Single Risk Pricing Actuary - Specialty

Job description

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 and Specialty lines. The work includes pricing and reviewing key individual accounts, annual business planning, developing and maintaining pricing models, conducting pricing related analyse such as model recalibration / portfolio monitoring and any other ad-hoc reporting requirements.

 

 

Required experience & competencies

Experience:

·  Proven pricing or reserving experience in P&C insurance with recent Lloyd’s / London Market experience.
·  Nearly / newly qualified Fellow or of any recognised actuarial organisation.
·  Good working knowledge of capital modelling and reserving processes and techniques.
·  Strong analytical skills and ability to manipulate or handle large datasets.
·  Significant experience using R, Python, R-Shiny, or any other programming languages in commercial environment.

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.) 

Portfolio analysis, business planning, parameterisation and outwards RI pricing: 

·  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), which includes production of the Actuarial Function Report required as part of the SCOR Syndicate SBF process.
·  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. 
·  Price and analyse any outwards RI programme related to Specialty Single-Risk.

 

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.

 

Develop, test, and maintain pricing tools

·  Develop and enhance direct & facultative pricing tools and methodology in conjunction with Underwriters, Underwriting Management, CTO and the Specialty Insurance Methods and Tools team. 
·  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).
·  Be a core contributor to the long term objective of the Single Risk Pricing Team by helping to implement a more innovative and data driven approach to their pricing processes with pricing model development on two web-based platforms: Underwriting Platform (UP) , an internal web-based application designed to be a submission to bind tool for underwriters to write risks, and Renew , a third-party software as a service (SaaS) platform for developing and deploying Python pricing models.
·  Actively build relationship with Underwriters and assist in change management (including training) when onboarding Underwriters on to new pricing tools or platforms.

Reporting:  

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

Projects & Consulting: 

·  Provide actuarial consulting during exploration of new projects.
·  Assist with on-going underwriting projects (developing pricing requirements, systems testing, etc.) or any other ad-hoc projects including CAT Systems (ARC and RR)