Role Summary / Purpose
1. 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
2. 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
3. This Product Owner is responsible for conducting robust quantitative and statistical analysis of our insurance product offerings and portfolio
Squad: Pricing & Portfolio Insight
4. Responsible for the running of the Pricing & Portfolio Insight Squad.
5. 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
6. 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
7. Develop and maintain loss cost models using GLMs and other advanced statistical techniques, incorporating relevant variables and factors for accurate pricing and risk assessment
8. Analyse historical insurance data to identify patterns and trends, and determine the impact of various factors on loss costs
9. Collaborate with underwriting, claims, and finance teams to understand business needs and provide data-driven insights for portfolio management
10. Conduct rate level reviews to ensure appropriate pricing of insurance products, considering risk exposure, market dynamics, and profitability goals
11. Enhance loss cost models over time by incorporating new data sources, refining variables, and exploring innovative modelling techniques
12. Evaluate the impact of pricing strategies, policy changes, and market shifts on portfolio performance, and make recommendations for adjustments, if needed
13. Present findings and recommendations to stakeholders, including senior management and underwriting teams, in clear and concise reports
14. Excellent analytical and problem-solving skills, with the ability to translate data into meaningful insights and recommendations
15. Bachelor’s degree (or equivalent) degree in a quantitative field such as Data Science, Actuarial Science, Statistics, or Mathematics
16. Related practical experience, preferably in commercial insurance sector
17. Strong proficiency in statistical modelling techniques, specifically GLMs, and experience with software tools like R, SAS, or Python
18. Solid understanding of insurance pricing principles, loss reserving, and risk assessment methodologies
19. Familiarity with insurance industry regulations, standards, and best practices
20. Proficiency with data analysis and visualisation tools and platforms, preferably Qliksense, Power BI, Alteryx, etc.
21. Experience of using AI within daily ways of working
22. Ability to provide hands-on direction and day-to-day execution ownership in a multidisciplinary team
23. Relevant knowledge and understanding of business objectives to align with product vision
24. Demonstrated ability to think both strategically and tactically
25. Excellent communication and presentation skills; comfortable in engaging with senior leadership
26. Ability to effectively identify and manage needs of a broad range of stakeholders
27. Ability to juggle multiple priorities and handle unexpected challenges that arise within projects, adapting quickly and effectively
28. Strong self-motivator with a contagious ability to spread energy to team