We're looking for a Pricing Analyst to join our Retail Pricing team. In this role, you'll use data analysis, statistical modelling and pricing insights to help develop competitive, fair and profitable pricing strategies for our motor insurance products.
Working closely with colleagues across Pricing and Underwriting, you'll support customer acquisition and retention, drive commercial performance, and ensure pricing decisions align with regulatory requirements and customer needs.
Data Analysis and Modelling
- Analyse historical data and trends to develop accurate pricing models and forecasts.
- Apply statistical and actuarial techniques to identify key risk factors influencing pricing decisions.
Pricing Strategy Development
- Collaborate with Pricing Actuaries to design competitive pricing strategies aligned with the company's financial objectives.
- Utilise insights from market research and competitor analysis to refine pricing recommendations.
Reporting and Communication
- Present findings, insights and recommendations to senior management and key stakeholders in a clear and impactful manner.
- Prepare and maintain detailed documentation of pricing models, methodologies and assumptions.
Collaboration
- Work closely with Underwriting, Marketing and Claims teams to incorporate diverse perspectives into pricing decisions.
- Liaise with IT teams to support the implementation of pricing tools and system enhancements.
Regulatory Compliance
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Ensure pricing models and practices comply with all relevant regulatory requirements and industry guidelines, including those issued by the Financial Conduct Authority (FCA).
Innovation
- Contribute to the development, testing and enhancement of new pricing techniques and algorithms.
- Explore and leverage machine learning and advanced analytical tools to improve predictive performance and pricing accuracy.
Continuous Improvement
- Monitor the performance and effectiveness of pricing models, recommending enhancements where appropriate.
- Stay up to date with industry developments, emerging risks and technological advancements to inform pricing decisions and best practice
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Strong analytical and problem-solving skills with a high level of numerical proficiency.
- Knowledge of statistical software (e.g., R, Python, SAS) and data visualization tools (e.g., Power BI, Tableau).
- Familiarity with actuarial pricing techniques, including GLMs (Generalized Linear Models) and machine learning algorithms.
- Proficiency in Radar or EMBlem.
- Ability to interpret large, complex datasets and derive actionable insights.
- Excellent communication and presentation skills to convey technical findings to non-technical stakeholders.
- Teamwork and collaboration skills, with an aptitude for working across departments.
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Hybrid working – 2 days in the office and 3 days working from home
- 25 days annual leave, rising to 27 days over 2 years’ service and 30 days after 5 years’ service. Plus bank holidays!
- Discretionary annual bonus
- Pension scheme – 5% employee, 6% employer
- Flexible working – we will always consider applications for those who require less than the advertised hours
- Flexi-time
- Healthcare Cash Plan – claim cashback on a variety of everyday healthcare costs
- Electric vehicle – salary sacrifice scheme
- 100’s of exclusive retailer discounts
- Professional wellbeing, health & fitness app - Wrkit
- Enhanced parental leave, including time off for IVF appointments
- Religious bank holidays – if you don’t celebrate Christmas and Easter, you can use these annual leave days on other occasions throughout the year.
- Life Assurance - 4 times your salary
- 25% Car Insurance Discount
- 20% Travel Insurance Discount
- Cycle to Work Scheme
- Employee Referral Scheme
- Community support day
Somerset Bridge Group is dedicated to delivering fair products and innovative services in the insurance industry. Our group focuses on underwriting, broking, and claims handling to provide sustainable and innovative insurance solutions. Somerset Bridge Insurance Services Limited, operating under GoSkippy and Vavista, offers insurance coverage to over 700,000 customers. Somerset Bridge Limited handles underwriting and claims, processing almost 50,000 claims annually. Somerset Bridge Shared Services Limited provides essential support functions to ensure operational efficiency and compliance. With a strong commitment to values, culture, and customer service excellence, Somerset Bridge Group is recognised for its industry awards and growth. Join us to be part of a dynamic team that fosters creative thinking and personal development.
We are very proud to have been awarded a Gold Accreditation from Investors in People! We recognise that all of our people contribute to our success. That's why we are always looking for talented people to join our team - people who share our vision, who are passionate about what they do, and who want to be part of something special.
Equal Opportunity Employer
Somerset Bridge Group is committed to creating a diverse environment and is proud to be an Equal Opportunity Employer. We prohibit discrimination or harassment of any kind based on race, color, religion, national origin, sexual orientation, gender, gender identity or expression, age, pregnancy, physical or mental disability, genetic factors or other characteristics protected by law. SBG makes hiring decisions based solely on qualifications, skills and business requirements.
