Overview

Actuarial Pricing Consultant

Permanent

Our client is looking to hire an Actuarial Pricing Consultant to join their Surrey based office on a Permanent basis.

Ref: 49446

  • Location: Surrey
  • Category: Life Actuarial
  • Type: Permanent

Overview

Key Duties:

  • Review the performance of existing portfolios and support recommendations to the appropriate pricing governance committees regarding the appropriate pricing actions to deliver good value and fair outcomes to customers, while delivering sustainable financial performance. This will involve:
    • Working closely with the Customer Insight team, gathering and interpreting external and internal information, building these into the pricing and statistical models where appropriate
    • Liaising with the Reserving & Forecasting and Commercial Finance teams in terms of business targets and objectives
    • Analysing conversion rates, loss ratios, lapse rates and new business performance by key rating factors and customer segments
    • Developing, and incorporating into pricing, a detailed understanding of ‘cost to serve’ by working with Finance as they develop a deeper understanding of the cost base
    • Making recommendations regarding rating structures and models
    • Managing internal stakeholders during the process
    • Analysing the impact on existing customers
  • Support the production of Generalised Linear Models and other analytical and predictive modelling
  • Support the development of new products and benefit features
  • Support the pricing of any relevant new product or benefit changes
  • Ensure all analysis is adequately documented in terms of the methodology applied, data used and assumptions made, including compliance with the relevant Technical Actuarial Standards and regulatory requirements
  • Proactively raise any risks or issues identified, whether price related or not, so that they can be adequately recorded on the Risk Management Framework and dealt with as required
  • Continually develop and improve the pricing and statistical models to understand risk and customer needs, including internal and external customer insight and behaviour
  • Work closely with the Actuarial Forecasting and Reporting team to ensure that the impact of these prices is included in the forecasting cycles
  • Action tasks and queries in line with SLA’s
  • Provide technical actuarial support for the development of pricing recommendations to be taken to the internal pricing governance committees and corporate customers
  • Will involve the analysis of the historical performance of the existing portfolio, identifying the drivers of trends and outcomes, putting forward recommended pricing actions, and modelling the likely prospective impact of these actions.
  • Also involves carrying out analysis and investigations, both regular and ad-hoc, of an actuarial nature, covering topics such as new business conversion rates, retention, competitor pricing, customer complaints and decision-making, expense allocation, long-term profitability by customer segment, etc.
  • Focus will be on carrying out the data manipulation and analysis, there will be an element of writing up reports and documentation, and communicating results to internal and, occasionally, external stakeholders.
  • Opportunities to work as lead pricing contact on larger scale projects and take responsibility as subject matter expert to internal customers.
  • Role exists within both the Consumer and Corporate/SME pricing teams, and will support the product suites and customer types associated with the relevant team.

 

Other Skills:

  • A proactive mindset, experience of challenging requirements and exploring new directions from results of analyses
  • Ability to build strong relationships with key stakeholders and a proven track record of managing these relationships
  • Strong influencing and communication skills to manage key customer relationships
  • Ability to work and contribute to a cross functional team, understand and interpret requirements
  • Ability to understand, interpret and deliver analysis
  • Comfortable with making evidence-based challenges
  • Ability to refine and apply knowledge of data to solve business needs
  • Enable decision making by providing the business with accurate, timely, and appropriate information
  • Work on own initiative under the direction of the Pricing Development Manager. Has the authority to decide on the direction of own projects
  • Ability to run concurrent tasks and prioritise effectively with limited direction from manager
  • Liaise directly with key customers, often more senior than the jobholder

Qualifications required:

  • 5 to 11 passes/exemptions of the Core Technical CT1 – CT9 and Core Applications CA1 – CA3 elements of the FIA/FFA qualification (or equivalent) or relevant experience OR
  • 12 + passes/exemptions including the Core Technical CT1 – CT9 and Core Applications CA1 – CA3 elements of the FIA/FFA qualification (or equivalent) or relevant experience

Experience required:

  • Some knowledge of pricing in general insurance or health markets
  • Theoretical or practical knowledge of some of the following types of models:
    • Generalised Linear Modelling or regression modelling
    • Econometrics such as price optimisation
    • Reserving
    • Lifetime value or Embedded value modelling
  • Strong numerical skills demonstrated through previous experience
  • Strong analytical skills
  • Well organised and self-sufficient to ensure work to agreed deadlines
  • Strong communication skills, including the ability to present technical information in an understandable manner
  • Advanced PC skills including Excel, Word, and PowerPoint
  • Experience with SAS, Emblem and Radar would be an advantage

Consultant

Steve Stubbings

Executive Director

T: +44 (0)203 867 9821

Email me

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