Senior Pricing Analyst

Somerset Bridge Group

Bristol

Hybrid

GBP 45,000 - 60,000

Full time

14 days+

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Benefits offered by this job

25 days annual leave, increasing with service

Healthcare Cash Plan

Discretionary annual bonus

Flexible working and flexi-time

Job summary

A leading insurance provider in Bristol is looking for a Senior Pricing Analyst to lead the development of pricing models for motor insurance. This role requires strong risk analysis and statistical modelling skills, along with a bachelor's degree in a quantitative field. The position offers a hybrid working model and benefits including annual leave and professional development opportunities.

Qualifications

3+ years’ experience in a similar role.
Experience in risk modelling and actuarial pricing for motor insurance products.
Excellent verbal and written communication skills.

Responsibilities

Lead the creation of actuarial models for pricing motor insurance products.
Conduct in-depth analysis of data to evaluate risk factors.
Prepare reports and presentations on pricing analyses.

Skills

Risk modelling

Statistical modelling

Data analysis

Communication skills

Team collaboration

Education

Bachelor's degree in Mathematics, Statistics, Actuarial Science, or related field

Tools

Emblem

SAS

Python

Radar

Databricks

Job description

Join to apply for the Senior Pricing Analyst role at Somerset Bridge Group.

Overview

We are recruiting for a Senior Pricing Analyst to join the Risk Pricing team within our Underwriting department. The purpose of the Senior Pricing Analyst is to lead the development and implementation of sophisticated pricing models and risk assessments for motor insurance products. This role is critical in ensuring that pricing strategies are data-driven, competitive, and aligned with the company's financial objectives.

The Senior Pricing Analyst provides actuarial expertise, collaborates with cross-functional teams, and supports decision-making processes to enhance the company's profitability and market position.

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.

Experience Studies

Perform experience studies and profitability analyses to evaluate the performance of current pricing models.
Identify areas for improvement and implement adjustments based on findings.

Cross-Functional Collaboration

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.

Regulatory Compliance

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.

Reporting & Documentation

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.

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
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

About Somerset Bridge Group

Somerset Bridge Group is dedicated to delivering fair products and innovative services in the insurance industry. Our group focuses on underwriting, broking, and claims handling to provide sustainable and innovative insurance solutions. Somerset Bridge Insurance Services Limited, operating under GoSkippy and Vavista, offers insurance coverage to over 700,000 customers. Somerset Bridge Limited handles underwriting and claims, processing almost 50,000 claims annually. Somerset Bridge Shared Services Limited provides essential support functions to ensure operational efficiency and compliance. With a strong commitment to values, culture, and customer service excellence, Somerset Bridge Group is recognised for its industry awards and growth. Join us to be part of a dynamic team that fosters creative thinking and personal development.

We are very proud to have been awarded a Silver Accreditation from Investors in People! We recognise that all of our people contribute to our success. That's why we are always looking for talented people to join our team - people who share our vision, who are passionate about what they do, and who want to be part of something special.

Equal Opportunity Employer

Somerset Bridge Group is committed to creating a diverse environment and is proud to be an Equal Opportunity Employer. We prohibit discrimination or harassment of any kind based on race, color, religion, national origin, sexual orientation, gender, gender identity or expression, age, pregnancy, physical or mental disability, genetic factors or other characteristics protected by law. SBG makes hiring decisions based solely on qualifications, skills and business requirements.

Seniority level