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- Tasks: Analyse data and develop pricing models to ensure profitability in insurance products.
- Company: Join a dynamic trading team focused on innovative insurance solutions in Bristol.
- Benefits: Enjoy hybrid working, generous leave, bonuses, and exclusive discounts.
- Why this job: Be part of a fast-paced environment where your analytical skills can drive real impact.
- Qualifications: Degree in relevant fields; programming skills in Python or R preferred.
- Other info: Opportunity for professional growth and community support initiatives.
The predicted salary is between 45000 - 75000 £ per year.
Senior Pricing Analyst
Department: [SBL] Risk Pricing
Employment Type: Permanent – Full Time
Location: Bristol
Reporting To: Matt Standing
Compensation: Up to £75,000 / year
Description
What you\’ll be responsible for:
- Lead the creation and refinement of actuarial models used for pricing motor insurance products. Ensure models are robust, accurate, and reflect the latest risk factors and market conditions.
- Conduct in-depth analysis of data to identify and evaluate risk factors, trends, and patterns that influence pricing decisions.
- Use advanced statistical techniques to assess and quantify risks.
- Perform experience studies and profitability analyses to evaluate the performance of current pricing models.
- Identify areas for improvement and implement adjustments based on findings.
- Work closely with underwriting, finance, product development, and other teams to ensure pricing strategies align with overall business objectives.
- Provide actuarial insights and support for product development and financial planning.
- Stay updated on industry regulations and ensure that pricing activities comply with regulatory requirements and actuarial standards.
- Liaise with regulatory bodies as needed to address compliance issues.
- Prepare detailed reports and presentations on pricing analyses, risk assessments, and model performance. Communicate findings and recommendations to senior management and stakeholders.
- Mentor and provide guidance to junior actuarial analysts.
- Foster a collaborative and supportive team environment and contribute to the professional growth of team members.
- Identify opportunities for process improvements and implement best practices to enhance the efficiency and effectiveness of the risk pricing function.
- Stay updated on advancements in actuarial techniques and apply new knowledge to improve pricing models.
What you\’ll need:
- 3+ years’ experience within a similar role.
- A bachelor\’s degree in a quantitative field such as Mathematics, Statistics, Actuarial Science, Data Science, Economics, or a related discipline. Advanced degrees or additional certifications are a plus.
- Significant experience in risk modelling and actuarial pricing within the motor insurance industry.
- Demonstrated expertise in pricing analytics, statistical modelling, and forecasting techniques.
- Actuarial or CII qualification would be an advantage.
- Proficiency in statistical analysis software (e.g., Emblem, SAS, Python). Experience with Radar is desirable.
- Experience with data manipulation and analysis.
- Practical experience and understanding of ML tools and techniques. Experience in Databricks is advantageous.
- Excellent verbal and written communication skills. Ability to convey complex actuarial concepts and findings to non-actuarial stakeholders in a clear and concise manner.
- Ability to work effectively with cross-functional teams. Strong interpersonal skills and a collaborative approach to problem-solving.
- High level of accuracy in data analysis and reporting. Meticulous attention to detail in all aspects of actuarial work.
Our Benefits:
- Hybrid working – 2 days in the office and 3 days working from home
- 25 days annual leave, rising to 27 days over 2 years’ service and 30 days after 5 years’ service. Plus bank holidays!
- Discretionary annual bonus
- Pension scheme – 5% employee, 6% employer
- Flexible working – we will always consider applications for those who require less than the advertised hours
- Flexi-time
- Healthcare Cash Plan – claim cashback on a variety of everyday healthcare costs
- Electric vehicle – salary sacrifice scheme
- 100’s of exclusive retailer discounts
- Professional wellbeing, health & fitness app – Wrkit
- Enhanced parental leave, including time off for IVF appointments
- Religious bank holidays – if you don’t celebrate Christmas and Easter, you can use these annual leave days on other occasions throughout the year.
- Life Assurance – 4 times your salary
- 25% Car Insurance Discount
- 20% Travel Insurance Discount
- Cycle to Work Scheme
- Employee Referral Scheme
- Community support day
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Senior Pricing Analyst employer: Somerset Bridge
Contact Detail:
Somerset Bridge Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Senior Pricing Analyst
✨Tip Number 1
Familiarise yourself with the latest trends in the motor insurance market. Understanding current pricing strategies and competitor behaviours will give you an edge during interviews, allowing you to discuss relevant insights and demonstrate your market knowledge.
✨Tip Number 2
Brush up on your data analysis skills, especially in Python or R. Even if these aren't mandatory, showcasing your ability to handle large datasets and develop pricing models can set you apart from other candidates.
✨Tip Number 3
Prepare to discuss your previous experiences in delivering pricing changes that resulted in measurable business value. Be ready to share specific examples of how your analytical mindset has led to successful outcomes in past roles.
✨Tip Number 4
Practice communicating complex data insights clearly and persuasively. Since you'll need to engage with both technical and non-technical stakeholders, being able to convey your findings effectively will be crucial in demonstrating your fit for the role.
We think you need these skills to ace Senior Pricing Analyst
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in pricing analysis, data science, and any programming skills you possess. Use keywords from the job description to demonstrate that you meet the requirements.
Craft a Compelling Cover Letter: In your cover letter, explain why you're passionate about the role and how your background aligns with the company's goals. Mention specific examples of your previous work that relate to pricing strategies and market analysis.
Showcase Analytical Skills: Provide examples of how you've used data analysis to drive business decisions in your past roles. Highlight any experience with large datasets and the tools you've used, such as Python or R.
Prepare for Potential Questions: Think about how you would explain complex analytical findings to non-technical stakeholders. Be ready to discuss your approach to pricing model development and how you stay updated on industry trends.
How to prepare for a job interview at Somerset Bridge
✨Showcase Your Analytical Skills
As a Senior Pricing Analyst, your ability to analyse large data sets is crucial. Be prepared to discuss specific examples of how you've used data analysis to drive pricing decisions in the past. Highlight any experience with statistical techniques or programming languages like Python or R.
✨Understand Market Dynamics
Demonstrate your knowledge of the motor insurance market and competitive pricing strategies. Research current trends and be ready to discuss how these could impact the company's pricing models. This shows that you are proactive and understand the broader context of your role.
✨Communicate Clearly
You’ll need to present complex data insights to both technical and non-technical stakeholders. Practice explaining your previous projects in simple terms, focusing on the outcomes and business value. Good communication can set you apart from other candidates.
✨Emphasise Collaboration
The role involves working closely with various teams. Share examples of how you've successfully collaborated with underwriters, product managers, or claims departments in the past. Highlight your ability to engage with different stakeholders and ensure alignment on pricing strategies.
