Internal Model Validation Senior Professional

Ethniki Asfalistiki has been a leading company in the Greek insurance market for 135 years. Since its establishment in 1891, the company has been offering simple, innovative, and reliable solutions that protect what matters most to its policyholders, enabling them to face each day with confidence and peace of mind. Today, Ethniki Asfalistiki employs more than 600 people, has a flexible and extensive network of Certified Insurance Intermediaries, and is trusted and preferred by 1.9 million policyholders. Guided by values such as integrity and reliability, the company places people at the heart of its business, making insurance clear and accessible and removing complexity to help customers feel informed and in control.

Ethniki Asfalistiki’s vision is to remain a leading insurer, always standing by its customers, redefining insurance through innovation, empathy, and simplicity, while building a sustainable future.

Role Overview

The role concerns the validation of the Partial Internal Model (PIM) for Natural Catastrophes within the Risk Management Division, with a focus on catastrophe risk modelling, especially for earthquake and other natural perils.

The position supports the design, organization, implementation, documentation, and governance of the validation framework, in cooperation with internal business units and external consultants, ensuring alignment with Solvency II and Bank of Greece requirements.

Main Responsibilities

• Participate in the design, organization, and implementation of the validation plan for the Partial Internal Model (PIM) for Natural Catastrophes, in collaboration with internal business units and external consultants.
• Perform independent review of the model design, assumptions, limitations, and technical specifications of catastrophe modelling solutions and vendors, with emphasis on earthquake and other natural perils.
• Conduct quantitative and qualitative validation checks, including statistical tests, sensitivity analyses, back-testing, reverse stress testing, and monitoring of model result stability.
• Review the quality, completeness, and suitability of exposure data and related data flows, including geocoding, CRESTA mapping, building characteristics, and insurance parameters.
• Prepare and document validation reports, technical notes, and other regulatory or internal materials supporting compliance with Solvency II and Bank of Greece requirements.
• Provide well-documented input during the selection, evaluation, and upgrade of catastrophe modelling tools, and support model change processes and remediation actions where required.
• Work closely with Risk, Actuarial, Reinsurance, Underwriting, IT, Finance, Compliance, and other units to embed the validation framework into the operation and governance of the PIM.

Candidate Job Profile

• Bachelor’s degree in a quantitative or technical field, such as Mathematics, Statistics, Actuarial Science, Risk Management, Physics, Geology, Geophysics, Engineering or other related field.
• At least 6 years of experience in Risk Modelling, Pricing or similar actuarial/risk management fields, including statistical analysis, model validation, and quantitative risk assessment techniques.
• Strong understanding of catastrophe risk modelling, particularly earthquake and other natural perils, including relevant geophysical, engineering, and/or quantitative principles.
• Understanding of the Solvency II framework in relation to internal model governance, validation standards, documentation, and regulatory expectations.
• Ability to exercise independent judgment and effectively challenge model assumptions, limitations, uncertainties, and third-party solutions.
• Excellent communication skills, both in Greek and English.
• Very good knowledge of MS Office, particularly Excel, PowerPoint, and Word.
• Strong analytical thinking, attention to detail, organizational and problem-solving skills.
• No pending military obligations (for Greek male citizens).

Will be considered a plus

• Postgraduate studies in a related field.
• Relevant professional experience in catastrophe modelling, risk analytics, model validation, insurance, reinsurance, or consulting environments.
• Hands-on experience with catastrophe modelling platforms/vendors (e.g., RMS, AIR/Verisk, CoreLogic) and with model validation frameworks, governance, model change and remediation processes.
• Knowledge of statistical analysis or programming tools/languages, such as R or Python.
• Experience preparing regulatory and/or senior management reports and presenting technical conclusions to non-specialist audiences.

Benefits

The company invests in long-term cooperation and provides a modern and stable work environment, with a hybrid work model. We offer a competitive remuneration package and excellent career prospects, coupled with continuous training and development.

Applications

All applications will be treated with strict confidentiality and successful candidates will be contacted.

At Ethniki Asfalistiki, we believe in creating an inclusive workplace that values diversity and celebrates the unique contributions of each individual.

We are an equal opportunity employer, and we recognize that a diverse workforce is essential for our success. By bringing together people from different backgrounds and experiences, we can promote a more innovative, creative, and productive work environment.

We are committed to fostering a culture of belonging where everyone feels respected, valued, and empowered to contribute their best.