Insurance Risk Modeling Senior Risk Analyst
About this role
Join us as Insurance Risk Modelling Senior Risk Analyst
Make your mark in Risk Modelling
Reporting to the Head of Insurance Risk Modelling, you will support the development, calibration, testing, and enhancement of AIG's Insurance Risk capital models and associated business uses. The primary focus of the role is the quantification of non-catastrophic Insurance Risk, including Reserve Risk and Premium Risk, within AIG's Economic Capital Models. A significant component of the role involves the development and application of stochastic actuarial techniques to estimate the full probability distribution of unpaid claim liabilities. This involves end to end processes from methodology, coding, data gathering, model execution, assumption setting, measurement, testing, and communication of results to business stakeholders.
The role has a broad range of exposure, supporting both Solvency II models for UK and European entities, Canada, Bermuda, Japan and Group Economic Capital Models. The models are used both for regulatory capital requirements and for internal uses such as capital allocation and inputs to technical pricing.
How you will create an impact
The role works closely with actuarial, risk management, underwriting, and finance teams across AIG's global operations. It is ideally suited to a candidate with strong interests in capital modelling, Insurance Risk, statistical methods, and coding.
Responsibilities
- Develop stochastic actuarial models and applications for non-catastrophic Reserve and Premium Risks including AIG’s existing in-house models and advancement of related actuarial techniques.
- Calibration of Insurance Risk parameters within AIG's Internal Capital Model. Includes both line of business volatilities and cross-line correlations. Analyse historical claims and underwriting data to develop model assumptions and parameters.
- Translate business requirements into analytical solutions and model specifications.
- Perform testing, sensitivity analysis, benchmarking, and validation of model results.
- Support business partners in understanding Insurance Risk, capital requirements, and model outputs.
- Communicate analytical approaches and results to both technical and non-technical audiences.
- Maintain model documentation and support governance, validation, and review activities.
- Respond to ad hoc requests relating to Insurance Risk and capital analysis.
- Experience working with programming languages such as Igloo, Python, R, VBA, MATLAB, or similar quantitative tools.
- Strong analytical, problem-solving, and critical-thinking skills.
- Ability to evaluate model assumptions, data quality, and reasonableness of results.
- What you’ll need to succeed
- Experience in insurance, actuarial, capital modelling, or quantitative risk management.
- Experience applying stochastic modelling techniques within Property & Casualty insurance or related areas.
- Understanding of reserving, pricing, Insurance Risk, economic capital modelling, and risk aggregation principles.
- Proven proficiency in mathematical, statistical, actuarial, and quantitative methodologies.
- Knowledge of Solvency II and related insurance capital regulatory frameworks is advantageous.
- Progress toward an actuarial qualification is desirable but not required.
- Degree in Actuarial Science, Statistics, Quantitative Finance, Data Science, or Mathematics.