Course in Risk-Based Pricing Models
300-hour online course in risk-based pricing models. 6 modules covering Law 20/2015 (LOSSEAR, premium sufficiency), Delegated Regulation (EU) 2017/2358 (product governance, POG) and Akur8. Assigned tutor and open enrolment.
Course in Risk-Based Pricing Models — studying from the United Kingdom
Insurance and risk analysis are important sectors in the United Kingdom, with London's market, the City of London and Edinburgh's financial services hub employing large numbers of actuaries, risk analysts and data specialists. Engineering knowledge is increasingly valuable in assessing risk for vehicles, infrastructure, energy and emerging technologies. Insurers and reinsurers use modelling, catastrophe analysis and telematics data. Regulation by the Prudential Regulation Authority and the Financial Conduct Authority shapes professional practice in this area.
Fees for the United Kingdom: £537 (Pound sterling), with instalments and employer sponsorship available.
Relevant bodies in the United Kingdom
Typical roles
Questions from the United Kingdom
Which UK bodies relate to actuarial and risk qualifications, and does SEIUM's training count towards their exams?
In the UK, actuarial professional status is governed by the Institute and Faculty of Actuaries, which runs its own examinations and accreditation. SEIUM's training is not accredited by the IFoA or any national body, and it does not confer exemptions from those exams unless the IFoA itself decides so. Confirm exemption policies directly with the IFoA before enrolling.
Do UK insurers and risk firms hire people with private online engineering or data qualifications?
UK insurers and risk consultancies recruit on the basis of skills, experience and recognised credentials. A private qualification may support an application where it demonstrates applied data or risk modelling, but employers decide its value case by case. Practical project work often carries more weight, so present your final project clearly on your CV and in interviews.
How much study time is needed, and can I pay for it in instalments while working in the UK?
Programmes range from 300 hours for specialist courses to 1,900 hours for master's programmes, all delivered online in English. You are assigned a technical tutor for support. Fees are payable in instalments, and employer sponsorship is possible. Plan weekly study hours realistically, as the total hours are substantial for a part-time learner.
Take the controls.
Run a real engineering trade-off from this field. Move the sliders, watch the model react in real time and beat the challenge.
What you will be able to do
Explain the principles of risk-based pricing.
Build a technical tariff from frequency and severity.
Incorporate costs, margins and sufficiency criteria.
Model demand, conversion and renewal.
Apply responsible and non-discriminatory segmentation.
Implement and monitor the tariff in production.
Develop a complete pricing strategy in a final project.
Who it's for
- Pricing actuary who wants to specialise in risk-based pricing models.
- Commercial pricing analyst who wants to specialise in risk-based pricing models.
- Tariff manager who wants to specialise in risk-based pricing models.
- Pricing data scientist who wants to specialise in risk-based pricing models.
- Non-life insurance product manager who wants to specialise in risk-based pricing models.
- Pricing consultant who wants to specialise in risk-based pricing models.
- Engineering or science graduates seeking to enter non-life insurers.
What you'll work with
- Law 20/2015 (LOSSEAR, premium sufficiency)
- Delegated Regulation (EU) 2017/2358 (product governance, POG)
- ASOP No. 12 (risk classification)
- Directive 2004/113/EC (equal treatment)
- EIOPA supervisory statement on differential pricing practices (2023)
- Law 15/2022 (equal treatment and non-discrimination)
6 modules · 300 h
1.1What it means for price to reflect risk1.2Technical premium, commercial premium and final price1.3Actuarial fairness and mutualisation1.4Segmentation: benefits and social cost1.5An insurer's price review cycle1.6Process participants and their incentives1.7Technical, commercial and regulatory constraints1.8Indicators that measure pricing quality1.9Documentation of the pricing process1.10Workshop: diagnosis of an insurer's pricing process
2.1Experience base and its cleansing2.2Frequency and severity models by cover2.3Treatment of large and catastrophic claims2.4Trend, inflation and experience levelling2.5Tariff factors and their multiplicative structure2.6Interactions and specific risk segments2.7Credibility and factor smoothing2.8Validation of the technical tariff2.9Factor table and its implementation2.10Practice: building a technical tariff
3.1Acquisition and administration expenses3.2Allocating expenses to product and segment3.3Reinsurance cost and its distribution3.4Cost of capital and required return3.5Safety loading and technical margin3.6Target rate and sufficiency analysis3.7Sensitivity of results to loss ratio3.8Technically defensible minimum price3.9Effect of instalments and taxes3.10Practice: moving from technical premium to target price
4.1Price elasticity and its estimation4.2Conversion by channel and by segment4.3Renewal: increase applied and accepted4.4Retention models and their use4.5Price optimisation and its ethical limits4.6Pricing practices questioned by the supervisor4.7Pricing for new and existing customers4.8Price transparency and communication4.9Controlled tests and control groups4.10Practice: simulating a tariff change
5.1Permitted, prohibited and debatable variables5.2Indirect proxies for protected attributes5.3Impact analysis by customer group5.4Segmentation granularity and its risks5.5Effect of segmentation on affordability5.6Excluded groups and possible responses5.7Documentation of segmentation decisions5.8Explaining the price to the customer5.9Ethical review of the tariff5.10Practice: reviewing a segmentation structure
6.1Implementing the tariff in the pricing engine6.2Recalculation and reconciliation testing6.3Phased rollout and impact control6.4Monthly monitoring of price and portfolio mix6.5Technical deterioration alerts6.6Periodic review and extraordinary triggers6.7Pricing governance and responsible committee6.8Documentation for the supervisor6.9Common pricing errors6.10Final project: full price review of a product
How you'll learn
100 % online training on the SEIUM campus, with downloadable material, recorded classes and an assigned technical tutor. No fixed timetables: students progress at their own pace within the intake, which makes it possible to combine study with work.
Each module combines theory, guided reading of the original standard and applied exercises. The working software is Akur8, Radar (WTW), Earnix, R, advanced Excel, in free, academic or evaluation versions. Case studies are based on real procedures for building technical tariffs, conversion and renewal models, and premium sufficiency analysis. Assessment is continuous by module, plus the final integrating project.
Build it end to end
Your final project follows the real engineering workflow, step by step, reviewed by your tutor.
Explain the principles of risk-based pricing.
Build a technical tariff from frequency and severity.
Incorporate costs, margins and sufficiency criteria.
Model demand, conversion and renewal.
Apply responsible and non-discriminatory segmentation.
Where this takes you
Requirements
- No prior qualification is required.
- An internet connection and a computer capable of running the programme's software.
- Sufficient Spanish to follow technical regulatory texts.
Ready to start?
Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.
Frequently asked questions
The programme comprises 300 hours in total, spread over 3 to 5 months. That is an average of between 10 and 15 hours per week, compatible with a full-time job.
You will work with Akur8, Radar (WTW), Earnix, R and advanced Excel. Free, academic or evaluation versions are used, and the tutor indicates the free alternative where one exists.
A SEIUM diploma upon passing the continuous assessment and the integrating project. It is in-house training, not an official qualification from the Ministry.
Yes. Modules passed in a course or postgraduate diploma in the same area are recognised towards the higher-level programme. Please check the recognition policy when you enrol.
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