of the end-to-end process of building pricing technical models

· High level of numeric competence and excellent data gathering and manipulation skills

· Experience of working closely with stakeholders and an ability to build strong working relationships

· Excellent communication skills with ability to articulate the complex to technical and non-technical audiences

· Deadline oriented, hardworking, curious, passionate, enthusiastic and a self-starter

Our nice to haves:

· Good understanding of Commercial Lines and /or Personal Lines insurance through various distribution channels

· Seeking or attained relevant professional qualifications

Diversity and flexible working at Hiscox

At Hiscox we care about our people. We hire the best people for the job and we’re committed to diversity and creating a truly inclusive culture, which we believe drives success. We also understand that working life doesn’t always have to be ‘nine to five’ and we support flexible working wherever we can. No promises, but please chat to our resourcing team about the flexibility we could offer for this role.

We’ve introduced new hybrid ways of working to encourage a healthy work life balance.  We anticipate the successful candidate for this role will be in the office up to 2-3 days per week. Our London office will be your hub where team & collaboration time will take place.

We see it as the best of both worlds: structure and sociability on one hand, and independence and flexibility on the other.

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