SVP, Head of Pricing & Modelling P&C RI & MGA – Americas at SCOR
Chicago, United States
Job Descrption
The role will provide leadership, support and oversight of the P&C RI & MGA Pricing & Modelling in the region:
drawing on extensive technical and commercial experience in overseeing the pricing and modelling for RI & MGA in the region
leading the dedicated P&M team in the region in providing analytical support to underwriting by working in close co-operation with the various Heads of P&C RI & MGA Underwriting of the region and the relevant teams within CUO P&C organization
providing support and leadership to enable the team to deliver the best possible and appropriate service for the underwriting teams and the other stakeholders in the region.
monitoring the team’s workload and effectively allocating resources across markets within the region to maximize efficiency.
sharing resources between regions during the key renewal periods, when possible and depending on the region team’s workload, in order to improve the global efficiency of the P&M teams.
motivating and developing the team and facilitating the development of individuals through management, expertise and multi-competency paths in order to optimize their contributions to business objectives and to maximize the global efficiency.
participating in the feedback loop process between pricing & modelling, Claims, underwriting, and reserving by understanding the needs of the stakeholders and in the improvement of the communication and processes around the departments
identifying key drivers impacting the portfolio performance to support the underwriting in the decision-making and drive company growth in the region being pro- active in the improvement of the pricing and modelling activities and participate in various global projects with the diverse objectives and impacts beyond the region.
Leading a team of dedicated Pricing actuaries and Cat modellers for RI & MGA in the region, the role holder will have the responsibility for:
Risk assessment of contracts and technical support to UW teams in the region’s markets through
Transactional pricing and modelling, including peer reviews.
ad-hoc services for UW and external clients
contribution to the pricing parameters calibration in xAct under the responsibility of CPT
Participate in the support of performance and profitability analyses in collaboration with the portfolio monitoring team
Participate in the support of R&D activities in close collaboration with Portfolio Monitoring (Cat R&D) and P&C operations (Non-Cat R&D) to improve SCOR’s view of risks and the pricing and modelling models
Participate in the knowledge development and sharing
Collaboration with UW: work in close co-operation with the various Heads of P&C RI & MGA Underwriting of the region and ensure the team works alongside underwriting colleagues in better understanding client / market risk through regularly participating in client meetings, giving structural advice and new ideas, pricing in accordance with guidelines and deadlines, drive demand-based product innovation, and ensure pro-active participation in the planning process
Strategic Planning: Develop and implement in the region the objectives and strategic vision for the RI & MGA P&M team in alignment with the COO P&C and the overall company’s strategy.
Influence decision-making: influence business decisions by providing pricing recommendations and participating in strategic committees on planning and performance steering for the region
P&M activities, processes and methods improvement: participate in the evaluation and enhancement of the P&M processes, workflows, methods, tools (xAct, vendor models, new tools,..), identifying opportunities for automation, standardization and streamlining to gain efficiency, focus on the creation of innovative and tailor-made solutions adapted to the change in portfolio mix and allocate more time to analyses
P&M Tactical Iniative follow up and enhancement: continue, promote and enhance the various P&C P&M initiatives already launched about the Value Proposition, Process Efficiency, Target Operating Model, Location Strategy and Talent Retention with a strong objective to better share resources within the region and between other regions and to optimize the tasks allocation
Projects: participate to projects, interacting closely with other regions and working with P&C Operations and other stakeholders.
Cross-functional communication: Participate in the feedback loops with underwriting, claims, reserving, finance, accumulations to ensure accurate and timely information exchange, resolve issues and support business objectives
Team Management: Manage and develop the team of pricing actuaries and cat modellers in the region with focus on building up a solid talent pipeline through training and career development through management, expertise and multi-competency paths.
Compliance and Governance: Ensure the adequate compliance through internal controls over the pricing and modelling activities in your region. Ensure a robust governance process between P&M, Central Pricing and UW.
Guidelines and Frameworks: Ensure the adequate application of RI & MGA Pricing Guidelines and Best Practice and participate in its development and in the improvement of P&M framework and methodologies
Provide MGA portfolio analytics and monitoring: Provide value adding commercial support to the underwriting decision by providing pricing and modelling analytics/monitoring through out the year and during renewal discussions.
MGA portfolio analysis, planning and parameterization: Regularly review the profitability of the portfolio by considering combined ratios, rate levels, inflationary effects and class of business mix by contributing to the development of dashboards and management information. Provide input into the business planning and parametrization of the internal capital models of the Group and Syndicate. This includes all documentations required for regulatory compliance.
MGA regulatory compliance: Ensure regulatory compliance with Solvency II requirements related to Pricing and Modelling.
Development of MGA Guidelines and Frameworks: Participate to the development and apply the Pricing Guidelines and Best Practice and the Syndicate’s Pricing Policy and Rate Monitoring Framework. Provide framework and methodologies, including adaptation in systems and all documentations, for financial reporting (such as the actuarial methods needed for IFRS 17).
Admitted Filing Support: Participate in the rate, rule and form filings for all products in support of US MGA for General Security National Insurance Company. Provide help to P&C Operations and Program Managers around all aspects of the filing process.
Budget and resources: Monitor carefully costs and budget of the P&M cost centers of the region and ensure team resources are invested responsively and effectively.
Monitor the UW Cycle for MGA : Develop and maintain the system to measure market pricing trends, including development of guidelines that ensure data quality. Quarterly monitoring and feedback of Base Model vs Technical Premium by Class of Business plus Pricing Strength against the Long Term profitability targets. Provide insights through market analysis and trend reports to management and other stakeholders.
At least 10 years’ work experience in financial services industry, preferably in Reinsurance with a focus on analytical / actuarial work like development / structuring of reinsurance products, pricing / modelling of financial instruments and/or reinsurance contracts, development of new pricing tools
At least 5 years’ experience in management of large teams; experience in running organization with multiple teams in different locations is considered a plus
Knowledge in P&C lines of business and reinsurance underwriting is an advantage.
Managerial capabilities with experience in coaching and development of team members
Ability to drive engagement through delegation and empowerment
Collaborative, who establishes excellent relationships and brings people closer together
Ability to motivate and guide their team towards achieving their goals
Proven decision and problem-solving skills
Strong interpersonal skills with ability to work effectively with team members and a wide range of stakeholders.
Excellent business acumen – synthesizes analytical skill with business insight.
Ability to work in a rapidly change and complex environment.
Creative initiative-taker, dynamic and driven, who formulates new concepts, challenges the status quo.
Strategic thinker, self-starter who finds creative solutions and brings positive attitude to address challenges.
Strong communication skills
Willingness to travel in the region.
Excellent academic qualifications including an advanced university degree (Master or PhD) in mathematics, Actuarial Science, other scientific discipline (statistics, physics, natural science,), or Finance.
Insurance qualifications are desirable.
Business degree in addition would be a plus.
SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Leveraging experience and expertise to deliver “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – from Life & Health and Property & Casualty insurance to Investments. Our specialized teams operate in over 160 countries, fostering long-term relationships with clients.
In order to provide our clients with a broad range of innovative reinsurance solutions, SCOR pursues an underwriting policy that is founded on profitability and supported by effective risk management strategy and a prudent investment policy. This approach allows us to offer clients an optimum level of security, to create value for shareholders, and to contribute to the welfare and resilience of society by helping to protect insureds against the risks they face.
At SCOR, we believe that employing people from different backgrounds and ensuring inclusivity is a major driving force for the success of the Group. We are committed to fostering a work environment in which all employees are treated fairly and respectfully, have equal access to opportunities and resources, and can contribute fully to SCOR’s success.
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