SCOR Global P&C has recently expanded its Ventures activity in InsurTech and has created a new position working directly with the Head of Ventures, Strategy, and Development to execute investments, build partnerships, and share global expertise on InsurTech across SCOR. The position’s title will depend on experience.
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. 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.
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 occasionally invest in “service providers” that would offer technologies or tools to enhance our underwriting or our clients’, or that otherwise strengthen and help grow our business or our 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 company’s traditional and non-technology M&A responsibilities are held by other members of the Strategy & Development team
- Key duties and responsibilities
Reinforce the ventures team’s capabilities to identify and analyse opportunities for investment or partnership. Typical reviews will include assessments of market sizing, technology, revenue model, product/service, competitive positioning, regulatory and execution risks, and the credibility of the founding team.
Be actively involved in, or lead, the due diligence of new transactions. Prepare internal documentation to support the decision-making process.
Maintain a broad network in the InsurTech community and within SCOR to identify attractive opportunities for partnership and/or investment and to be able to advise SCOR clients on trends in InsurTech, including specific companies that clients may wish to partner with.
Contribute in the monitoring and supporting of portfolios and companies’ post-investment.
Help the team maintain records of companies we have engaged with, including writing and distributing meeting summaries.
Prepare periodic internal reports on portfolio performance and conduct valuation exercises. Support other general inquiries or general operational requirements.
Manage the agendas and materials for the Ventures Underwriting Committee (our investment committee)
- Required experience and Education
Desired Skills – Leadership
Both strategic and technical mindsets; broad 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 and building trusting relationships with business leaders and partners or portfolio companies.
A 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.
University degree, MBA preferred
Experience to be able to demonstrate the skills in this job description
Personal passion and interest for InsurTech
The role is ideally based in New York, London, or Paris, but we will consider candidates based in Chicago, Cologne, Zurich, and Singapore.
Travel to major SCOR and client locations will be required, likely 20-35%, but possibly higher depending on the office chosen and specific deals.