Reinsurance is a knowledge industry

The reinsurance industry is all about combining technical expertise and experience with the developments of science. However many tools we use to conduct our activities (models, databases, pricing tools, reserving tools, and so on), we also need expert judgments and human experience to correctly underwrite. This is what we call the art of underwriting. Reinsurance is a knowledge industry. Expertise is an accumulation variable.


The most advanced tool will never replace the intuition of a seasoned underwriter facing a complex risk. Because at the end of the day, you have to make a decision, to sign, to underwrite. And what we have underwritten, we cannot overwrite - our word is our bond, as is our signature. This dimension of our business, linked to the art of underwriting, is more important than some observers would have people believe.


One way to acquire this art is to share experiences – both good and bad – and to share doubts and questions. Artists always belong to a school, from which they learn their craft. Like artists, we have to learn, imitate, mimic, and then innovate, in order to find our own style and create our own distinctive work. 


The Art & Science of Risk are an integral part of SCOR’s DNA

The Art & Science of Risks - Reinsurance is a knowledge industry

Science is at the heart of SCOR’s DNA

This is demonstrated by a number of firm commitments.


Controlling risks

To better control both its own risks and those of its clients, the Group has developed a number of initiatives. One ambitious project has culminated in the creation of SCOR’s own internal risk management model. The Group has also notably created an original tool for the assessment of risk interdependence, called ProbEx.
Seven Life Research & Development centers bring together doctors and actuaries around the issues linked to mortality, longevity and long-term care. They collaborate with international research bodies such as the Pierre & Marie Curie University in France (human immunodeficiency virus (HIV) research), the Assmann Foundation in Germany (cardiovascular disease), the University of Leuven in Belgium and the Max Planck Institute in Germany. 
SCOR is constantly developing and improving its own modelling tools, for example with regard to natural catastrophes and meteorological forecasting. 

Promoting science

SCOR also helps to promote and disseminate science.
The SCOR Corporate Foundation for Science, steered by an independent Scientific Board, supports ambitious research projects. 
The SCOR Actuarial Awards bear witness to the Group’s commitment to the promotion of actuarial science. You can read more about the Actuarial Awards here.
In Singapore, SCOR has founded the Insurance Risk and Finance Research Centre in conjunction with the Nanyang School of Technology. As well as conducting cutting edge research on risk and insurance issues, the Group also organizes an annual scientific conference that has become an indispensable benchmark in the region.  
SCOR is an active member of the Geneva Association, which brings together around 80 of the world’s top insurance and reinsurance companies to promote research into the risk and insurance economy. The Group also participates in the CRO Forum, which unites the Chief Risk Officers of the major European (re)insurance companies around cross-cutting issues.
SCOR’s experts publish articles in external journals (e.g. ASTIN Bulletin, Journal of Risks and Insurance, Risques, etc.) and in SCOR’s own publications, including the SCOR Papers collection, which is devoted to basic research. They also regularly take part in seminars and teach classes at university level.