Property & Liability Pricing Technical Manager 301 views

At Direct Line Group, we’re shaping the future. With a mission to make insurance easier and better value for our customers, we embrace change in all its richness and variety. It’s not just what we do; it’s how we do it. We bring our whole selves to work every day and embrace fresh thinking – after all, Britain is constantly changing and to protect the nation, we adapt with it.

Across our diverse brands – including Direct Line, Churchill, Privilege and Green Flag – change takes many forms. We appreciate the knowledge and skills that each one of us brings to the business. It’s hard not to be inspired by the things that make us unique. Boldness, curiosity and enthusiasm go a long way. And they’re helping us transform the industry we lead.

The role will support the Head of Property & Liability Pricing in delivering pricing recommendations for all Commercial Lines Property & Liability lines (exc. packaged products). You will utilize your technical pricing expertise to guide the team towards delivering effective pricing decisions based upon suitable models and assumptions. This role is offered on a secondment/fixed term contract basis until end of December 2021, however this could potentially get extended further.

What being a Property & Liability Pricing Manager involves:

  • Assist in the management and implementation of pricing projects.  This will include scoping requirements, scrutinizing delivery specs, producing technical pricing specs, planning the deliverables, estimating the benefits, gaining stakeholder buy-in, finding solutions to issues encountered, delivery of test packs, and post implementation monitoring and review.  You’ll be expected to oversee and quality check the work of others.

  • Build effective working relationships with senior stakeholders in underwriting, reserving and product management in order to support the business from a pricing perspective

  • Update and develop technical pricing models as required to enable the business to both price effectively and to manage pricing risk effectively

  • Strive continuously to improve the statistical validity and efficiency of all modelling and other analysis.  Evaluate existing pricing, MI and data processes and identify opportunities for efficiency or quality improvements.

  • Support the design, improvement and enforcement of appropriate controls to ensure that rate change testing is fit for purpose, efficient, and complies with all audit requirements to minimise the occurrence of incidents in production

  • Work closely with wider project teams and other Pricing and Underwriting colleagues to deliver pricing projects and initiatives

  • Develop your own skills and knowledge in pricing, DLG systems, underwriting, reserving, the Commercial Lines insurance market, our / competitor Complex insurance products.

  • Provide technical support and development to less experienced pricing analysts, quality check their work and provide guidance to them on how best to deliver their pricing assignments

  • Identify, own and manage the risks involved in running our business appropriately to this role, in line with the company risk framework.  Communicate to peers and team managers in a timely manner where you have discovered price, model or data issues and suggest appropriate remedial actions.

  • Monitor trading and loss ratio performance and gain a deep understanding of the underlying performance of each account, and be able to explain what the drivers are of trends in performance.

Skills and qualities you’ll need:

  • Insurance experience working within an insurance pricing environment

  • Experience in delivering business targets in an analytical/actuarial environment

  • Degree in a numerate subject (e.g. Maths, Statistics, Economics, Operational Research);

  • Ideally a post-graduate statistical qualification or significant progression towards further relevant professional qualifications

  • Proficiency in Excel, SAS, Radar and Emblem is essential

  • Proficiency in VBA, Alteryx, Tableau & Machine Learning would be advantageous

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