Insurance Head of Capital Modeling

Ally Overview
Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise with the opportunity, experience and people to redefine the industry. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, F&I products, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking.
 
Business Unit / Global Function Description
Ally Financial's Risk function manages and analyzes Ally’s exposure to internal and external risk factors. The function strives to achieve an appropriate balance between risk and return, to limit unnecessary risk, and to protect the company’s financial returns.

Position Description
Ally Insurance is a subsidiary of Ally Financial and is a leading global provider of automobile-related insurance and reinsurance products for automobile dealers and their customers.
 
Ally Insurance works with automotive dealers and their customers to provide insurance solutions through our portfolio of products. We market vehicle service and maintenance contracts, such as the industry-leading Ally Premier Protection. Ally Insurance also services the insurance needs of our dealers’ businesses by offering dealer inventory insurance, and liability and property protection.
 
This position offers an excellent and challenging opportunity to apply financial risk management principles to an insurance business that is a subsidiary of a large financial institution. It is the purpose of the Ally Insurance Capital Modeling organization, to establish and maintain effective controls and tools for managing the capital for our regulated insurance entities. The role is also responsible the placement of reinsurance and the operation of an in-house catastrophe model used to help manage the risk in our P&C business.
 
Job Responsibilities
Effectively lead a team whose primary responsibilities are:

• Maintaining the internal capital model, including annual model parameterization and development of annual Economic Capital (EC) Factors
• Leading a project to rebuild the internal capital model to reflect latest industry best practices and company’s unique products and incentive structures (e.g. dealer reinsurance, dealer advances)
• EC, regulatory, and rating agency capital reporting and analysis to support dividend decisions and sound capital planning; involves frequent reporting to senior management and the boards
• Monitoring changes in the regulatory and rating agency environments which may impact capital requirements and capital adequacy, assessing the impact of those changes, and communicating to senior management
• Contributing analysis and documentation for regulatory filings related to capital and catastrophe risk, including the OSFI BAAT Ratio Internal Target and sections of the NAIC RBC, BMA BSCR, and AM Best SRQ
• Catastrophe risk management, including performing analyses using the custom internal catastrophe model, and monitoring and analyzing changes in the risk profile of the inventory insurance program
• Responsibility for the annual review, placement and fulfillment of XoL Reinsurance programs with Lloyds, Europe, Bermuda and US markets.
• Managing a team of 3 analysts; including supporting and developing their technical and soft skills

​Qualifications

• Degree in mathematics, statistics, or related field
• Advanced degree or actuarial credentials preferred
• 8+ years’ experience in one or more of the following: actuarial reserving, investment modeling, financial modeling, loss forecasting, or similar
• Competency with one or more of the following modeling tools: capital modeling software (e.g. Igloo), loss reserving software (e.g. ResQ), SAS, R, or similar
• Proficiency with MS Excel and MS PowerPoint

Total Rewards Information
Ally's compensation program offers market-competitive base pay and bonus pay potential based on achieving personal and company goals. Plus, we have a flexible paid-time-off program with an emphasis on work-life balance. Ally offers a variety of benefits to protect your health and well-being, provide financial security and balance your work/life needs including:

• Industry-leading 401K Retirement Savings Plan including Matching and Company Contributions
• Comprehensive wellness program and wellness rewards to help you reach your personal health goals
• Flexible health insurance options including dental and vision
• Pre-tax health savings, dependent care and commuter transit accounts
• Life and disability benefits
• Other work/life benefits including tuition reimbursement, adoption assistance, weight watchers and employee discount programs.

Ally extends equal employment opportunities to qualified applicants and employees on an equal basis regardless of an individual's age, race, color, sex, religion, national origin, disability, veteran status, sexual orientation, or any other reason prohibited by law.