Senior Industry Specialist – Insurance

  • Salary:
    negotiable / YEAR
  • Job type:
    FULL_TIME
  • Posted:
    1 month ago
  • Category:
    Budget and Accounting, Finance, Treasury and Investment
  • Deadline:
    05/02/2024

JOB DESCRIPTION

 

Description

 

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record US$43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

The Financial Institutions Group (FIG) is one of the major industry groups at IFC, responsible for managing roughly 40% of IFC’s overall business in terms of volume and capital at risk. FIG’s strategy and implementation work focuses on 3 main pillars: (i) increase financial access and inclusion; (ii) scale sustainability and climate finance; and (iii) make financial systems more efficient, resilient, and sophisticated. FIG engages in a wide range of  priority areas including Financial Inclusion, Digitization, Climate, Housing, Distressed Assets, and Trade Finance, to which it offers investment and advisory services through banks, non-bank financial institutions, Fintechs and other digital channels, and the capital markets.                                 

The Insurance sector is one of FIG’s priorities as IFC has and continues to be an active investor in traditional insurance companies (global and regional) and is increasingly looking for opportunities to partner with early stage companies leveraging technology to improve insurance products and reach.  IFC works closely with its local insurance partners through mostly equity investments and collaborates with global insurers on credit insurance (and unfunded risk participations or guarantees) for our own loan book.

As IFC seeks to build up its expertise in the insurance/insurtech space and to scale up our investments, particularly our equity exposure, we are now hiring a Senior Industry Specialist – Insurance who will join FIG’s insurance team to help scale IFC’s insurance investment portfolio.  The Senior Industry Specialist – Insurance will have primary responsibility for business development, investment technical due diligence and value creation initiatives at our investee companies. He/she should have extended experience in investments in insurance companies, particularly equity participations, with a deep understanding of insurance company operations and financial statements. A strong track record in M&A and/or private equity activities and investing in early stage fintech/insurtech companies will be a plus. She/he is expected to have strong relationships with local and regional insurance companies to open doors and thus develop a pipeline of viable investments in mature as well as early stage companies.

She/he will also assist in the management IFC’s relationships with global insurance partners and co-investors, and also participate in IFC insurance investments processing. She/he will also have a good track record of influencing internally and promoting externally to build/scale investment programs pertaining to insurance, risk management and company equity valuation, based on international best practices.

She/he will be based in Washington DC and will be part of FIG’s Global team of financial sector specialists and will work globally with regional FIG investment teams as well as the global equity and fintech teams.

Role & Responsibilities:

•  Build senior management relationships with local, regional and international insurance companies to develop a robust pipeline in insurance/insurtech business and close transactions on a consistent basis;
•  Be aware of trends and developments in the insurance/insurtech space, especially in Emerging Markets, and provide thought leadership to IFC’s investments strategy in this space;
•  Provide oversight and expert technical support to processing and portfolio management of all IFC’s insurance/insurtech equity investments, including financial modeling and valuations;
•  Influence the activities of all teams and oversee the technical due diligence involved in insurance deals;
•  Provide guidance and training for regional investment officers to build up IFC’s internal capacity for insurance investments; and
•  Support/manage external relationships in the insurance sector with other parts of the World Bank Group.

 

Selection Criteria

•  Masters degree in finance, accounting, business or economics. Attained designation as a professional actuary is an added advantage
•  At least 15 years of experience working in insurance, investment banking, private or early stage equity with a solid track record leading, and closing investment transactions relating to insurance/insurtech and/or financial institutions;
•  Ability to advocate credibly for insurance/insurtech investments, both at a strategic and at a deal-specific level;
•  Strong track record of leading and working with dispersed teams and leading program management,
•  Strong record of managing complex relationships and building businesses in emerging markets;
•  Recognized substantive leadership in one or more of the strategic/technical areas noted above;
•  Strong analytical and communication skills;
•  Willingness to travel extensively and/or be located in one of IFC’s global hubs (at a later stage, to be determined);
•  Commitment to sustainable development.
•  Original thinking / quick learning abilities with strong initiative and drive, as well as attention to details.
•  Good team player with strong interpersonal skills, and commitment to work in a respectful, team oriented and multi-cultural environment.
•  Excellent oral and written presentation skills in English are required; additional major language desirable (French, Spanish)

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.

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