Interview Preparation Notes for Life Insurance Role (Swiss Re)
Technical/Functional Questions
1. Explain your experience with life insurance reserving.
-> Discuss the valuation basis you worked on (e.g., IFRS17, Indian GAAP). Mention tools used,
frequency, and key steps.
2. What is your understanding of IFRS 17?
-> Explain CSM, RA, fulfilment cash flows, and discounting. Emphasize measurement models like
GMM and VFA if known.
3. How do you perform reserve analysis?
-> Talk about comparing current reserves to prior periods, analyzing changes due to assumptions or
experience.
4. Have you worked on assumption setting?
-> Mention involvement in mortality, lapse, expense assumptions review and updates. Explain
documentation process.
5. Difference between Statutory reserves and IFRS reserves?
-> Statutory is conservative and rule-based, IFRS17 is principle-based and aims at economic reality.
6. How do you explain movement in reserves?
-> Break into drivers: experience variances, assumption changes, model changes, new business,
etc.
7. Tools/models used for valuation?
-> Mention Excel, VBA, Prophet, or any internal tools like MRA. Explain how you input assumptions
and review output.
8. Improving a process example?
-> Talk about automation with VBA or simplifying manual steps. Show initiative.
9. Working with auditors or cross-functional teams?
-> Mention experience handling queries, preparing reconciliations, and providing clear
documentation.
10. Understanding of UK GAAP?
-> Basic awareness is sufficient-explain how it's more aligned to statutory reporting and differs from
IFRS17.
Scenario-Based / Problem-Solving
11. Investigating a reserve spike?
-> Check model inputs, assumption changes, business volumes, error logs, and consult with senior
team members.
12. Disagreeing with a suggested assumption?
-> Provide data-based reasoning, escalate to manager, and suggest alternative approaches.
13. Reviewing key metric issues?
-> Re-run model, isolate the component, check previous quarter trend, validate input data.
Behavioral / Teamwork Questions
14. Working with distributed teams?
-> Mention time zone management, clear communication, using Teams/Emails, documenting
everything well.
15. Explaining technical results to non-technical stakeholders?
-> Use simple language, visuals, summaries, and analogies. Focus on business impact.
16. Ensuring clear documentation?
-> Write step-by-step summaries, include comments in Excel, and maintain version history.
17. Handling a mistake at work?
-> Admit quickly, assess the impact, inform your lead, fix it, and prevent recurrence.
18. Mentoring juniors?
-> Share learnings, review their work, and be available for doubts. Encourage documentation.
General & Swiss Re-Specific
19. Why Swiss Re?
-> Global leader, strong focus on innovation and inclusive culture. Emphasize learning and impact.
20. Why UK&I Life team role?
-> Excited by reserving, assumption setting, IFRS17 work, and cross-regional collaboration.
21. Balancing accuracy and deadlines?
-> Prioritize, communicate early, automate where possible, and ensure peer review.
22. Innovation or process improvement example?
-> Talk about a VBA tool, better template, or simplifying manual steps. Link to saved time or reduced
errors.
