Job Summary
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 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 Head of L&H Reserving for Asia Pacific.
Key duties and responsibilities
Valuation & Closing Process
- Assist in production support of the IFRS 4, IFRS 17 and Solvency II for the North Asia market
- Liaise with local Technical Accounting team to produce IFRS result
- Assist in external actuarial audit process for North Asia and relationships with local auditor 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
- Assist in the annual/half yearly Analysis of Change process on SII and IFRS17 results
- Prepare the quarterly settlement statements for Covea retrocession, and assist in creating a longer-term solution to automate this process
- Standardise and continuously improve reserving processes, analysis and controls.
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 IFRS17 project, including:
- Testing and dry run activities
- Prophet model process enhancements
- Communicating with global stakeholders to keep up with progress developments
Experience:
- A good progress towards to actuarial qualification
- Up to 3 years relevant experience in a insurance/reinsurance business or equivalent capabilities
- Experience of reserving/valuation – Best estimate liability valuation, and/or IFRS 17 and Solvency II experience preferred
- Experience of producing and checking future cash flows using actuarial software preferably with Prophet.
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, including experiences in Prophet, SQL, Python and Excel VBA
- Demonstrates communication and interpersonal skills
- Creates a supportive environment – both when coaching junior members within the team and when working with others
