Pricing Analyst (Insurance Experience Required)
At Hiscox, we encourage courage in our partners, our clients and ourselves. We work with our broker partners and the insured to give businesses the courage to start up, expand, enter new markets and much more.As a specialist insurer and reinsurer, we are not interested in the ordinary. That would be too easy. We prefer to focus on those parts of the industry which are more difficult, more unusual and, well, more specialist. The more complex the risk, the greater the chance for us to show our clients what we can do. It’s a successful approach and one that’s seen us grow into a FTSE 250 business with offices around the world. But we are not stopping there. Our ambition is to expand our business into new markets and new territories. We are an ambitious company and we need ambitious people.We are not a mass producer of insurance policies but focus on key areas of expertise and strength. We specialize in protecting people with unusual and often complicated insurance needs.
What’s the role?
This is a high impact role for a passionate pricing actuary who enjoys connecting the dots between data and analytics. The pricing actuary will be part of a growing team of data experts who transform data into useful information improving pricing analytics, underwriting insights, and operations of our company. The position will report to the Head of Business Intelligence & Analytics supporting underwriting, economic and statistical analysis and modelling used by senior management and the organization to make business decisions, formulate and drive the business strategy. The incumbent must be able to successfully operate in a fast-paced and rapidly changing environment, handle multiple competing project priorities, and support information-based decision logic and predictive modelling solutions.This is a fantastic opportunity to join Hiscox USA, a growing business where you will be able to make a real impact. Together, we aim to be the best people producing the best insurance solutions and delivering the best service possible.
- Proactively monitors the rate change and rate development process for the US product lines. Responsible for maintaining pricing documentation, assumptions, methods, sources, considerations.
- Able to lead and conduct strategic reviews of rates for all product lines, analyzing profit and loss results, past and current trends, projecting underwriting losses, and reviewing competitiveness of rates while adhering to actuarial standards of practice
- Lead pricing analysis projects for existing and new product develop.
- Works closely with other actuaries, catastrophe and predictive modelers to support the build of new predictive models, ensure accuracy and consistency of pricing / rating measurements as well as development of new measurements.
- Utilizes advanced statistical techniques and insurance business knowledge to create high-performing pricing models and creative analyses to address business objectives and client needs; these may include design plans for multivariate model building, and advanced statistical techniques such as: GLMs, regression, clustering, trees, etc.
- Key projects may include evaluating claims and loss information to enhance use of information during the underwriting process and developing a new rate monitoring system to proactively assess our pricing competitiveness and business impact.
- Bachelor’s degree
- Deep understanding of insurance products and terminology as well as legal and regulatory requirements. Continuing to learn more advanced actuarial methodologies and insurance concepts through reading, training sessions and work assignments.
- Successful completion of one or more actuarial designations is preferred (FCAS/ACAS)
- 1+ years of experience in a pricing analytics or actuarial role in a P&C insurance context. Commercial lines rate making experience preferred.
- Ability to use more traditional actuarial pricing methods, while incorporating advanced predictive modeling techniques
- Experience implementing actuarial pricing theories and practices, strong statistical modeling skills
- Experience developing specialized pricing models and rate plans for existing and new product development.
- Experience analyzing historical and prospective profitability and pricing for the lines of business as well as experience in developing rate monitoring procedures.
- Excellent project management skills able to co-ordinate multiple tasks and make sure work output of others is delivered on-time and accurately in matrix managed teams
- Thought Leadership: demonstrate both strategic and tactical thought leadership. Ability to understand what one might like to learn and then what one is going to do with the new information.
- Ability to influence decisions: This role will need to be able to communicate using data to influence key decisions makers choices
- Strong verbal and written communications skills, listening and teamwork skills, and effective presentation skills. This is absolutely essential since you will have a lot of exposure to different internal groups (data, IT, product, underwriting and sales) as well as third-party partners and customers (insurance companies).
- Strong data mining skills
- Analyze/interpret data, draw business inferences and clearly articulate findings for target audience.
- Must possess an in depth knowledge of building models from SAS, R, FICO or equivalent environment or have experience using model building software.
- Must be familiar with SQL, spread sheets, databases and other data related software.
- Expertise in statistical modeling techniques such as linear regression, logistic regression, and GLM.
- Proficiency in Microsoft Office (Excel, Word, PowerPoint).
Hiscox Values At Hiscox our spirit is in Challenging Convention and everything we do is guided by our Values.
Courage: Do the right thing however hard
Quality: World class where it matters
Integrity: True to our word
Excellence in Execution: Consistent, timely, efficient delivery
Human: Firm, fair and inclusive
What we offer:
- Competitive Salary and Bonus (based on personal and company goals)
- Health Insurance, Vision, Dental and FSA
- 24 PTO Days
- 10 Paid Holidays – Our office closes for all standard US holidays
- 401(k) with competitive company matching
Job Type: Full-time
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Please review all application instructions before applying to Hiscox Ltd.