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Pricing Manager - Home Insurance

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.

The role holder will act as the manager for pricing analysts while being the liaison between pricing and the wider Insurance team.

The role holder will be the subject matter expert for one of Sainsbury’s Bank’s key insurance products. In addition 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.
• Take ownership of developing, maintaining and delivering new business and renewal pricing models for Sainsbury's Bank’s insurance products. The key deliverables are:
  • Broker 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 (i.e. Generalized Linear Models) through the use of 3rd party and/or in house software.
    • Assist and support Data Science team in development of Price Optimisation solutions and test and deploy solutions provided
    • Understand and influence other key elements of the insurance journey by constructing propensity models for marketing, ancillary products and bad debt and/or fully utilising models developed by the Data Science team.
    • Facilitate strategic advantages from Sainsbury’s unique data sources to tailor price and product to best meet the customers’ requirements
  • Introducer Business
    • 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.
• 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, 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.
• Be the subject matter expert, establish and maintain external actuarial contacts to ensure awareness and understanding of market and competitor developments, particularly around new pricing methodologies, tools and data usage
• 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 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.
• Be visible to help to deliver a positive, inclusive culture where everyone can deliver to their full potential
• Consistently focus on the bank being an inclusive employer and a place where people love to work.

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