Insurance Risk Analyst
Company: Federal Home Loan Bank of Chicago
Location: Chicago
Posted on: April 30, 2024
Job Description:
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 areOur 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 hereAt 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 doWe 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 PerksAt 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
Keywords: Federal Home Loan Bank of Chicago, Chicago , Insurance Risk Analyst, Professions , Chicago, Illinois
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