At a Glance
- Tasks: Drive innovative pricing strategies and enhance data models for a leading insurance company.
- Company: 1st Central, award-winning insurance firm known for its dynamic culture.
- Benefits: Flexible hybrid working, competitive salary, and opportunities for professional growth.
- Other info: Join a fast-paced environment with excellent career advancement opportunities.
- Why this job: Shape the future of pricing with cutting-edge technology and impactful insights.
- Qualifications: 2+ years in pricing roles and strong analytical skills required.
The predicted salary is between 35000 - 45000 £ per year.
We’re 1st Central, a market-leading insurance company utilising smart data and technology at pace. Rapid growth has been based on giving our 1.4 million customers exactly what they want: great value insurance with an excellent service. We’re looking for a Pricing Innovation Analyst to play a key role in shaping the future of our pricing capability. You’ll drive the evolution of our burn cost models by uncovering new predictive insights, increasing model sophistication, experimenting with innovative techniques, and building cutting‑edge reporting solutions. We’re big on flexible hybrid working. Our teams are based across Haywards Heath (West Sussex) and Salford Quays (Manchester) and we primarily work from home with occasional in‑office collaboration.
Core Skills
- Analytical & Numerical Skills: Excellent data and statistical analysis skills, with strong numerical capability and a logical, problem‑solving approach.
- Programming Skills: Experience with Python, R or SAS.
- Modelling Capability: Some experience or familiarity with modelling techniques (e.g. EMBLEM, Python, GBM builds in Radar), or a strong interest in developing these skills.
- Industry & Role Experience: 2 years’+ experience within a commercial or pricing role in personal lines motor insurance, plus a 2:1 degree (or equivalent) in a numerate discipline.
- Communication & Presentation: Strong verbal and written communication skills, with the ability to present complex concepts at a level appropriate to the audience.
Responsibilities
- Support the appropriate use of statistical techniques and models to improve the accuracy and stability of burn cost models.
- Support the development of analytical tools and reporting suites to enable efficient testing of new factors and modelling techniques.
- Continually support the development of the rate‑change process to minimise rating errors and efficiently make changes as required by the business.
- Produce timely and accurate information for management decision‑making purposes.
- Liaise with all departments on issues of reporting requirements, data analysis, business process and operational issues.
- Achieve an innovative approach to analysis that drives the business forward by introducing new rating factors and identifying new patterns and key variables.
- Ensure compliance with company and other relevant standards and regulations at all times (including TCF).
- Take responsibility for analytical sections of the team’s major projects.
- Assist with rate changes and have a full understanding of the rate‑change process.
Experience & Knowledge
- Minimum 2:1 in a numerical undergraduate discipline.
- Minimum 2 years’ experience within a relevant commercial and pricing role in the personal lines motor insurance industry.
- Solid experience of SAS, Python or R, and ideally EMBLEM.
- Ideally some modelling experience (EMBLEM, Python, GBM builds in Radar).
- Experience of Radar Base and Radar Live preferable.
Skills
- Excellent data and statistical analysis skills.
- Good numerical skills.
- Good communication skills, both verbal and written.
- Ability to present complex concepts at a level appropriate for the audience.
- Strong analytical and problem‑solving skills, with a logical approach to problem solving.
- Good time‑management and organisational skills.
- Strong IT skills.
Behaviours
- Logical thinker with solid reasoning ability.
- Commercially focused.
- Attention to detail and accuracy.
- Quick learner.
Pricing Innovation Analyst employer: First Central Services UK Ltd
At 1st Central, we pride ourselves on being an award-winning employer, recognised as the Insurance Employer of the Year at the British Insurance Awards 2024. Our flexible hybrid working model allows you to balance your professional and personal life while collaborating with talented colleagues in our vibrant offices located in Haywards Heath and Salford Quays. We are committed to fostering a culture of innovation and growth, providing ample opportunities for professional development and the chance to make a meaningful impact in the insurance industry.
Contact Details:
First Central Services UK Ltd Recruitment Team
StudySmarter Expert Advice🤫
We think this is how you could land Pricing Innovation Analyst
✨Dive Into Industry Networking Events
Get your foot in the door by attending insurance industry events and conferences. Not only will you learn about the latest trends, but you'll also meet potential employers and industry peers. Check out local chapters of professional bodies like the Chartered Insurance Institute for valuable meetups.
✨Use LinkedIn to Your Advantage
Don’t underestimate the power of LinkedIn in the insurance world. Engage with industry content, join relevant groups, and connect with professionals at companies you admire (like First Central Services UK Ltd). A thoughtful message explaining your interest can really make a difference!
✨Look Out for Graduate Schemes
Many firms in insurance have structured graduate programmes. Keep an eye on application windows and utilise your university's career services for insider tips. These schemes are designed to develop talent and often lead to permanent roles after your initial training.
✨Leverage Your Current Connections
Got friends or family in the industry? Now’s the time to reach out! Personal referrals can give you a head start, so let them know you're on the lookout for full-time opportunities at places like First Central Services UK Ltd. Don’t shy away from asking for a coffee chat; you never know what doors it might open!
We think you need these skills to ace Pricing Innovation Analyst
Some tips for your application 🫡
Highlight Your Analytical Skills:In insurance, we love a candidate who can crunch numbers and analyse data effectively. When crafting your CV, make sure to showcase any relevant coursework or experiences that highlight your analytical abilities, especially if you’ve tackled risk assessment or financial modelling.
Showcase Industry Knowledge:Don’t be shy about your knowledge of the insurance sector! We want to see that you've done your homework on current trends, regulations, and challenges in the industry. Mention any relevant projects or studies you’ve completed that demonstrate your understanding of the field in your cover letter.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re passionate about insurance. Share any personal experiences or what drew you into this profession. We’re looking for enthusiasm and a clear motivation for why you want to be part of our team at First Central Services UK Ltd.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at First Central Services UK Ltd. Highlight relevant skills such as risk management, customer service experience, or any certifications you've earned in the industry to make your application stand out.
How to prepare for a job interview at First Central Services UK Ltd
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at First Central Services UK Ltd to throw some technical questions your way, so be ready to demonstrate your grasp of these essentials.
✨Showcase Your Analytical Side
In the insurance world, it's all about data. Prepare to discuss any analytical tools or methodologies you've used in past experiences. If you have a portfolio of projects where you've tackled complex data, bring that along to impress the team!
✨Prepare for Behavioural Questions
As a full-timer at First Central Services UK Ltd, they'll want to know how you handle real-life scenarios, not just theory. Think about challenges you've faced in teamwork or customer service, and how those experiences can relate to a career in insurance.
✨Know the Company Culture Inside Out
Understanding First Central Services UK Ltd's values and workplace culture is essential. Don’t just memorise their mission statement; think about how your personal values align with theirs. This will show your genuine interest in being part of their team long-term.
