Senior Underwriting Risk Manager - Cyber

at  AXA

SENIOR UNDERWRITING RISK MANAGER – CYBER

New York, NY I USA
A commercial lines (re)insurer, AXA XL is subject to a range of risks as a result of its underwriting activities. AXA XL’s Risk Management Function defines processes, rules and governance to empower the business to take on risks in a secured environment, thus enhancing value creation and protecting the capital, liquidity, earnings and reputation of the company for the long term. As a result, AXA XL’s culture embeds a disciplined and conscious approach to the acceptance of risk where risks are transparent, understood and the appropriate reward can be defined.
The Underwriting Risk department is one of the Centers of Excellence within AXA XL Risk Management. Underwriting risk is the risk that underwriting income volatility observed over a given time period is not within expected levels, i.e. premium income is less than expected and/or loss experience is worse than expected. The mission of the Underwriting Risk Management team is to act as the second line of defense on underwriting topics across the AXA XL organization, i.e. to help AXA XL identify, measure, monitor, manage and report on underwriting risks.
Cyber insurance is one of the fastest growing lines of business within Property & Casualty and – as a constantly evolving product – comes with its own unique set of risks. The Senior Underwriting Risk Manager will be responsible primarily for managing the underwriting risks associated with the Cyber but also for the wider Professional Lines portfolio of AXA XL. This means ensuring policies and standards are respected and followed, making sure that cyber and professional risks are incorporated into the broader underwriting risk framework, carrying out reviews of key cyber and professional lines’ underwriting activities and helping the business monitor the portfolio.
DISCOVER your opportunity

What will your essential responsibilities include?

• Understand and analyze AXA XL Insurance and Reinsurance portfolios exposed to Cyber and Professional Lines’ risks directly or indirectly.
• Collaborate with Underwriting teams on Cyber and Professional lines’ business reviews, leading Product and Profitability reviews and providing the Risk Management 2nd opinion.
• Perform quarterly review of Cyber and Professional Lines’ portfolio performance, including deviation from strategic plan, profit benchmarking, changes to risk profile, large losses and emerging risk issues.
• Ensure that an appropriate Cyber Risk Management Framework is in place and the Cyber Risk Appetite is properly assessed and defined. Monitor and report adherence to such Risk Appetite and assist the 1st line in plans to return to within Appetite where it has been breached.
• Identify potential future systemic and non-systemic Cyber risks and provide concrete recommendations to Underwriting.
• Support the development of Cyber stress scenarios and more broadly the modeling of Cyber risks.
• Support Underwriting teams in understanding, implementing and applying the AXA Group Underwriting framework (incl. PMP, line sizing, mature pricing models). Interact with the NA and International Cyber and Professional Lines underwriting teams to understand particular challenges, flag potential risks, and support to mitigate any gaps to reach financial targets.
• Provide the Risk Management 2nd opinion on Cyber and Professional Underwriting referrals to the AXA Group.
• Help to bring and maintain the pricing of Cyber and Professional Lines’ exposures to a state-of-the-art level.
• Contribute to the Ceded Reinsurance 2nd opinion in respect of Cyber and Professional Lines, in collaboration with Ceded Re, and Capital Modeling.
• Liaise with Cyber experts within AXA XL and across AXA Group.

You will report to the Head of Underwriting, Pricing & Reinsurance Risk Management.

SHARE YOUR TALENT

We’re looking for someone who has these abilities and skills:

• An insurance professional qualification or proven advanced knowledge of insurance to be able to fulfill the above responsibilities,
• Moderate to Extensive experience as a Cyber insurance professional in pricing, underwriting, modeling or exposure management, ideally with also some experience in Professional Lines
• Extensive knowledge of commercial lines insurance products and this insurance industry, including regulatory frameworks
• Fundamental understanding of business operations, particularly in regard to navigating a large corporation or identifying key stakeholders and their needs
• A self-motivated problem solver with a excellent attention to detail and ability to work independently
• A highly organized individual with a proven track of working under time pressure
• Team player with a proven ability to partner with business partners and manage key relationships
• Excellent written and verbal communication skills to communicate with and present to senior leaders

• Understand and analyze AXA XL Insurance and Reinsurance portfolios exposed to Cyber and Professional Lines’ risks directly or indirectly.
• Collaborate with Underwriting teams on Cyber and Professional lines’ business reviews, leading Product and Profitability reviews and providing the Risk Management 2nd opinion.
• Perform quarterly review of Cyber and Professional Lines’ portfolio performance, including deviation from strategic plan, profit benchmarking, changes to risk profile, large losses and emerging risk issues.
• Ensure that an appropriate Cyber Risk Management Framework is in place and the Cyber Risk Appetite is properly assessed and defined. Monitor and report adherence to such Risk Appetite and assist the 1st line in plans to return to within Appetite where it has been breached.
• Identify potential future systemic and non-systemic Cyber risks and provide concrete recommendations to Underwriting.
• Support the development of Cyber stress scenarios and more broadly the modeling of Cyber risks.
• Support Underwriting teams in understanding, implementing and applying the AXA Group Underwriting framework (incl. PMP, line sizing, mature pricing models). Interact with the NA and International Cyber and Professional Lines underwriting teams to understand particular challenges, flag potential risks, and support to mitigate any gaps to reach financial targets.
• Provide the Risk Management 2nd opinion on Cyber and Professional Underwriting referrals to the AXA Group.
• Help to bring and maintain the pricing of Cyber and Professional Lines’ exposures to a state-of-the-art level.
• Contribute to the Ceded Reinsurance 2nd opinion in respect of Cyber and Professional Lines, in collaboration with Ceded Re, and Capital Modeling.
• Liaise with Cyber experts within AXA XL and across AXA Group