Technical Pricing Analyst
Department: Pricing
Employment Type: Full Time
Location: Romford
Compensation: £30,000 - £50,000 / year
Description
As a Technical Pricing Analyst, you will be responsible for analysing, developing and implementing pricing strategies tailored to Direct and Aggregator channels (e.g. Money Supermarket). You will work closely with the Pricing, Underwriting and Commercial teams to ensure our products are competitively priced while maintaining profitability and aligning with business objectives. This is an exciting opportunity to contribute to the growth of our travel insurance business and drive innovation in our pricing practices
Key Responsibilities
* Collaborate with Product, Underwriting, Finance and Marketing to design and price new travel insurance products tailored to different customer segments
* Develop and validate technical pricing models for new products, ensuring they meet both customer needs and profitability targets
* Create Actual Vs. Expected analysis for aggregator models.
* Implement new pricing structures in the rating engine for both Direct and Aggregator platforms and ensure they are accurately reflected
* Analyse data from aggregator platforms to understand pricing dynamics, market trends, and customer behaviour
* Develop and implement competitive pricing strategies to maximise quote volume and conversion rates
* Analyse net loss ratio and implement changes to achieve target position.
* Perform detailed analysis of sales data and customer demographics to identify trends and opportunities for improvement
* Use statistical and machine learning techniques to refine pricing models and ensure alignment with market conditions
* Prepare regular reports and presentations for senior management, highlighting performance trends and recommending pricing adjustments to achieve goals
* Work closely with the Commercial team to align pricing strategies with sales targets and any partner requirements
* Liaise with the Product and Underwriting teams to ensure that pricing changes are consistent with product coverage and regulatory requirements
* Support the retail team with pricing changes and model improvements
* Stay up-to-date with industry trends, competitor activities, and developments in travel insurance pricing
* Identify opportunities for process improvements and automation in the pricing workflow, leveraging tools like Earnix or Akur8
* Participate in cross-functional projects aimed at enhancing pricing capabilities and increasing market share
Skills Required
* Degree in Mathematics, Statistics, Economics, Actuarial Science, or a related quantitative field
* 1+ years of experience in a pricing or data analysis role, preferably within the insurance industry
* Experience in building technical risk models is desirable
* Proficient in data analysis tools such as SAS, SQL, Python, R etc…
* Proficient in pricing software (e.g. Earnix, Akur8, Emblem, Radar etc…) and rating engines is a strong advantage
* Understanding of statistical modelling techniques
* Strong analytical mindset with the ability to interpret complex data and make data-driven decisions
* Excellent attention to detail and the ability to identify trends and anomalies in large datasets
* Strong written and verbal communication skills, with the ability to present complex information clearly to both technical and non-technical stakeholders
* Proven ability to work collaboratively in cross-functional teams and build and sustain strong working relationships with a variety of stakeholders
Benefits
* Extensive Training
* Flexible work
* Bonus Scheme
* Health Cash Plan
* Cycle to work Scheme
* Techscheme
* 33 days holidays including bank holidays
* Convenient Location
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