Chair, Insurance Committee

Position: Chair, Insurance Committee — Global Risk Alliance (GRA) / Nexus Governance System
Type: Insurance and risk-transfer governance leadership role (non-executive; strictly non-executing)
Board: Council committee chairs are considered for Board/Trustee nomination after serving in good standing
Location: International (distributed, hybrid)
Term: 3 Years
Time commitment: ~15–30 hours per month (build-year cadence; surge periods around program shelf releases, trigger reviews, and event/cycle escalations)
Apply here: https://therisk.global/work/work/job/chair-insurance-committee/

Context and Purpose

Insurance, reinsurance, and ILS markets can scale resilience finance only when triggers, evidence, monitoring, and corrections are disciplined enough to be settlement-grade. The core failure modes are predictable: ambiguous triggers, weak data lineage, unmanaged basis risk, opaque exclusions, inconsistent claims evidence, and governance drift into underwriting or placement activity.

The Chair, Insurance Committee exists to govern the insurance usability layer of the Nexus rail within GRA: standards and templates for parametric and hybrid structures, claims evidence requirements, basis-risk discipline, monitoring and reporting expectations, and conduct-safe interfaces that insurers and reinsurers can adopt—while preserving strict separation between governance and regulated execution.

This is governance—not execution. The role does not underwrite, quote, place, broker, bind coverage, manage claims, custody funds, operate markets, select vendors, or imply endorsement. It produces governance artifacts and committee decisions that licensed market participants can use.

Key Responsibilities

• Chair the Insurance Committee agenda, cadence, and decision rhythm; maintain a disciplined pipeline of insurance-facing dockets (parametric/hybrid templates, trigger definitions, evidence packs, claims/settlement annexes).
• Define “settlement-grade” requirements for insurance-facing artifacts: trigger clarity, data lineage, uncertainty disclosure, audit trail sufficiency, and correction/supersession rules.
• Ensure products remain governance-safe: standard structures and templates, not underwriting advice or placement activity.
• Govern basis-risk discipline: define measurement standards, back-testing expectations, drift monitoring posture, and quarterly basis-risk delta reporting.
• Ensure triggers and indices are reliance-bounded and reproducible; require challenger review and validation pathways appropriate to insurance reliance.
• Maintain change control: versioning, deprecation, and controlled updates; prohibit silent edits and undocumented trigger changes.
• Define claims evidence and settlement readiness requirements: what constitutes a valid event record, what evidence must be present, what timelines apply, and what exceptions are allowed.
• Ensure monitoring and verification expectations are realistic and safe: telemetry requirements, reporting cadence, and dispute clocks—without exposing exploitable vulnerabilities or confidential insured information.
• Coordinate with public authority and community safeguards functions to ensure triggers and disclosures do not create harm, exclusion, or illegitimate outcomes.
• Enforce neutrality and competition-safe convening: prevent collusion dynamics among insurers/brokers/reinsurers, avoid preferential access, and maintain vendor/product neutrality.
• Maintain strict non-execution boundaries: no placement steering, no term negotiation, no quotes, no insurer selection, no “preferred provider” signalling.
• Ensure communications discipline: prevent “badge misuse” and implied endorsements; ensure accurate, bounded claims about conformance and usability.
• Drive membership growth and seat coverage for insurance and risk-transfer participation, including representation across regions, public pools/captives, reinsurers, ILS managers, and technical model validators—while maintaining fit-and-proper and conflict controls.
• Sponsor quarterly learning cycles: claims/settlement lessons, basis-risk outcomes, disputes, corrections, and improvements to templates and standards.

Compensation, Remuneration, and Expenses

This role is designed to be trust-maximizing and capture-resistant in a regulated insurance context.

• Governance authority is not paid. Compensation is never linked to votes, approvals, recognition decisions, enforcement actions, product outcomes, claims outcomes, market outcomes, or influence. No success fees. No pay-to-approve.
• Operational workload may be compensated (where permitted). If build-year operational work is required (template libraries, trigger governance operations, validation programs, basis-risk reporting packs), compensation may be provided only for clearly defined operational services—scoped, time-bounded, deliverable-based, independently approved, and auditable, with conflicts safeguards.
• Expenses may be reimbursed. Reasonable, documented, pre-approved out-of-pocket expenses required for the role may be reimbursed in accordance with policy and handling requirements.
• Standing and independence apply. Continued service depends on remaining in good standing, meeting disclosure obligations, and maintaining independence consistent with integrity and conduct requirements.

Opportunities for Leaders to Join

• Shape settlement-grade standards that can unlock scalable parametric and hybrid risk-transfer capacity without sacrificing integrity or legitimacy.
• Build a basis-risk and corrections discipline that improves trust and adoption across sovereign pools, insurers, reinsurers, and ILS markets.
• Convene insurance markets in a neutrality-safe forum designed to withstand scrutiny by regulators, audit committees, and public stakeholders.
• Strong performance positions leaders for broader chairing responsibilities and board consideration (without implying entitlement).

Leaders Profile

We are seeking senior leaders (typically 15+ years) with credibility across one or more of:

• (Re)insurance underwriting governance, product governance, claims governance, or risk/actuarial leadership in regulated environments.
• Parametric insurance, ILS, cat risk, sovereign risk pools/captives, and settlement/claims evidence operations.
• Model governance and validation (cat models, hazard indices, exposure/vulnerability analytics) with strong audit and disclosure instincts.
• Insurance regulation, conduct, or market infrastructure oversight.

Capabilities and Mindset

• Settlement-first discipline: defines triggers and evidence so claims can close cleanly under scrutiny.
• Boundary discipline: refuses execution drift (no quotes, placement, or provider selection).
• Neutral convenor: can convene competitors without collusion risk or preferential access.
• Correction-positive: treats corrections, supersession, and basis-risk transparency as trust-building.
• Strong documentation and governance rigor: produces templates, decision records, and change-control artifacts suitable for audit.

Eligibility, Membership, and Independence

• Holds a primary full-time role outside the committee chair seat and can sustain the expected cadence and surge periods.
• Willing to fully disclose relevant interests (employer ties, underwriting/placement roles, broker relationships, financial interests) and comply with conflict-of-interest, recusal, and conduct requirements.
• Not placed in a situation where service creates unmanageable conflicts, compromises neutrality, or creates regulated-activity ambiguity.
• Accepts strict confidentiality, handling discipline, and communications integrity expectations.
• Commits to remain in good standing (participation, disclosures, and applicable contribution obligations).