First Central
Head of Technical Pricing
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About Us
At 1st Central, everything starts with our people. As one of the UK’s leading motor and home insurers, we use smart technology, data and great service to make insurance fast, fair and simple for over 1.4 million customers. We’re proud to create an environment where people feel supported, trusted and able to grow - whether that’s developing new skills, taking on fresh challenges or making a real impact every day. If you’re looking for a role where you can make a difference, we’d love to hear from you.
The Role
We’re looking for a Head of Technical Pricing to be responsible for the Technical Pricing Team and the implementation of the group's strategic initiatives to support growth and maximise profitability of the business written.
Responsibilities
- Lead the development and implementation of the technical insurance pricing strategy, shaping the data enrichment policy in collaboration with the Pricing Innovation and Product Development teams.
- Be accountable for ensuring technical rates are set at appropriate levels to deliver against budget and re-forecasts.
- Lead the team responsible for ensuring product line profitability aligns with plans while managing risks within appetite.
- Provide oversight of burn cost models and responsibility for their accuracy, including research, development and implementation of new models and improvement of existing ones.
- Drive a programme of rating structure design, data enrichment, model technique progression, and iterative enhancements, using business and industry insight to ensure pricing reflects operational realities and environmental risks.
- Design processes to ensure sales mix is monitored and prices are iterated to manage risk and propose with reason that changes are either technical pricing or retail pricing actions.
- Be an expert in external dataset providers and provide recommendations on partnering decisions.
- Collaborate with other senior stakeholders to agree geographic concentration risk controls and design implementation solutions.
- Collaborate with underwriting colleagues to establish decline rules and protective pricing loads, and ensure footprint and competitiveness expansion are well controlled and monitored.
- Develop the team to harness expertise to analyse emerging exposure and claims, and to build burning cost models from internal and external data sources.
- Lead, motivate and develop the Technical Pricing Team, and define the framework for the team’s goals and objectives.
- Communicate to the wider business insights on emerging claims experience by peril and by factor, and lead a programme of technical pricing model refinement.
- Collaborate with claims teams to establish appropriately future-proofed assumptions for frequency and severity of claims per peril.
- Establish a programme of continuous improvement in burning cost modelling and data enrichment reflecting emerging technology and claims trends.
- Advise Retail Pricing team on opportunities/risks to achieve commercially optimised prices.
- Engage with reinsurance purchasing process and optimise competitive footprint for programme efficiency.
- Provide guidance and instructions to Tech/Data colleagues on solution design.
- Responsibility for maintaining department risk registers (as applicable), providing evidence and commentary for controls, updates for Mitigation Actions and maintaining control matrices and attestations.
- Manage risks and ensure that your employees are aware of their responsibility to identify and report risk.
- Comply with the requirements, and act in accordance with, the Group Code of Conduct and Fitness and Propriety policies at all times.
- Ensure compliance with Company Policies, Values and guidelines and other relevant standards/ regulations at all times including compliance with the Senior Managers Certification Regime (SMCR) Conduct Rules.
- Any other reasonable duties.
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Job-specific competencies
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Experience & knowledge
- Deep understanding of rating structure best practice and data mapping optimisation.
- Familiarity with third party providers of credit and geo risk data.
- Able to create, clearly structure and maintain documentation of models and decisions.
- Track record of influencing strategic management of a personal lines portfolio.
- Appreciation of claims processes and conduct risks.
- Strong abilities in WTW Radar from a similar working environment.
- Contemporary, hands-on experience of insurance price modelling.
Skills
- Strong technical leader, able to recruit and develop a strong team.
- Proactive management and maintenance of roadmap of projects and assessment of timelines.
- Excellent communication skills when presenting technical topics to a wide audience.
- A capable negotiator to achieve best outcomes for the company.
- Good time management and organisation skills.
- Statistical credibility and risk management mindset.
- Clear vision for MI design and optimal use.
- Appreciation of importance of attention to detail.
Behaviours
- Self-motivated and enthusiastic.
- An organised and proactive approach.
- Ability to work on own initiative and as part of a team.
- A flexible approach and positive attitude.
- Strives to drive business improvements to contribute to the success of the business.
This role is Certified in line with the Senior Managers and Certification Regime (SMCR).
Apply Today
If this sounds like a fantastic next step in your career - we'd love to hear from you - so apply today! Ready to join us? We’re looking for talented people who want to make a real impact for our customers, colleagues and business.
Apply today and discover where a career at 1st Central could take you.
To find out more about careers at 1st Central, take a look here Find out more about us here.
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