Actuarial Analyst

UNITED OVERSEAS INSURANCE LIMITED; Singapore; On-site; SGD 70,000 - 100,000; Full time

Job summary

UNITED OVERSEAS INSURANCE LIMITED is seeking an Actuarial Analyst in Singapore to contribute to reserves, budgeting, capital modelling, and pricing strategies within the Underwriting & Operations Division.

You will collaborate with underwriting, reinsurance, product, claims, and finance teams to enhance underwriting capabilities, expand portfolios, and deliver high-quality data analytics for informed decision making.

Qualifications

• 2–3 years’ experience in reserving, regulatory and financial reporting (e.g. MAS reporting & IFRS 17).
• Experience in budgeting and forecasting, capital modelling and management, pricing, and portfolio management for general insurance.
• Proficiency in Microsoft Office, Power BI, and SAS or similar statistical software.
• Programming languages such as SQL, VBA and Python are advantageous.

Responsibilities

• Perform actuarial valuations to ensure reserves are adequate and comply with regulatory requirements.
• Develop, maintain, and enhance models to support KPIs like business forecast, budgeting, and profitability tracking.
• Understand underwriting strategy, portfolio structure, product offerings, reinsurance management, and data architecture.
• Perform product pricing activities and maintain pricing tools and premium calculators.
• Collaborate with underwriting, reinsurance, product, claims, and finance to improve portfolio profitability.
• Collaborate with IT on data extraction and develop Power BI dashboards for the team.
• Analyze claims data to identify trends and reserve risks.
• Perform scenario analyses, stress testing, and sensitivity analyses for capital and risk management.
• Identify optimal reinsurance and retention strategies to balance risk and reward.
• Support technical accounting and commutation calculations.
• Support data analytics work and ensure data quality and granularity.
• Undertake any other duties as assigned.

Skills

Analytical mindset

Team collaboration

Communication skills

Education

Bachelor’s degree in Actuarial, Mathematics, Statistics, or related field

Tools

SAS

Power BI

SQL

Python

VBA

Job description

The Underwriting & Operations Division is responsible for all underwriting governance, portfolio management, product & pricing strategy, reinsurance, and operations of the Company.

Job Purpose

As an Actuarial Analyst, you will play a key role in actuarial function, with responsibilities covering reserve estimation and financial reporting, business forecast and budgeting, portfolio reviews, and capital modelling to achieve the company’s underwriting profit, shareholder’s fund, and ROE targets. You will be supporting the company’s strategy in enhancing underwriting capabilities, business expansion, portfolio management, pricing, reserving, data analytics, reinsurance, and retention strategy, in line with the Company’s risk appetite and growth plans.

Your main responsibilities would include:

• Perform actuarial valuations to ensure company’s reserves are adequate and comply with regulatory requirements.
• Develop, maintain, and enhance models to support key KPIs such as business forecast and budgeting, top- & bottom-line performance tracking for all lines of business, channels, underwriting teams, and capital adequacy in line with company policy and regulatory requirements.
• Understand the company’s underwriting strategy, portfolio structure, product offerings, reinsurance management strategy and system data architecture.
• Perform product pricing activities, design and develop pricing models that meet internal and regulatory requirements, and maintain quotation tools and premium calculators.
• Collaborate with internal stakeholders (underwriting, business team, reinsurance, product, claims, and finance) to perform portfolio reviews and provide insights to support rectification strategy to improve the portfolios’ profitability.
• Collaborate with the IT team on data extraction to support analysis requirements and develop Power BI dashboards for the team.
• Analyse claims data and other relevant datasets to identify trends, experiences deviation, and potential reserve risks.
• Perform scenario analyses, stress testing, and sensitivity testing to support capital and risk management.
• Identify optimal use of reinsurance and retention strategy to achieve target risk and rewards balancing along the efficiency frontier.
• Support technical accounting and commutation calculations.
• Support data analytics work and deliver continuous improvements to ensure high-quality resolution in terms of data granularity and accuracy.
• Undertake any other duties as may be assigned.

Requirements

• Bachelor’s degree in Actuarial, Mathematics, Statistics, or related field.
• Minimum 2-3 years’ experience in reserving, regulatory and financial reporting (e.g. MAS reporting & IFRS 17), budgeting and forecast, capital modelling and management, pricing, and portfolio management for general insurance.
• Proficiency in Microsoft Office, PowerBI, and/or any statistical software such as SAS.
• Proficiency in programming languages, such as SQL, VBA, python an advantage.
• Fluency in English. Fluency in other languages is a plus.
• Strong analytical mindset, problem solving, good interpersonal and communication skills.
• Meticulous, organised, and able to multi-task efficiently and produce innovative solutions.
• Proven ability to work both independently and collaboratively within a team.