Pricing Manager - Car Insurance

Job Description

We’d all like amazing work to do, and real work-life balance. That’s waiting for you at Sainsbury’s Bank. “Bank by name, Sainsbury’s by nature” is the promise line we stand firmly behind, making sure we follow through on this by always offering value, making it easy and being an ally for our customers. 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. Because we know it’s by working together, and by bringing new, diverse ideas that creates the best experience for our customers and colleagues. 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.

 

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.

The role holder will be the subject matter expert for one of Sainsbury’s Bank’s key insurance products and through horizon scanning for pricing related regulatory, industry and competitor developments and activity, will ensure Sainsbury's Bank’s objectives are delivered. 

 

What you need to do

Develop, understand and deploy the pricing strategy for Insurance products in line with the overall Insurance strategy. 

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 ownership of developing, maintaining and delivering new business and renewal pricing models for Sainsbury's Bank’s insurance products. 

Key deliverables are:

• 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
• Broker & Introduce Business
• Set the direction for Account/Product Managers by empowering them in their role by articulating the pricing strategy
• Facilitate discounts on Insurers’ rates by utilising the data available from internal and external sources to secure competitive advantage
• Responsible for ensuring Underwriters rates are correctly deployed in the live environment hosted on the Insurance platform
• Develop and deliver customer price optimisation through the application of statistical models (working closely with the Data Science Team) through the use of 3rd party and/or in house software
• Add pricing expertise to ensure deliver of financial and non-financial objectives under the sole tie arrangement for multiple products
• Drive growth by proactively seeking opportunities to improve new business and retention
• Work in collaboration with our insurance providers, the infrastructure provider, the external pricing optimisation provider and internal stakeholders to adopt the optimum customer proposition, including investment decisions for a multi-million pound annual acquisition budget to achieve double digit growth targets
• 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
• Build strong relationships with external partner 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
• Living the Sainsbury’s Group values through proactively taking responsibility, owning any issues arising and following through to resolve them (within their role remit).
• Recognise how their individual responsibility impacts team delivery and inspires others to do the same.

#LI-MY1

We are committed to being a truly inclusive retailer so you’ll be welcomed whoever you are and wherever you work. Around here, there’s always the chance to try something new — whether that’s as part of an evolving team or somewhere else across the business - and we take development seriously and promise to support you. We also recognise and celebrate colleagues when they go the extra mile and, where possible, offer flexible working. When you join our team, we’ll also offer you an amazing range of benefits. Here are some of them:

Starting off with colleague discount, you'll be able to save 10% on your shopping online and instore at Sainsbury's, Argos, TU and Habitat, and we regularly increase the discount to 15% at points during the year. We've also got you covered for your future with our pensions scheme and life cover. You'll also be able to share in our success as you may be eligible for a performance-related bonus of up to 30% of salary, depending on how we perform.

Your wellbeing is important to us too. You'll receive an annual holiday allowance, and you can buy up to an additional week's holiday, and we provide private heathcare. We also offer other benefits that will help your money go further such as season ticket loans, interest free car loan of up to £10k, cycle to work scheme, health cash plans, salary advance (where you can access some of your pay before pay day) as well access to a great range of discounts from hundreds of other retailers. And if you ever need it there is also an Employee Assistance Programme.

Moments that matter are as important to us as they are to you which is why we give up to 26 weeks’ pay for maternity or adoption leave and up to 4 weeks’ pay for paternity leave.

Please see www.sainsburys.jobs for a range of our benefits (note, length of service and eligibiity criteria may apply).