Actuarial Analyst (General Insurance)

United Overseas Insurance; Singapore; On-site; SGD 45,000 - 65,000; Full time

Job summary

A leading insurance company in Singapore is seeking an Actuarial Analyst to support their underwriting function. Responsibilities include performing actuarial valuations, developing financial models, and conducting portfolio reviews. The ideal candidate will possess a degree in a related field and have 2-3 years of experience in financial reporting. Strong analytical skills and proficiency in tools like PowerBI and SQL are required.

Qualifications

• Minimum 2-3 years’ experience in reserving, regulatory and financial reporting, budgeting and forecast.
• Proficiency in relevant statistical software.
• Strong organizational skills and ability to multi-task.

Responsibilities

• Perform actuarial valuations to ensure company’s reserves are adequate.
• Develop models supporting business forecast and performance tracking.
• Collaborate with stakeholders for portfolio reviews.

Skills

Analytical mindset

Problem solving

Good interpersonal skills

Communication skills

Fluency in English

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.