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Insurance Risk Analyst Jobs in Phoenix, AZ (NOW HIRING)

Western Alliance Bank

Model Risk Analyst

Phoenix, AZ · On-site

Model Risk Analyst Location: CityScape What you'll do: Western Alliance Bank (WAL) is seeking a ... insurance, time off, a great 401k matching program, tuition assistance program, an employee ...

AECOM

Risk Manager

Phoenix, AZ · On-site

Developing and undertaking advanced Quantitative Risk Analysis including Cost, Schedule and ... insurance, service recognition awards, retirement savings plan, and employee stock purchase plan.

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Insurance Risk Analyst information

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$46.2K

$78.6K

$147.2K

How much do insurance risk analyst jobs pay per year?

As of Jun 19, 2026, the average yearly pay for insurance risk analyst in Phoenix, AZ is $78,556.00, according to ZipRecruiter salary data. Most workers in this role earn between $61,300.00 and $81,600.00 per year, depending on experience, location, and employer.

What are some common challenges faced by Insurance Risk Analysts in evaluating emerging risks?

Insurance Risk Analysts often encounter challenges when assessing emerging risks such as cyber threats, climate change, or new technologies, as there may be limited historical data available. This requires them to continuously update their knowledge, collaborate with underwriters, actuaries, and external experts, and adopt advanced analytical tools to make informed recommendations. Staying proactive in identifying trends and adapting risk models is essential for success in this dynamic environment.

How much do risk analysts get paid?

Risk analysts in the insurance industry typically earn a median annual salary between $60,000 and $80,000, with experienced professionals or those in senior roles earning over $100,000. Salaries vary based on experience, location, and certifications such as the Chartered Property Casualty Underwriter (CPCU).

What is the highest paid position in insurance?

In insurance, executive roles such as Chief Underwriting Officer, Chief Risk Officer, or Chief Executive Officer tend to be the highest paid positions, often earning six- to seven-figure salaries. These roles require extensive experience, leadership skills, and often advanced certifications or degrees, and they oversee strategic decision-making and risk management at the highest level.

What are Insurance Risk Analysts?

Insurance Risk Analysts are professionals who assess and analyze potential risks that could affect an insurance company or its clients. They evaluate data and financial information to determine the likelihood and potential cost of events such as accidents, natural disasters, or other losses. Their work helps insurance companies set appropriate premiums and develop strategies to minimize financial loss. Insurance Risk Analysts also monitor trends and provide recommendations to reduce risk exposure.

What does a risk analyst do for an insurance company?

An insurance risk analyst evaluates potential risks that could affect an insurance company's financial stability by analyzing data, assessing policyholders' risk profiles, and using statistical tools. They help determine appropriate premiums and develop strategies to mitigate losses, often working with underwriting teams and utilizing risk management software.

What is the difference between Insurance Risk Analyst vs Insurance Underwriter?

AspectInsurance Risk AnalystInsurance Underwriter
Required CredentialsBachelor's degree in finance, economics, or related field; certifications like CPCU or ARM beneficialBachelor's degree in finance, economics, or related field; certifications like CPCU or ARM beneficial
Work EnvironmentAnalyzes data, assesses risks, and provides reports; often in an office settingEvaluates applications, determines policy terms, and approves or declines coverage; office-based
Employer & Industry UsageInsurance companies, risk management firms, consulting agenciesInsurance companies, brokerage firms, underwriting agencies

While both roles require similar credentials and work in the insurance industry, Insurance Risk Analysts focus on analyzing and quantifying risks to inform decision-making, whereas Insurance Underwriters evaluate individual applications to determine policy terms. Understanding these differences helps clarify career paths and employer expectations in the insurance sector.

What are the key skills and qualifications needed to thrive as an Insurance Risk Analyst, and why are they important?

To thrive as an Insurance Risk Analyst, you need strong analytical skills, a solid understanding of risk assessment methodologies, and typically a bachelor’s degree in finance, mathematics, or a related field. Familiarity with statistical software, risk modeling tools, and certifications such as Chartered Property Casualty Underwriter (CPCU) or Associate in Risk Management (ARM) are often required. Attention to detail, critical thinking, and effective communication are crucial soft skills for interpreting data and presenting findings to stakeholders. These skills ensure accurate risk evaluation, informed decision-making, and the development of effective risk mitigation strategies within insurance organizations.

Is risk analyst an entry level job?

A risk analyst position can be entry level or require several years of experience, depending on the employer and specific role. Entry-level risk analyst jobs typically require a bachelor's degree in finance, economics, or a related field, and may involve on-the-job training or certifications such as FRM or CRM. More advanced roles may require prior experience or specialized skills in data analysis or risk modeling.

What Does an Insurance Risk Analyst Do?

An insurance risk analyst performs a variety of duties related to assessing risks your clients may undergo and how to insure them properly. You collect and analyze data, such as past claims in the industry, competitor pricing, and various risk management strategies to help your company keep costs down. Qualifications for the job include career training, education, and specialized skills. Typically, you need a bachelor’s degree in accounting or finance and some work experience in the industry. Important skills include an excellent eye for detail and strong analytical problem-solving.

More about Insurance Risk Analyst jobs
What are popular job titles related to Insurance Risk Analyst jobs in Phoenix, AZ? For Insurance Risk Analyst jobs in Phoenix, AZ, the most frequently searched job titles are:
What job categories do people searching Insurance Risk Analyst jobs in Phoenix, AZ look for? The top searched job categories for Insurance Risk Analyst jobs in Phoenix, AZ are:
What cities near Phoenix, AZ are hiring for Insurance Risk Analyst jobs? Cities near Phoenix, AZ with the most Insurance Risk Analyst job openings:
Insurance Risk Analyst jobs near you
Infographic showing various Insurance Risk Analyst job openings in Phoenix, AZ as of June 2026, with employment types broken down into 2% Locum Tenens, 2% Internship, 88% Full Time, 5% Part Time, and 3% Contract. Highlights an 82% Physical, 7% Hybrid, and 11% Remote job distribution, with an average salary of $78,556 per year, or $37.8 per hour.
Model Risk Analyst

Model Risk Analyst

Western Alliance Bancorporation

Phoenix, AZ • On-site

Full-time

Medical, Dental, Retirement

Posted 14 days ago

Job description

Job Title:
Model Risk Analyst
Location:
CityScape
What you'll do:
Western Alliance Bank (WAL) is seeking a Model Risk Analyst to join its Model Risk Management Group. Being part of the Model Risk team will put you at the center of the firm's model validation and governance activities with exposure to a wide variety of model types and cutting edge modeling techniques. In this role, you will help identify, assess, mitigate, and monitor model risk, while contributing to the ongoing development of the bank's Model Risk Management program.
  • Apply statistical, financial, economic, and business expertise to conduct independent model validation activities in accordance with the bank's Model Risk Management Policy and Federal Reserve SR 26 (including evaluating conceptual soundness, reviewing ongoing monitoring plans and reports, and conducting outcomes analysis and benchmarking etc.).
  • Prepare comprehensive model validation reports and presentations.
  • Aid in model governance activities including enhancing policies and procedures, maintaining model and critical spreadsheet inventories, managing issues/findings, and producing quarterly reporting.
  • Stay current with research and trends in statistical modeling and model risk management.

What you'll need:
  • Preferred PhD or 3+ years of related work experience in validating and/or developing the types of models used in the financial services industry.
  • Masters degree or greater in a quantitative field such as Statistics, Economics, Math, Physics, Engineering or Finance.
  • Intermediate knowledge of regulatory and legal compliance obligations, industry standards, and best practices.
  • Intermediate project management skills and ability to manage multiple projects independently.
  • Intermediate to Advanced quantitative modeling, analytical, research, and programming skills.
  • Intermediate to Advanced experience with Python, R, or SAS, with hands-on experience in SQL.
  • Intermediate verbal and written communication skills.
  • Knowledge of general banking operations, including deposit operations, loan administration, treasury management, and other commercial banking products and services preferred.

Benefits you'll love:
We offer all the important things you'd want - like competitive salaries, an ownership stake in the company, medical and dental insurance, time off, a great 401k matching program, tuition assistance program, an employee volunteer program, and a wellness program. In addition, you'll have the opportunity to bolster your business knowledge, learning the ins and outs of how successful companies operate and manage their finances, giving you invaluable hands-on experience to help grow your career!
About the company:
Western Alliance Bank, Member FDIC, is a wholly owned subsidiary of Western Alliance Bancorporation. Serving clients nationwide, Western Alliance Bank includes six legacy bank brands - Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank - that remain part of the company's heritage, as well as AmeriHome Mortgage, a Western Alliance Bank Company.
Western Alliance Bancorporation is committed to equal employment and will consider all qualified applicants without regard to race, sex, color, religion, age, nation origin, marital status, disability, protected veteran status, sexual orientation, gender identity or genetic information. Western Alliance Bancorporation is committed to working with and providing reasonable accommodations for individuals with disabilities. If you are an individual with a disability and require a reasonable accommodation to complete any part of the application process and/or need an alternative method of applying, please email HR@westernalliancebank.com or call 602-386-2488. When contacting us, please provide your contact information and state the nature of your accessibility issue. We will only respond to inquiries concerning requests that involve a reasonable accommodation in the application process.
© Western Alliance Bancorporation

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