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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] Trading
Employment Type: Permanent – Full Time
Location: Bristol
Reporting To: Tom Helliwell
Compensation: Up to £75,000 / year
Description
We are recruiting for a Senior Pricing Analyst to join our Trading team. The Trading team’s main focus is on ensuring the profitability of our insurance products by maintaining the loss ratio via pricing overlays based on emerging trends, we are also responsible for making sure sales volume and average premium targets are being met by responding to changes in the market.
The successful candidate will have expert knowledge of the market and previous experience in developing and deploying pricing changes. Data science skills such as statistical machine learning applied using open-source programming such as Python or R are a benefit but not a necessity. You must be an excellent communicator and have a desire to work in a fast-paced environment.
What you’ll be responsible for:
Data Analysis and Pricing Model Development:
- Collect, clean, and analyse large data sets from internal and external sources.
- Assist in developing and refining pricing models using statistical and actuarial techniques.
- Monitor pricing model performance and recommend adjustments based on market trends and emerging risks.
- Lead innovation creating new factors/ideas for pricing.
- Take ownership of projects running across teams (technical and non-technical) ensuring delivery.
- Become a technical expert in various areas within the Trading team.
Market and Competitive Analysis:
- Conduct research to understand market dynamics, customer behaviour, and competitor pricing strategies.
- Provide insights to ensure the company remains competitive while maintaining profitability.
Collaboration and Stakeholder Engagement:
- Collaborate with underwriters, product managers, and claims department to ensure alignment between pricing strategies and product development.
- Communicate complex analytical findings and pricing strategies to non-technical stakeholders clearly and effectively.
Reporting and Compliance:
- Prepare detailed reports on pricing performance, profitability, and risk metrics for senior management and regulatory bodies.
- Ensure compliance with regulatory standards and internal governance policies.
Continuous Improvement:
- Identify opportunities to enhance pricing processes and implement innovative approaches.
- Stay updated on industry developments, new tools, and methodologies.
- Assist the development of junior colleagues through coaching and feedback.
What you’ll need:
- Degree qualified in a relevant field (preferably mathematics, statistics, data science, actuarial science, physics, economics, or a related field).
- PhD or master’s degree in a relevant field (preferably mathematics, statistics, data science, actuarial science, physics, economics, or a related field) would be an advantage.
- Actuarial or CII qualification would be an advantage.
- Programming experience in SAS, SQL, Python or R essential.
- A proven track record of delivering pricing changes with measurable business value.
- Extensive Knowledge of how an insurance product is priced from start to finish.
- Extensive knowledge of the motor insurance market.
- Experience with large (1m+ rows, 1k+ columns) data sets is essential.
- Managing projects alone and in teams.
- Commercial awareness and drive for practical outcomes.
- Question everything; search for innovative new solutions.
- Strong analytical mindset.
- Good communication skills; ability to present complex data insights clearly and persuasively to both technical and non-technical audiences (both in writing and verbal).
Our Benefits:
- 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.
