Credit & Surety Underwriter

As 1st tier reinsurer, SCOR is providing our clients in India a diversified and innovative range of solutions and services to control and manage risk. A long-term focus & reliable P&C reinsurance partnership has been established with ceding companies over the years in India. 

SCOR SE India Branch, as regulatory Foreign Reinsurance Branch (FRB), covering almost all business lines to serve 20+ ceding clients locally. “Cutting-edge” business solutions are always being targeted by SCOR to provide in all areas related to the risk, positioning ourselves as one of the global leading reinsurers with strong technical expertise to expand and diversify our portfolio in a profitable way.

SCOR’s CSPR Specialty Department:

The CSPR Underwriting team is comprised of 14 Underwriters and 1 CSPR Analyst, located in Paris, Zurich, Miami, New-York, Singapore, Mumbai, Beijing and Hong Kong and manages and supervises a portfolio which is generating about EUR 700mln of premium income. Its markets are divided between the Americas, EMEA and Asia-Pacific. 

The Asia-Pacific region is contributing around 20% of SCOR’s CSPR premium income and is serviced out of Singapore (Regional Hub), Mumbai, Beijing and Hong Kong. In the Indian market, SCOR CSPR is in a leading market position. Our clients include institutions that specialized in offering (export) credit insurance to companies for the risk of payment default and insolvency on their buyers, financial difficulties, or political risks in the buyers’ country (e.g., currency inconvertibility, embargos, civil unrest etc.). SCOR also reinsures Surety companies that offer guarantees for the completion of commitments under Contract Bond (e.g., obligation to perform a construction contract). The proportion of Credit, Surety and Single/Political Risk business for the Asia-Pacific portfolio are around 87%, 9% and 4% respectively and the main type of Reinsurance is via treaty business but also on facultative basis. The team has embarked on launching digitized Trade Credit Insurance solutions with the main purpose to increase the penetration rate on SME/MSMEs, further enabling and growing (global) trade.

Mission:

As a team member of the Credit & Surety Political Risks (CSPR) Specialty team, and in relation to the India Market, 

To negotiate, underwrite and manage the business of reinsurance of trade credit and Surety.  Contribute to the development of partnership and new business opportunities with Cedents where SCOR is a “go-to” Reinsurer. Perform study and research on industry/sector and country for the purpose of knowledge sharing within SCOR and Cedents.  Support the CSPR APAC team in managing specific portfolio outside of India and in client engagement activities.  Contribute to the development of digital Trade Credit Insurance programs and initiatives in India and the Asia-Pacific region.

As member of the India Reinsurance team which is led by the Head of P&C India:

Work closely with the P&C team to plan and execute the validated UW plan as part of the CSPR India UW plan.  Leverage the internal know-how & expertise to differentiate our value proposition for selected clients in India. Stay abreast of market developments in his/her area of responsibility and share his /her insights with the team.

Responsibilities:

Under the authority of the CSPR Department your responsibilities include:

CSPR Specialty Reinsurance, India –

1. Key responsibilities:

Understand and embed SCOR values in your behaviour – care about clients, people and societies, perform with integrity, act with courage, encourage open minds and thrive through collaboration.  Build and nurture quality business relationships with our clients, to advise on the terms and conditions of insurance and reinsurance (general conditions, prices ...), provide technical advice on commercial and risk underwriting, monitor the in-force business and claims/recovery.  Assess, negotiate, and underwrite the offers from new business prospects with risk portfolio analysis on the financial, sector and country, review product offering and policy wording, and perform analysis on the historical data for the selection and pricing of (re-) insurance. Review each special acceptance requests or facultative requests with risk assessment and due diligence to provide recommendation (agree/decline) which is supported by the reasons from the review.  Conduct statistical and technical studies within your geographical area of responsibility to keep abreast of the industry and market trends. To share these studies with clients and various stakeholders. Promote and establish this line of business with the P&C colleagues to increase our influence and relevance in the market through seminars, conferences, and workshops.  Identify potential client, market, product opportunities by reviewing and underwriting the facultative requests.  Conduct periodic portfolio audit and review of the Bordereaux with clients for a better and thorough evaluation of their underwriting approach, technical expertise, buyer risk analysis and (pending) claims analysis. Identify gaps and develop plans to support clients’ development and growth. Provide support in managing the portfolio and business relationship that are outside of India and specifically in South Asia and Australia.

2. Secondary responsibilities:

Initiate and lead in the development of projects under Trade Credit Insurance digital programs with selective partners, clients, and business teams. Manage the progress of the project with partners and stakeholders with accountability in project documentation, deadlines, budget, and approval. To provide timely report to management.  Keep abreast of digital market/product development and regulatory changes to remain as the “frontrunner” in this field. Use this information to assess new growth area and strategic planning. Share knowledge and guide CSPR Specialty and P&C Underwriting colleagues on similar initiatives outside Asia-Pacific. Contribute local experience and expertise to client engagement activities including campus, workshop or training. 

Required experience & competencies:

Bachelor's Degree ideally in economics/finance/banking, risk management or mathematics,  At least 5 years in direct and/or re-insurance that are associated to Trade Credit insurance, Surety, Bank Corporate Lending, Trade finance, Supply Chain finance, Project finance, Factoring, and/or Receivable Discounting.  Strong attention to detail, has excellent interpersonal and communication skills, and is team oriented.  Willing to travel in the region.  Fluency in English as well as Hindi (orally and written) is essential.

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