Analyst - Insurance Supervision

  • Location


  • Sector:

    Banking, Financial Services, Insurance

  • Salary:

    £36,000 to £41,500 (subject to experience and skillset)

  • Published:

    4 months ago

  • Expiry date:


  • Client:


The company:

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.

We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.

Department Overview

We are looking to recruit an Analyst into the Business Model and Markets Analysis team of the Insurance Analytics Division (IAD). The role offers a wide range of opportunities and brings a high level of responsibility and is critical to the success of our prudential supervision strategy. The jobholder will primarily deliver business model analysis and work closely with supervision teams to support them in the delivery of their supervisory strategies.

You will join a team of specialists from a diverse range of backgrounds including the financial services industry, consulting and business advisory, accountancy, actuarial, compliance, non-financial industries, other parts of the PRA and the wider Bank.

The Insurance Directorate is fully committed to diversity and equality for all staff. This role can be carried out as part of a job-share arrangement and / or with flexible working. Applications are invited from staff who work, or wish to work, part-time, as well as those who wish to work full-time. Join us, and you will get the training, support and tailored working options to build a lasting career within the PRA or the wider Bank.

Job description

The primary focus of the job is to deliver high quality business model analysis (BMA) work across both the life and non-life sectors. BMA involves an assessment of the design and execution of a firm’s business model and strategy and the BMA team works to:

  • Understand how firms generate profits and capital;

  • Investigate and explain the main threats to a firm’s business model sustainability;

  • Support other team members and supervisors in carrying out BMA;

  • Support delivery of cross-firm peer-analysis focused on commercial capabilities and financial metrics;

The job also involves providing ad-hoc technical support to supervisors on specific issues and sector work. IAD roles offer you the opportunity to work in a varied and challenging environment and to put your analytical, problem solving and professional skills into practice. Responsibilities include:

  • Supporting the delivery of business model and financial analysis on both life and general insurance companies supervised by the PRA;

  • Building effective relationships with front-line supervisors, and use these to influence the supervisory strategy, drawing on appropriate analysis and evidence;

  • Supporting delivery of ad-hoc thematic/sectorial projects to support delivery against insurance priorities.

Role Requirements

Minimum (Essential) Criteria:

  • Good critical analytical skills – able to analyse complex information independently, exercise judgement and draw clearly reasoned conclusions quickly, with appropriate consideration of alternative solutions;

  • Financial analysis skills – ability to critically examine, interpret and challenge financial statements and other financial information reported by firms

  • Understanding of the UK insurance industry and current market and regulatory challenges / priorities;

  • Ability to project-manage and progress multiple work streams at pace;

  • Strong written and oral communication skills and ability to vary style to the circumstances;

  • Strong level of self-awareness and a proven willingness to develop technically;

  • A proven team player, flexible, pragmatic, and willing to help others to achieve results;

  • A proven willingness to make broader contributions across the department/insurance supervision;

  • Ability to present yourself and represent the PRA in a professional and credible manner.

Desirable Criteria:

The list below provides a summary of the additional technical characteristics desirable for the role, and any previous experience will be taken into account:

  • Understanding of Solvency II;

  • Experience analysing insurance companies’ financial statements

  • Stakeholder management skills, with some experience of building relationships, influencing and challenging individuals at all levels of seniority (internal and external);

We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

The closing date for applications is Tuesday 1 December.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV. We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit. 

This specific role offers a base salary of c. £36,000 to £41,500 (subject to experience and skillset) 

The total package also includes:

  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.  The current cost to the Bank of providing this pension is 35% of your salary.

  • A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%

  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits 

  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits

  • Private medical insurance and income protection insurance