DESCRIPTION

We are recruiting for a Pricing Analyst to join the Retail Pricing team within our Underwriting department. This role will play a critical role in shaping pricing strategies within the retail motor insurance sector. Using advanced statistical techniques, data analytics, and actuarial methods, the analyst will ensure competitive, fair, and profitable pricing structures. The role focuses on optimizing customer acquisition and retention while adhering to regulatory and market requirements.

ABOUT SOMERSET BRIDGE GROUP

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 Silver 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.

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.
• Utilize insights from market research and competitor analysis to refine pricing recommendations.

Reporting and Communication:

• Present findings, insights, and recommendations to senior management and stakeholders in a clear and impactful manner.
• Prepare and maintain detailed documentation of pricing models and methodologies.

Collaboration:

• Work closely with underwriting, marketing, and claims teams to incorporate diverse perspectives into pricing decisions.
• Liaise with IT teams to implement pricing tools and system enhancements.

Regulatory Compliance:

• Ensure pricing models and practices comply with relevant regulations and guidelines, including those issued by the Financial Conduct Authority (FCA).

Innovation:

• Contribute to the development and testing of new pricing techniques and algorithms.
• Explore and leverage machine learning tools to enhance predictive accuracy.

Continuous Improvement:

• Monitor the performance of pricing models, recommending updates as needed.
• Stay abreast of industry trends, emerging risks, and technological advancements.