Insurance Pricing Manager

Sainsbury's
Posted

  • Contact: Human Resources
  • Reference: 20000OBD

Job Description

Pricing Manager
Sainsbury’s Bank, Edinburgh
 
In a nutshell

Responsible for tactical and strategic pricing of insurance products to achieve the growth and profitability ambitions of Sainsbury's Bank. This will be delivered by working collaboratively with the Head of Pricing, the Data enrichment team, wider Bank colleagues and external partners to offer optimum prices, commissions and product journeys for Sainsbury’s Bank’s customers while delivering the Bank’s objectives.

 

Take business lead for the continual development and application of statistical models to optimise retail prices to achieve the desired outcomes. The strategy deployed will leverage benefit from data enrichment gained from the unique data sources Sainsbury's Bank own and engagement and long term relationship building with Underwriters. Responsible for implementing and testing the Underwriters’ rates while facilitating any discounts Sainsbury’s Bank can achieve.  Responsible for delivering the required sales and profit target through management of the pricing levers within the control of Sainsbury’s bank.

 
What you need to do
  • Develop, understand and deploy the pricing strategy for Insurance products in line with the overall Insurance strategy. 
  • Take ownership of developing, maintaining and delivering new business and renewal pricing models for Sainsbury's Bank’s insurance products
  • Analyse external and internal data to determine potential business benefit and develop pricing models, optimisations and approaches to incorporate and maximise the benefit realised from useful data
  • Maintain awareness of data products available in the market.
  • Work in collaboration with our insurance providers, the infrastructure provider, the external pricing optimisation provider and internal stakeholders to adopt the optimum customer proposition
  • Work closely with the finance team for planning and budgeting and in ongoing decision support
  • Development of robust price benchmarking and competitor movement models for the allocated product
  • Maintain close working relationships with internal colleagues including Insurance Products / Trading, customer insights, finance and data governance and analysis – this role will form part of Sainsbury's Bank's internal data centre of excellence 'virtual team'
  • Tracking and monitoring specific KPIs, taking action where trends and performance indicate this is needed in order to make a significant contribution to P&L management (including long term Net Present Value modelling) and profit / income optimisation
  • Build strong relationships with external partners pricing, underwriting and commercial teams to take lead in defining SB strategic direction and requirements and to assess and analyse current pricing position to ensure competitive position and profit optimisation is being effectively managed
 
What you need to know and show
  • Extensive experience within general insurance pricing, preferably within insurance broking
  • Experience of working within Personal Lines motor or home insurance is preferable
  • Experience of developing and implementing Data Enrichment strategies
  • Experience of managing data assets for the purpose of delivering value to Pricing
  • Experience of building generalised linear models and performing optimisations
  • Experience with building statistical models in Emblem, Radar, Earnix, SAS, SPSS or ODT
  • Understanding of advanced actuarial techniques and strong analytical skills.
  • Experienced, advanced user in Excel
  • Strong commercial acumen
  • Ability to operate and influence at senior level internally and externally
  • Excellent written and verbal communication, stakeholder management, and relationship building skills
  • Strong commercial focus, with appetite and drive to succeed
 
 
Colleague Conduct Rules

The individual performing this role is expected to adhere to the conduct rules as specified by our regulators (PRA and FCA).

 
Our benefits

In addition to the all-important salary, pension & bonus offering, we totally get that life outside work is important to us all. So we want to shout out some of our other great benefits…

  • We offer flexible working to help you achieve a good work/life balance
  • Opportunity to buy extra holidays is on the table
  • Discounts on your weekly shop, buying a laptop or sofa? We’ve got it covered through your Sainsbury’s, Argos and Habitat store discount card 
  • Cycle to work scheme and great coffee and cake!
 
A little about us & our culture

We’re proud of our heritage as the UK’s first supermarket bank. As digital technology drives the banking landscape we want to be at the cutting edge of this technology, offering award winning innovative digital banking products to our customers.

Technology is where we see our growth therefore we need innovators to join us and drive the next phase of our evolution.

 

We’re a friendly bunch who collectively share a passion to make our customers’ financial lives easier.  As part of the wider Sainsbury’s Group, being one of the UK’s most trusted brands, it brings our colleagues a wealth of opportunities to fulfil their potential. 

Here, you can be part of something bigger and help to create a new approach that puts the customer at the heart of everything we do.

 

Everyone is welcome at the Sainsbury’s Group, and we’re proud to be an equal opportunities employer that champions a diverse and inclusive culture that reflects the diversity of the communities we serve. If you’re interested in applying and are excited about working with us, but are unsure if you have the right skills and experience – we’d still love to hear from you! Apply today and we’ll be in touch (we’re also happy to discuss flexible working options (including part time)  

 

As this role involves working within a regulated environment any offer will be subject to satisfactory background checks including criminal record check, credit check, fraud check and employment references.

 


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