Senior Valuation Actuary (Korea Team)

Job Summary

As a key member of the Korea L&H Valuation team, which sits within the APAC Actuarial function, your role will be focused on the production of IFRS and SII results. The role will cover SCOR’s business written in Korea and Japan.

This will include preparing the quarterly reserves, uploading these into SCOR's systems, understanding and analysing the results and movements, reviewing the work of other team members, and producing reports. It will also include preparation of settlement statements for an external retrocession and User Acceptance Testing of actuarial model changes.

You will have the opportunity to liaise with colleagues across the SCOR group, explaining the results to our stakeholders and participating in strategic projects.

About the Department: APAC Actuarial

The APAC Actuarial team is based in SCOR’s offices in Singapore, Sydney, Beijing, and Seoul, covering both Life & Health and Property & Casualty business. This includes business written in approximately 30 countries and 13 legal entities in the region.

We are a diverse and engaged team, providing expert actuarial analysis and insight for our stakeholders. The department is led by the Chief Reserving Actuary for Asia Pacific.

Responsibilities

Valuation & Closing Process

• Review and production support of the IFRS 4, IFRS 17, Solvency II, and K-ICS results for the North Asia market
• Review and set non-economic assumptions for the North Asia market
• Liaise with local Technical Accounting team to produce IFRS results
• Respond to the external actuarial audit process for North Asia and manage relationships with local auditors on actuarial topics
• Liaise with IT to streamline and automate the valuation process
• Assist in drafting actuarial valuation reports for IFRS and Solvency II for the North Asia market
• Perform the annual/half-yearly Analysis of Change process on SII and IFRS 17 results
• Liaise with stakeholders across the group, based in Singapore, Cologne, Paris, and Dublin
• Prepare the quarterly settlement statements for Covea retrocession and assist in creating a longer-term solution to automate this process
• Standardise and continuously improve reserving processes, analysis, and controls
• Check and review others' work as part of the ‘do, check, review’ process

Modelling

• Assist with quarterly Prophet User Acceptance Testing
• Propose improvements on tools and methodology
• Update the Best Estimate assumptions and other parameters in the Prophet model
• Contribute to group/global projects
• Assist the North Asia market’s contribution to the SCOR Group IFRS 17 project, including:

• Testing and dry run activities
• Prophet model process enhancements
• Communicating with global stakeholders to keep up with progress developments

Qualifications

Experience:

• Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)
• 10+ years relevant experience in an insurance/reinsurance business
• Experience of experience analysis and best estimate assumption setting
• Experience of reserving/valuation – Best estimate liability valuation, and/or IFRS 17, K-ICS, Solvency II experience preferred
• Experience of reviewing others' work and managing tasks independently

Personal Competences:

• Enjoys working at pace, in a close-knit team
• Demonstrates curiosity and enthusiasm for continuous improvement
• Proactive, organized, and adept at stakeholder management
• Strong technical skill set
• Excellent communication and interpersonal skills
• Creates a supportive environment – both when coaching junior members within the team and when working with others

About us

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk.

Working at SCOR means engaging with some of the best minds in the industry – actuaries, data scientists, underwriters, risk modelers, engineers, and many others – as we work together to find solutions to pressing challenges facing societies.

As an international company, our common culture is defined by “The SCOR Way.” The SCOR Way is anchored by five core values: we care about clients, people, and societies; we perform with integrity; we act with courage; we encourage open minds; and we thrive through collaboration.