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Junior Power Underwriter/Analyst

Date: Nov 24, 2021

Location: London, GB

Company: SCOR

     EMEA     

London United Kingdom (GB) 

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Junior Power Underwriter/Analyst 

Permanent 

Underwriting 

 

 

          About SCOR         

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. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health insurance as well as in P&C insurance. Our specialist teams operate in over 120 countries, developing value added and innovative products and services and making long-term commitments to their clients, namely insurers and large corporations.
SCOR's aim, as an independent global reinsurance company, is to develop its Life and P&C business lines, to provide its clients with a broad range of innovative reinsurance solutions and to pursue an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy, in order to offer its clients an optimum level of security, to create value for its shareholders, and to contribute to the welfare and resilience of Society by helping to protect insureds against the risks they face.

 

Job Summary
With Data & Technology playing an ever-expanding role in the insurance industry, a broader skillset is now available in the front-end (underwriting) of our Specialty Insurance business. Data & Technology will increasingly play differentiating roles in 2 respects: 

1.    Building better insights on risks we (re)insure: enrich our underwriting process with new data (structured, or unstructured, public or private), and generate insights that are not part of the traditional risk transfer and intermediation (brokers) chain. 

2.    Automate and ease processes and create underwriting solutions tailor-made to underwriting teams: too large a proportion of the current underwriting process is taken by manual, cumbersome processes. We should empower underwriting teams to spend more time (“high touch”) on value adding parts of the process, while streamlining (“low touch”) the administrative burden. 

The targeted benefits would therefore translate into, respectively: 
1.    Better underwriting, through more comprehensive risk assessment 
2.    Productivity gains, leading to underwriters’ ability to handle higher business volumes

This ambition goes to the heart of the insurance business, and SCOR’s “Art & Science of risks” mantra, namely: combining creative insights to generate superior underwriting returns, backed by superior quantitative and analytical skills. By creating the new role of “Underwriting Data Analysts”, we are designing a career path to attract the most talented young professionals within SCOR. The bedrock of the Underwriter Data Analyst ties with the strong quantitative culture of SCOR and aims to facilitate the future of underwriting in a data-rich world. They would be consistent with and complement well the engineering backgrounds of many of our current experienced underwriters. The professionals would join and report to underwriting desks and be expected to evolve over time in many different potential directions: from underwriting, to technology- or analytics-driven roles (in Modelling, IT Projects, Actuary etc). The professionals would have a dotted line to the Single Risk Chief Technical Officer team (in charge of building Underwriting platforms and embed Technology and Data into our tools and systems). 


Key duties and responsibilities
Enhance Underwriting support and drive efficiencies
•    Sit with and be allocated to 1 or 2 underwriting team(s): part of a business production / profit centre, and client facing team 
•    Provide reliable, accurate and efficient support to the Underwriting team and quality customer service to brokers, clients and third parties
•    Partner with SCOR’s corporate resources (Data Capture Services, Technical Accounting) in support of underwriting teams
•    Help underwriting teams manage their book of business, ensuring completion of tasks in a timely and error-free manner
•    Manage renewal book and drives year-to-year comparisons, pricing, and suitable analyses up to binding decision (made by underwriter)
•    Find/propose ways to improve/adapt the underwriting process through simplification and/or automation. Liaise with the Chief Technical Officer team to implement changes


Make Data Analytics a key performance driver of our Single Risk underwriting
•    Augment risk analysis by identifying key data elements, patterns, and signals within increasingly dense information sets (ie. Develop new streams/ways of risk assessment in parallel to traditional ones). 
•    Ability to build prototypes to enhance underwriting process: quick test and implementation of quick wins and fixes, and over time more ambitious solutions 
•    Investigate alternative data sources (i.e. beyond data provided by clients) to provide complementary insight and enrich risk analysis and knowledge of clients
Ultimately, the ambition is to build Data & Analytics as a competitive edge in the underwriting process. 

 
In addition to underwriting teams, the Underwriting Data Analysts will be at the cross-roads of several key functions, providing a unique positioning in the SCOR Group. These key communities include: 
•    Global network of Specialty Insurance Underwriting Data Analysts: the Chief Technical Officer team will coordinate the global network of Underwriting Data Analysts to foster a culture of sharing, and innovation 
•    Throughout the SCOR Group, several teams work on innovation initiatives, whether in SCOR Global Life, SCOR Global P&C, and SCOR IT teams. Underwriting Data Analysts will play a key role to feed these communities and make an impact on the Group’s performance

Know-how, experience and exposure build-up
•    Direct and regular exposure during c. 1 year to key functions such as Technical Accounting and Claims: flexibly in conjunction with the underwriting role 
•    Continuously embedded within a specific Single Risk underwriting Line of Business/Team, being the primary reporting line 
•    Fields visits with Engineers/Surveyors 
•    Exposure and trainings on AI, ML, coding, and programming techniques to remain on top of the Tech game 
•    Pursuing proposed SCOR university and industry accreditations throughout (such as CII, CNPP, IFP, AMRAE, CPCU etc..)


Required experience & competencies
Experience:  

  •  Some years professional experience in risk, data modelling, Finance or Risk industries 
  •  Industrial and/or previous corporate working experience preferred, but not necessary for    candidates with suitable expertise and professional experience 


Competencies:  

  • A taste and track record for solution finding / problem solving, involving process improvements and/or automation and/or development of ad-hoc agile solutions (Excel macros, Python, C++ or similar)
  • Data mining and quantitative analysis skills
  • Appetite for underwriting large commercial risks


Soft skills: 

  • Curious, keen, and fast learner
  • Strong interest in understanding the evolving risks and exposures of various industries
  • Keen interest in the evolution of data mining and automation (e.g.machine learning and AI) 
  • Team player
  • Strong personal, communication and negotiation skills
  •  Proactive and committed
  • Internationally minded

    

Required Education

  •  A graduate within an Engineering or Analytical Discipline.

If you are interested in this role, please submit your CV to us via our recruitment portal.