As a key member of the North Asia Life & Health Reserving team, your role will be focused on reserving activities (covering IFRS4, IFRS17, and Solvency II) for the South Korea and Japan markets, as well as Korea statutory reporting (local IFRS17, K-ICS).
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 User Acceptance Testing of actuarial model changes.
You will also help to undertake the annual assumption update process for North Asia L&H business in Asia Pacific, testing the impact of the best estimate assumptions and preparing reports on these for internal & external stakeholders.
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 12 legal entities in the region. We are a diverse and engaged team, providing expert actuarial analysis and insight for our stakeholders. The department is lead 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
- Produce the actuarial input for the annual Operating Plan
- 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
- 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
- Update the Best Estimate assumptions and other parameters in the Prophet model
- Contribute to group/global projects
May perform other duties as required
Experience:
- Nearly or newly qualified actuary (FIAK, FSA, FIA, FIAA, or equivalent)
- Experience in reserving/valuation: IFRS4, IFRS17, Solvency II, experience analysis, or K-ICS statutory reporting preferred.
- Prophet experience would be advantageous
- 8+ years relevant experience
- Experience of reviewing others work and managing tasks independently
Personal Competences:
- Fluent Korean speaker with 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
- Excellent communication and interpersonal skills
- Creates a supportive environment – both when coaching junior members within the team and when working with other teams and colleagues
- Interest in career and skill development
