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Senior Project Actuary, APAC

Date: Jan 13, 2022

Location: Singapore, SG

Company: SCOR

     APAC     

Singapore Singapore (SG) 

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Senior Project Actuary, APAC 

Permanent 

Actuarial 

 

 

          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

 

In this dynamic role, you will help the Actuarial team deliver key strategic projects in APAC. The initial focus of this role will be the recently executed Covéa transaction.

 

On 1 July 2021, SCOR executed quota share retrocession treaties ceding 30% of all in force business carried by SCOR’s Irish Life entities as at 31/12/21 to Covéa.

 

Since this includes much of SCOR’s business originating in Asia Pacific markets, we are seeking a candidate to be the key contact and expert for all Covéa matters in APAC. This is a pivotal and visible role, where you will be collaborating with stakeholders across the SCOR organisation – within APAC markets, the Irish entities, the wider Life Division and SCOR Group.

 

Reporting to the Head of Actuarial, APAC, the Senior Project Actuary will be responsible for co-ordinating all APAC deliverables to support the retrocession between SCOR and Covéa. This will include managing the actuarial & financial analysis, reporting, and reconciliations; providing guidance and support to the APAC markets; and ensuring that appropriate governance, procedures and controls are adhered to in preparing the required information.

 

The APAC Senior Project Actuary will have a high degree of responsibility and autonomy whilst leading these key activities, acting at all times with a business mindset and collaborative approach to peers and stakeholders.

 

Key Areas of the Role

 

As a key member of the APAC Actuarial team, your role will be supporting or leading projects in the region which require the input of the Actuarial & Finance teams. In the near term, it’s expected that the majority of your time will be spent on the Covéa transaction. You will act as the key contact and expert for all Covéa treaty matters in APAC, liaising across the Actuarial & Finance functions of the 4 APAC Macro Market teams, as well as with the SGLRI teams, Life Division, and Hub and Group stakeholders.

 

Support the APAC Macro Markets in meeting the reporting requirements of the Covéa treaty, including:

  • Reviewing and validating the information submitted by the APAC macro markets
  • Supporting the APAC Macro Markets in preparing reconciliations of the SoA to the retroceded Best Estimate Liabilities (BEL), movement analysis in the retroceded BEL over time, and other reconciliations as may be required, including collating the explanations on movements
  • Providing guidance and creating examples and templates as needed for reporting requirements (such as quarterly Statements of Account), and answering any questions the markets may have on the process
  • Supporting the Operations & Market teams in transitioning the reporting processes to be part of the BAU process, including e.g. systems testing.
  • Supporting the Financial Performance & Analysis teams in alignment of methodology and inputs to the quarterly closing figures and Operating Plan.

 

 Managing the provision of analysis and internal management information on the treaty, including:

  • The impact of the Covéa treaty on the IFRS results, SII BEL, and other KPIs; ensuring timely communication / understanding of these impacts to Division and Market stakeholders.
  • The financial impact of experience variances and updated best estimate assumptions to the Covéa treaty
  • The financial impacts of material events in APAC markets to the treaty, e.g., novations, recaptures, management actions, significant data or model updates, business referrals etc.
  • Providing the necessary support and inputs for the treaty Steering Committee meetings and the internal SCOR Oversight Committee meetings.

 

 Governance, controls & inspections:

  • Liaise with APAC markets to provide responses to questions from Covéa inspectors which relate to any treaties originating in those markets
  • Ensure that any procedures and controls established with respect to the quarterly settlement statements, reconciliations and additional information being provided to Covéa, are adhered to. This includes ensuring the timely provision of information such that the agreed timeframe per Covéa contract can be met.
  • Work in collaboration with stakeholders across SCOR to improve the efficiency, automation and controls around the business process for the ongoing management of the Covéa treaty.

 

Required experience & competencies

Experience:

  • Qualified Actuary (FSA, FIA, or FIAA), or qualified by experience
  • Relevant experience in a life insurance/reinsurance business
  • Experience of valuation, reporting, or performance/in-force management
  • Experience of managing complex projects/stakeholders
  •  

Personal Competences:

  • Enjoys working at pace, in a close-knit team
  • Highly organised and proactive, with the ability to manage multiple competing priorities
  • Strong communication skills and the ability to engage with local, SGL and Group leadership on finance, actuarial and operational topics
  • Strong technical skill set, with knowledge of IFRS and/or Solvency II reporting requirements
  • Excellent analytical and conceptual skills, with a solution-focussed mindset
  • Strong interpersonal and intercultural competencies, including with respect to cultural differences in different markets
  • Demonstrates curiosity and enthusiasm for continuous improvement