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 seeks a Deputy Head of P&C Ventures to join the ongoing build out of SCOR’s Ventures activity alongside the existing team of five based across the US, Europe and APAC. Based in either the US or Europe, the individual will report to the Head of P&C Ventures, who reports to CEO of P&C Partners. The role is not purely investing but will also cover a wide range of aspects at the intersection of insurance, finance, technology, and innovation.
SCOR Global P&C 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, which has since made multiple investments and formed multiple partnerships. We have both led and followed, and we often seek board positions; we have co-invested with many top tier venture capital and corporate venture capital firms. Additionally, the Ventures team is an entry point for insurtech companies looking to do business with SCOR and manages projects relating to insurtech. The team is an internal resource for expertise for both the business and for SCOR’s clients. We have a flexible mandate and can operate stand-alone or with SCOR’s expert teams in underwriting, IT, risk modeling, claims, and other areas. We believe in close alignment of interests through long-term relationships, shared incentives, and minority equity participation.
We form collaborative, long-term partnerships with technology-driven start-ups and digital-first insurers/MGAs, in support of industry innovation and SCOR Global P&C’s core business. We invest in the ‘Insurers of the Future’: tech-driven underwriting companies (MGAs, carriers) that offer multiple points of digital and business model differentiation. We provide direct access to SCOR expertise and our global network to help portfolio companies scale and/or access (re)insurance capacity. With a demonstrable track record of working with innovative underwriting propositions across multiple lines of business, we understand program structuring, underwriting, pricing and distribution and thus have the capabilities to optimize partnerships between insurtechs and business partners. Additionally, we invest in software solutions that benefit SCOR and/or our clients. We provide a broad understanding of the interests and pain points of insurers across the world, and the potential to link companies with insurers through SCOR’s client services initiatives. More details of the team’s strategy and mandate are available on our website.
Key duties and responsibilities
- Source and invest in insurtechs and risk-focused enterprise software startups, engaging with the broad external ecosystem
- Conduct market research on emerging industry trends; develop and screen deal flow
- Network with startup founders, other investors, and others in the startup ecosystem
- Review and analyse business plans, assess financial models, and conduct due diligence on potential investments in collaboration with the broader Ventures team
- Present new investment and partnership opportunities to the P&C Ventures Investment Committee
- Develop strategic themes and actionable investment theses in areas of strategic relevance to SCOR
- Work with Ventures portfolio companies to achieve better outcomes
- Help portfolio companies align product roadmaps with key industry challenges
- Build tripartite relationships between Ventures portfolio companies and SCOR clients
- From time to time, serve as a Board Director or Observer
- Engage with SCOR teams across multiple geographies, lines of business, and business units
- Prepare presentations on relevant insurtech trends and landscapes
- Introduce promising startup partnership opportunities that may or may not be a fit for our investment appetite to the core business
- Work in close partnership with the business units to strengthen commercial relationships formed with insurtechs, co-owning the governance and post-deal monitoring and processes
- Work with and mentor less senior Ventures team members
- Respond to other general inquiries or general operational requirements
Required Experience and Education
Desired Skills – Leadership
- Ability to demonstrate long-term interest in insurance, corporate venturing, start-ups, and the interface between global companies and start-ups
- Strong network of investment professionals and insurtech players
- Drive and ability to collaborate in teams and work independently
- Ability to articulate and debate opinions on potential investments
- Ability to navigate and to engage senior executives across a large, regulated financial services organization
- Very high intellectual curiosity and entrepreneurial mindset
- An understanding of the unique challenges, business models, value chain and regulatory environment in which (re)insurers operate
Desired Skills – Technical
- Proficiency and comfort with Teams, Excel, PowerPoint, and Outlook
- Experience with Salesforce CRM and Tableau is welcomed
- Ability to demonstrate knowledge of venture capital quantitative and analytical assessment processes, especially due diligence, valuation modelling, and portfolio management
- Excellent relationship-building and communication skills. Fluent in English, further languages a plus
- Bachelor’s degree. Post-graduate / MBA preferred
- Minimum of six years of experience, of which at least four should be in tech/fintech-focused venture investing with some experience of leading deals
- Previous experience in corporate venture investing or technology- or FIG-focused investment banking is a plus
If interested, please apply here.