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Vitality
,
London, Greater London
Head of Pricing - VitalityLife
Overview
Job Description
Vitality is an award winning, dynamic and vibrant financial services provider, with a ground-breaking vision for the future, where individuals are enabled to succeed and are rewarded and recognised for their contribution to our business. We're the UK insurer and investment provider that rewards people for positive lifestyle choices. With 1.25m+ UK members and more than 25m globally, we're out to make the world a healthier, happier place. This applies as much to our people as it does to our members. Our CORE PURPOSE is to make people healthier and to enhance and protect their lives. From people to products and processes, we aspire to deliver on our purpose in everything we do. Our VISION is to be the BEST financial services provider in the UK We are looking for talented individuals who are committed to living our values and delivering an award winning service to our customers. Overall Job Purpose Opportunity for an experienced pricing actuary to take a senior role in: developing managing the delivery of the pricing strategy for new and existing protection products; leading strategic projects to identify, develop and deliver pricing innovation and optimization; and significantly increasing the use and benefit of data and cutting-edge analytical models in pricing with the goal of improving new business quality and profitability. Accountabilities * Define and lead the delivery of the VitalityLife pricing strategy to enhance portfolio profitability. * Work closely with product development, reinsurance, underwriting & claims, sales, data science, Vitality programme, and capital and valuations teams in delivering the pricing strategy within the context of the wider business priorities and constraints. * Ownership of pricing and rate creation models, using cutting edge analytical techniques to improve effectiveness and efficiency, in conjunction with the data science team. * Improve sales and retention, whilst maintaining profitability and hitting the business plan metrics. * Deliver enhancements to pricing through R&D of rating factors and segmentation. * Manage a small team of pricing analysts and actuaries. * Perform regular re-prices and targeted prices across all VitalityLife products and channels * Pricing for policy servicing changes and reviewable products * Define price segmentation to reflect quality management of business sold * Report on pricing competitiveness, and monitor new business profitability and respond to changes * Set and maintain granular pricing basis that informs pricing optimisation * System support - provide actuarial support during system development and testing, specifically around pricing developments and changes. * Ownership of the data/systems architecture for pricing * Run regular price optimisation test and learn exercises * Reinsurance - support during new product or pricing reinsurer tenders * Builds relationships with all departments to share best practice and enhance VitalityLife analytical capability whilst building the profile of the pricing team Skills Required Essential * Extensive experience in insurance pricing * Qualified Actuary * Advanced data analytics skills, including experience using analytical tools for pricing * Proven capability to drive change from conception to delivery * Experienced manager and team leader with ability to interact with senior stakeholders * Experience working in life office or reinsurer, specifically in pricing protection products * Experience of life insurance cashflow and capital models (experience in Prophet preferable) * Excellent relationship building and communication skills - both written and verbal Desirable * Experience pricing protection products in the UK Working for Vitality, you'll experience an exciting mix of creativity and innovation, within a framework of challenging objectives and a passion for delivering the best. We think work should be fun and sociable, and we want our people to get the most out of every day. Our people are chosen for their skills, knowledge, enthusiasm and attitude but above all, their belief that anything can be achieved. As well as a highly competitive pay package, you'll enjoy: complimentary breakfasts; regular onsite physical and mental wellness workshops; on-site health checks; annual flu jabs and access to our full range of partners and rewards. It's what we call offering shared value, because a healthy, happy team is good for us, good for our members and good for you.