Single Risk Pricing Actuary - Property & Construction

Job description

A new position has arisen within the single risk pricing team in South Africa. This role would suit a Actuarial Analyst who would like to take the next step in their career and broaden their knowledge. It provides the opportunity to work within a diverse, and growing pricing team who oversee a global book of business covering; Property, Energy, Construction, Cyber, War & Terrorism, Marine (Hull, Cargo, & Shipbuilding), and Fine Art & Specie.

The job holder will be a key member of the SGP&C Specialty Insurance Single Risks Pricing team supporting business written by SCOR (including SCOR Syndicate) with particular focus on short-tail lines.  The work includes: testing and maintaining pricing models, pricing of key individual accounts, large account pricing reviews, working with Underwriters, producing management information reports and conducting pricing related analyses such as model recalibration and portfolio monitoring.

This role will not include people management at the beginning but possibly within few months if the situation evolves well as expected.

 

Required experience & competencies

Experience:

·  Pricing experience in P&C insurance is compulsory (if possible on large corporate risk or London Market)
·   Working knowledge of pricing ,capital modelling and reserving processes and techniques.
·  Strong analytical skills and ability to manipulate or handle large datasets.
·  Experience using R, Python, R-Shiny, or any other programming languages in commercial environment desirable but not compulsory.

Personal Competencies:

·  Highly motivated and driven individual with excellent analytical and problem-solving skills
·  Effective communication and collaboration skills with excellent interpersonal verbal and written skills that enables the candidate to communicate with colleagues from non-actuarial team
·  Strong organisational and time management skills required
·  Self-starting individual and excellent team player
·  Stays up to date with new/emerging knowledge in actuarial pricing as well as in respect of major market and underwriting related issues. 
·  Has a commercial outlook but with a principled stand where required and contributes to create viable and innovative solutions that outperform competitors and differentiates SCOR.

Education
·  Nearly / Newly qualified actuary from a recognised actuarial organisation 
·  Degree in Mathematics, Actuarial Science or any other scientific discipline (Statistics, Physics, etc.) 

  Test and maintain pricing tools

·  Ensure pricing models are appropriately calibrated and used appropriately by Underwriters, including rate change calculation. 
·  Maintenance of existing pricing tools including technical documentation / specifications / change parameter documentation (including impact analysis).
·  Actively build relationship with Underwriters and assist in change management (including training) when onboarding Underwriters on to new pricing tools or platforms.

 

Pricing and review key individual accounts:

·  Analyse and pricing of individual short tail single-risk accounts typically with complex features or high premium.
·  Conduct pricing reviews on accounts with high and extreme materiality to ensure that all accounts priced adheres to appropriate pricing review process as defined in Specialty Insurance Pricing Guidelines.
·  Provide pricing assistance to Reinsurance Treaty Team during busy periods (such as the 01-Jan renewal season) on various markets

 

Portfolio analysis, business planning, recalibration: 

·  Contribute and manage the annual planning (profitability) review of portfolio (deep-dive) by considering combined ratios, rate levels, inflationary effects, and class of business mix for Specialty Insurance (including SCOR Syndicate).
·  Manage and contribute to the annual capital model parametrisation process (Underwriting / Premium Risk), which is concluded in conjunction with Group Risk Management, Capital Modelling Team, and Underwriters. 
·  Development and maintenance of dashboards and various management information.

 

Reporting:  

·  Contribute to various regulatory tasks such as the Lloyd’s Performance Management Data Return (PMDR), and board reports.
·  Regular monitoring and feedback of Underwriter Adjustments, plus pricing strength (adequacy) against the long-term profitability targets.
·  Any other ad-hoc reporting requirements.

 

People Management:  

·  no people management at the beginning
·  possibly manage a small team of Pricing analysts and/or Cat modellers within few months after the hiring if the situation evolves well as expected.