What is a Pricing Analyst?
The Pricing Analyst builds and maintains pricing models for insurance products, and supports the company’s marketing team with product pricing and the quotation process. The role also involves participating and supporting actuarial pricing projects including developing and implementing new pricing methodologies, assumptions, and models for IFRS 17 and risk based capital (RBC) requirements.
What should be included in a Pricing Analyst job description?
If you are hiring a Pricing Analyst,, the job description can feature:
- Analysing data to provide meaningful explanations of results, identifying trends and providing recommendations relevant to the business
- Preparing actuarial reports and summarising results in a format appropriate for all stakeholders
- Coordinating with other actuarial and technical teams including investment and underwriting personnel, regarding assumptions, methodologies and results
- Managing experience studies, and assisting in deriving pricing assumptions for both direct pricing and reinsurance inward business
- Assisting in planning and managing team workflows in line with priorities
- Supporting business units in handling reinsurance arrangements and queries including reinsurance inward and outward business
- Participating in a wide range of pricing functions on a rotation basis such as product pricing, sales campaigns and initiatives, experience studies, new business planning, special quotations, regular reporting and risk monitoring
- Liaising with other global entities and external partners in product development and reinsurance inward projects
What skills and qualifications should a Pricing Analyst have?
A formal degree is typically required for a Pricing Analyst, often with tertiary qualifications in:
- Actuarial science
- Statistics
- Mathematics
Professional certification with an internationally recognised actuarial body may also be desirable for a Pricing Analyst.
There are several qualities that candidates for a Pricing Analyst role should be expected to display:
- Self-motivated
- Detail-minded
- Strong analytical skills
- Willingness to learn
- Highest levels of integrity and trust
- Fluency in Mandarin, Cantonese and English is an advantage