Senior P&C Actuary - (M/F)
Location
Puteaux, Hauts de Seine | France
Job description
Whatever their stage of life, we provide over 108 million customers with the products and services they need to progress. From insurance to personal protection, and savings to wealth management, no matter the need we’re always there for them. And we’re always there for our employees. In 50 countries, we work hard to inspire pride and a sense of belonging in our people. To provide opportunities that challenge them, inspire them, and reward them. And to create a culture that’s open, supportive, and empowering. Because we know that’s the real secret to success – and the best way for us to keep building a better world for both our customers and the talented people who put them first.
Your work environment
The headquarters of the AXA Group (GIE AXA) brings together our corporate activities. It provides guidance and support to subsidiaries around the world, to ensure the coordination and monitoring of the Group's global strategy, the application of its standards, the consistency of commercial approaches and the sharing of best practices. The headquarters gathers approximately 1000 employees and is distinguished by its strong international culture (45 nationalities), which makes it a rich and stimulating place to work.
Context and mission
Group Risk Management (GRM) is a central and strategic function at AXA Headquarters. GRM P&C is its department which ensures that P&C risks are appropriately measured, modelled, and monitored. GRM P&C’s main areas of expertise are Cat Modelling, Economic Capital, Reserving, and Underwriting.
Thanks to AXA’s geographical footprint, the team works in a very international and highly diverse context.
The position holder will report to the Head of Actuarial & Cat Man-made, who is responsible for the modelling of Cat Man-made accumulation events (mainly Cyber and Liability), and for the Risk Management monitoring of P&C Reserves. As such, he will have two main missions:
- Cat Man-made Modeller : accumulation (or Cat) models are used at AXA as strategic tools to monitor the development of business through Risk Appetites. Models can either be deterministic (scenarios) or stochastic - the Cyber and Liability models are stochastic and are part of the Economic Capital framework. The Senior P&C Actuary will be working on the models already developed as well as on models for new risks, with a perspective of bringing the right balance between technicity and simplicity so that the models can be used in the Group’s strategy.
- P&C Reserving Actuary : Group Risk Management is responsible for ensuring that all the Entities Risk Management teams have the appropriate organization, processes, tools and methodologies to ensure that the booked P&C Reserves are adequate to face risks & uncertainties. The Senior P&C Actuary will be responsible for being the main GRM contact for local Risk Management of some Entities, and will also be responsible to support Entities on ad-hoc topics (e.g., Inflation, IFRS17, Climate change, etc.)
Main activities
The Senior P&C Actuary will work into a team of 8 people dedicated to Actuarial activities (Cyber modelling, Liability modelling, and Reserving). Their daily activities will imply to work with a large panel of experts all across the Group (Headquarters or Entities): Underwriters, Claims handlers, Data analysts, Pricing actuaries, Finance department, etc.
On the Accumulation modelling part, the Senior P&C Actuary will be expected to:
- Learn about the characteristics of AXA Business in all Entities and specifically on portfolios and covers that could generate material accumulation risk.
- Contribute to the data reporting tools that gather very granular data on AXA portfolios (policies and covers) and is the cornerstone of accumulation modelling. The filling of data is done by Entities, while GRM is responsible for the database structure, the identification of the needed information, the building of the Data quality grid, the discussions with Entities to understand the data and its limitations, etc.
- Contribute to the existing models (in particular Cyber and Liability models), both from a BAU and R&D standpoint.
- BAU takes the form of running yearly the models, analyzing and presenting the results to management, sharing them to Entities and to Ceded Reinsurance and driving the business and reinsurance decisions through Risk Appetite.
- R&D takes the form of recalibrating parameters, refining methods, adding new scenarios, lead workshops with experts to gather their knowledge in a technically usable form, etc. Some examples of the current R&D topics:
- Analyses on Claims Data to refine the Model assumptions.
- For Cyber, use of vulnerability information to build specific scenarios (attack on AWS, failure at Microsoft Outlook, etc.) and to better differentiate the risks between portfolios.
- Integration of new scenarios to capture rising threats.
- Backtest of the results at different return periods and analysis of adequacy.
- Construction of proxys for existing scenarios, for better communication and sharing of assumptions with stakeholders outside GRM P&C.
- Etc.
- Take the lead on the development of new scenarios or new models to capture risks that are not yet in the AXA Risk Management framework. Finding the right balance between the complexity of the approach and the nature and potential consequences of the risk will be a crucial aspect of this task.
- Lead exchanges with third parties (academics, market vendors, institutions, etc.), to ensure that these relations generate value for AXA.
- Present their work to all relevant stakeholders (direct management, Entities, Underwriting office).
On the P&C Reserving part, the Senior P&C Actuary will be expected to:
- Drive the P&C Reserving Risk Management community (Group and Entities) to ensure proper deployment of the reserving risk management framework through organization of exchanges and sessions to share experience and good practices between the local 2nd opinions (notably through the P&C CRO Forum).
- Review and challenge the Reserving methodologies used by Local RM, depending on the Line of Business, nature of the underlying risk, economic, social and regulatory context, etc.
- Conduct works of identification and quantification of adverse scenarios for the assessment of Reserves risks.
- Develop and maintain the Reserving Risk Appetite framework, define action plans with Entities in case of breach.
- Share with Group Senior Management the GRM analyses / opinions on the local 2nd line of defense, the adequacy of Entity Reserves against Reserving Risk Appetite, and local Reserving risks & uncertainties.
- Monitor emerging risks and trends (e.g., economic inflation) in collaboration with local Entities, Group Finance and Group Emerging Risks team.
For some of these missions, the Senior P&C Actuary will have the opportunity to manage a junior actuary, an intern or a consultant.
This position is a very good opportunity to gain a broad knowledge of AXA activities in P&C while working on highly technical and strategic topics.
- Academic background
- Experience
- At least 7 years of experience in P&C
- Hard skills
- Expert in actuarial science, statistics, risk theory
- Very strong analytical skills
- Ability to communicate in a clear and concise way and adapt the speech to interlocutors
- Soft skills
- Ability to work in a team, good interpersonal skills, flexibility/adaptability
- Rigor, motivation, autonomy, proactivity
- Ability to communicate clearly, both orally and in writing
- Curiosity and open-mindedness
- Languages
- Full proficiency in English
Vous rejoignez une entreprise :
- Responsable, vis-à-vis des personnes, y compris ses employés et ses clients, et de la planète.
- Aux valeurs fortes
- Qui encourage la mobilité interne, et la formation de ses employés
- Qui vous offre de nombreux avantages (en savoir plus ici : Reward & Benefits - french | AXA Group )
- Flexible, qui permet le travail hybride, au bureau et à la maison.
Les informations fournies par les candidat(e)s seront traitées de manière strictement confidentielle et utilisées uniquement à des fins de recrutement.
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