Actuarial Analyst

THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED; Singapore; On-site; SGD 120,000 - 180,000; Full time

Job summary

The Great Eastern Life Assurance Company Limited is seeking an aspiring actuary to join the Accident & Health actuarial team in Singapore. You will help price products, analyze data, and support reserving and financial reporting while collaborating with underwriting and claims teams.

Key focus areas include pricing models, portfolio performance monitoring, and providing insights to support A&H business initiatives.

Qualifications

• Bachelor's degree in actuarial science, mathematics, statistics, or a related field.
• 3+ years in relevant actuarial roles.
• Actuarial certification path: IFoA SP1/SA1, SOA GH101/GH301, IAA General Insurance and Health, CAS Exam 5, or pursuing certification.
• Experience with underwriting, claims and product development.
• Strong project management and ability to present financials.

Responsibilities

• Pricing and data analysis for A&H products with internal databases.
• Collaborate with underwriters and claims managers to implement features.
• Support reserving and financial reporting under RBC2 and IFRS17.
• Develop valuation models and monitor portfolio performance.
• Generate reports to monitor KPIs and support business decisions.

Skills

Actuary

Pricing

Data analysis

Statistical modelling

SQL

SAS

VBA

IFRS17

Python

Communication

Education

Bachelor's degree in Actuarial Science, Mathematics, Statistics, or related field

Tools

SAS

SQL

VBA

Prophet

Job description

We are seeking a motivated and aspiring actuary to join our Accident &Health (A&H) actuarial team. You will be part of a dynamic team ofactuaries managing the Group Insurance and A&H portfolio, supportingA&H business initiatives and delivering data-driven insights to achieveoverall business objectives. This role offers a uniqueopportunity to gain hands‑on experience in product pricing, product development, monitoring of productsperformance and providing actuarial support to actuarial valuation team and A&Hbusiness teams, with a focuson the Group Insurance and Personal Accident space.

• Product pricing and data analysis, by developingand enhancing in-house statistical capability, which includes:
  • Design and develop pricing models that meet internaland regulatory requirement.
  • Build, implement and maintain a comprehensiveup-to-date database that is consistent, well-defined and well-reconciled to beused by internal stakeholders and to performdata analysis, with the aim of providingactionable insights as wellas setting pricing assumptions.
  • Participate in product revamp, new benefitsenhancement, maintenance of quotation tools and premium calculators.
  • Assist the Company in driving the A&H business through periodic profitability study,experience analysis and portfolio performance analysis. Actively monitor actualexperience of policies against pricing quotations to identify early actionsthat should be taken to enhance portfolio performance.
  • Assist in the financial management of thebusiness, including reinsurance program review.
  • Support business units in achieving their keyperformance indicators, such as generating relevant reports for monitoring andtracking purposes.
• Collaboratewith internal/ external stakeholders to design, price and develop A&Hproducts, particularly Group Insurance and Personal Accident products. This includes:
  • Work closely with underwriters and claimsmanagers to integrate new product features and improvement in processes into their day to day operational activities.
  • Provide technical supporton business decisions, such as marketing, underwriting, claims management and system development.
  • Identify and implement process improvements forend-to-end Group Insurance business process to enhance efficiency and ensurerobustness in quotation processes.
• SupportA&H reserving and financial reporting processes, which includes:
  • Assist in the preparation of A&H actuarialreserves and financial reporting under local and international standards (ie.RBC2, IFRS17).
  • Support the development and maintenance ofvaluation models, relevant coding and assumption setting.Perform annual assumption setting exerciseto review key quotationcomponents such as pricing model, pricing approach, pricing process, dataintegrity and quality, risk rates, inflatation,trending approach, group discount, and IBNR loading.
  • Collaborate with finance and actuarial valuationteams to ensure consistency and accuracy in actuarial inputs, through closereconciliation between actuarial and finance key figures
  • Facilitate business planning and interpretationof monthly Group Insurance P&L through understanding of RBC2 and IFRS17P&L standards, and compilation of monthly relevant financials

We are looking for people who

• Bachelor’s degreein Actuarial Science,Mathematics, Statistics, or a related field.
• 3 years or above in relevant actuarial roles.
• Candidates who have passed IFoA SP1/SA1, or SOA GH101/GH301, or IAA General Insuranceand Health specialisation, or CAS Exam 5, or are actively pursuingactuarial certification, will be given priorityconsideration.
• Experience working closely with underwriting,claims and product developers.
• Experience in project management and presentingfinancials to management.
• In depth knowledgeof GI, Group, A&H insuranceproducts and actuarial practice.
• Excellent instatistical analysis, problem solving and communication skills.
• Proficient in MSExcel.
• Good knowledge of statistical packages andstrong interest in programming (e.g. SAS, SQL,VBA, Prophet).
• Familiar with reinsurance structures, AS400system data structure, RBC2, IFRS17 and Prophet programming will be an advantage.

How you succeed

• Championand embody our Core Values ineveryday tasks and interactions.
• Demonstratehigh level of integrity and accountability.
• Take initiative to drive improvements andembrace change.
• Take accountability of business and regulatory compliance risks, implementing measures to mitigate them effectively.
• Keepabreast with industry trends, regulatory compliance, and emerging threats and technologies to understand and highlightpotential concerns/ risks to safeguard our company proactively.

Who we are

Founded in 1908, Great Eastern is a well-established market leader and trusted brand inSingapore and Malaysia. With over S$100 billionin assets and more than 16 millionpolicyholders, including 12.5 million from government schemes, itprovides insurance solutions to customers through three successful distributionchannels – a tied agency force, bancassurance, and financial advisory firm GreatEastern Financial Advisers. The Group also operates in Indonesia and Brunei.

The Great EasternLife Assurance CompanyLimited and GreatEastern General Insurance Limited have been assignedthe financial strengthand counterparty creditratings of "AA-" by S&P Global Ratings since 2010, one of the highest among Asian life insurancecompanies. Great Eastern's assetmanagement subsidiary, Lion Global Investors Limited, is one of the leading asset management companiesin Southeast Asia.

Great Eastern is a subsidiary of OCBC, the longest established Singapore bank, formed in 1932. It is the secondlargest financial servicesgroup in Southeast Asia by assetsand one of the world’s most highly-rated banks, with anAa1 rating from Moody’s and AA- by both Fitch and S&P. Recognised for its financialstrength and stability, OCBC is consistently ranked among the World’s Top50 Safest Banks by Global Finance and has been named Best Managed Bankin Singapore by The Asian Banker.