Technical Pricing Analyst

AllClear - Voted UK's No.1 for Customer Care; Romford; On-site; GBP 30,000 - 50,000; Full time

Job summary

A leading travel insurance company is looking for a Technical Pricing Analyst to develop pricing strategies and collaborate with multiple departments. This full-time position, based in Romford, offers a competitive salary and the opportunity to innovate within the pricing practices.

Benefits

Extensive Training

Flexible work

Bonus Scheme

Health Cash Plan

Cycle to work Scheme

Techscheme

33 days holidays including bank holidays

Convenient Location

Qualifications

• 1+ years of experience in a pricing or data analysis role preferred.
• Experience in building technical risk models is desirable.
• Strong attention to detail and ability to interpret complex data.

Responsibilities

• Develop and validate technical pricing models for new products.
• Collaborate with various teams to design and price travel insurance products.
• Analyse pricing dynamics, market trends, and customer behaviour.

Skills

Analytical mindset

Statistical modelling techniques

Data analysis

Communication skills

Collaboration

Education

Degree in Mathematics, Statistics, Economics, Actuarial Science

Tools

SAS

SQL

Python

R

Earnix

Akur8

Emblem

Radar

Job description

Technical Pricing Analyst

Department: Pricing

Employment Type: Full Time

Location: Romford

Compensation: £30,000 - £50,000 / year

Description

As a Technical Pricing Analyst, you will be responsible for analysing, developing and implementing pricing strategies tailored to Direct and Aggregator channels (e.g. Money Supermarket). You will work closely with the Pricing, Underwriting and Commercial teams to ensure our products are competitively priced while maintaining profitability and aligning with business objectives. This is an exciting opportunity to contribute to the growth of our travel insurance business and drive innovation in our pricing practices

Key Responsibilities

• Collaborate with Product, Underwriting, Finance and Marketing to design and price new travel insurance products tailored to different customer segments
• Develop and validate technical pricing models for new products, ensuring they meet both customer needs and profitability targets
• Create Actual Vs. Expected analysis for aggregator models.
• Implement new pricing structures in the rating engine for both Direct and Aggregator platforms and ensure they are accurately reflected
• Analyse data from aggregator platforms to understand pricing dynamics, market trends, and customer behaviour
• Develop and implement competitive pricing strategies to maximise quote volume and conversion rates
• Analyse net loss ratio and implement changes to achieve target position.
• Perform detailed analysis of sales data and customer demographics to identify trends and opportunities for improvement
• Use statistical and machine learning techniques to refine pricing models and ensure alignment with market conditions
• Prepare regular reports and presentations for senior management, highlighting performance trends and recommending pricing adjustments to achieve goals
• Work closely with the Commercial team to align pricing strategies with sales targets and any partner requirements
• Liaise with the Product and Underwriting teams to ensure that pricing changes are consistent with product coverage and regulatory requirements
• Support the retail team with pricing changes and model improvements
• Stay up-to-date with industry trends, competitor activities, and developments in travel insurance pricing
• Identify opportunities for process improvements and automation in the pricing workflow, leveraging tools like Earnix or Akur8
• Participate in cross-functional projects aimed at enhancing pricing capabilities and increasing market share

Skills Required

• Degree in Mathematics, Statistics, Economics, Actuarial Science, or a related quantitative field
• 1+ years of experience in a pricing or data analysis role, preferably within the insurance industry
• Experience in building technical risk models is desirable
• Proficient in data analysis tools such as SAS, SQL, Python, R etc…
• Proficient in pricing software (e.g. Earnix, Akur8, Emblem, Radar etc…) and rating engines is a strong advantage
• Understanding of statistical modelling techniques
• Strong analytical mindset with the ability to interpret complex data and make data-driven decisions
• Excellent attention to detail and the ability to identify trends and anomalies in large datasets
• Strong written and verbal communication skills, with the ability to present complex information clearly to both technical and non-technical stakeholders
• Proven ability to work collaboratively in cross-functional teams and build and sustain strong working relationships with a variety of stakeholders

Benefits

• Extensive Training
• Flexible work
• Bonus Scheme
• Health Cash Plan
• Cycle to work Scheme
• Techscheme
• 33 days holidays including bank holidays
• Convenient Location