Actuarial Analyst (General Insurance)

UNITED OVERSEAS INSURANCE LIMITED; Singapore; On-site; SGD 50,000 - 70,000; Full time

Job summary

A leading insurance company in Singapore is seeking an Actuarial Analyst to manage reserve estimation, financial reporting, and support strategic initiatives. The ideal candidate will have a Bachelor's degree in a relevant field and at least 2-3 years of experience in actuarial functions. Proficiency in Microsoft Office, PowerBI, and programming languages such as SQL and Python are essential. Strong analytical and problem-solving skills are required for this role.

Qualifications

• Minimum 2-3 years’ experience in reserving, regulatory and financial reporting.
• Fluency in English; other languages a plus.
• Meticulous, organised, and able to multi-task efficiently.

Responsibilities

• Perform actuarial valuations to ensure reserves are adequate.
• Develop models to support business forecast and budgeting.
• Analyse claims data and identify trends.

Skills

Analytical mindset

Problem-solving

Interpersonal skills

Communication skills

Education

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

Tools

Microsoft Office

PowerBI

SAS

SQL

VBA

Python

Job description

About the Division

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, 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.
• Collaborate with internal stakeholders (underwriting, reinsurance, product, claims, and finance) to perform portfolio reviews and provide insights to support rectification strategy to improve the portfolios’ profitability.
• 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, commutation calculations, formulate sound ACR practices.
• 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. IFRS 17), budgeting and forecast, capital modelling and management, 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.