Seoul

Part Qualified

Qualified

Senior Actuary

Life

Health

Property & Casualty

Reserving

Reporting

Reinsurance

Experience Analysis

Prophet

Pricing

Valuation

Excel

Contract

AXIS

As a key member of the North Asia Life &amp; Health Reserving team, your role will be focused on reserving activities (covering IFRS4, IFRS17, and Solvency II) for the South Korea and Japan markets, as well as Korea statutory reporting (local IFRS17, K-ICS). This will include preparing the quarterly reserves, uploading these into SCORs systems (accounting system and reserving data warehouse), understanding and analysing the results and movements, reviewing the work of other team members, and producing reports. It will also include User Acceptance Testing of actuarial model changes.You will also help to undertake the annual assumption update process for North Asia L&amp;H business in Asia Pacific, testing the impact of the best estimate assumptions and preparing reports on these for internal &amp; external stakeholders.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.The APAC Actuarial team is based in SCOR’s offices in Singapore, Sydney, Beijing and Seoul, and covers both Life &amp; Health and Property &amp; Casualty business. This includes business written in c.30 countries and 12 legal entities in the region. We are a diverse and engaged team, providing expert actuarial analysis and insight for our stakeholders. The department is lead by the Chief Reserving Actuary for Asia Pacific.Responsibilities<ul><li>Review and production support of the IFRS 4, IFRS 17,Solvency II and K-ICS results for the North Asia market</li><li>Produce the actuarial input for the annual Operating Plan</li><li>Liaise with local Technical Accounting team to produce IFRS result</li><li>Respond to the external actuarial audit process for North Asia and relationships with local auditors on actuarial topics</li><li>Liaise with IT to streamline and automate valuation process</li><li>Assist in drafting actuarial valuation reports for IFRS and solvencyII for North Asia market</li><li>Perform the annual/half yearly Analysis of Change process on SII and IFRS17 results</li><li>Liaise with stakeholders across the group, based in Singapore, Cologne, Paris and Dublin</li><li>Prepare the quarterly settlement statements for Covea retrocession, and assist in creating a longer-term solution to automate this process</li><li>Standardise and continuously improve reserving processes, analysis and controls.</li><li>Check &amp; review others work as part of the ‘do, check, review’ process</li><li>Assist with quarterly Prophet User Acceptance Testing</li><li>Propose improvements on tools and methodology</li><li>Assist the North Asia market’s contribution to the SCOR Group IFRS17 project, including:</li><li>Testing and dry run activities in 2023</li><li>Prophet model process enhancements</li><li>Communicating with global stakeholders to keep up with progress developments</li><li>Update the Best Estimate assumptions and other parameters in the Prophet model</li><li>Contribute to group/global projects</li></ul>Qualifications<ul><li>Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)</li><li>Experience in reserving/valuation: IFRS4, IFRS17, Solvency II, experience analysis, or K-ICS statutory reporting preferred.</li><li>Prophet experience would be advantageous</li><li>8+ years relevant experience</li><li>Experience of reviewing others work and managing tasks independently</li><li>Fluent Korean speaker with good spoken &amp; written English</li><li>Enjoys working at pace, in a close-knit team</li><li>Demonstrates curiosity and enthusiasm for continuous improvement</li><li>Proactive, organized and adept at stakeholder management</li><li>Strong technical skill set</li><li>Excellent communication and interpersonal skills</li><li>Creates a supportive environment – both when coaching junior members within the team and when working with other teams and colleagues</li><li>Interest in career and skill development</li></ul>About SCORSCOR, 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 &amp; Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – from Life &amp; Health and Property &amp; Casualty insurance to Investments. Our specialized teams operate in over 160 countries, fostering long-term relationships with clients.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.

Job Description<ul><li>Building Best Estimation to assess risks associated with extending insurance or financial products</li><li>Responsible for the timely and accurate delivery of pricing terms.</li><li>Ensuring high technical standards of experience analysis.</li><li>Supporting the marketing and business development in building and maintaining effective relationships with clients.</li></ul>Responsibilities<ul><li>Provision of other actuarial service to the client</li><li>Product development and developing relevant risk rate</li><li>Study and discussion new product idea</li><li>Developing risk rate for new products</li><li>Participate in or lead project assignments such as pricing assumption revisions, deal structures, and product development.</li><li>Model and assumptions used for new business quotes.</li><li>Reviewsupporting materials and studies used in Pricing Committee.</li><li>Review packages,project and analytical studies to support pricing assumptions</li><li>Supporting key pricing accountabilities include,client experience and mortality assessment</li><li>Involvement in creating and preparing reinsurance solutions in accordance with SCOR standards with a focus on working in partnership with our clients to develop innovative solutions to their business challenges:</li></ul>Qualifications<ul><li>Qualified Actuary</li><li>Minimum 5 years of industry experience.</li></ul>Personal Competences:Essential:<ul><li>Moderate verbal and written communication skills in English</li><li>Proficiency in one or more life actuarial pricing systems (e.g., AXIS, TAS, Prophet)</li></ul>Desirable:<ul><li>Solid analytical skills with strong problem-solving ability.</li><li>Must be able to work effectively independently and as part of a team.</li></ul>Required Education<ul><li>Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, Finance or Accounting or equivalent combination of education and experience.</li></ul>About usSCOR, 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 &amp; Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – from Life &amp; Health and Property &amp; 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.

Job DescriptionDuration: 12 monthsYou will support the Head of L&amp;H Actuarial in developing the actuarial resources in North Asia, coaching junior colleagues and managing tasks and projects in the team. You will have a high degree of responsibility and autonomy.You will also help to manage the annual assumption update process for North Asia L&amp;H business in Asia Pacific, reviewing the experience analysis produced by the Korea L&amp;H market team and setting best estimate assumptions.You will provide leadership on key projects in the North Asia actuarial team, and will be responsible for driving improvements in the valuation modelling, processes and controls. You will be a key point of contract for Group and regional teams on North Asia actuarial matters, and responsible for communication of actuarial issues to other Finance teams in the context of earnings, capital, liquidity, etc. ResponsibilitiesGroup Reporting<ul><li>Alongside the Head of L&amp;H Actuarial, manage the production of North Asia L&amp;H reserves for Group results (IFRS 4, IFRS 17, SII) each quarter, participating in the landing process and ensuring the results are robust.</li><li>Provide value adding insight on the drivers of financial performance, movements in IFRS and SII results, experience emergence, and recommendations for management actions. </li><li>Produce the actuarial narrative on North Asia L&amp;H business to support FP&amp;A teams. Participate in the annual Operating Plan process</li><li>Undertake continuous improvement of reserving processes, analyses and controls in the North Asia L&amp;H actuarial team</li><li>Help to manage the annual assumption update process, reviewing the experience analysis produced by the business and leveraging the analysis to set the best estimate assumptions, working in conjunction with the regional L&amp;H Actuarial team for Asia Pacific.</li><li>Provide support &amp; guidance to the North Asia actuarial team on issues of methodology, appropriate techniques, and applying expert judgement. Review the work of team members</li><li>Support the local actuarial external audits and relationships with Korea auditors in relation to actuarial topics</li></ul>Statutory Reporting<ul><li>Undertake statutory reporting for the Korea branch, producing quarterly and annual L&amp;H IFRS17 and K-ICS results, including the calculation of insurance risk capital for the L&amp;H business as required</li><li>Provide support to the external Appointed Actuary for the Korea Branch in fulfilling their requirements as laid out in the Korean regulations</li><li>Work with the Capital Management team to provide accurate insurance risks forecasts to manage K-ICS capital within the comfort range, and assess the impact of any changes to the business or retrocession</li><li>Liaise closely with Pricing teams on the capital and reserving implications of new deals</li></ul>Projects &amp; Modelling<ul><li>Provide support in the implementation of new regulatory &amp; reporting regimes</li><li>Provide actuarial leadership on key projects as required</li><li>Provide support and guidance on the topic of actuarial Prophet modelling in North Asia, particularly with respect to the transition to seriatim modelling</li></ul>Relationships<ul><li>Be a key point of contact for Group and regional teams on Life &amp; Health actuarial matters in North Asia</li><li>Communication of actuarial issues to other Finance teams in the context of earnings, capital, liquidity, etc</li><li>Work closely with other teams within APAC, including the L&amp;H business unit, other colleagues in the wider Finance team, Pricing, and Risk management, to share common knowledge and common purpose</li></ul><ul><li>Support and encourage the growth and development of talent within the North Asia Actuarial team. Act as a role model within the team</li><li>Deputise for the Head of L&amp;H Actuarial, North Asia, as required</li></ul>QualificationsRequired experience &amp; competenciesExperience:<ul><li>Desirable: Fellow of international actuarial bodies (FSA, FIA, FIAA or equivalent)</li><li>Experience in relevant technical areas: IFRS4, IFRS17, Solvency II, experience analysis, or K-ICS statutory reporting. Prophet experience would be advantageous</li><li>Minimum of 8-10 years relevant experience</li><li>Experience leading tasks/projects or small teams</li><li>An interest in assuming appointed actuary responsibilities in the future, including a willingness to obtain FSS certification, would be an advantage but is not required</li></ul>Personal Competences:<ul><li>Enjoys working at pace, in a collaborative and open environment</li><li>Promotes continuous improvement and development</li><li>Proactive and experienced at stakeholder management </li><li>Strong technical skill set</li><li>Excellent communication and interpersonal skills. Fluent English speaker.</li><li>Creates a supportive environment when coaching junior team members, and when working with colleagues in the wider business</li><li>Interest in career and skill development – of self and others</li><li>Able to provide effective challenge to senior leaders</li></ul>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 &amp; Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – from Life &amp; Health and Property &amp; 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.

Job DescriptionAs a key member of the Korea Life &amp; Health Valuation team, which sits within the APAC Actuarial function, your role will be focused on the production and 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 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. You will also have the opportunity to participate in strategic projects.About the Department: APAC ActuarialThe APAC Actuarial team is based in SCOR’s offices in Singapore, Sydney, Beijing and Seoul, and covers both Life &amp; Health and Property &amp; 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.ResponsibilitiesValuation &amp; Closing Process<ul><li>Production of the IFRS 4 and Solvency II results for the North Asia market</li><li>Produce the actuarial input for the annual Operating Plan</li><li>Liaise with local Technical Accounting team to produce IFRS result</li><li>Respond to the external actuarial audit process for North Asia and relationships with local auditors on actuarial topics</li><li>Liaise with IT to streamline and automate valuation process</li><li>Assist in drafting actuarial valuation reports for IFRS and solvency II for North Asia market</li><li>Perform the annual/half yearly Analysis of Change process on SII and IFRS17 results</li><li>Liaise with stakeholders across the group, based in Singapore, Cologne, Paris and Dublin </li><li>Prepare the quarterly settlement statements for Covea retrocession, and assist in creating a longer-term solution to automate this process</li><li>Standardise and continuously improve reserving processes, analysis and controls.</li><li>Check &amp; review others work as part of the ‘do, check, review’ process</li></ul>Modelling<ul><li>Assist with quarterly Prophet User Acceptance Testing</li><li>Propose improvements on tools and methodology</li><li>Assist the North Asia market’s contribution to the SCOR Group IFRS17 project, including:</li><li><ul style="list-style-type:circle"><li>Testing and dry run activities in 2022</li><li>IFRS 17 UAT and Solvency II UAT</li><li>Communicating with global stakeholders to keep up with progress developments</li></ul></li><li>Update the Best Estimate assumptions and other parameters in the Prophet model</li><li>Contribute to group/global projects</li></ul>May perform other duties as requiredQualifications<ul><li>Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)</li><li>5+ years relevant experience in a insurance/reinsurance business</li><li>Experience of reserving/valuation – IFRS 4, IFRS 17 or Solvency II experience preferred</li><li>Experience of reviewing others work and managing tasks independently</li><li>Fluent Korean speaker with very good spoken &amp; written English</li><li>Enjoys working at pace, in a close-knit team</li><li>Demonstrates curiosity and enthusiasm for continuous improvement</li><li>Proactive, organized and adept at stakeholder management </li><li>Strong technical skill set</li><li>Excellent communication and interpersonal skills</li><li>Creates a supportive environment – both when coaching junior members within the team and when working with other teams and colleagues</li><li>Interest in career and skill development</li></ul>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 &amp; Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – from Life &amp; Health and Property &amp; 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.

<div>About the Role<ul><li>Conduct pricing of reinsurance business to be written by the Korea office in accordance with the internal guidelines.</li><li>Develop new business pipelines, including generation of financial solutions, through close cooperation with valuation, accounting, risk management and other units. </li><li>Provide sound advice to support the sustainable growth of the business.</li></ul>Detailed Job Functions<ul><li>Analyze economical value as well as product features to execute each quotation</li><li>Maintain best estimate assumptions, i.e. detailed standard terms on which business can be written, for all major lines of business, and apply regular experience study outcomes to update the basis of these terms</li><li>Develop new business opportunities through delivery of new financial solutions</li><li>Maintain strong relationship with clients including liaison on financial topics and delivery of presentations to share accounting (IFRS, US-GAAP etc) knowledge</li></ul>About You<ul><li>Qualified actuary or close to qualified actuary </li></ul><ul><li>At least 2-3 years’ experience in actuarial modelling and pricing in Korea</li></ul><ul><li>Good knowledge about products, accounting analysis in the market</li><li>Experience of using and applying actuarial pricing tools and data analysis tools</li><li>Fundamental understanding about the insurance industry and the regulatory regime</li><li>Good interpersonal and influencing skills </li><li>Good command of English language</li><li>Well organised and able to manage projects effectively</li><li>Good team player</li><li>Independent</li></ul>About Swiss ReSwiss Re is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. We anticipate and manage a wide variety of risks, from natural catastrophes and climate change to cybercrime. We cover both Property &amp; Casualty and Life &amp; Health. Combining experience with creative thinking and cutting-edge expertise, we create new opportunities and solutions for our clients. This is possible thanks to the collaboration of more than 14,000 employees across the world.Our success depends on our ability to build an inclusive culture encouraging fresh perspectives and innovative thinking. We embrace a workplace where everyone has equal opportunities to thrive and develop professionally regardless of their age, gender, race, ethnicity, gender identity and/or expression, sexual orientation, physical or mental ability, skillset, thought or other characteristics. In our inclusive and flexible environment everyone can bring their authentic selves to work. </div>

About Swiss Re



<div>
Swiss Re is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. We anticipate and manage a wide variety of risks, from natural catastrophes and climate change to cybercrime. We cover both Property &amp; Casualty and Life &amp; Health. Combining experience with creative thinking and cutting-edge expertise, we create new opportunities and solutions for our clients. This is possible thanks to the collaboration of more than 14,000 employees across the world. 
 
Our success depends on our ability to build an inclusive culture encouraging fresh perspectives and innovative thinking. We embrace a workplace where everyone has equal opportunities to thrive and develop professionally regardless of their age, gender, race, ethnicity, gender identity and/or expression, sexual orientation, physical or mental ability, skillset, thought or other characteristics. In our inclusive and flexible environment everyone can bring their authentic selves to work. 




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About the Role



1. Portfolio Management: actively participate and support the Korea Portfolio Management managers' responsibility in engaging with other internal partner functions (and with external clients) to perform effective management of L&amp;H's in-force portfolios.



2. Assist on inforce portfolio initiatives to actively manage inforce risk and increase value of the inforce. This includes for example:

<ol style="list-style-type:lower-alpha">
	<li>Performing portfolio deep dives to review treaty profitability and propose actions to improve treaty performance.</li>
	<li>Complete quantitative experience analysis and valuation for recapture or non-contractual change on the inforce. </li>
	<li>Driving key inforce initiatives within Swiss Re such as US GAAP initiatives, Portfolio Optimization, Customer Retention Management, IFRS 17 and other inforce solutions. </li>
	<li>Reprice reviewable rate treaties or provide technical peer review support.</li>
</ol>



3. Perform experience monitoring:

<ol style="list-style-type:lower-alpha">
	<li>Work on production of regular and ad hoc monitoring analysis, including claims, retention/lapse, and other.</li>
	<li>Highlight key observations and recommendations to assist on business steering and in-force management.</li>
	<li>Monitor treaty's rate review trigger or internal KPI to ensure timely action is taken when necessary.</li>
	<li>Identify early warning signals and managing portfolio risks such that proactive action can be taken to protect the value of the in-force and ensure its sustainability; Spot issue early and fix them. </li>
</ol>



4. Support Group wide and local projects as required, including other priorities of the L&amp;H Business Management team.





About the Team



The Portfolio Management team forms part of the Business Management division in Swiss Re together with other units including Technical Accounting, Actuarial Management and Claims. The team has interdependent relationships with other units within the L&amp;H Business Management division and is required to foster a strong team culture in order to drive delivery of the overall divisional mandate.  



The mandate of the Portfolio Management team is to monitor, protect and maximize the shareholder value extracted from the in-force L&amp;H portfolio across its six markets in Asia: China, Japan, South Korea, South East Asia, Hong Kong &amp; Taiwan and India.



As part of a team of fifteen, this role reports to the Head L&amp;H Portfolio Management Asia and working closely with other senior team members. Whist this role will focus on Korea market, it also includes participation in regional initiatives and offer great exposure to leaders at the executive level, including frequent access to the Managing Director and Regional Head of the Business Management in Asia Pacific. In addition, the team works closely with other departments in Division Asia's L&amp;H Community, including Pricing, Finance, Transactions and Client markets.





About You



• Good exam progress with a recognised Actuarial professional body. 
• Minimum 4+ years of L&amp;H valuation or pricing experience in reinsurance or primary insurance. 
• Good technical knowledge in areas of liability portfolio management (e.g. experience analysis, product pricing and valuation, financial performance analysis). 
• Working knowledge of US GAAP financial reporting and embedded valuation methods (e.g. MCEV, EEV, TEV), knowledge of IFRS 17 is a plus. 
• Strong analytical skills, good understanding of financial reporting process, actuarial models and data management. 
• Experience in regular experience monitoring and highlight/ investigate variance in experience and its root causes. 
• Fundamental understanding of the Asian insurance and reinsurance industry, and knowledge of the main products and services offered by Swiss Re and its competitors would be a plus. 
• Excellent interpersonal, communication and organisational skills. 
• Ability to liaise with various stakeholders on different in-force management initiatives. 
• Ability to navigate ambiguity and work autonomously.

• Strong communication skills in Korean and English.

• Candidates with more experience will be considered as Senior Actuarial Analyst.
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Keywords:   
Reference Code: 115321 


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