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VC Associate @ SCOR in New York City, NY

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. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health insurance as well as in P&C insurance. Our specialist teams operate in over 120 countries, developing value added and innovative products and services and making long-term commitments to their clients, namely insurers and large corporations.
SCOR’s aim, as an independent global reinsurance company, is to develop its Life and P&C business lines, to provide its clients with a broad range of innovative reinsurance solutions and to pursue an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy, in order to offer its clients an optimum level of security, to create value for its shareholders, and to contribute to the welfare and resilience of Society by helping to protect insureds against the risks they face.

SCOR P&C Ventures Overview

SCOR P&C Ventures is the corporate venture capital and strategic partnerships arm of SCOR Global P&C. SCOR has invested in, and partnered with, InsurTech companies for many years. In 2017, this activity was centralized into a Ventures function, sponsored by the CEO, to support innovators in insurance for the benefit of SCOR and our clients. Our activities bring attractive (re)insurance risk to SCOR, enhance SCOR’s internal capabilities, and contribute to SCOR’s client relationships. 

P&C Ventures has made multiple investments and formed multiple partnerships, meeting 1,000+ InsurTech companies along the way. We have both led and followed in investment rounds, and we often seek board positions. Our investing includes both debt and equity as well as providing reinsurance or insurance capacity.  We invest in insurers and MGAs, ranging from early stage through established. Additionally, we form partnerships and consider investments in “service providers” that offer data, tools, and methods to improve underwriting, risk management, or claims management – for the benefit of SCOR and/or our clients.

 *We are currently working remotely, but we would like the role to be based in one of our major US offices (New York, Chicago or Miami) once it is possible

Job Summary

P&C Ventures is expanding its team and has created a new US-based position to help execute investments, build partnerships, and share global InsurTech expertise both internally and with SCOR’s clients. The role is not purely investing but rather will cover a wide range of aspects at the intersection of insurance, finance, technology, and innovation. The position’s title will depend on experience and will report to the Head of Ventures & Strategic Partnerships. The company’s traditional M&A responsibilities are held by a separate team.

Responsibilities and key duties:

  • Identify and analyze opportunities for investment or partnership. Typical reviews will include assessments of the business plan, valuation, market sizing, technology, regulatory and execution risks, etc.  Work with SCOR’s teams in underwriting, pricing, operations, legal, and other functions to develop theses.  Build and maintain robust internal and external networks.
  • Be actively involved in the due diligence of new transactions and prepare internal documentation to support the decision-making process.
  • Regularly meet with SCOR’s insurance clients, including advising clients on trends in InsurTech / companies they may wish to partner with, as well as helping to manage client-facing projects in partnership with InsurTech companies. 
  • Contribute to the monitoring and support of portfolio companies post-investment, including various ad-hoc analyses to support portfolio company decision-making.
  • Support internal and external InsurTech knowledge sharing efforts, including content creation for presentations and organizing InsurTech events for colleagues and/or clients.
  • Support various team operational needs, including managing materials for investment committee meetings, writing meeting summaries, helping to maintain the team’s start-up database, and preparing periodic internal reports on portfolio performance.

Required experience and education

Desired Skills – Leadership

  • Both strategic and technical mindsets; ability to synthesize, prioritize, and communicate complex concepts.  Good “nose for value.”
  • Exceptional cross-functional team skills. Ability operate in “deal mode” and “project mode” by collaborating with business leaders, clients and partners.
  • Willingness to be a thought leader to push your own thinking (and that of others) about what is or is not possible; you don’t wait to be told what to do or how to think.
  • Professional demeanor to be able to present to, and build relationships with, senior executives at SCOR, at clients, and at partner companies or (prospective) portfolio companies.

Desired Skills – Technical

  • Understanding of the venture capital investment process — valuation techniques, term sheets, contracts, etc., and ability to produce the same to support deals. Ability to understand pros and cons of various investment structures and terms. 
  • Understanding of insurance fundamentals and concepts, including customer acquisition, risk management, pricing, reserving, regulation, etc.
  • Understanding of technical systems and processes of insurance companies.
  • Ability to sort through large amounts of information and identify that which is most relevant, then present it either face-to-face or in succinct memos. 

Desired Education/Experience:

  • University degree, MBA preferred
  • 3+ years’ experience associated with the responsibilities in this job description
  • Personal passion / interest for both technology and the insurance industry
  • Knowledge of French, Spanish or other business languages is helpful

Location

  • We are currently working remotely, but we would like the role to be based in one of our major US offices (New York, Chicago or Miami) once it is possible.
  • Once business travel resumes, some travel will be expected, likely 25% or less, to SCOR locations, clients, portfolio companies, and conferences. 

IF interested, please apply here.

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Written by sandeepashah

November 14, 2020 at 8:20 am

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