Insurance Risk Management Specialist

2 weeks ago


Chicago, Illinois, United States Argo AI Full time

This role is essential for ensuring the effective management of insurance risks within Argo AI.

The **Insurance Risk Manager** will take charge of the Insurance Risk and Control Framework, collaborating with underwriting and actuarial teams to enhance the underwriting and reserving processes. This position serves as a critical second line of defense on insurance risk matters, providing a unique opportunity to build a robust internal network and engage with senior stakeholders across various departments.

Key Responsibilities
  • Identify, evaluate, manage, monitor, and report on all insurance risks, both gross and net of reinsurance, that are significant to Argo AI.
  • Develop and maintain key risk indicators (KRIs) and RAG trigger limits to track trends in risk exposures.
  • Contribute to the formulation of the insurance risk appetite and monitor the risk profile to preemptively address potential breaches.
  • Challenge and provide insights on the management of insurance risks, including contributions to the annual ORSA and business plan risk assessments.
  • Collaborate closely with the Economic Capital Modelling team, particularly in the calibration of insurance risk and its outputs.
  • Assist in the establishment of effective systems and controls regarding exposure to aggregated insurance risks.
  • Work alongside Actuarial teams to conduct regular reviews of pricing and reserving processes, identifying key risk drivers and trends.
  • Enhance the visibility of risk management practices and support the business in understanding these processes.
  • Design and develop risk management information (MI) that provides oversight of current risk issues and anticipates future risks.
Required Skills and Competencies
  • Experience in managing cross-product line risk aggregation or conducting quantitative portfolio analysis.
  • Exceptional communication skills, capable of facilitating discussions and assessments at various organizational levels.
  • Strong familiarity with the general insurance industry and a solid understanding of insurance risk.
  • Strategic mindset with the ability to create a roadmap and secure stakeholder buy-in.
  • Analytical proficiency in utilizing data and analytics for effective risk management.
  • Proactive self-starter who challenges conventional approaches and formulates innovative concepts.
  • Collaborative team player who fosters strong relationships and brings teams together.
  • Effective prioritization and diligence in planning work with minimal errors.
  • Results-driven approach, consistently delivering outcomes.
  • Influencing capabilities with an engaging and credible demeanor, adept at building trust across diverse cultures.
  • Commercial insight that combines analytical skills with business acumen.
  • Strong organizational skills, consistently meeting deadlines and delivering tasks.
Qualifications
  • Strong academic background, including a university degree.
  • Desirable qualifications in insurance or risk management.
Technical Skills & Experience
  • Experience in underwriting, pricing, or portfolio management.
  • Alternatively, experience in an assurance role with a deep understanding of underwriting risk.
  • Extensive knowledge of risk management frameworks.
  • Strong numeracy, report writing, and presentation skills.
  • Experience in a multinational (re)insurance environment, meeting regulatory obligations.
  • Good understanding of underwriting, ceded reinsurance, actuarial, and risk management functions.
  • Proven ability to work effectively with a diverse range of stakeholders across various levels of hierarchy.


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