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Senior Valuation Actuary, APAC

Date: Jan 13, 2022

Location: Singapore, SG

Company: SCOR

     APAC     

Singapore Singapore (SG) 

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Senior Valuation 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 exciting and fast-paced role you will be working across SCOR’s 4 growing APAC Macro Markets (China / North Asia / South Asia / ANZ) which cover 9 offices writing business in c.30 countries.

Supporting the Head of Actuarial APAC in the management of all divisional reserving activities for Life, you will have a high degree of responsibility and autonomy whilst undertaking and leading key projects within the team.

With a focus on IFRS, Solvency II, local statutory/solvency reporting and experience analysis, you will also be involved in supporting the IFRS17 programme, capital management initiatives (including liaising closely with Pricing teams on the capital implications of new deals) & in-force management.

You will help to ensure delivery, production, governance, and reserve adequacy, with a business mindset and collaborative approach to all peers and stakeholders. In addition, you will act as a key point of contact and expertise for when interacting with Divisional and Group teams. 

Help support the Life Actuarial team to meet its goals to be:

A Purpose driven organization to deliver business growth and results stability to meet Scor’s financial promises

 

Main Scope

  • Provide value adding insights to the business, including movements in IFRS and SII results, experience emergence, recommendations for management actions.
  • Provide oversight of the quarterly closing process for the 4 macro markets in APAC, oversight of the best estimate assumptions and ad hoc reviews of the overall APAC IFRS reserves in order to give an assessment of their adequacy.
  • Lead the Singapore RBC2 reporting for the Korea Life portfolio.
  • Lead quarterly & annual analyses of the reserves of the macro-markets and products and of reports supporting conclusions. Support process of continuous improvement.
  • Providing support in the implementation of IFRS17 across the 4 macro markets.
  • Oversee the actuarial elements of the local solvency and capital projections for each of the entities in the region
  • Help to lead the external audits and relationships with local auditors in relation to actuarial topics
  • Support the standardisation and continuous improvement of reserving processes, analyses and controls across the macro markets.

 

Support the Head of Actuarial APAC in being the primary point of contact for the 4 Macro Markets when liaising with the SGL Divisional Finance teams and Group teams, and provide deep expertise in relation to financial performance in the 4 Macro Markets:

  • Develop understanding of drivers of financial performance from the Macro Markets each quarter
  • Support appropriate communication of actuarial issues to Divisional Finance teams in the context of earnings, capital, liquidity, etc. 
  • Develop understanding of FP&A processes and contribute to FP&A activity as required

 

Relationships

  • Work closely with the divisional reserving and actuarial function teams on all actuarial matters relating to reserving, economic value and experience analysis
  • Collaboration with Macro Market actuarial teams in each of the markets to provide advice and governance to the actuarial reserves, and to ensure best practice of actuarial functions within the region
  • Work closely with other teams within APAC, including Life finance, Pricing, Risk management, to share common knowledge, and common purpose

 

Required experience & competencies

Experience:

  • Qualified Actuary (FSA, FIA, or FIAA)
  • Relevant experience in a life insurance/reinsurance business
  • Deep experience of at least one of: IFRS4, IFRS17, Solvency II, experience analysis, or local statutory reporting in an APAC market (SG RBC2 is advantageous but not required)
  • Experience of management - either small teams or individual projects

 

Personal Competences:

  • 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
  • Excellent communication and interpersonal skills
  • Creates a supportive environment – both when coaching junior members within the team and when guiding and supporting the macro market valuation teams, as well as working with other teams and colleagues
  • Interest in career and skill development
  • Able to provide effective challenge to senior managers