Senior Valuation Actuary - Korea Team

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 SCOR's 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.

Valuation & Closing Process

• Review and production support of the IFRS 4, IFRS 17, Solvency II and K-ICS results for the North Asia market
• Review and set non-economic assumptions for the North Asia market
• Liaise with local Technical Accounting team to produce IFRS result
• Respond to the external actuarial audit process for North Asia and relationships with local auditors 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
• Perform the annual/half yearly Analysis of Change process on SII and IFRS17 results
• Liaise with stakeholders across the group, based in Singapore, Cologne, Paris and Dublin
• 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.
• Check & review others work as part of the ‘do, check, review’ process

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:

• Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)
• 10+ years relevant experience in an insurance/reinsurance business
• 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:

• 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 working with others