Senior Pricing Analyst

2 months ago

London, Greater London, United Kingdom Hiscox Ltd Full time
Job Type:
Permanent

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 pricing team sit alongside the wider Insurance Analytics function which includes Data Engineering, Corporate Reporting, Exposure Management and Third-Party Data. In this role you will work closely on a day-to-day basis with these other teams to drive forward a collective strategy for the use of data and analytics within the UK business. The pricing team itself are split into "Technical" and "Product Facing" analysts, with technical pricing analysts having more of a focus on building and maintaining underlying technical models which influence underwriting strategies and provide insight for the product facing team.

This role sits within the product facing area of the team, you'll be someone who loves stakeholder management and knowing the who's who as you'll be networking and talking to the wider business, including Product Heads, Heads of Underwriting, and our Chief Underwriting Officer to understand the priorities of the business. You'll be comfortable presenting on technical subjects and making real decisions to shape the wider underwriting portfolio aligned with business objectives.

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
  • Being the end-to-end architect of pricing changes that support delivering budgeted volume and profitability targets over the underwriting cycle. This includes conceptually designing the changes and modelling their financial and customer impacts, making recommendations directly to Heads of Underwriting, writing of governance committee papers and ensuring changes follow the full governance and change cycle to implementation.
  • Being a key point of contact for underwriting managers and heads of underwriting actively engaging with them to understand underwriting strategy and identify how 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.
  • Design, development and production of regular portfolio management reporting for CUO and Heads of Underwriting to monitor performance of the UK portfolio.
  • Working with these senior stakeholders on a monthly basis to further understand changing trends and analyse quote conversion, policy retention, customer behaviour, claims experience with the aim of driving real change into the business aligned with the UK strategy.
  • Maintenance and implementation of production prices for all UK products. Including delivery of simple pricing changes from end to end, testing of prices before and after implementation and working with change colleagues and business analysts to deliver more complex pricing changes.
  • Working closely with and influencing technical pricing models (risk and demand), for use within pricing recommendations and analysis
  • Applying knowledge of the underwriting cycle and the external insurance market to make pricing decisions.
  • Applying knowledge of the regulatory environment to all pricing decisions and ensuring recommendations result in our customers being treated fairly and consistently in line with Hiscox values.
  • Working with project teams to design pricing for new products and propositions for the UK business. Acting as the business change owner within the project and taking accountability to managing expectations and timelines for the pricing workstream.
  • 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
  • Providing an independent review and recommendation for senior underwriting management on large individual case underwritten risks.
  • Taking accountability of all your own pricing recommendation and the performance of all pricing models used for your products.
  • 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 3-4 years' experience and proven success in a similar role
  • Practical application of in-depth statistical skills within a business environment
  • Highly confident in the use data analysis tools such as Excel and SQL
  • High level of numeric competence and excellent data gathering and manipulation skills
  • Strong analytical pragmatic reasoning skills and an aptitude for innovative problem solving
  • 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
  • Good understanding of Commercial Lines and/or Personal Lines insurance through various distribution channels
Our nice to haves:
  • Knowledge of programming and statistical tools such as Python, Emblem & SAS
  • Experience building pricing technical models
  • 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.

#LI-LP1

#LI-hybrid

Work with amazing people and be part of a unique culture

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