Insurance Risk Analyst

Commensurate with education and experience.
May 01, 2024
Jun 23, 2024
Full Time
Join the FHLBC team!

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Generous PTO plan
• 11 paid holidays per year
• Hybrid working model

Who we are

Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

What it's like to work here

At FHLBank Chicago, we bring people together. Our regular All-Staff meetings keep employees informed and our values drive the work that we do. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Through our Office of Diversity, Equity and Inclusion (DEI), we host signature and employee-led events to celebrate our differences and learn from each other and identify volunteer opportunities to strengthen our communities; and Employee Resource Groups (ERGs) and culture teams create connections around shared interests and experiences. We offer live and on-demand professional development opportunities to grow your skillset and your career.

What You'll do

We are seeking a highly motivated individual to join our team as an Insurance Risk Analyst. In this role, you will be responsible for assisting in the development and maintenance of risk rating models, utilizing your quantitative, actuarial, or statistical background. You will work closely with senior analysts to analyze data, build and validate models, and provide insights to support decision-making processes for our insurance company members.

How you'll make an impact:
  • Contribute to the on-going support, development and implementation of risk rating models for insurance Members, ensuring accuracy and efficiency in data analysis to support informed decision-making processes.
  • Collaborate with cross-functional teams to gather data and insights, staying updated on industry trends and regulatory requirements, and recommending necessary changes to enhance model performance.
  • Assist in underwriting and preparing of comprehensive reports covering financial condition, trend, and prospects of members and prospective members, thereby supporting the Bank in managing credit risk effectively.

What you can expect:
  • Develop and support internal models for assessing credit risk and assigning risk ratings for our life and property & casualty insurance members.
  • Maintain credit models, as well as support department analytics of large financial data sets
  • Utilize Excel VBA to build and automate models, ensuring accuracy and efficiency in data analysis.
  • Conduct statistical analysis and data mining to identify trends and patterns in credit risk.
  • Collaborate with cross-functional teams to gather data and insights to enhance model performance.
  • Stay updated on industry trends and regulatory requirements related to credit risk modeling.
  • Provide support in the preparation of reports and presentations as well as ad hoc analysis for senior management and third parties (such as regulators).

What you'll bring:
  • Bachelor's or Master's degree in Mathematics, Actuarial Science, Statistics, or some other analytical field
  • 1-4 years of experience in insurance analysis required
  • Experience with insurance organizations and statutory accounting is desired including but not limited to previous experience in credit underwriting or financial analysis, preferably in the insurance industry.
  • Familiarity with regulatory filings, statutory accounting principles, and financial modeling.
  • Experience with SNL Financial or similar financial data platforms.
  • Strong analytical skills with the ability to interpret complex data sets.
  • Knowledge of the insurance industry and understanding of credit risk principles.
  • Excellent interpersonal communication skills (written, oral, and listening) are required.
  • Attention to detail and commitment to producing high-quality work.
  • At ease working within a team-based environment.
  • Time management and an ability to display curiosity and initiative are necessary.
  • Tableau, VBA, R, SNL and Bloomberg experience is a plus
  • Familiarity with MS Office Products Required (Excel, Outlook, Access, and Word)

The Perks

At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our generous PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Step into a brighter future with us. #LI-Hybrid