Actuary (Valuation)

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 SCORs systems (accounting system and reserving data warehouse), understanding and analyzing 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. You will also have the opportunity to participate in strategic projects.

About the Department: APAC Actuarial

The APAC Actuarial team is based in SCOR’s offices in Singapore, Sydney, Beijing, and Seoul, and covers both Life & Health and Property & Casualty business. This includes business written in c.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

Key duties and 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
• Produce the actuarial input for the annual Operating Plan
• Liaise with local Technical Accounting team to produce IFRS result
• Respond to the external actuarial audit process for North Asia and relationships with local auditors on actuarial topics
• Liaise with IT to streamline and automate valuation process
• Assist in drafting actuarial valuation reports for IFRS and Solvency II for North Asia market
• Perform the annual/half-yearly Analysis of Change process on SII and IFRS 17 results
• Prepare the quarterly settlement statements for Covea retrocession, and assist in creating a longer-term solution to automate this process
• Standardize and continuously improve reserving processes, analysis, and controls.
• Check & 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 in 2023
• Prophet model process enhancements
• Communicating with global stakeholders to keep up with progress developments

Qualifications

• Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)
• 3 to 8 years relevant experience in an insurance/reinsurance business or equivalent capabilities
• 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:

• Fluent Korean speaker with good spoken & written English
• 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, including experiences in Prophet, SQL, Python, and Excel VBA
• Excellent communication and interpersonal skills
• Creates a supportive environment – both when coaching junior members within the team and when working with others

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.