Job Market: Insurance Pricing / Actuarial
Pricing Analyst – About the role
Within the Actuarial Pricing Team of a leading Lloyd’s insurance company and will suit a graduate with a numerate degree. Prior experience working within actuarial teams and/or insurance and experience of programming languages such as VBA would be advantageous.
The Pricing team works closely with underwriting teams to build pricing models that allow underwriters to price, compare and monitor accounts. This involves incorporating within pricing models the modelling of key drivers of claims activity for different classes to enable assessment of the expected profitability of different accounts.
The Pricing Analyst will support the pricing team in the development of pricing models to support sustainable profitable growth and to support strategic initiatives. This role will involve supporting and developing knowledge across many lines of business, including Casualty, Property, Energy, Aerospace, Marine and Credit Lines.
Pricing Analyst – Key duties
Provide support to design, build and enhance Excel-based pricing models that meet underwriter requirements (in line with Actuarial pricing frameworks and technological solutions platform requirements)
Work collaboratively with underwriters, the pricing team and management across the planning and development process
Research and develop techniques and approaches to deliver improvements in operational efficiency, data quality and modelling capabilities through model design and use of technology
Develop strong relationships with underwriting and catastrophe modelling teams to coordinate sharing of best practices • Document new models and providing training
Communicate and present models to business stakeholders
Collaborate, present and share knowledge with the wider Actuarial team
Pricing Analyst - Key Requirements
Strong IT skills, including comprehensive knowledge of Excel
Working knowledge of VBA
2.1 or 1st degree in Mathematics or numeric subject (e.g. Physics, Engineering, Statistics) Note that this is not an Actuarial role and as such actuarial study support is not provided.
3 or more strong ‘A’ levels, including Mathematics
Strong analytical skills – logical, methodical and rational approach to problem solving
Comfortable with interpreting and producing numerical data
Able to present findings to key stakeholders