Actuarial Pricing Consultant
3 weeks ago
Job Description
- Carry out pricing calibrations, provide challenge and oversight of pricing models, model governance, pricing strategy, processes and compliance
- Assess need for external pricing software support and work closely with IT to improve existing system and embed pricing changes
- Act as the company's pricing/data expert reference point
- Nurture and develop a near-qualified actuary in the Underwriting Management team to assist in pricing work
- Build upon and extend the existing infrastructure so that cutting-edge pricing and analytics practices are implemented throughout our commercial business in accordance with the company's pricing framework
- Review pricing structure and recommend changes based on analysis of performance of different customer segments
- Review external and internal data sources for value to insurance pricing and make recommendations
- Design and implement pricing tests to understand customer behaviour like elasticity
- Build and run regular reports/dashboards that highlights performance by different segments. Create actionable insights and help the company to continuously improve pricing structure
- Support the CUO in setting product level benchmark prices, underwriting and reinsurance strategies from a pricing perspective
- Support new products pricing and product fair value assessment reviews
- Translate complex analysis to non-technical audiences, concentrating on material financial impacts of key modelling
- Own pricing risk governance with relevant regular reports and ensuring embedding of pricing controls
- Communicate results and prepare pricing regulatory returns and MI across the Underwriting and Product Management Committees
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