Karrier Portál

Model Validation - Insurance Focus



  • NN RAS (Risk and Actuarial Services) is a Centre of Excellence for NN Group, focusing on top quality and efficient solutions. We serve as an internal centre of consultancy, training, innovation and automation. We support various quantitative departments at NN Head Office in the Hague (the Netherlands) and NN subsidiaries all over Europe.
  • Due to the increasing demand from Business Units and Head Office, the NN RAS team – operating with around 60 people – is in a continuous and dynamic growth. Actuaries, mathematicians, data scientists, physicists and software engineers form the multinational team of NN RAS.
  • We care for employee satisfaction with high levels of empowerment, plenty of development opportunities, focus on healthy work-life balance and modern working conditions.
  • NN RAS provides support in 5 professional areas as an internal consultancy: Economic Scenario Generation (ESG), Quantitative Development, Modelling & Scripting, Cashflow Modelling and Model Validation.
  • There are also various project teams being formed for actual insurance-related matters to help NN stay a pioneer in its industry, such as the IFRS17 project team.
  • NN RAS now opens a position to a 𝗠𝗼𝗱𝗲𝗹 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗼𝗿 with 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 focus. In this role you will be involved in supporting NN Group’s Head Office and local entities risk and actuarial departments in specific temporary or regular activities. Your specific focus will be support of NN Group’s Head Office in various model validation activities, with special focus on insurance related areas. You will have a unique opportunity to leverage your proven expertise in modelling techniques and extend your business knowledge of various banking and insurance products.

What matters to us

  • University degree in Econometrics, Financial Mathematics, Actuarial Sciences or related discipline
  • At least 5 years of experience in an actuarial or banking function or as quantitative modeler; using risk, pricing, cash flow models
  • Strong knowledge of insurance and /or financial products and markets (specific knowledge of the Central European and BENELUX markets would be a plus)
  • Understanding basic concepts of Model Validation is an advantage
  • Advanced know-how in modeling techniques (AFM/R3S and/or Prophet and or MoSeS) is an advantage
  • Fluency in Python and/or R and/or SAS is an advantage
  • Advanced know-how in statistical modeling techniques is an advantage
  • Good analytical and communication skills in English, both oral and written, ability to plan, prioritize, distil and present key messages with integrity and advise peer specialists, management, committees, internal & external auditors and supervisors
  • Ability to build positive working relationships and at the same time having a strong independent stance
  • Willingness to travel

What matters to you

  • Independent technical review of models
  • Perform effective challenge to establish whether a model is (in)valid for a given purpose
  • Delivery of high quality validation reports, with quantitative and a qualitative assessments
  • Compliance with NN Model Validation Policy Framework and regulatory requirements (e.g. Basel, IFRS, Solvency II, ICAAP)
  • Models in scope are (not exhaustive): Cash flow models, Insurance-, Market- and Business risk models, Economic Scenario Generation models, Models related to regulatory reporting, Knowledge of Credit risk models is an advantage
  • High level, content driven communication with all relevant stakeholders in English

Build your business at NN! Why is it good for you?

  • Becoming part of a hard-working, international team with professional and expert colleagues
  • Exciting challenges within a multinational work environment
  • Plenty of opportunities to develop yourself: skills and development are high priorities at NN RAS
  • Competitive compensation scheme
  • Modern and informal working conditions with room for individual choices
  • International development possibilities

Are you ready? Apply to us!

  • In case you are interested in the position, please register and send your CV via our Career Portal or to the balogh.edina@nn.hu e-mail address.
  • Your files will be handled confidentially.

Details of position

Job ID: 2555
Position name: Model Validation - Insurance Focus
Place of work: Budapest
Job contract type: Permanent contract
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