Senior Analyst, Insurance Analytics Division - Insurance Directorate London, England
Job description
Senior Analyst, Insurance Analytics Division - Insurance Directorate
- (009442)
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.
We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.
Department Overview
The Insurance Analytics Division (IAD) sits within the Insurance Supervision Directorate in the PRA. IAD is a hub for work related to insurer stress testing, data analytics, risk analysis, strategy and business planning, resourcing and development, Solvency II reforms, business model and markets analysis, and micro-to-macro analysis contributing to our supervision of PRA-regulated insurers.
We are hiring a senior analyst to support delivery of the current and longer-term Insurance Stress Testing program. The role brings a wide range of learning opportunities, with exposure to stakeholders at all levels, including at senior level in Insurance and the wider PRA. Insurance stress testing, especially for annuity writers, will take on an ever increasing importance in view of the regulatory changes within the Financial Services and Markets Bill.
Insurance Supervision is fully committed to diversity and equality for all staff. This role can be carried out as part of a job-share arrangement and/or with flexible working.
Job Description
The Insurance Directorate is looking for a motivated analyst to join the Stress Testing Strategy & Horizon Scanning team in IAD to support current and future stress testing activities in the directorate as well as thematic work on emerging risks.
Over the next two years, The Insurance Directorate is redesigning life insurance stress test following HMT’s Solvency II review. The PRA will be the first global regulator to publish individual life insurer stress test results. At the same time, we are reviewing the strategy for the general insurance stress test. As a result, this role provides an opportunity to influence and shape the longer-term design of insurance stress testing and to contribute to the success of one of the PRA’s top strategic priorities.
Sitting within Stress Testing Strategy & Horizon Scanning team, this role will also provide the candidate with opportunities to work on projects across both general and life insurance sectors and engage in cross-cutting horizon scanning activities across wider Bank.
The successful candidate will work collaboratively across the Insurance Directorate, Policy and other relevant areas of the Bank.
This role’s responsibilities will include:
- Providing analytical support in designing and developing various elements of the stress testing framework, working across Insurance Directorate and Policy.
- Contributing to horizon scanning work, including supporting engagement with the HMT on emerging risks in insurance.
- Supporting drafting of the Approach to Stress Testing document and results publication.
- Internal and external stakeholder management, including:
- Drafting briefing notes and slides (with input from workstream leads).
Role Requirements
Minimum (Essential) Criteria
- Strong critical analytical skills – ability to analyse complex information independently, exercise judgement and draw clearly reasoned conclusions quickly, with appropriate consideration of alternative solutions
- Excellent written and verbal communication skills, attention to detail, and the ability to vary style to the circumstances. You will develop briefing notes and presentation slides for a range of audiences under the oversight of the Senior Manager.
- Knowledge of the UK insurance industry and current market and regulatory challenges / priorities.
- Strong level of self-awareness and a proven willingness to develop technically.
- A proven willingness to make broader contributions across the department/insurance supervision.
- Ability to represent IAD and the PRA in a professional and credible manner.
- A proven team player, flexible, pragmatic, and ability to work with others to achieve results.
Desirable Criteria
- Previous stress testing experience either in banking / wider financial services or insurance.
Our Approach to Inclusion
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
- A discretionary performance award based on a current award pool.
- A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
- 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
- Private medical insurance and income protection.
The closing date for applications is 12 Sept 2023.
