AXA Group Risk Management Property & Casualty (GRM P&C) deals with the most sophisticated P&C challenges of a leading international insurance company, among which the management of natural catastrophe risk (CAT).
Natural variability of climate and seismic activity have demonstrated their devastating potential, climate change bringing additional uncertainty for the future.
AXA’s rapid expansion – both in terms of geographical footprint and P&C insurance offer – widely exposes AXA to natural perils, being in charge of the financial protection of its clients and helping them live a better life.
In this context, AXA must maintain state-of-the-art CAT risk management techniques through permanent innovations.
Group Risk Management
AXA GRM brings together high level and multidisciplinary staff with engineers, actuaries and financials split between Paris, Zürich and Madrid. Its main missions are focused on the following key areas:
analyse, model and aggregate the Group’s risks (economic capital);
define the process enabling to limit the undertaken risks (risk appetite, assets accumulation, longevity, natural catastrophe...);
optimize the Group protections (reinsurance, securitization, hedging, etc.).
Position belongs to the GRM P&C CAT Risk Management team (12 FTE) which is organized in three excellence centers (CAT DATA R&D, R&D Modeling and Reinsurance), the CAT IT Business leader will report to the manager of CAT Data R&D under the supervision of Group Head of CAT & Reinsurance Risks.
As part of AXA’s Internal Model under the Solvency II framework, the CAT/RI teams are primarily in charge of delivering the annual CAT modeling process, mainly consisting of:
- Collecting CAT exposure data (geographical, physical and financial information) on a per-entity (AXA France, AXA Mexico, AXA Philippines…) and per-location basis (houses, factories, vehicles etc);
- Assessing the risk on a per-entity per-peril basis (cyclones, earthquakes, floods, hailstorms...)
- Estimating the efficiency of the Group Reinsurance covers
The CAT modelling process has strong strategic and operational impacts since it feeds the Economic Capital calculation which drives the solvency of AXA Group and determines levels of reinsurance covers, which may boost or hinder profitability. It is also a technical challenge with the data collection of 50 million of complex policies, the parallel use of multiple modeling solutions, and finally the assessment of almost 100 country x peril levels of risk. The CAT IT Business leader will have to play a strong role in its annual delivery.
AXA Group has access to the three main external CAT models (AIR, CoreLogic and RMS) and develops its own suite of internal CAT models. The models are nested in a global and robust workflow, largely automated and auditable. The CAT DATA team widely interacts with R&D Modeling team (in charge of developing internal CAT models), Reinsurance teams (in charge of reinsurance modeling) and benefits from the IT expertise of three additional FTEs (internal consulting). The CAT IT business leader will have to play a strong role in the development and automatization of the modelling chain for efficiency gains, the connection with innovative data softwares (data lakes, hadoop …) and Group databases (underwriting, claims …) for leveraging data analytics, be proactive and innovative in the continuous development of new functionalities.
Develop the CAT IT platform and tools
Maintain, develop and automatize the suite of the Group P&C modelling chain;
Implement and leverage data analytics to improve the understanding of CAT risks and their impact up to senior management level;
Improve efficiency through the coordination of IT projects aimed at further industrializing processes (at the interface between business and IT staff);
Evolve in the regulation environment (Solvency II, GDPR): produce technical documentation, adopt best knowledge management practices and make sure governance standards and Group recommendations are followed at Group and entity levels;
Subject to approval from US regulators, adapt the current systems to the XL business, in particular reinsurance.
Assess CAT risks borne by AXA operational entities (CAT Process)
Provide a technical support to local entities around the collection of their exposure data;
Assess CAT risks (cyclones, earthquakes, floods, hailstorms) associated to these exposures using dedicated catastrophe modelling tools;
Produce a recommendation for the minimum reinsurance capacity to be bought by the entity, in compliance with the Group standards;
Model the Group Reinsurance mechanism and estimate the impact at both local and group level.
Diffuse and leverage CAT expertise
Develop innovative tools to complete the Group property database (web-scrapping, text mining …);
Support the risk assessment of P&C risks related or similar to CAT risks (Parametric insurance, Cyber, Liability …);
Participate in the Group’s response to climate risks and their evolutions, within its corporate responsibility framework.
The candidate will have a solid scientific background together with strong inter-personal skills allowing him / her to evolve in a highly exposed and international environment.
Would you like to wake up every day driven and inspired by our noble mission and to work together as one global team to empower people to live a better life? Here at AXA we strive to lead the transformation of our industry. We are looking for talented individuals who come from varied backgrounds, think differently and want to be part of this exciting transformation by challenging the status quo so we can push AXA - a leading global brand and one of the most innovative companies in our industry - onto even greater things.
In a fast-evolving world and with a presence in 64 countries, our 165,000 employees and exclusive distributors anticipate change to offer services and solutions tailored to the current and future needs of our 107 million customers.
The headquarters of the AXA Group, based in Paris 8th, brings together the Group's corporate activities. It coordinates the various entities with the Group's strategy, and is responsible for managing international projects. The headquarters has approximately 800 employees and is distinguished by its strong international culture (39 nationalities).
We provide you regular career opportunities in international teams. If you want to join us, don’t hesitate to apply !
Information provided by applicants will be processed in strict confidentiality and may be used exclusively for recruitment processes.