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Head of Pricing Innovation

Cardiff

  1. Full time

Closing date

28/05/2024

About the job

Admiral has always considered Pricing to be a fundamental cornerstone of the successful growth of our business. This is a rare and exciting opportunity to join Travel Insurance Pricing in a  key leadership role and in a very exciting stage of maturity where business is growing rapidly, pricing structures are becoming more sophisticated and team is expanding fast both in terms of team size and expertise.

We are looking for an ambitious and enthusiastic pricing leader with a strong appetite to challenge the status quo of pricing in travel industry. This person would be leading pricing innovation  on various initiatives including finding and leveraging new data sources for travel pricing, testing new pricing structures that enables long term business value, leveraging Group data science capability to implement new Machine Learning/AI use cases within travel, and collaborating with other travel pricing leaders to build and maintain a coherent and optimized pricing structure.

The person will extensively work with other products, Admiral Technology and 3rd party providers to lead new pricing POC and embedding new data, new methodologies and new way of thinking to our pricing structure.

For this role we would need a strong prior work experience in insurance pricing. We are still a small team and entering at this senior level would give you the capability to strongly influence our pricing structure and pricing team ground up.  

Main duties

This is a leadership role in which we expect you to build a team that creates a competitive advantage in pricing for Admiral Travel and you will:

  • Challenge the status quo of how we do pricing and build the innovation house to create exceptional pricing tools that would build sustainable advantage for Admiral travel business.
  • Explore new data sources, evaluate its pricing value and enable usage of such data for pricing across channels.
  • Build new business cases of creating new pricing capabilities, secure funding and enable execution working with other functions, products and 3rd parties.
  • Managing 3rd party relationships with new data and capability providers.
  • Establish a team that works with Admiral Data Science  teams as a business user to implement AI/ML use cases across different parts of value chain in Travel pricing.
  • Evaluate and advice on our overall pricing structure on both core and add-on products that helps us optimize long term profitability through pricing.
  • Establish practice to find unorthodox interactions in our pricing data that can helps create advantage across industry.
  • Design and Implement Pricing tests to understand customer behaviour like elasticity, and challenge industry way of traditional pricing.
  • Review external and internal data sources for value to insurance pricing and make recommendations.
  • Act as a liaison for pricing department and answer any customer queries related to pricing.
  • Establish new capabilities like understanding large losses and finding ways to embed this learning into pricing.
  • Explore new avenues of rating for Travel Insurance through finding new and innovative ways to rate on existing data and enhancing the rating structure through new external data sources.

Experience & Competencies

  • Strong communication and interpersonal skills.
  • Prior leadership experience in Insurance Pricing and 4+ years experience in pricing roles.
  • Able to manage workload for self and for team to meet timelines while managing high quality of work.
  • Flexibility to adapt to changing conditions and priorities.
  • Ability to build a business case and evaluate new strategic pricing options
  • Highly numerate with excellent attention to detail.
  • 2.1 or higher in a numerate degree such as Mathematics, Engineering or Economics.
  • Highly motivated and ability to work off your own initiative.
  • Prior experience with any programming language (SAS, SQL, Big Query or a similar language) is preferred; in-house training will be provided to adapt to the role’s requirements.

Salary, Benefits and Work-Life Balance

We do not have a set salary for this position, as it will be dependent on the successful candidate’s experience. We are happy to see CVs from all candidates who meet the requirements and will be happy to discuss the remuneration package.

At Admiral, we are proud to be a diverse business where we put our people and customers first. We have great benefits to ensure employees have a great work-life balance; it's one of the reasons we’re consistently voted one of the Sunday Times Best Big Companies to Work For in the UK. We want you to have an element of freedom to define a working lifestyle that supports this, so accommodate flexible hours wherever possible.

All colleagues will receive 33 days holiday (including banks holidays) when they join us, and this will increase with length of service, up to a maximum of 38 days (including banks holidays). You also have the option to buy or sell up to five days of annual leave in addition to your allocation.

You can also view some of our other key benefits here.

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