Insurance Risk Lead

The Risk & Compliance team is our second line of defence (2LOD) at Tide, overseeing risk and compliance across all our global markets. The team covers all risk classes, including information security risk, financial crime risk, conduct risk, and operational risk. It is highly collaborative, focused on fostering a strong culture of compliance, acting as business partners to our first line of defence (1LOD) colleagues, and providing expert and independent oversight.

Insurance Risk is a new risk area within Risk & Compliance, to support both the new product offering, and our corporate insurance.  The timing of this role presents a significant opportunity to help shape how we build the insurance products for our members, and manage insurance risk at Tide, leveraging your experience and knowledge of industry best practices. The Insurance Risk Lead reports to the Chief Risk Officer.

ABOUT THE ROLE:

As the Insurance Risk Lead, you will be responsible for leading the development, implementation, and management of the risk framework related to the company’s insurance activities, with a particular focus on underwriting risk, claims management, pricing, and regulatory compliance. This role will work very closely with the Compliance team on licensing, and will play a critical role in ensuring Tide remains compliant with the relevant insurance regulations for a Managing General Agent (MGA). The Insurance Risk Lead will work closely with key internal stakeholders, such as the other risk areas like financial crime risk, conduct risk and regulatory risk, to assess, mitigate, and monitor insurance-related risks effectively. Key responsibilities include:

• Risk Assessment & Mitigation:
  • Oversee the identification, assessment, and management of all insurance-related risks related to our insurance offering.
  • Develop the risk appetite and KRIs and implement strategies to mitigate risk exposure in line with those.
  • Lead risk assessments for new insurance products and services, ensuring they align with the overall risk management strategy.
  • Enhance current risk mitigation practices with insurance.
• Regulatory Compliance:
  • Support the Compliance team with the MGA license application, company readiness for being licensed, and then ongoing compliance once licensed.
• Risk Framework Development:
  • Lead the integration of insurance risk into the existing risk management framework.
  • Define risk appetite and key risk indicators (KRIs) for monitoring insurance risks and ensure regular reporting to senior management and the board.
  • Ensure the establishment and enforcement of appropriate internal controls and procedures for insurance risk management.
• Insurance Product & Portfolio Risk Management:
  • Work closely with the product development teams to assess the risk profiles of new and existing insurance products.
  • Analyse and manage the risk of the insurance portfolio, recommending adjustments to product offerings or pricing as needed to maintain profitability and risk balance.
• Collaboration & Communication:
  • Serve as a subject matter expert on insurance risk, providing guidance and training to 1LOD.
  • Regularly communicate key risk metrics, reports, and insights to senior leadership and other relevant stakeholders.
  • Work with other 2LOD risk leads, such as the Director of Financial Crime Risk, Head of Operational Risk and Head of Compliance & Conduct Risk.
• Claims & Loss Prevention:
  • Support 1LOD to develop claims management policies and procedures, and then conduct oversight to ensure claims are processed efficiently and in line with company policies.
  • Develop loss prevention strategies to reduce the frequency and severity of claims and improve the overall claims experience.
• Reporting & Documentation:
  • Ensure accurate and timely reporting of insurance risk metrics and KPIs to senior leadership, board members, and regulators.
  • Document and maintain risk management procedures, policies, and compliance reports for audit and regulatory purposes.
  • Run the Insurance Risk Working Group and attend the Risk & Compliance Committee to report on insurance risk.

WHAT WE ARE LOOKING FOR:

• Experienced Insurance Risk Lead who has a strong background in insurance in an MGA model.
• Strong understanding of the insurance industry, particularly of risks related to underwriting and claims management
• Ideally prior experience with SME product lines
• Experience in a technology driven company is preferred
• Track record of execution and ability to evidence a ‘hands-on’ approach to risk management
• Experience in a 2LOD team
• Understanding of good practice in setting risk appetite, policies, risk monitoring and conducting oversight
• Ideally has been involved in building from the beginning.
• Strong understanding of regulatory capital management, stress testing, and portfolio risk analysis.
• Excellent stakeholder management skills and a track record of engaging senior leaders, boards, and regulators with credibility.
• Knowledge of risk governance and compliance expectations within the UK market (or international equivalent) is highly desirable.
• Motivated leader with a collaborative mindset and the resilience to thrive in a fast-changing, entrepreneurial environment.