Insurance Supervision Jobs In London 2024 – Apply Now

The Bank of England is the central bank of the United Kingdom. Our objective is to provide the British people with monetary and financial stability. The Bank of England is a multifaceted organization. Each of its 4,000 employees is dedicated to public service and to promoting the well-being of the people of the United Kingdom through monetary and financial stability.

The Insurance Supervision Directorate promotes the safety and soundness of the UK’s approximately 500 insurers. General insurers, life insurers, friendly societies, and the London market are all included. We assist in identifying and mitigating potential risks before they hurt policyholders and financial stability.

We face a complex and difficult undertaking, one that offers several chances to protect policyholders and UK financial stability while also providing substantial and long-term benefits to society.

Department Overview

The London Markets Division (LMD) regulates firms that operate in the London wholesale insurance market, including Lloyd’s of London and all firms that write business through Lloyd’s; subsidiaries of Bermudan and North American insurance groups; and the P&I Clubs (marine mutuals that provide coverage for ship owners). LMD is also in charge of the insurance-linked securities regulation in the United Kingdom. Within LMD, we are looking to hire two people as managers. One position will oversee the UK business of a large worldwide group, including its affiliated Lloyd’s syndicates.

Read More: Director of Product Jobs in London

The second post is a temporary (4-5 months) position to oversee enterprises with specialized businesses. These positions are appropriate for applicants who want to gain exposure to a wide range of supervisory challenges while exerting significant influence over their firms’ supervisory outcomes. Each post provides a diverse set of opportunities and a high level of responsibility and is crucial to the achievement of our prudential supervision approach. The incumbent will have certain line management responsibilities and will need to collaborate with and delegate to the team’s senior manager. Because this is a pooled recruitment process, you may be considered for similar posts within Insurance Supervision.

External pressures on the insurance industry are strong, and the firms we monitor have adopted more varied business strategies. The firms under supervision operate in some of the most competitive and dynamic insurance marketplaces in the world. In these contexts, supervisors face a variety of complicated concerns and supervisory challenges.

Our supervisors come from a variety of backgrounds, including the financial services industry, consultancy and business advising, accounting, actuarial, compliance, non-financial businesses, other parts of the PRA, and the Bank of England as a whole. We welcome applications from a diverse range of applicants for this process.

The Insurance Directorate is completely dedicated to diversity and equality for all employees. This role can be performed as part of a job-sharing arrangement and/or with flexible working hours. Staff who work part-time or want to work part-time are encouraged to apply, as are those who want to work full-time. Join us, and you will receive the training, support, and tailored working alternatives you need to create a long-term career with the Bank of England.

Job description

The major responsibility of this position is to assist the senior manager in leading and managing our supervision of enterprises within the directorate. Supervision positions allow you to work in a diverse and demanding workplace while putting your analytical, problem-solving, and professional talents to use. Among the responsibilities are:

• Responsibilities include line management, mentoring, and coaching.
• Working with the senior manager to help determine the overall strategic direction for firm supervision and obtaining permission as needed from others
• Responsibility for teamwork planning and coordination to ensure that the team meets its objectives and strategy within the time frame set;
• Developing good connections with important stakeholders (both at the PRA and in businesses) and utilizing these to influence outcomes using appropriate analysis and evidence
• Building successful connections with specialists such as actuaries, legal, policy, banking, SRS, and the FCA to help guarantee our evaluations are well-founded
• Strong knowledge of the markets and peer groups in which the firm works informs the business model and financial analyses.
• Deputizing for the senior manager when needed, both internally and externally
• Contributing to ad hoc departmental and divisional projects, as well as advancing topical themes or experimenting with new ways of working.

Role Requirements

• Proven management aptitude, great interpersonal skills, and a remarkable colleague who is adaptable, pragmatic, and sincerely wants to help others succeed;
• Knowledge of the UK insurance industry, Solvency II, and significant regulatory problems and priorities
• Strong analytical skills include the ability to independently analyze complex material, exercise judgment, and generate well-reasoned conclusions.
• Professional and credible, with the ability to communicate clearly and effectively, both verbally and in writing, from junior to executive level.
• Forward-thinking ability to analyze the impact of developing hazards on supervisory strategy and respond properly;
• Ability to move numerous and parallel workstreams forward with minimum oversight, flagging out issues as needed.
• A desire and demonstrated willingness to make larger contributions throughout the department, with a strong interest in welfare, diversity, and inclusion.

Benefits of Insurance Supervision Jobs In London

• Global Financial Hub: London is widely recognized as a preeminent international financial hub, providing insurance supervision professionals with advantageous opportunities to engage with a vibrant and heterogeneous financial milieu.
• Career Opportunities: London presents an abundance of professional prospects within the insurance and financial services industry. In addition to regulatory bodies, insurance companies, and consulting firms, insurance administrators may occupy a variety of positions at other financial institutions.
• Opportunities for Networking: Working in London offers exceptional networking prospects. By attending industry events and establishing connections with professionals from various sectors, those in insurance supervision positions can cultivate a robust professional network.
• Access to Top-Tier Institutions: London is host to a number of the preeminent financial institutions, regulatory bodies, and insurance companies in the globe. In the field of insurance supervision, professionals have the opportunity to collaborate with and gain knowledge from industry leaders.
• Competitive Compensation: In London, insurance supervision positions frequently offer competitive salaries, which is indicative of the city’s prominent status in the international financial arena and the considerable proficiency standards expected for regulatory positions.
• Regulatory Experience: The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are two regulatory bodies headquartered in London. By gaining regulatory experience, insurance supervision professionals can contribute to the integrity and stability of the financial system.
• International Exposure: The financial sector in London operates on a global scale, and professionals in insurance supervision may contribute to the development of regulatory frameworks that affect insurance markets worldwide. Individuals in search of a global outlook may find this exposure to be very beneficial.
• Training and Professional Development: Regulatory bodies and financial institutions operating in London frequently accord high priority to employee training and professional development. Continuous training programs may be accessible to insurance administrators to maintain their knowledge of industry best practices and regulatory developments.
• Diverse Work Environment: Professionals hailing from a multitude of cultural and ethnic backgrounds comprise the financial sector in London. Positions in insurance supervision offer the benefit of operating within a multicultural setting, which promotes the values of diversity and inclusivity.
• City Lifestyle: A vibrant city lifestyle is provided by London, encompassing a wide array of culinary experiences, cultural attractions, and entertainment options. Insurance supervision professionals can benefit from residing and conducting their operations in a cosmopolitan metropolis.
• Stability and Regulatory Framework: The financial sector is characterized by confidence and stability due to the robust regulatory framework in London. Insurance supervisors fulfill an essential function in upholding and improving this regulatory milieu.
• Contribution to Financial Stability: Professionals specializing in insurance supervision play a crucial role in maintaining financial stability by ensuring that insurers conduct their operations with prudence and in adherence to regulatory requirements.

Desirable Criteria

The following list summarizes the technical characteristics of the function, and any prior experience will be considered:

• Strategic business evaluation.
• Financial analysis entails the capacity to scrutinize a company’s financial papers (regulatory and externally reported data, management information).
• Understanding of general and life insurance business models and marketplaces, as well as financial risk management (credit, market, and insurance)
• Management of capital and solvency
• Corporate finance and financial structuring are terms used interchangeably.
• Regulation of prudential insurance
• Experience managing and coaching employees and/or delivering projects in teams

The Bank places a premium on diversity, equity, and inclusion. We play a critical role in ensuring monetary and financial stability, and we think that to do so effectively, we need a workforce that reflects the society we serve.

We want all of our colleagues to feel appreciated and respected at the Bank of England, so we’re working hard to create an inclusive culture that encourages people from all backgrounds and communities to do their best at work. We value diversity in all forms, including (but not limited to) age, handicap, ethnicity, gender, gender identity, race, religion, sexual orientation, and socioeconomic status. We believe that by drawing on various viewpoints and experiences, we will be able to continue to make the best judgments for the public.

We accept submissions from people who work flexibly, including job sharing and part-time schedules. We’ve also engaged with outside organizations to help us make necessary improvements for candidates and workers during the recruitment process.

We strive for colleagues to spend half of their time in the office, with a minimum of 40% per month, for most roles when work can be done from home. Individuals and managers should collaborate to identify what works best for them, their team, and stakeholders, subject to that basic need.

Finally, we are pleased to be a part of the Disability Confident program. More information on what this means can be found here. If you want to apply under this scheme, check the box in the ‘Candidate Personal Information’ part of the application under the ‘Disability Confident Scheme’.

On a full-time basis, this position pays between £62,700 and £79,470 a year (depending on skills and experience). We support flexible working, part-time work, and job sharing. Part-time salaries and benefits will be pro-rated as needed.

In addition, as mentioned below, we provide a complete benefits package:

• A non-contributory, career-average pension that provides a guaranteed retirement payout equal to 1/95th of your yearly wage for each year employed Each year, you have the choice to increase (to 1/50th) or decrease (to 1/120th) your pension in exchange for compensation through our flexible benefits program.
• A performance bonus based on the current award pool
• A 7% benefits stipend can be taken as a salary or used to purchase a variety of flexible benefits. (Note that this will increase to 8% in April and for the Benefits year
• Annual leave of 26 days, with the possibility to purchase up to 12 additional days through flexible benefits.
• Income protection and private medical insurance

National Security Vetting Process

Employment in this capacity is contingent on clearing the National Security Vetting Clearance Process (which normally takes 6 to 12 weeks after the offer) and further bank security checks by bank policy. Further information about the role’s vetting and security clearance requirements will be provided to the successful applicant, and information about how the bank processes personal data for these purposes is available in the bank’s privacy notice, which can be found at Privacy and the Bank of England | Bank of England.

Application Methodology

Important: Please complete the ’employment history’ section and fully answer ALL of the application questions. When evaluating your application details at the screening stage, our hiring managers will not be able to see your personal information, including your CV, because all candidate submissions are anonymized. You must complete the job history and application form questions since your responses will be a critical part of the initial selection process.

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