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For Companies At a Glance
- Tasks: Lead pricing transformation and develop market-leading pricing capabilities.
- Company: Join Hiscox, a people-oriented firm focused on innovation and collaboration.
- Benefits: Enjoy flexible working, hybrid options, and a supportive culture.
- Why this job: Shape the future of pricing strategy while driving profitable growth.
- Qualifications: Significant UK retail pricing experience and strong analytical skills required.
- Other info: Work in a dynamic environment with opportunities for continuous improvement.
The predicted salary is between 48000 - 72000 £ per year.
Job Type:
Fixed Term
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 UK Pricing team sits within a wider Portfolio Underwriting and Pricing function whose primary objective is to provide pricing and underwriting services across our UK retail business wait the aim of providing market leading risk selection and driving profitable growth across our portfolio. The team reports directly to the UK Chief Underwriting Officer and collaborates closely with the rest of Underwriting, Distribution, Operations, Marketing, Reserving and Finance. The pricing team itself are split into \”Technical\” and \”Product Facing\” analysts, with product facing pricing analysts having more of a focus on the monitoring, implementation and maintenance of production prices and working with senior stakeholders prioritise pricing activity aligned with the UK strategy.
This role works alongside the Head of Portfolio Underwriting and Pricing and requires an experienced Pricing Leader to draw on your extensive experience to develop market leading pricing capability and technologies within Hiscox UK\’s Pricing team. You\’ll be comfortable leading pricing transformation and making real decisions to shape our future pricing strategy to align with business objectives.
As a Head of Pricing Transformation, you\’ll act as the lead pricing resource for relevant pricing change programmes, acting as the key SME contact while building out our long term roadmap for delivery of pricing capability within these programmes. The Head of Pricing Transformation plays a critical role in defining the strategic direction of the pricing team to deliver profitable growth for Hiscox UK as well as building pricing capability and core skills within the UK business.
Please note this role does not require you to pursue, or have previously pursued, actuarial qualifications.
What you\’ll be doing
- Acting as the key SME contact on pricing change programme with the objective to build a single unified rules and rating engine. Working with project resources to accelerate delivery and build out the long term roadmap for incorporating all of our existing products into the engine whilst also identifying opportunities to delivery improved pricing sophistication.
- Estimating the potential value of different initiatives to accelerate our pricing capability and using this to prioritise these developments within the roadmap.
- Bringing an external view of best practice ideas and concepts to the Hiscox UK Pricing team
- Working with the Head of Portfolio Underwriting and Pricing and other Pricing Managers to agree the roadmap for accelerated pricing transformation across all Hiscox UK insurance products.
- Working closely with pricing managers to ensure pricing transformation is aligned with the existing plans of the Product Facing and Technical Pricing teams.
- Working closely with stakeholders across the UK business including in Data and Analytics, Distribution, Underwriting, Operations, Finance and Claims to ensure that pricing transformation is designs to ensure alignment with business objectives across functions.
Person Specification:
Hiscox is a people orientated firm, no individual works in a silo and everyone is expected to work across the business and are empowered to make decisions. We are looking for an experienced pricing leader that is keen to engage across the business and understand different teams\’ perspectives. With a firm focus of generating positive commercial outcomes. They will be leveraging the output from the product facing and technical pricing teams and blending that with market conditions and business initiatives to support the ongoing growth and profitability of the firm.
You will be naturally inquisitive and comfortable to challenge the status quote, always looking for opportunities to drive continuous improvement of the pricing approaches, working closely with the portfolio underwriting team to change the competitive footprint as market conditions emerges. You will be able to understand complex problems through a variety of perspectives and identify potential solutions that is fit for purpose and not overtly complicated. The role would suit an individual with a background in operational research or a similar branch of mathematics.
Our must haves:
- Significant UK Retail Pricing experience
- Experience of leading or consulting on pricing transformation projects in similar previous roles
- A broad knowledge of general insurance pricing across products and channels, with in depth knowledge of commercial and personal lines products.
- Ability to make, explain and influence decisions that can have a significant commercial and long-lasting impact
- Experience in balancing business needs against analytical quality
- Practical application of in-depth statistical skills within a business environment
- Strong analytical pragmatic reasoning skills and an aptitude for innovative problem solving
- Highly confident in the use data analysis tools such as Excel and SQL
- Knowledge of programming and statistical tools such as Python, Emblem & SAS
- High level of numeric competence and excellent data gathering and manipulation skills
- Experience of working closely with stakeholders and an ability to build strong working relationships
- Comfortable with carrying research and development projects experimenting with new data sources and modelling techniques.
- 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 knowledge of the regulatory and competitive environment
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.
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Head of Pricing Transformation | London, UK employer: Hiscox Ltd
Contact Detail:
Hiscox Ltd Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Pricing Transformation | London, UK
✨Tip Number 1
Familiarise yourself with the latest trends in pricing transformation within the insurance sector. Understanding current best practices and technologies will help you engage in meaningful conversations during interviews and demonstrate your proactive approach.
✨Tip Number 2
Network with professionals in the pricing and underwriting fields, especially those who have experience at Hiscox or similar companies. Attend industry events or webinars to build connections and gain insights that could give you an edge in your application.
✨Tip Number 3
Prepare to discuss specific examples of how you've led pricing transformation projects in the past. Highlight your ability to balance analytical quality with business needs, as this is crucial for the role and will showcase your relevant experience.
✨Tip Number 4
Research Hiscox's current pricing strategies and recent initiatives. Being knowledgeable about their operations will allow you to tailor your discussions and show how your vision aligns with their goals, making you a more attractive candidate.
We think you need these skills to ace Head of Pricing Transformation | London, UK
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in pricing transformation and analytics. Emphasise your leadership roles and any specific projects that align with the responsibilities of the Head of Pricing Transformation.
Craft a Compelling Cover Letter: In your cover letter, express your passion for pricing strategy and transformation. Discuss how your background in operational research or mathematics equips you to tackle complex problems and drive continuous improvement.
Showcase Your Analytical Skills: Provide examples of how you've used data analysis tools like Excel, SQL, or Python in previous roles. Highlight any innovative solutions you've implemented that led to improved pricing strategies or outcomes.
Demonstrate Stakeholder Engagement: Illustrate your ability to work collaboratively with various teams. Mention specific instances where you've built strong relationships with stakeholders to achieve common goals, particularly in pricing or underwriting contexts.
How to prepare for a job interview at Hiscox Ltd
✨Understand the Role Thoroughly
Before your interview, make sure you have a deep understanding of the Head of Pricing Transformation role. Familiarise yourself with the key responsibilities and how they align with Hiscox's objectives. This will help you articulate how your experience fits into their vision.
✨Showcase Your Leadership Experience
As this role requires significant leadership in pricing transformation, be prepared to discuss your previous experiences leading similar projects. Highlight specific examples where you successfully influenced decisions and drove change within an organisation.
✨Demonstrate Analytical Skills
Given the emphasis on data analysis and statistical skills, come ready to discuss your proficiency with tools like Excel, SQL, and any programming languages you know. Be prepared to explain how you've applied these skills to solve complex problems in past roles.
✨Engage with Stakeholders
The ability to build strong relationships across various teams is crucial. Prepare examples of how you've collaborated with different departments in the past, and be ready to discuss how you would approach stakeholder engagement at Hiscox.
