Risk Pricing Consultant
Pricing at NFU Mutual
Here at NFU Mutual, we enjoy an enviable reputation for trustworthiness and honesty within the insurance industry. We are very much about excelling and exceeding in service so that our customers trust us, and we need to ensure we deliver on that trust.
Within pricing, our purpose is to support our business objectives, but do this in a way that enhances our reputation for integrity – in short, we aim to deliver fair and accurate prices.
Following on from a strategic programme launched in 2015 to fortify pricing at NFU Mutual, there has been substantial investment in both technology and people to deliver a cutting edge hub of expertise.
Our pricing function covers commercial, personal and motor lines of business – everything from large commercial risk to pet insurance. The breadth of the department brings you the opportunity to broaden your skill set and enrich your knowledge.
About the Role
As a Risk Pricing Consultant, you will develop and deliver an independent risk price for a defined product range. You will be working to deliver accurate risk cost, to monitor premium strength, and provide insight into the drivers of cost inflation in accordance with the NFU Mutual price strategy.
Key accountabilities for the role include;
- Designing and delivering effective rating logics designed to produce accurate risk price on the rating engine to feed the customer price creation process in line with quality standards and SLA’s
- Designing and implementing tests to ensure integrity, confidence and accuracy of all risk rate models
- Analysing the impact of changes to product coverage, underwriting rules and individual risk offer thresholds, to ensure decisions are informed with technical input from a risk cost perspective
- Continuously monitor regulatory and other external changes that may impact upon the risk price, developing strategies to manage cost inflation
- Building and maintaining relationships with the Claims, IT and the Pricing Community (including the Modelling team)
We are seeking an individual with experience of pricing within general insurance, with direct responsibility for pricing outputs. You will also have experience of building and using risk pricing models and setting risk rates.
Ideally, candidates will have also had specific responsibility for reviewing the quality of models upon which pricing decisions are made, as well as experience of having developed and secured agreement for a product price strategy.
Candidates will hold, or be working towards, one of the following: A numerical related Degree, ACII, Accountancy Qualification (ACA/ACCA), MBA or FIA.
Rewards and Benefits
As a mutual company who rewards its’ members we also like to reward our employees who make this possible. Our reward package includes, but is not restricted to;
- Annual bonus scheme (up to 17.5%)
- 25 days’ holiday (plus Bank Holidays) which increases with service
- Competitive pension scheme (maximum employer contribution is 12%)
- Health and wellbeing plan
- Monthly contribution to your gym membership