Senior Underwriting Risk Manager
We are recruiting for a Senior Underwriting Risk Manager. In this newly created role you will be supporting the Head of P&C Risk and CRO Office and AXA Insurance Chief Risk Officer in coordinating a second line of defence on Underwriting risk for AXA Insurance. This includes planning, developing and leading the Underwriting risk team in AXA Insurance, to develop the standards to identify, assess, monitor and manage Underwriting risks across AXA Insurance.
The key accountabilities in this role include:
- Develop, annually review and deliver Product Approval Process (PAP) plan including identifying when PAPs are required, follow up PAPs and action tracking.
- Develop, manage and monitor application of the Product Approval Process (PAP) process (including for new products and material product developments) for AXA UK and provide the 2nd opinion product design and performance relative to strategic plan and economic targets in PAPs on behalf of the CROs. Review PAP 2nd line opinions produced by P&C Risk Managers ensuring 2nd line opinions include input from across the Risk & Compliance teams. This 2nd opinion will also provide advice and support to the Finance Director, Executive MDs, CEO, CRO and AXA Group.
- Coordinate review of New Deals and significant renewals between Retail and Commercial, working with P&C Risk managers to set criteria for review and sign off.
- Provide input to 2nd opinion on risk considerations for the strategic plan (including financial plans), Underwriting reviews, AFH reports and any strategic developments. Develop and maintain own awareness of Business Unit (“BU”) strategies and in all activities verify that actions taken are aligned to strategic goals.
- Oversee the annual stress & scenario testing process, setting the scenarios with input from CROs, AFH, Head of P&C Risk and including key insights from Emerging risks, top risks, strategy reviews and other external considerations as required. Creat the insurance risk related scenarios and work with other 1st and 2nd line teams to get input on other scenarios as appropriate.
- Undertake or input in to independent reviews to provide a second opinion on behalf of the CROs on: pricing models – complementing work by Pricing Assurance; and reserve recommendations and insurance risk related capital model parameters & results.
- Ensure the necessary insurance risk input is provided for the regular MC Updates, CRO Reports and annual ORSA report.
- Ensure an appropriate Risk Management Framework is in place for Insurance Risk and Risk Appetites are set for Insurance Risks across AXA Insurance, in line with Group Standards and Policies. Monitor and report adherence to Risk Appetites and assist 1st line in plans to return to within Appetite where this has been breached.
- Assist Head of P&C Risk and Head of Capital & Reserving Risk in undertaking a second opinion / challenge on reinsurance coverage/strategy proposed by Chief Actuary or Reinsurance team within AXA UK, taking into account business needs, external market considerations and risk appetite.
- Oversee 2nd line review of Clymene inputs for Liability and Cyber, overseeing and production of report and completing initial review, review process with Group and ensuring all deadlines are met.
- Ensure Underwriting and Reinsurance policies are updated annually to align with Group requirements and any appropriate regulatory requirements.
To excel in this role you will need the following experience & qualifications:
- Typically qualified actuary. Alternatively an actuarial/general insurance professional qualification or demonstrating equivalent insurance knowledge to fulfil key accountabilities for the role
- Significant general insurance experience, particularly in pricing or underwriting
- Relationship management skills – ability to manage key relationships and act independently
- Excellent written and verbal communication skills – able to interact with Executives, Senior Management and regulators
- Substantial product and industry knowledge and understanding of regulatory framework
- Business acumen
- Self motivation
- Proven ability to work under time pressure
- Attention to detail
- Ability to plan, prioritise and manage a large number of tasks
- Ability to coordinate activities of a small team
- Analytical problem-solving skills
With a presence in over 60 countries, and 165,000 employees serving the needs of 107 million customers, AXA is big.
But never too big to care for every single person who works here. So when you join us, we promise to put our collective might behind you and your career.
You’ll work in an open and supportive environment where you’ll be developed, challenged and encouraged to move around to achieve even bigger and better things – nationally and internationally. You’ll learn directly from senior leaders, from the best in our business. And you’ll enjoy real responsibility, really early on.
Every large company today talks about supporting diversity and inclusion. But at AXA UK, these values form an integral part of everything we do. For us, it’s about bringing together the best talent, helping people to realise their full potential by being 100% themselves at work and delivering outstanding service to everyone – regardless of difference.
We’re proud to be part of the AXA Group, a global insurance brand and a worldwide leader in financial services, providing corporate support services to a whole range of AXA UK businesses. From how we use the latest technology to exploring new channels to market, our impact is far-reaching, wide-ranging and ever-evolving. We actively encourage our people to think differently. Because only by challenging the status quo will we push AXA onto even greater things.
When you join us, you’ll find an open and supportive environment, where everyone is encouraged to be true to themselves. We listen to one another and keep our minds open, so that we can challenge our perspective and grow our understanding. We’re always ready to improve our work environment, and we stand up for what we believe in, because we want to make a difference to the lives of our customers everywhere.
Here is also a small selection of our current benefits:
- Bonus Scheme linked to yours and the company’s performance
- Pension scheme with employer contributions as well as your own
- 28 days’ holiday increasing with service plus bank holidays
- Interest free season ticket loan scheme
- Share Plan Scheme
- Flexible Benefits Scheme
- Discount on all AXA Insurance products, including insurance, breakdown cover & healthcare