Pricing Analyst - Graduate or Junior Actuarial Student

Our client, a well known insurer, is seeking either an actuarial student, or an academically strong graduate to join its motor pricing team.

The role reports directly in to the Motor Pricing Manager, and the overall purpose of the job is to support the delivery of business and financial targets, in particular the budgeted motor sales, revenue and profit volumes, through high quality analysis and forward-moving changes.

Pricing and Underwriting

• Proactively identify pricing & underwriting opportunities and make recommendations to exploit them.
• Present results of analysis effectively and influence decision-making panels.
• Maintain robust pricing processes including rate change history, logs, specs, formal test plans.
• Gain & maintain familiarity with Key Performance Indicators (KPI) and rate changes, past & present.

Analysis and Reporting

• Carry out necessary and sufficient analysis to make informed decisions on pricing & underwriting.
• Use SAS and spreadsheet modelling to monitor profitability and competitiveness and to answer business questions.
• Detailed statistical pricing analysis of customer and product data
• Customer profiling and segmentation
• Analysis of fraud
• Product profitability and lifetime value modelling
• Exploration of additional data sources
• Audit of effectiveness of processes
• Ensure timely delivery of accurate KPI reports.
• Provide clear data requirements to IT Services to ensure a consistent and accurate supply of data, which satisfies all motor underwriting requirements.

Rating Development

• Enhance and maintain the rating algorithm and the business acceptance criteria logic.
• Plan, implement & test all rate changes. Arrange & progress comprehensive testing by others as necessary.

Experience required
They are looking for someone from 0 to 2 years actuarial experience. Applicants with experience will have ideally obtained this from a General Insurance background.
Academically you must have a minimum of a 2:1 for your degree, coupled a Mathematics degree where you will have obtained at least a ‘B’
Good communication skills
In terms of IT experience, good knowledge of Excel is required. SAS or Emblem advantageous but not essential
You must have the right to work in the UK, so you will either be an EU citizen or hold a current Tier 1 visa