JOB DESCRIPTION
POSITION: Head of Market Pricing
LOCATION: South London / hybrid 2-3 days
One of our prominent clients are making a significant investment in their pricing capability with a comprehensive pricing transformation programme. This includes the implementation of new pricing software, market-leading modelling, and performance monitoring approaches. Their pricing structure is more aligned to focus on the key disciplines of technical pricing, market pricing and pricing governance. As a result, several vacancies have arisen, with a need for strong data science, actuarial and governance skills.
They’re looking for an experienced Pricing leader to own and deliver the market pricing strategy for the company. You’ll fine tune optimisation of Individual and SME rates in the market to strike the required balance between volume and value. You’ll own the profit and loss (P&L) result via insight-led portfolio level rating decisions, and case-by-case pricing and underwriting decision making. This is a strategic leadership position overseeing a team of five direct reports and holding overall responsibility for a department comprising 25 employees, reflecting its significant scope and impact within the organisation.
What you’ll be doing:
* Owning the Individual and SME P&L performance in terms of volumes and underwriting profit, in conjunction with Distribution leaders.
* Shaping and delivering the strategy for retail pricing models including customer behaviour and market premium models, ensuring sophistication is in line with or better than best practice in the market.
* Delivering price optimisation strategy, gaining buy-in from all key stakeholders.
* Owning strategic plan and forecasting assumptions and ensure performance is monitored at this granular level.
* Ensuring new business initiatives are value adding and ensure insights are available to track performance.
* Ownership of renewal pricing strategy, ensuring appropriate value-based retention incentives are in place with performance monitored against targets set.
* Leading portfolio management strategies, ensuring regular insights are produced to track business performance, identifying actions to take.
* Monitoring risk underwriting decisions at case-by-case level to ensure they are appropriate.
What you’ll bring:
* Expert knowledge of insurance retail pricing data and modelling techniques, including generalised linear model (GLMs) and machine learning such as gradient boosting machine (GBMs), within the insurance sector.
* Expertise in price optimisation and other actuarial techniques including reserving.
* Previous experience leading and motivating a Market Pricing Team to achieve targets.
* Comprehensive understanding of the regulatory environment.
* Demonstrable resilience and experience of successfully managing multiple priorities.
* Strategic thinker, and able to translate strategy into a delivery plan.