Responsibilities
- Achieve target loss ratio for portfolio
- Ensure premiums are sufficiently competitive to enable portfolio growth
- Manage the renewal premium journey for existing customers to achieve retention targets
- Determine the ultimate claims cost for the portfolio
Job Duties
- Undertake regular pricing reviews (split by segments and rating factors) to suggest rate changes
- Carry out the testing and deployment process for RADAR premium models
- Build and maintain risk models (e.g. claim frequency and severity)
- Build and maintain customer behavior models (e.g. conversion and retention)
- Undertake analysis to quantify the effects of adding (or removing) rating factors
- Undertake vehicle and postcode group allocation reviews
- Support quantitative requests from other departments (e.g. marketing)
- Support development of new products
- Train and support actuarial analysts by sharing knowledge and experience
- Review and approve work completed by actuarial analysts (e.g. rate reviews, risk models)
- Propose changes to the new business rating process (both for existing factors and new factors)
- Propose changes to the renewal rating process for existing customers
- Propose changes to the testing and deployment process for RADAR premium models
Requirements
- 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
- At least 2 years’ relevant work experience
- 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
