Career Lounge

Actuarial Practice

VIG Actuarial Services

1. Strategic objectives

  • The focus is on profitability analysis and evaluation of risks, such as underwriting-, reserving-, or interest rate risks. This happens in the context of value based management, for the purpose of regulatory requirements, and for the benefit of clients and investors.   

2. Core responsibilities

  • Compiling economic analyses and company valuations for VIG
  • Formulating best practice standards for the Group’s actuaries  

3. Day-to-day operations

  • Evaluating the insurance portfolio
  • Managing cooperation between the Group’s actuaries

 

 

 

Carolin Zimmer:

"The coolest thing is to combine maths with something practical, something you need in real life."

 

 

Key qualifications

  • Mathematics degree
  • Knowledge of financial and actuarial mathematics
  • Very good knowledge of Excel
  • Experience of modelling using Prophet
  • Good written and spoken English
  • Knowledge of German an advantage 
  • Good communication and team working skills

Alexandru Spiridion, VIG Actuarial Services:

"I started out as a Junior Actuary at Group company BCR Non-life in Romania. After two years I participated in a mobility program, which took me to Group headquarters in Vienna for nine months. After I returned I was promoted to Actuarial Expert. That was a very important step in the development of my career. In 2011 I applied to VIG in Vienna through the internal job market. In addition to the annual actuarial reports, we work on projects such as Solvency II and drawing up the Embedded Value report. At VIG it’s not just the numbers that matter most to me, but my colleagues too. It’s the people who work at the Group that make VIG what it is. I have always had the full support of my team in Romania and Vienna. And in my eyes, that’s what makes VIG such an attractive employer.” 

VIG Corporate and Large Customer Business

1. Strategic objectives

  • Informing customers of VIG’s outstanding expertise and constantly expanding product range
  • Acting as an expert partner for major international companies facing risks in CEE  

2. Core responsibilities

  • Promoting the international corporate business in all countries where VIG has a presence
  • Drafting insurance contracts with a view to maximising customer focus and safeguarding the financial interests of both the client and VIG  

3. Day-to-day operations

  • Developing and drafting insurance contracts tailored to the needs of corporate customers
  • Analysing and assessing the complex risks faced by individual customers
  • Extensive service to (international) claims clients

 

 

Josef Aigner:

"Communication has to do with understanding."

 

 

Lucie Bedrichova talks about her entry into the VIG during her study.

Katarzyna Poremba, Country Management Corporate Business:

“My career at VIG started in 1998 with Wiener Städtische. I was born in Poland and since coming to the Group I have been responsible for international matters and the acquisition and growth of our Polish subsidiaries. In early 2000 I took the opportunity to work abroad and joined the managing board of the newly established Polish life insurer Vienna Life. It was a greenfield operation, so as a board member and later as CEO I was in charge of building up the company from scratch. After coming back from maternity leave I returned to the Vienna head office where I gained valuable experience in international actuarial services before moving to Corporate and Large Business, which gave me hands-on experience of dealing directly with clients. I became head of Country Management in the department in 2007. My team is the central point of contact for quality management and for promoting and expanding the corporate business throughout the CEE market.
At VIG my work takes me to lots of countries outside Austria. Moving between different cultures allows me to find out more about my partners’ international business practices and about the lifestyle in different countries.”    

Key qualifications

  • Underwriting / Claims experience with an insurance company or broker, preferably in an international environment
  • Extensive experience of underwriting with an international non-life or industrial insurer
  • Highly skilled at designing and implementing complex international programmes
  • Strong customer and broker focus, with a view to potentially assuming key account management responsibilities
  • Experience of working with risk managers on technical risk assessments
  • Interest in developments in the CEE economy
  • Willingness to travel
  • Strong sense of initiative and willingness to take on responsibility in relation to the development of international structures
  • Excellent written and spoken English
  • Knowledge of German and of one Eastern European language an advantage

VIG Performance Management Motor Vehicle Insurance

1. Strategic objectives

  • Boosting the profitability of VIG's motor insurance segment
  • Managing developments in the motor insurance segment
  • Promoting the Group-wide transfer of motor vehicle insurance expertise

2. Core responsibilities

  • Analysing, collecting information on and communicating best practices within VIG
  • Implementing projects aimed at enhancing motor insurance profitability as required

3. Day-to-day operations

  • Reporting on the latest developments in the motor insurance segment in VIG’s markets and in the Group companies
  • Implementing key performance indicators and ensuring the necessary data quality
  • Supporting cross-border activities such as knowledge transfer, and working with partners of the employee benefit scheme
  • Group-wide liaison for all motor vehicle insurance-related matters 

Key qualifications

  • Economics or technology degree
  • Excellent analytical skills and good with figures
  • Ability to work in teams, and outstanding interpersonal and communication skills
  • Willingness to travel
  • Excellent written and spoken English
  • Experience of working in CEE and knowledge of Eastern European languages an advantage
  • Excellent working knowledge of Excel, Access and SQL preferred

VIG Performance Management Personal Insurance

1. Strategic objectives

2. Core responsibilities

  • Defining, adapting and monitoring key performance indicators in the life insurance segment
  • Supporting internal exchange of knowledge on products, sales and other key areas that influence revenue and earnings

    3. Day-to-day operations

    • Reporting regularly to the VIG Managing Board on the results of the personal insurance business
    • Implementing key performance indicators and ensuring the necessary data quality
    • Supporting cross-border activities such as knowledge transfer, and working with partners of the employee benefit scheme
    • Group-wide liaison for all personal insurance-related matters

    Key qualifications

    • Economics or mathematics / actuarial mathematics degree
    • Essential: basic professional experience in controlling and/or personal insurance
    • Good analytical skills
    • Team player and able to handle a heavy workload
    • Excellent written and spoken English
    • Knowledge of one or more Eastern European languages an advantage
    • Very good knowledge of MS Office  

    VIG Reinsurance

    1. Strategic objectives

    • Minimising and diversifying risk
    • Communicating and monitoring the Group’s reinsurance strategy  

    2. Core responsibilities

    • Providing protection against large claims, in particular following natural disasters
    • Developing Group-wide reinsurance programmes and standards
    • Coordinating reinsurance-related activities throughout the Group  

    3. Day-to-day operations

    • Ensuring a uniform corporate image
    • Placing and managing reinsurance contracts
    • Developing and assessing compliance with reinsurance security standards

    Key qualifications

    • Mathematics, business or IT degree
    • Excellent written and spoken Englis
    • Knowledge of one Eastern European language an advantage
    • Good MS Office skills
    • Basic knowledge of Solvency II an advantage
    • High degree of commitment and personal initiative  

    Pavel Andreev, VIG Reinsurance:

    “I came across VIG by chance in 2005. At this point the Group’s CEE expansion was going ahead at full pace, and people with Eastern European language skills were in demand. In light of my Russian skills I was made Country Manager for the Russian-speaking countries. By 2008 I had become the head of the country management team. Our two main tasks are coordinating reinsurance matters at Group level and coordinating processes within VIG as an operational entity. We monitor the performance of individual Group companies and develop custom reinsurance solutions based on our analysis. Every day my work brings me into contact with Eastern Europe. I really enjoy working in this particular region. I am an Eastern European myself. VIG is at home in CEE and that’s something I am able to identify with strongly. The company draws on each individual´s particular strengths, and on top of that there are opportunities to build on soft skills."