Admiral has always considered its Pricing department to be a fundamental cornerstone of the successful growth of our business. A new, rare and exciting opportunity has arisen to be part of our New Products team to support the strategy, design, and implementation of newly launched or yet-to-be-launched insurance products such as Travel Insurance and Pet Insurance. The successful candidate will have the opportunity to lead a team of Data Analysts and Data Scientists to design and implement the pricing strategy for Travel Insurance, along with supporting other new products such as Pet Insurance.
We are looking for an ambitious individual with either of the following:
Experience in successfully pricing insurance whilst working as a Senior Analyst or Manager at a recognised insurance underwriter
MBA, PHD or an advanced degree in a numerate field
This role would be suited to someone who is highly analytical and able to come up with new insights to improve performance, enjoys solving complex problems across numerical and technological domains, and can support a team of analysts in fulfilling their potential.
As a Pricing Manager, you will be responsible for setting up, reviewing, and improving the pricing structure on an ongoing basis, and taking initiatives to improve performance on important KPIs. You will also be responsible for taking ownership of pricing projects and moving them forward for implementation by successfully liaising and collaborating with IT, Pricing Governance, and other relevant departments.
The successful candidate will collaborate closely with Heads of Pricing of other Admiral products, including UK-based Motor, Home, and Pet Insurance to enhance collaboration across different products to drive MultiCover sales and performance, and for sharing pricing best practices across all products.
This is a leadership role fit for someone looking for a wide variety of responsibilities and ownership. Eventually, you will be expected to lead the Pricing function for Travel Insurance or similar, however, your main responsibilities will include:
Recruiting, training, managing, and supporting a team of Pricing Analysts to review pricing structure for improvements and to report on the Pricing KPIs on an ongoing basis
Taking responsibility for the quality and direction of complex numerical work carried out within your team to improve the sales and loss ratio
Communicating results and ideas to decision-makers across Admiral UK insurance including CEO/COO/CFO
Exploring new avenues of rating through finding new and innovative ways to rate on existing data and enhancing the rating structure through new external data sources
Exploring the potential of data science algorithms, machine learning, and analytics models for insurance pricing and leading the effort to implement them
Liaising with internal and external IT teams to design and implement the software enhancements needed for Pricing
Liaising with Motor, Household and Pet Pricing departments for collaboration and cross-product learning
Liaising with Compliance and Governance to ensure pricing changes are compliant with the FCA and ABI guidelines
Constant monitoring of the external environment for changing consumer trends and compliance requirements to ensure our Pricing is constantly improved
This is not a full definition of the role but covers the main aspects and drivers for success.