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- Tasks: Lead the development and management of insurance risk frameworks at Tide.
- Company: Tide is a fast-growing business management platform for small businesses, empowering over 1 million users globally.
- Benefits: Enjoy flexible working, share options, generous holiday, and a personal L&D budget.
- Why this job: Shape innovative insurance products while collaborating in a diverse and inclusive environment.
- Qualifications: Experience in insurance risk within an MGA model and strong stakeholder management skills required.
- Other info: Join a vibrant team culture with opportunities for professional growth and community engagement.
The predicted salary is between 48000 - 72000 £ per year.
At Tide, we are building a business management platform designed to save small businesses time and money. We provide our members with business accounts and related banking services, but also a comprehensive set of connected administrative solutions from invoicing to accounting.
Launched in 2017, Tide is now used by over 1 million small businesses across the world and is available to UK, Indian and German SMEs. Headquartered in central London, with offices in Sofia, Hyderabad, Delhi, Berlin and Belgrade, Tide employs over 2,000 employees.
Tide is rapidly growing, expanding into new products and markets and always looking for passionate and driven people. Join us in our mission to empower small businesses and help them save time and money.
ABOUT THE TEAM:
The Risk & Compliance team is our second line of defence (2LOD) at Tide, overseeing risk and compliance across all our global markets. The team covers all risk classes, including information security risk, financial crime risk, conduct risk, and operational risk. It is highly collaborative, focused on fostering a strong culture of compliance, acting as business partners to our first line of defence (1LOD) colleagues, and providing expert and independent oversight.
Insurance Risk is a new risk area within Risk & Compliance, to support both the new product offering, and our corporate insurance. The timing of this role presents a significant opportunity to help shape how we build the insurance products for our members, and manage insurance risk at Tide, leveraging your experience and knowledge of industry best practices. The Insurance Risk Lead reports to the Chief Risk Officer.
ABOUT THE ROLE:
As the Insurance Risk Lead, you will be responsible for leading the development, implementation, and management of the risk framework related to the company’s insurance activities, with a particular focus on underwriting risk, claims management, pricing, and regulatory compliance. This role will work very closely with the Compliance team on licensing, and will play a critical role in ensuring Tide remains compliant with the relevant insurance regulations for a Managing General Agent (MGA). The Insurance Risk Lead will work closely with key internal stakeholders, such as the other risk areas like financial crime risk, conduct risk and regulatory risk, to assess, mitigate, and monitor insurance-related risks effectively. Key responsibilities include:
- Oversee the identification, assessment, and management of all insurance-related risks related to our insurance offering.
- Develop the risk appetite and KRIs and implement strategies to mitigate risk exposure in line with those.
- Lead risk assessments for new insurance products and services, ensuring they align with the overall risk management strategy.
- Enhance current risk mitigation practices with insurance.
- Regulatory Compliance:
- Support the Compliance team with the MGA license application, company readiness for being licensed, and then ongoing compliance once licensed.
- Lead the integration of insurance risk into the existing risk management framework.
- Define risk appetite and key risk indicators (KRIs) for monitoring insurance risks and ensure regular reporting to senior management and the board.
- Ensure the establishment and enforcement of appropriate internal controls and procedures for insurance risk management.
- Insurance Product & Portfolio Risk Management:
- Work closely with the product development teams to assess the risk profiles of new and existing insurance products.
- Analyse and manage the risk of the insurance portfolio, recommending adjustments to product offerings or pricing as needed to maintain profitability and risk balance.
- Serve as a subject matter expert on insurance risk, providing guidance and training to 1LOD.
- Regularly communicate key risk metrics, reports, and insights to senior leadership and other relevant stakeholders.
- Work with other 2LOD risk leads, such as the Director of Financial Crime Risk, Head of Operational Risk and Head of Compliance & Conduct Risk.
- Support 1LOD to develop claims management policies and procedures, and then conduct oversight to ensure claims are processed efficiently and in line with company policies.
- Develop loss prevention strategies to reduce the frequency and severity of claims and improve the overall claims experience.
- Reporting & Documentation:
- Ensure accurate and timely reporting of insurance risk metrics and KPIs to senior leadership, board members, and regulators.
- Document and maintain risk management procedures, policies, and compliance reports for audit and regulatory purposes.
- Run the Insurance Risk Working Group and attend the Risk & Compliance Committee to report on insurance risk.
WHAT WE ARE LOOKING FOR:
- Experienced Insurance Risk Lead who has a strong background in insurance in an MGA model.
- Strong understanding of the insurance industry, particularly of risks related to underwriting and claims management
- Ideally prior experience with SME product lines
- Experience in a technology driven company is preferred
- Track record of execution and ability to evidence a ‘hands-on’ approach to risk management
- Experience in a 2LOD team
- Understanding of good practice in setting risk appetite, policies, risk monitoring and conducting oversight
- Ideally has been involved in building from the beginning.
- Strong understanding of regulatory capital management, stress testing, and portfolio risk analysis.
- Excellent stakeholder management skills and a track record of engaging senior leaders, boards, and regulators with credibility.
- Knowledge of risk governance and compliance expectations within the UK market (or international equivalent) is highly desirable.
- Motivated leader with a collaborative mindset and the resilience to thrive in a fast-changing, entrepreneurial environment.
WHAT YOU WILL GET IN RETURN:
Our location-specific employee benefits are designed to cater to the unique needs of Tideans:
- Share options
- Flexible working options
- 25 days holiday with the option to take 5 extra days of unpaid leave per year
- 3 days paid volunteering or L&D time off per year
- Personal L&D budget of £1,000 professional L&D budget per year
- Group Life Insurance, Vitality Health and Dental Insurance
- Spacious brand-new office by Old Street station with an all-day snacks bar
- Enhanced family-friendly leave
- Access to a global mental wellbeing platform that provides 1:1 video therapy sessions with accredited therapists and unlimited chat therapy sessions
- Work from home budget
- Team socials – virtual and physical events
- Sabbatical leave.
TIDEAN WAYS OF WORKING
At Tide, we champion a flexible workplace model thatsupports both in-person and remote work to cater to the specific needs of our different teams.
While remote work is supported, we believe in the power of face-to-face interactions to foster team spirit and collaboration. Our offices are designed as hubs for innovation and team-building, where we encourage regular in-person gatherings to foster a strong sense of community.
TIDE IS A PLACE FOR EVERYONE
At Tide, we believe that we can only succeed if we let our differences enrich our culture. Our Tideans come from a variety of backgrounds and experience levels. We consider everyone irrespective of their ethnicity, religion, sexual orientation, gender identity, family or parental status, national origin, veteran, neurodiversity or differently-abled status. We celebrate diversity in our workforce as a cornerstone of our success. Our commitment to a broad spectrum of ideas and backgrounds is what enables us to build products that resonate with our members’ diverse needs and lives.
We are One Team and foster a transparent and inclusive environment, where everyone’s voice is heard.
At Tide, we thrive on diversity, embracing various backgrounds and experiences. We welcome all individuals regardless of ethnicity, religion, sexual orientation, gender identity, or disability. Our inclusive culture is key to our success, helping us build products that meet our members\’ diverse needs. We are One Team, committed to transparency and ensuring everyone’s voice is heard.
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Insurance Risk Lead United Kingdom employer: Tide Platform Limited
Contact Detail:
Tide Platform Limited Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Insurance Risk Lead United Kingdom
✨Tip Number 1
Familiarise yourself with Tide's mission and values. Understanding how we empower small businesses will help you align your experience with our goals during discussions, showcasing your passion for the role.
✨Tip Number 2
Network with current or former employees of Tide on platforms like LinkedIn. Engaging in conversations can provide insights into the company culture and expectations, which can be invaluable during interviews.
✨Tip Number 3
Stay updated on the latest trends and regulations in the insurance industry, particularly those affecting MGAs. This knowledge will not only enhance your credibility but also demonstrate your commitment to staying informed.
✨Tip Number 4
Prepare specific examples from your past experiences that highlight your expertise in risk management and compliance. Being able to discuss these in detail will help you stand out as a strong candidate for the Insurance Risk Lead position.
We think you need these skills to ace Insurance Risk Lead United Kingdom
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in insurance risk management, particularly within an MGA model. Emphasise your understanding of underwriting and claims management, as well as any experience with SME product lines.
Craft a Compelling Cover Letter: Write a cover letter that showcases your passion for empowering small businesses and your alignment with Tide's mission. Mention specific examples from your past roles that demonstrate your ability to lead risk assessments and manage compliance effectively.
Highlight Stakeholder Management Skills: In your application, provide examples of how you've successfully engaged with senior leaders and regulators. This is crucial for the Insurance Risk Lead role, so make sure to illustrate your credibility and communication skills.
Showcase Your Collaborative Mindset: Tide values collaboration, so highlight instances where you've worked closely with cross-functional teams. Discuss how you’ve contributed to building a strong culture of compliance and risk management in previous roles.
How to prepare for a job interview at Tide Platform Limited
✨Understand the Insurance Landscape
Familiarise yourself with the current trends and challenges in the insurance industry, especially within the MGA model. Be prepared to discuss how these factors could impact Tide's insurance offerings.
✨Showcase Your Risk Management Experience
Highlight your previous experience in risk management, particularly in underwriting and claims management. Provide specific examples of how you've successfully mitigated risks in past roles.
✨Engage with Stakeholders
Demonstrate your ability to engage effectively with senior leaders and regulators. Prepare to discuss how you would communicate key risk metrics and insights to various stakeholders at Tide.
✨Emphasise Collaboration Skills
Since the role involves working closely with multiple teams, showcase your collaborative mindset. Share examples of how you've worked cross-functionally to achieve common goals in previous positions.
