Description
Role Summary / Purpose
* Pricing & Portfolio Insight Product Owner is a key role within our insurance company, responsible for utilizing sophisticated techniques, such as Generalized Linear Models (GLMs), to develop accurate loss cost models for pricing and portfolio management purposes
* This position requires a deep understanding of actuarial concepts, strong statistical modelling skills, and the ability to provide data-driven insights to support strategic decision-making
* This Product Owner is responsible for conducting robust quantitative and statistical analysis of our insurance product offerings and portfolio
Squad: Pricing & Portfolio Insight
* Responsible for the running of the Pricing & Portfolio Insight Squad.
* The squad involves leveraging complex data sets to identify trends, patterns and insights that serve to improve product performance, optimize portfolio management and inform strategic decision-making
* The Product Owner will collaborate closely with various stakeholders including underwriting, actuarial, risk management and the executive team, assisting in driving evidence-based decisions, promoting profitability and enabling efficient portfolio management
Key Responsibilities / Accountabilities
* Develop and maintain loss cost models using GLMs and other advanced statistical techniques, incorporating relevant variables and factors for accurate pricing and risk assessment
* Analyse historical insurance data to identify patterns and trends, and determine the impact of various factors on loss costs
* Collaborate with underwriting, claims, and finance teams to understand business needs and provide data-driven insights for portfolio management
* Conduct rate level reviews to ensure appropriate pricing of insurance products, considering risk exposure, market dynamics, and profitability goals
* Enhance loss cost models over time by incorporating new data sources, refining variables, and exploring innovative modelling techniques
* Evaluate the impact of pricing strategies, policy changes, and market shifts on portfolio performance, and make recommendations for adjustments, if needed
* Present findings and recommendations to stakeholders, including senior management and underwriting teams, in clear and concise reports
Qualifications
* Excellent analytical and problem-solving skills, with the ability to translate data into meaningful insights and recommendations
* Bachelor's degree (or equivalent) degree in a quantitative field such as Data Science, Actuarial Science, Statistics, or Mathematics
* Related practical experience, preferably in commercial insurance sector
* Strong proficiency in statistical modelling techniques, specifically GLMs, and experience with software tools like R, SAS, or Python
* Solid understanding of insurance pricing principles, loss reserving, and risk assessment methodologies
* Familiarity with insurance industry regulations, standards, and best practices
* Proficiency with data analysis and visualisation tools and platforms, preferably Qliksense, Power BI, Alteryx, etc.
* Experience of using AI within daily ways of working
* Ability to provide hands-on direction and day-to-day execution ownership in a multidisciplinary team
* Relevant knowledge and understanding of business objectives to align with product vision
* Demonstrated ability to think both strategically and tactically
* Excellent communication and presentation skills; comfortable in engaging with senior leadership
* Ability to effectively identify and manage needs of a broad range of stakeholders
* Ability to juggle multiple priorities and handle unexpected challenges that arise within projects, adapting quickly and effectively
* Strong self-motivator with a contagious ability to spread energy to team