Head of Pricing Transformation

Job Type:

Build a brilliant future with Hiscox

The team and role

The UK Pricing team are a fundamental part of the Hiscox UK business driving analytics and business insight that drives the direction of portfolio underwriting decisions. The UK Pricing team sits within a wider Portfolio Underwriting and Pricing function whose primary objective is to provide pricing and underwriting services across our UK retail business wait the aim of providing market leading risk selection and driving profitable growth across our portfolio. The team reports directly to the UK Chief Underwriting Officer and collaborates closely with the rest of Underwriting, Distribution, Operations, Marketing, Reserving and Finance. The pricing team itself are split into “Technical” and “Product Facing” analysts, with product facing pricing analysts having more of a focus on the monitoring, implementation and maintenance of production prices and working with senior stakeholders prioritise pricing activity aligned with the UK strategy.

This role works alongside the Head of Portfolio Underwriting and Pricing and requires an experienced Pricing Leader to draw on your extensive experience to develop market leading pricing capability and technologies within Hiscox UK’s Pricing team. You’ll be comfortable leading pricing transformation and making real decisions to shape our future pricing strategy to align with business objectives.

As a Head of Pricing Transformation, you’ll act as the lead pricing resource for relevant pricing change programmes, acting as the key SME contact while building out our long term roadmap for delivery of pricing capability within these programmes. The Head of Pricing Transformation plays a critical role in defining the strategic direction of the pricing team to deliver profitable growth for Hiscox UK as well as building pricing capability and core skills within the UK business.

Please note this role does not require you to pursue, or have previously pursued, actuarial qualifications.

What you’ll be doing

• Acting as the key SME contact on pricing change programme with the objective to build a single unified rules and rating engine. Working with project resources to accelerate delivery and build out the long term roadmap for incorporating all of our existing products into the engine whilst also identifying opportunities to delivery improved pricing sophistication.

• Estimating the potential value of different initiatives to accelerate our pricing capability and using this to prioritise these developments within the roadmap.

• Bringing an external view of best practice ideas and concepts to the Hiscox UK Pricing team

• Working with the Head of Portfolio Underwriting and Pricing and other Pricing Managers to agree the roadmap for accelerated pricing transformation across all Hiscox UK insurance products.

• Working closely with pricing managers to ensure pricing transformation is aligned with the existing plans of the Product Facing and Technical Pricing teams.

• Working closely with stakeholders across the UK business including in Data and Analytics, Distribution, Underwriting, Operations, Finance and Claims to ensure that pricing transformation is designs to ensure alignment with business objectives across functions.

Person Specification:

Hiscox is a people orientated firm, no individual works in a silo and everyone is expected to work across the business and are empowered to make decisions. We are looking for an experienced pricing leader that is keen to engage across the business and understand different teams’ perspectives. With a firm focus of generating positive commercial outcomes. They will be leveraging the output from the product facing and technical pricing teams and blending that with market conditions and business initiatives to support the ongoing growth and profitability of the firm.

You will be naturally inquisitive and comfortable to challenge the status quote, always looking for opportunities to drive continuous improvement of the pricing approaches, working closely with the portfolio underwriting team to change the competitive footprint as market conditions emerges. You will be able to understand complex problems through a variety of perspectives and identify potential solutions that is fit for purpose and not overtly complicated. The role would suit an individual with a background in operational research or a similar branch of mathematics.

Our must haves:

• Significant UK Retail Pricing experience

• Experience of leading or consulting on pricing transformation projects in similar previous roles

• A broad knowledge of general insurance pricing across products and channels, with in depth knowledge of commercial and personal lines products.

• Ability to make, explain and influence decisions that can have a significant commercial and long-lasting impact

• Experience in balancing business needs against analytical quality

• Practical application of in-depth statistical skills within a business environment

• Strong analytical pragmatic reasoning skills and an aptitude for innovative problem solving

• Highly confident in the use data analysis tools such as Excel and SQL

• Knowledge of programming and statistical tools such as Python, Emblem & SAS

• High level of numeric competence and excellent data gathering and manipulation skills

• Experience of working closely with stakeholders and an ability to build strong working relationships

• Comfortable with carrying research and development projects experimenting with new data sources and modelling techniques.

• Excellent communication skills with ability to articulate the complex to technical and non-technical audiences

• Deadline oriented, hardworking, curious, passionate, enthusiastic and a self-starter

• Good knowledge of the regulatory and competitive environment

Diversity and flexible working at Hiscox

At Hiscox we care about our people. We hire the best people for the job and we’re committed to diversity and creating a truly inclusive culture, which we believe drives success. We also understand that working life doesn’t always have to be ‘nine to five’ and we support flexible working wherever we can. No promises, but please chat to our resourcing team about the flexibility we could offer for this role.

We’ve introduced new hybrid ways of working to encourage a healthy work life balance.  We anticipate the successful candidate for this role will be in the office up to 2-3 days per week. Our London office will be your hub where team & collaboration time will take place.

We see it as the best of both worlds: structure and sociability on one hand, and independence and flexibility on the other.

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