P&C Reserving Actuary

Job Description

The core function of Group P&C Reserving Department is to provide an independent assurance on SCOR Group IFRS 17 and SII reserves. This includes independent reviews, peer reviews, validation of model changes, validation, and calibration of P&C reserving input to internal model. This includes too an effective communication of results to the various stakeholders, including Board, General management, external auditors, regulators.

The department is in charge of defining overarching governance in term of methodology, standards and guidelines.

The Department supports the Actuarial Function holder in the production of the Actuarial Function Report and other related documents and reports, for both Group and local entities.

Responsibilities

Key duties and responsibilities

Within Group P&C Reserving department:

• You analyze and validate on a quarterly basis the reserve level of the segments you are in charge of. You present and support your arguments to your management and to the Group Chief Actuary. This entails a detailed and documented analysis covering the assumptions selected and the models used
• You perform annually or on demand independent actuarial studies on the segments under your review, leading to a synthetic report. This document, written in English, leads to a set of recommendations subject to your follow up.
• You ensure that the reserves of the segments under your review are assessed using adequate methods in a consistent way.
• You improve, innovate and develop your own analysis, methods, process and tools when assessing your segments’ reserve adequacy.
• You participate to the production of the Actuarial Function report, by taking the lead or supporting the following actions
• conduct specific studies (sensitivity tests, back-testing of ultimate loss ratios) on the Group Non-Life Solvency 2 Technical Provisions (BEL and Risk Margin).
• Provide an opinion on the underwriting policy (including a review of the UW referrals, UW and pricing guidelines, backtesting of pricing loss ratios, comparison between reserving and pricing assumptions)
• Provide an opinion on the effectiveness of retrocession arrangements
• Analyse the outputs of the risk appetite framework on a P&C perspective in collaboration with the Group Risk Coverage team.
• All the tasks above imply exchanges with UW, pricing, retrocession senior management and you’ll work closely with the Group Chief Actuary.
• Follow- up previous Group Actuarial Function recommendations and propose to the Group Chief Actuary new recommendations.
• Prepare presentations to the P&C Group Senior management as well as Group Audit committee.
• Coordinate all Actuarial Function tasks and develop synergies with legal entities Actuarial Function teams (UK, SCOR SE, SGRI and SI).
• You participate in the Group Internal Model independent validation, especially by reviewing development patterns and Coefficient of Variation for reserves. You develop the capacity to present the validation results to the Validation Advisory Committee in the framework of the overall internal model validation process.
• You participate in Group specific analysis and investigations. This includes but not limited to, analysis of volatility, review of estimations of mean time to payment and payout and incurred patterns provided by the local reserving teams. You participate in developing and improving tools and methods used to conduct these studies.
• You participate in developing and consistently improving communication channels and tools. This can be achieved via specific visualization tools. You can take the lead on corresponding projects.
• You participate in developing and consistently improving reserving tools and methods. You are able to take the lead on corresponding projects.
• On demand, you participate to ad hoc studies on special deals (LPT, alternative solutions deals, etc).

Qualifications

Required experience & competencies

Experience:

ideally 7 to 15 years of experience in pricing or reserving in an actuarial department of an insurance, reinsurance, or consulting company.

Personal Competences:

• Strong knowledge of reinsurance
• Strong knowledge of Non-Life Reserving techniques
• Strong communication skills – written and oral.
• Persuasion and argumentation skills to be able to present and support your findings to diverse stakeholders.
• Excellent analytical skills with the ability to understand numbers and analyze drivers of changes in results
• Good social skills required, enjoys working in a team environment.
• Proactive with a solution-oriented approach
• Enjoys sharing knowledge.
• Strong knowledge of finance and accounting (IFRS 17).
• Computer skills
• Good Microsoft office skills in particular Excel and Word.
• Knowledge of ResQ ©
• Good proficiency R or Python.
• Persuasion and argumentation skills to be able to present and support your findings to diverse stakeholders.
• Excellent analytical skills with the ability to understand numbers and analyze drivers of changes in results
• Good social skills required, enjoys working in a team environment.
• Proactive with a solution-oriented approach
• Enjoys sharing knowledge.
• Strong knowledge of finance and accounting (IFRS 17).
• Computer skills
• Good Microsoft office skills in particular Excel and Word.
• Knowledge of ResQ ©
• Good proficiency R or Python.

Required Education :

• College graduate preferably in Actuarial Science or Mathematics/Statistics or Physics or Engineering.
• Preferably fully qualified actuary (i.e: Institut des Actuaires SAV, ACAS, FCAS or FIA). Candidates with associate level or advanced students can be considered as well.

About us

SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Leveraging experience and expertise to deliver “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – from Life & Health and Property & Casualty insurance to Investments. Our specialized teams operate in over 160 countries, fostering long-term relationships with clients.

In order to provide our clients with a broad range of innovative reinsurance solutions, SCOR pursues an underwriting policy that is founded on profitability and supported by effective risk management strategy and a prudent investment policy. This approach allows us to offer clients an optimum level of security, to create value for shareholders, and to contribute to the welfare and resilience of society by helping to protect insureds against the risks they face.

At SCOR, we believe that employing people from different backgrounds and ensuring inclusivity is a major driving force for the success of the Group. We are committed to fostering a work environment in which all employees are treated fairly and respectfully, have equal access to opportunities and resources, and can contribute fully to SCOR’s success.