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Pricing and Product
A little bit more about our Pricing Graduate Program…
What degrees / disciplines are we seeking?
Actuarial, Mathematics, Statistics, Data Science
What is exciting about the area?
- You’ll be part of a growing team of actuaries and data scientists, as we aim to build the best in the world pricing capability for the future.
- You learn how to apply a variety of traditional actuarial modelling and machine learning techniques to solve real-world risk assessment problems.
- You will get a wide range of pricing experience, working across personal and commercial lines products, and multiple brands.
What is the strategy or mission of the area?
- We are differentiators of risk for pricing insurance products. We do this by using a combination of traditional linear modelling, machine learning and actuarial techniques to determine the characteristics and methodologies that best predict how much a customer is likely claim on their insurance policies.
- We develop and deploy pricing strategies, principles and infrastructure to support brand strategies and targets. We do this by making sense of data and analytics to find the right balance between our customer, shareholder and community expectations.
- Our mission is to build the best in the world pricing capability for the future, while looking after today.
What will the successful candidate(s) work on?
Within Pricing, we have three main areas of focus. The successful candidate(s) will work within some or all of these:
- Technical Pricing – this involves using a combination of traditional linear modelling, machine learning and actuarial techniques to determine the characteristics and methodologies that best predict how much a customer is likely to claim on their insurance policy. Tasks include building/updating technical price models to inform pricing and profitability decisions, providing strategic insights and recommendations to the business, understanding and responding to emerging trends in risk differentiation, and assessing the overall health of insurance portfolios against financial targets.
- Book Pricing – this involves using technical pricing models, customer elasticity models, competitive position, segment strategies and system constraints to deliver prices to the market. These are the prices that our customers and partners see when we deliver price quotes. Tasks include assisting the portfolio management team in identifying profitable and unprofitable segments, building ‘go to’ market price structures, and assessing the impact of price changes on our customers and on our strategic portfolio targets.
- Pricing Engine – the aim is to develop IAG’s pricing engine of the future and involves building best-practice, modular pricing algorithms that can be replicated across products and brands.
Find out more about our 2020 Graduate Program.
Start your career journey with us and click ‘Apply now’! Applications close on 13 April 2020.