Associate Analyst/Analyst, Life and Inclusive Insurance (FDI)

Bank Negara Malaysia; Kuala Lumpur; On-site; MYR 36,000 - 50,000; Full time

Job summary

A leading financial institution in Malaysia is looking for an Associate Analyst/Analyst to contribute to the development of the financial services industry, focusing on the life insurance sector. The role involves conducting research, formulating policies, and collaborating with government agencies. Ideal candidates should have a Bachelor's degree and preferably one year of experience in banking or finance. The position offers an opportunity to impact the sector significantly and help achieve socio-economic objectives.

Qualifications

• 1 year of experience in banking and finance, economics or insurance with good understanding of central bank functions and the insurance sector.
• Ability to customize approaches to manage diverse stakeholders effectively.

Responsibilities

• Assist in the formulation and execution of policies and strategies supporting the development of the insurance sector.
• Conduct research on areas enhancing the insurance sector’s development.
• Collaborate with other Government agencies on initiatives improving the financial services industry.

Skills

Advocacy and Advisory

Analysis and Policy Development

Diagnosis and Risk Assessments

Knowledge of Financial System and Interlinkages

Project Stewardship

Legal and Regulatory Requirements

People Management

Foresight

Communication

Data Science

Change Management and Agility

Education

Bachelor’s Degree in Accounting, Economics, Banking, Risk Management, Law, Actuarial Science, Computer Science or Finance

Job description

Associate Analyst/Analyst, Life and Inclusive Insurance (FDI)

Associate Analyst / Analyst of Life and Inclusive Insurance unit in Financial Development and Innovation Department (FDI)

ROLE PURPOSE

Assist in the formulation and execution of policies, strategies and initiatives that support the orderly development of the financial services industry, with a focus on the life insurance sector, in alignment with economic needs and financial stability objectives.

PRINCIPAL ACCOUNTABILITIES

Conduct research on strategic areas that would enhance the overall development of an efficient and effective insurance sector, mechanisms and legislation.

Assist in the development and implementation of policies, strategies, and initiatives that promote inclusive insurance (including efforts to enhance insurance penetration) and support the sustainability of the financial services industry.

Make recommendations leading to formulation of policies and strategies to develop new or enhance existing insurance sector infrastructure, delivery channels and systems.

Engage in collaboration with other Government agencies to undertake initiatives aimed at elevating the insurance system architecture in the areas of legal framework, market infrastructure and use of financial services.

Keep abreast with market developments in the insurance sector, and propose recommendations on how these external/internal achievements can be replicated to the benefit of the domestic market.

Identify efforts that can be initiated/jointly initiated with the insurance industry to promote a more orderly and efficient systems and market infrastructure.

Engage in collaboration with internal as well as external stakeholders to support the Government in achieving its socio-economic objectives in the areas such as healthcare and pensions or to undertake initiatives to elevate the effectiveness or efficiency of financial services.

Identify efforts relating to development of policies to elevate service quality of insurance service providers and to enhance the role of financial intermediaries in supporting the growth of insurance industry, and towards raising the professionalism of intermediaries towards achievement of Blueprint recommendations.

NATURE OF ACCOUNTABILITIES AND COMPETENCIES

Job Complexity and Problem Solving

The role of a First Level Executive (FLE) is largely operational, with some tactical role for senior FLEs supporting the Manager in the development and implementation of strategic initiatives, policy frameworks, and actionable plans aligned with the Bank’s objectives and mandates. An FLE’s role involves actively addressing both structured and semi-structured problems under the guidance of a supervisor. This includes executing tasks in alignment with established procedures and applying problem-solving techniques alongside data-gathering methods to support effective decision-making. The role also involves conceptual and innovative thinking in proposing policies or strategies to resolve identified issues.

Leadership and Stakeholder Management

An FLE may be expected to demonstrate ownership and accountability within his/her scope of work by leading small initiatives or workstreams. Effective stakeholder management is important as the role involves regular interactions with internal team members, project stakeholders and external parties based on needs. This includes providing routine updates and operational coordination in assignments.

QUALIFICATIONS / EXPERIENCE

Bachelor’s Degree or professional qualification in accounting, economics, banking, risk management, law, actuarial science, computer science or finance

Experience:

Preferably 1 year of working experience in banking and finance, economics or insurance with good understanding of central bank functions and the insurance sector.

PREVALENT & EMERGING SKILLS

Prevalent Skills

Advocacy and Advisory: Supports advocacy through research and policy briefs.

Analysis and Policy Development: Supports policy development through data analysis and literature review.

Diagnosis and Risk Assessments: Conducts preliminary risk assessments and supports diagnostics.

Knowledge of Financial System and Interlinkages: Applies foundational knowledge in financial system to support analysis.

Project Stewardship: Supports project execution and documentation.

Legal and Regulatory Requirements: Understands legal frameworks and regulatory requirements relevant to assigned work.

People Management: Ability to customise different approaches to managing diverse stakeholders effectively (e.g. Government agencies, financial institutions, other regulators)

Emerging Skills

Foresight: Ability to identify and draw upon emerging trends to anticipate the next stage of development or emerging risks, or undertake scenario analysis

Communication: Ability to communicate and engage in discussions with various stakeholders both internally and externally, to achieve intended outcome

Data Science: Applies data analytics and visualization to support decision-making

Change Management and Agility: Able to apply understanding of new technologies to improve project delivery, keeps abreast of technological developments relevant to financial innovation