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Risk Actuarial Analyst

Hiscox Underwriting Group Services Ltd (HUGS) • Full-time • London - 22 Bishopsgate, United Kingdom • 4d ago

Job Type:

Permanent

Build a brilliant future with Hiscox

Position: Risk Actuarial Analyst

Reporting to: Lead Risk Actuary

Location: London-based, with Hybrid - min of 2 days in the office

The role and the team:

This role reports to the Head of Quantitative Risk within the Group Risk & Compliance Team and plays a key role in delivering insights and challenge to the business as part of Hiscox Group’s Risk Management Framework. In this role, you will support the delivery of second line analytical work across insurance, market, operational and credit risk, including contributing to the Internal Model validation across the Group. You will also support the team in quantitative and actuarial areas of the risk management framework such as stress and scenario testing, risk appetite, specific risk reviews and regulatory reporting. The team produces high profile reporting that is seen by Executives, Boards and Risk Committees both at a Group level and for subsidiary legal entities.

We operate within a complex Group framework which will give you exposure to different regulatory regimes operating across multiple jurisdictions and to all key business functions. With a focus on Hiscox’s Lloyd’s Syndicates and Group you will obtain insight into the business that is not typically seen in more traditional actuarial roles.

As a member of the Risk & Compliance function, you will benefit from a supportive and collaborative team culture, direct exposure to the Group Risk Director as well as the Group and Legal Entity Chief Risk Officers, giving you the opportunity to develop meaningful, collaborative business working relationships across Hiscox.

What you’ll be doing:

Under the guidance of the Lead Risk Actuary, assist with Internal Model validation testing in line with regulatory and Board requirements. You will be involved in:
- Performing and/or reviewing validation tests for all components of the Hiscox Internal Model.
- Producing analysis and providing challenge to give the legal entity Boards confidence that the Hiscox Internal Model is accurately capturing the risks that they’re exposed to.
- Assisting in the preparation of validation reporting for consumption by model owners, governance committees, the Executive, Boards / Risk Committees and regulators.
- Supporting improvements to validation processes, outputs and documentation to ensure continuous enhancement.
Supporting mandatory and ad-hoc second line risk reviews conducted across Hiscox Group’s legal entities and business functions. No two reviews are the same and you will use a broad range of analysis, problem solving and research skills to drive insights and provide challenge to the first line. Examples of previous risk reviews include deep dives into Internal model risk areas, reviews of the Business Plan, Standard Formula capital calculations, reinsurance strategy, exposure modelling and reserving practices.
Supporting and improving stress and scenario testing and risk appetite monitoring across the Group by helping to collect, analyse and interpret data.
Supporting the production of regulatory processes and submissions, including ORSAs, ad-hoc risk MI and risk monitoring and reporting.

Person specification:

We are looking for an enthusiastic, energetic and pro-active individual with a strong desire to develop their expertise in risk and actuarial work. You will be comfortable working independently and taking ownership of your work be in an organised manner. Given the dynamic and complex nature of the business, you’ll need to be able to prioritise, adapt and think critically with a pragmatic approach to problem solving.

Experience in second line validation roles or first line roles such as capital, reserving, pricing will be beneficial as will a strong commercial mindset and curiosity about how actuarial insights drive decision making.

Skills / Qualification / Experience Required:

As a guide, 3- 4 years’ actuarial / statistical experience at an insurance company or consultancy in a validation or traditional actuarial role.
Progressing towards or recently achieved actuarial qualification (study support provided).
A numerical based degree or equivalent qualification with strong quantitative and analytical skills.
Understanding of Solvency II and equivalent regulatory actuarial and risk requirements and related reporting.
Knowledge of key risk types as applicable to retail / commercial (re)insurance.
Good knowledge of Excel and other Microsoft Office software
Ability to solve problems and put forward new ideas.

About Hiscox

As an international specialist insurer we are far removed from the world of mass market insurance products. Instead we are selective and focus on our key areas of expertise and strength - all of which is underpinned by a culture that encourages us to challenge convention and always look for a better way of doing things.

We insure the unique and the interesting. And we search for the same when it comes to talented people. Hiscox is full of smart, reliable human beings that look out for customers and each other. We believe in doing the right thing, making good and rebuilding when things go wrong. Everyone is encouraged to think creatively, challenge the status quo and look for solutions.

Scratch beneath the surface and you will find a business that is solid, but slightly contrary. We like to do things differently and constantly seek to evolve. We might have been around for a long time (our roots go back to 1901), but we are young in many ways, ambitious and going places.

Some people might say insurance is dull, but life at Hiscox is anything but. If that sounds good to you, get in touch.

Diversity and Hybrid working

At Hiscox we care about our people. We hire the best people for the job and we’re committed to diversity and creating a truly inclusive culture, which we believe drives success.

We have also learned over the past few years that working life doesn’t always have to be in the office, and now it is safe to do so we have introduced hybrid working to encourage a healthy work life balance.

This hybrid working model is set by the team rather than the business to enable you to manage your own personal work-life balance. We see it as the best of both worlds; structure and sociability on one hand, and independence and flexibility on the other.

Apply now for further information

You can follow Hiscox on LinkedIn, Glassdoor and Instagram (@HiscoxInsurance)

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