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For Companies At a Glance
- Tasks: Analyze customer behavior and develop pricing strategies to boost retention and profitability.
- Company: Join a leading travel insurance provider known for innovation and customer focus.
- Benefits: Enjoy flexible working arrangements and a supportive company culture.
- Why this job: Work with cutting-edge analytics tools in a collaborative, forward-thinking environment.
- Qualifications: Degree in a quantitative field and 2+ years of relevant experience required.
- Other info: Infrequent weekend work may be needed, but time off in lieu is provided.
The predicted salary is between 36000 - 60000 £ per year.
Job Overview
We are a market-leading travel insurance provider, known for our customer-centric approach, comprehensive coverage, and innovative use of data-driven pricing strategies. We are seeking a skilled Renewal Pricing Analyst to join our team, focusing on optimizing pricing strategies for our renewal portfolio. This role is critical in ensuring customer retention while maintaining profitability, balancing customer value with risk management. As a Renewal Pricing Analyst, you will be responsible for analysing customer behaviour, monitoring renewal trends, and developing data-driven pricing strategies that optimize retention rates and profitability. You will collaborate closely with the Pricing, Underwriting, and Customer Retention teams to design and implement renewal pricing models, applying advanced analytics and machine learning techniques to ensure we meet both our business objectives and customer expectations.
Main Duties
- Design and implement tailored pricing strategies for the renewal book of business, aimed at maximizing retention while achieving profitability target
- Analyse customer data and feedback to understand price sensitivity, loyalty drivers, and churn risks, incorporating these insights into the renewal pricing models
- Monitor competitor activity and market trends to ensure our renewal pricing remains competitive and aligned with industry practices
- Collaborate with the Customer Retention team to develop targeted renewal offers, including loyalty discounts and promotional pricing
- Use predictive analytics to identify high-risk customers likely to churn and propose pricing interventions to improve retention
- Conduct A/B testing of different pricing strategies to evaluate their impact on renewal rates and customer satisfaction
- Utilize statistical and machine learning methods to build and refine renewal pricing models, leveraging tools like Earnix, Akur8, Python, or R
- Perform in-depth analysis of renewal performance metrics, including loss ratios, retention rates, GWP and income, to identify areas for improvement
- Work with the pricing team to incorporate new data sources and refine demand models, ensuring accurate predictions of customer behaviour
- Track KPIs related to the renewal portfolio, such as retention rates, conversion rates, and overall profitability
- Prepare detailed reports and presentations for senior management, highlighting trends, insights, and recommended pricing adjustments
- Develop and maintain dashboards in tools like Tableau to provide ongoing visibility into renewal pricing performance
- Partner with the wider team to ensure that renewal pricing strategies align with overall risk appetite and product coverage requirements
- Liaise with the Commercial and Marketing teams to communicate renewal pricing strategies and support customer retention campaigns
- Engage with the Product team to assess the impact of pricing changes on the customer experience and product competitiveness
- Stay informed about the latest industry trends, competitor pricing strategies, and advancements in predictive analytics for insurance
- Identify opportunities to enhance the renewal pricing process through automation, AI, and advanced analytics, aiming to streamline workflows and increase efficiency
- Participate in cross-functional projects to develop and test new pricing methodologies and retention strategies
This list of duties is neither exclusive nor exhaustive and may be amended by Senior Management from time to time, nor is it in any order of importance.
Knowledge & Skills Required
- Degree in Mathematics, Statistics, Economics, Actuarial Science, or a related quantitative field
- 2+ years of experience in a pricing or data analysis role, preferably within the insurance industry
- Experience with renewal pricing and retention strategies is highly desirable
- Familiarity with travel insurance products or similar lines of business is an advantage
- Proficient in data analysis tools such as Excel, SAS, Python, or R
- Proficient in pricing software (e.g. Earnix, Akur8) and rating engines is a strong advantage
- Knowledge of predictive analytics, machine learning methods, and demand modelling
- Strong analytical mindset with the ability to interpret complex data and derive actionable insights
- Excellent attention to detail and the ability to identify trends and anomalies in large datasets
- Strong written and verbal communication skills, with the ability to present complex information clearly to both technical and non-technical stakeholders
- Proven ability to work collaboratively in cross-functional teams and build and sustain strong working relationships with a variety of stakeholders
Hours
37.5 hours per week, Monday to Friday inclusive. However, a flexible approach between the core working hours of 8:00am – 8:00pm is essential. Infrequent weekend and evening working will be required, as requested by Senior Management, for which time off in lieu will be given.
Why Join Us?
Be part of a forward-thinking, data-driven team that’s focused on transforming the travel insurance renewal experience. Opportunity to work with cutting-edge analytics tools and techniques in a collaborative, innovative environment. Flexible working arrangements and a supportive company culture.
Renewal Pricing Analyst employer: AllClear - Voted UK's No.1 for Customer Care
Contact Detail:
AllClear - Voted UK's No.1 for Customer Care Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Renewal Pricing Analyst
✨Tip Number 1
Familiarize yourself with the latest trends in travel insurance and renewal pricing strategies. Understanding the competitive landscape will help you demonstrate your knowledge during interviews and show that you're proactive about staying informed.
✨Tip Number 2
Brush up on your data analysis skills, especially in tools like Python or R. Being able to discuss specific projects where you've used these tools to derive insights will set you apart from other candidates.
✨Tip Number 3
Prepare to discuss your experience with predictive analytics and machine learning methods. Highlight any relevant projects where you've applied these techniques to improve pricing models or customer retention.
✨Tip Number 4
Network with professionals in the insurance industry, particularly those focused on pricing and analytics. Engaging with others in the field can provide valuable insights and potentially lead to referrals for the position.
We think you need these skills to ace Renewal Pricing Analyst
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in pricing analysis, data analytics, and any specific tools mentioned in the job description, such as Python or Earnix. Emphasize your analytical mindset and ability to derive actionable insights from complex data.
Craft a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Discuss how your background in mathematics, statistics, or economics aligns with the responsibilities of a Renewal Pricing Analyst. Mention specific examples of how you've successfully implemented pricing strategies or analyzed customer behavior in previous roles.
Showcase Relevant Skills: Highlight your proficiency in data analysis tools and software, particularly those mentioned in the job description. If you have experience with predictive analytics or machine learning methods, be sure to include that as well, as it is crucial for this role.
Prepare for Potential Assessments: Be ready to discuss your analytical approach and problem-solving skills during the interview process. You may be asked to analyze a dataset or propose a pricing strategy based on hypothetical scenarios, so practice articulating your thought process clearly.
How to prepare for a job interview at AllClear - Voted UK's No.1 for Customer Care
✨Showcase Your Analytical Skills
As a Renewal Pricing Analyst, your ability to analyze complex data is crucial. Be prepared to discuss specific examples of how you've used data analysis tools like Python or R in previous roles to derive actionable insights and optimize pricing strategies.
✨Understand the Insurance Landscape
Familiarize yourself with the travel insurance industry and current market trends. Demonstrating knowledge about competitor pricing strategies and customer behavior will show that you are proactive and well-informed, which is essential for this role.
✨Prepare for Technical Questions
Expect questions related to predictive analytics and machine learning methods. Brush up on your understanding of these concepts and be ready to explain how you would apply them to develop renewal pricing models.
✨Communicate Clearly
Strong communication skills are vital for this position. Practice explaining complex analytical concepts in simple terms, as you will need to present findings to both technical and non-technical stakeholders. Clear communication can set you apart from other candidates.
