As a member of the Pricing Department, the Pricing Analyst contributes to the process of rate making, product development and reserving for all non-standard auto products. The Pricing Analyst works under the supervision of the Pricing Director to guide growth and profitability to meet or exceed budget.
- Conduct profitability analysis of book of business and recommend pricing actions based on segment performance.
- Conduct rate reviews using internal and external data sources and develop sound recommendations based on actuarial and economic indications.
- Support Pricing Department in periodic reserve reviews.
- Source of in depth knowledge of the company's products and market conditions for non-standard auto insurance in assigned state(s).
- Participate in the achievement of a business plan for non-standard auto products, including premium plan, combined ratio performance, production parameters, competitive environment, competitor details, regulatory environment/developments, demographics, etc.
- Perform ongoing analysis of company and competitor pricing and premium volume.
- Contribute to and develop ad-hoc assignments with respect to claims analytics.
- Collaborate with Marketing, Underwriting, IT and Claims to align interests and manage the performance of assigned state(s).
- Communicate with state DOI personnel to achieve approval of rate/rule filings.
- Maintain organized records of rates, rule and form filings.
- Maintain in depth knowledge of company and 3rd Party systems used to rate or sell the company's products.
- Independently manage projects; understand business objectives as they relate to project goals.
- Collaborate with the Pricing Director to identify improvements in the pricing model and rating platforms of all non-standard auto products.
- Participate in complex, large-scale, and highly specialized projects that support rate reviews, product development, pricing strategy, underwriting and claims.
- Manage complex data gathering, reporting and analysis.
- Identify the need for and drives the development of new tools and processes within the department.
- Bachelor's degree in mathematics, statistics, actuarial science, economics, finance, or other quantitative field; Master's or advanced degree preferred. Experience in pricing, actuarial or product functions for personal lines insurance is a plus.
- Must have strong mathematical skills and the ability find answers to business questions in large data sets.
- Must be self-motivated, organized and able to meet deadlines with assignments.
- Analytical and problem solving skills with proven ability to make data driven decisions; proficient in data analysis software (e.g., Excel, R, SQL, SAS, Access).
- Experience developing and presenting recommendations related to product/pricing actions.
- Advanced spreadsheet and database skills.
- Must be a good communicator and listener.
- Ability to foster and encourage teamwork and productive working relationships with stakeholders at all levels and across organizational lines; ability to coach and mentor less experiences staff to help them achieve individual expectations and deliverables.