- Develop insurance product costing model for each line of business.
- Improve pricing accuracy and minimize cross-subsidisation in order to achieve the target loss ratio.
- Ensure premium is sufficiently charged and remains competitive to enable a sustainable portfolio growth.
- Identify business opportunity and constantly enhance Underwriting rules.
- Optimize renewal pricing to improve the renewal experience.
- Keep abreast of latest pricing analysis methods/ knowledge and industry trends.
- Apply the most appropriate statistical technique for loss cost modelling, conversion and retention.
- Constantly refine all the statistical models by introducing more data variables, parameter smoothing model validation and so on to improve the pricing accuracy.
- Assess data from a variety of sources to gain insights into pricing strategies and market trends. Collaborate with sales and marketing departments on developing and implementing competitive pricing strategies.
- Analyse competitor pricing and market trends to increase market share and profitability.
- Support ongoing development and maintenance of dynamic pricing tools and monitoring reports to effectively respond to changing market needs and trends.
- Perform pricing reviews regularly to determine if there is a need of re-pricing by introducing new rating factors, rate changes and proposing remedial actions to ensure the sustainability and profitability of the product.
- Determine the potential impact of rate changes / pricing strategies on profitability.
- Communicate pricing findings effectively to get approval from key stakeholders.
- Work with internal IT department and/or external vendors on the enrichment of quotation system.
- Perform end to end testing on rate implementation.
- Tracking customer engagement to enhance the current rating algorithm and develop effective pricing strategies for products and offerings.
- Address issues and concerns raised by team members relating to pricing suggestions.
- Support pricing team for various pricing related projects.
- Bachelor’s degree in a mathematical, actuarial or other numerate subject
- Communicates confidently in English in a business environment
- Strong IT skills, including MS Excel
- Works logically and independently to break down and solve problems
- Wants to learn new skills and will take on tasks that are outside of the job description