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Valuation Actuary

Employer
SCOR
Location
Seoul, South Korea
Salary
Competitive
Closing date
Aug 9, 2024

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Job Function
Accounting/Audit/Tax
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
Job Description

Job Summary

As a key member of the Korea L&H 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 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 Chief Reserving Actuary for Asia Pacific.

Responsibilities

Key duties and responsibilities

Valuation & Closing Process
  1. Review and production support of the IFRS 4, IFRS 17,Solvency II and K-ICS results for the North Asia market
  2. Produce the actuarial input for the annual Operating Plan
  3. Liaise with local Technical Accounting team to produce IFRS result
  4. Respond to the external actuarial audit process for North Asia and relationships with local auditors on actuarial topics
  5. Liaise with IT to streamline and automate valuation process
  6. Assist in drafting actuarial valuation reports for IFRS and solvency II for North Asia market
  7. Perform the annual/half yearly Analysis of Change process on SII and IFRS17 results
  8. Prepare the quarterly settlement statements for Covea retrocession, and assist in creating a longer-term solution to automate this process
  9. Standardise and continuously improve reserving processes, analysis and controls.
  10. Check & review others work as part of the 'do, check, review' process

Modelling
  1. Assist with quarterly Prophet User Acceptance Testing
  2. Propose improvements on tools and methodology
  3. Update the Best Estimate assumptions and other parameters in the Prophet model
  4. Contribute to group/global projects
  5. Assist the North Asia market's contribution to the SCOR Group IFRS17 project, including:
  • Testing and dry run activities in 2023
  • Prophet model process enhancements
  • Communicating with global stakeholders to keep up with progress developments

Qualifications

Experience:
  • Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)
  • 3 to 8 years relevant experience in a insurance/reinsurance business or equivalent capabilities
  • Experience of experience analysis and best estimate assumption setting
  • Experience of reserving/valuation - Best estimate liability valuation, and/or IFRS 17, K-ICS, Solvency II experience preferred
  • Experience of reviewing others work and managing tasks independently

Personal Competences:
  • Fluent Korean speaker with a good spoken & written English
  • 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
  • Excellent communication and interpersonal skills
  • Creates a supportive environment - both when coaching junior members within the team and when working with other

About Us

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying "The Art & Science of Risk," SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society in around 160 countries worldwide.

Working at SCOR means engaging with some of the best minds in the industry - actuaries, data scientists, underwriters, risk modelers, engineers, and many others - as we work together to find solutions to pressing challenges facing societies.

As an international company, our common culture is defined by "The SCOR Way." Serving both to build momentum that drives the Group forward and as a compass to guide our actions and choices, The SCOR Way is anchored by five core values, reflecting the input of employees at all levels of the Group. We care about clients, people, and societies. We perform with integrity. We act with courage. We encourage open minds. And we thrive through collaboration.

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