Job Description
We are Direct Line Group – home to some of the country's best-known brands including Direct Line, Churchill, Privilege, Greenflag, and NIG. Our vision is to create a world where insurance is personal, inclusive, and a force for good, and our purpose is to help people carry on with their lives- giving them peace of mind now and in the future.
To help us deliver on this vision and purpose, we're transforming our systems, products, and services, and constantly innovating for the future - in the evolution to be a forward-thinking technology and data company. Servicing millions of customers each year, and employing over 10,000 employees, minimising risk for our customers and employees is so crucial to the success of DLG.
Aligned to the wider business transformation, our Risk and Compliance function has embarked on its own 2-year transformation journey with the aim to reposition and rebrand Risk through a re-energised vision and leadership team under our new Chief Risk Officer (CRO), as well as scaled up capabilities through investment in our people and in technology, while reviewing the framework, strategy, and overall risk appetite.
There's a lot to do here, and it's exciting. As our CRO says, we're on a journey to make DLG "Risk Positive". We're looking for people who are excited by the challenge of becoming a cutting-edge Risk function, and as a result we have a fantastic opportunity to join DLG as a Head of Stress & Scenario Testing and Risk Modelling.
The role:
Reporting into our Head of Insurance and Financial Risk, you will lead the second line oversight of Risk Modelling for DLG, and oversight of the technical pricing models, pricing model governance, and management of accumulation risk. You will be a risk SME to other financial risk teams and provide input on our pricing decisions and strategy, solvency risk oversight, and calibration of the internal capital model.
Through your role, you'll enable our Capital Modelling team to assess our Operational risk capital requirements, and provide oversight and challenge of relevant pricing, underwriting, and climate change management at governance committees, such as the Model Governance Board and the Climate Committee.
You'll be a people leader to 1, but you'll contribute to the development and mentoring of the wider Financial Risk team - empowering everyone to be curious and keep abreast of relevant industry and regulatory developments, to ensure we're always in compliance and we're always improving.
What else you'll be doing:
- Plan, design, and implement a suitable schedule of stress tests and scenario analysis, to reflect regulatory and business requirements and industry good practice. Assess potential management actions and influence DLGs strategy, financial decisions and risk appetite through the results
- Review and update the relevant risk policies and framework to ensure adequacy for regulatory needs and business requirements
- Develop and maintain the reporting, key risk indicators (KRIs) and management information (MI) for relevant risks
- Prepare accurate, timely and relevant reports in line with Executive, Group and senior management requirements including Risk Management Committee and Board Risk Committee. Provide significant input into the ORSA
- Ensure comprehensive documentation for work undertaken, in line with Technical Actuarial Standards
- Develop effective working relationships with senior stakeholders in Finance and the business to develop stress & scenario tests and ensure effective model risk and climate change oversight
What you'll need:
Actuarial or pricing experience, coupled with experience in stress & scenario testing and/or pricing either in first or second line functions of general insurers
Hours: 35 hours (Monday - Friday)
Hybrid Working: We have a hybrid model with a virtual-first approach which means you would primarily work from home. The team currently meet 1 day a week in the Bromley or London office (near Monument). As long as you live a commutable distance from one of our offices in Leeds, Birmingham, Bristol, Bromley, or Glasgow and understand you might need to travel into Bromley/London upto 1x a week, that's great. We'll support you as best as we can!
Ways of Working
Our mixed model way of working offers a 'best of both worlds' approach combining the best parts of home and office-working, offering flexibility for everyone. How much you'll be in the office depends on your role, and we'll consider the flexible working options that work best for you.
Read our flexible working approach here.
Benefits
We recognise we wouldn't be where we are today without our colleagues, that's why we offer excellent benefits designed to suit your lifestyle:
- Generous 9% employer pension. Regardless of whether you contribute into your pension or not, DLG pay 9% into your pension (but you can take this as cash if you want!)
- Eligibility for annual performance bonus of up to 20%
- Generous holidays, 30 days of annual leave (excluding bank holidays). Plus, the option of buying or selling upto 5 days each year!
- 50% off home, motor and pet insurance
- Free travel insurance and Green Flag breakdown cover
- Electric Vehicle car scheme which allows all colleagues to lease a brand new electric or plug-in hybrid car in a tax efficient way
- Free private medical cover for you!
- Buy-as-you-earn share scheme
- Employee discounts and cashback
Being yourself
Direct Line Group is an equal opportunity employer, and we think diversity of background and thinking is a big strength in our people. We're delighted to feature as one of the UK's Top 50 Inclusive Employers and are committed to making our business an inclusive place to work, where everyone can be themselves and succeed in their careers.
We know you're more than a CV, and the things that make you, you, are what bring potential to our business. We recognise and embrace people that work in different ways so if you need any adjustments to our recruitment process, please speak to the recruitment team who will be happy to support you.
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