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- Tasks: Lead a team to manage pricing projects and influence growth across various insurance lines.
- Company: Join Hiscox, a leader in the insurance industry known for its collaborative culture.
- Benefits: Enjoy flexible working arrangements with a hybrid model and opportunities for professional development.
- Why this job: Be part of a dynamic team shaping strategic decisions and driving profitable growth in insurance.
- Qualifications: Experience in insurance pricing and managing analysts; strong analytical and communication skills required.
- Other info: No actuarial qualifications needed; ideal for those passionate about data and decision-making.
The predicted salary is between 43200 - 72000 £ per year.
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Pricing Manager (Product)
Job Type: Permanent
Build a brilliant future with Hiscox
The team and role
The UK Pricing team is a fundamental part of the Hiscox UK business, driving analytics and business insights that influence portfolio underwriting decisions. The team is part of the wider Portfolio Underwriting and Pricing function, which aims to provide market-leading risk selection and profitable growth. The team reports to the UK Chief Underwriting Officer and collaborates with Underwriting, Distribution, Operations, Marketing, Reserving, and Finance. It is divided into \’Technical\’ and \’Product Facing\’ analysts, with the latter focusing on monitoring, implementing, and maintaining prices while working with senior stakeholders to align pricing activities with UK strategy.
This role is within the product-facing segment. You will be stakeholder-oriented, engaging with Product Heads, Underwriting Leaders, and the Chief Underwriting Officer to understand business priorities. You should be comfortable presenting technical information and making strategic decisions to shape the underwriting portfolio.
As a Pricing Manager, you will lead a team of analysts in planning and executing pricing projects to influence growth across various insurance lines, including high net worth, motor, SME, and specialty lines. You will define the strategic direction for the team to deliver profitable growth and develop pricing capabilities within the UK business.
This role does not require actuarial qualifications.
What you\’ll be doing
- Managing a team of five analysts, providing coaching and development.
- Collaborating with the Head of Portfolio Underwriting and Pricing to develop and implement team strategy.
- Taking responsibility for the team\’s pricing recommendations and model performance.
- Acting as the main contact for underwriting and distribution leaders to support their objectives.
- Overseeing the design and implementation of pricing changes, including financial modeling and governance.
- Engaging with senior stakeholders to analyze market trends, customer behavior, and claims data to inform business decisions.
- Managing the maintenance and deployment of production prices for UK products.
- Working with technical pricing teams to develop models supporting business needs.
- Applying knowledge of underwriting cycles and regulatory requirements to pricing decisions.
- Supporting the design of new products and propositions, managing expectations and timelines.
- Supporting the adoption of new technologies like data warehouses and visualization tools.
- Reviewing large risks and providing independent recommendations to senior management.
Person Specification
Hiscox values a collaborative, decision-making culture. The ideal candidate is inquisitive, challenge-driven, and capable of understanding complex problems from multiple perspectives. A background in operational research or a similar mathematical field is desirable.
Our must-haves:
- Broad knowledge of insurance pricing, with deep expertise in at least two products.
- Experience managing or supervising analysts.
- Proficiency in building and understanding pricing models.
- Experience delivering pricing proposals from analysis to implementation.
- Strong decision-making and influencing skills.
- Practical statistical skills and experience with data analysis tools like Excel and SQL.
- Knowledge of programming and statistical tools such as Python, Emblem, SAS.
- Excellent numerical and data manipulation skills.
- Strong stakeholder relationship management skills.
- Comfort with research and development projects exploring new data sources and techniques.
- Excellent communication skills for technical and non-technical audiences.
- Deadline-oriented, hardworking, passionate, and a self-starter.
- Good understanding of the regulatory and competitive environment.
Nice-to-haves:
- Experience with insurance pricing software like Earnix or Radar.
- Relevant professional qualifications or seeking them.
Diversity and flexible working at Hiscox
Hiscox promotes diversity and inclusivity. We support flexible working arrangements, including a hybrid model with 2-3 days in the London office, fostering a balance of collaboration and independence.
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Join our team and be part of a unique culture. Job ID R0017839
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Pricing Manager (Product) employer: Hiscox Ltd
Contact Detail:
Hiscox Ltd Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Pricing Manager (Product)
✨Tip Number 1
Familiarise yourself with the latest trends in insurance pricing and analytics. Understanding how market dynamics affect pricing strategies will help you engage effectively with stakeholders during interviews.
✨Tip Number 2
Brush up on your data analysis skills, particularly with tools like Excel and SQL. Being able to demonstrate your proficiency in these areas can set you apart, especially when discussing your experience with pricing models.
✨Tip Number 3
Prepare to discuss your leadership style and experiences managing teams. Highlight specific examples where you've successfully coached analysts or led projects that resulted in profitable growth.
✨Tip Number 4
Showcase your communication skills by preparing to explain complex pricing concepts in simple terms. This will be crucial when interacting with non-technical stakeholders and demonstrating your ability to influence decisions.
We think you need these skills to ace Pricing Manager (Product)
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and requirements of the Pricing Manager position. Familiarise yourself with the key aspects of the role, such as managing a team, collaborating with stakeholders, and developing pricing strategies.
Tailor Your CV: Customise your CV to highlight relevant experience in insurance pricing, team management, and data analysis. Emphasise your proficiency in tools like Excel, SQL, and any programming languages you know, as well as your ability to communicate complex information effectively.
Craft a Compelling Cover Letter: Write a cover letter that showcases your passion for the role and the company. Discuss your experience in leading teams, your understanding of market trends, and how your skills align with the company's goals. Make sure to mention any specific achievements that demonstrate your capabilities.
Prepare for Interviews: If selected for an interview, prepare by reviewing common interview questions related to pricing strategies, stakeholder management, and data analysis. Be ready to discuss your previous experiences and how they relate to the challenges faced in the Pricing Manager role.
How to prepare for a job interview at Hiscox Ltd
✨Understand the Role and Responsibilities
Make sure you have a clear understanding of the Pricing Manager role and its responsibilities. Familiarise yourself with the key tasks such as managing a team of analysts, collaborating with senior stakeholders, and overseeing pricing changes. This will help you articulate how your experience aligns with the job requirements.
✨Showcase Your Analytical Skills
Prepare to discuss your experience with data analysis tools like Excel and SQL, as well as any programming skills you possess in Python or similar languages. Be ready to provide examples of how you've used these skills to influence pricing decisions or improve model performance in previous roles.
✨Demonstrate Stakeholder Management Experience
Since the role involves engaging with various stakeholders, think of specific instances where you've successfully managed relationships with senior leaders or cross-functional teams. Highlight your communication skills and how you've influenced decision-making processes in your past roles.
✨Prepare for Technical Questions
Expect to be asked technical questions related to pricing models and insurance products. Brush up on your knowledge of underwriting cycles, regulatory requirements, and market trends. Being able to discuss these topics confidently will demonstrate your expertise and readiness for the role.
