Actuarial Valuation Manager, P&C

Zurich 56 Company Ltd; Singapore; On-site; SGD 100,000 - 125,000; Full time

Job summary

A leading insurance provider in Singapore is seeking an experienced Actuarial Valuation Manager to value insurance liabilities and provide regulatory reporting. This role involves implementing actuarial methodologies, ensuring compliance with standards, and assessing the financial condition of the company. The ideal candidate will have more than 5 years of experience, be qualified in actuarial exams, and possess strong analytical and problem-solving skills. Familiarity with Singapore regulations and tools like ResQ and SAP is advantageous.

Qualifications

• 5+ years of general insurance actuarial experience required.
• Good progress with actuarial exams is preferred.
• Strong understanding of reserving and IFRS 17.
• Knowledge in pricing and accounting is advantageous.
• Familiarity with Singapore's insurance regulations.
• Able to work independently with minimal supervision.

Responsibilities

• Value insurance technical liabilities quarterly.
• Implement actuarial methodologies and assumptions.
• Ensure reserving processes comply with internal standards.
• Assess the company’s financial condition.
• Plan and forecast loss ratios.
• Contribute to performance monitoring meetings.
• Mentor less experienced actuarial staff.
• Support various functions on reserving and business initiatives.

Skills

Insurance regulations knowledge

Analytical skills

Problem-solving skills

Strong communication skills

Time management

Education

Fully qualified actuary from recognized International Actuarial Bodies

Tools

ResQ

SAP

VBA

RStudio

Power BI

Job description

Actuarial Valuation Manager, P&C

The Opportunity:

As a P&C actuarial valuation manager in Zurich Insurance, you will be involved in the reserve valuation, including on an IFRS17 basis, business planning and capital management and, providing support to the chief reserving actuary and CFO including insights into risks, underlying performance & implications for the business, as well as mentoring junior actuarial members.

Key Responsibilities:

• Value insurance technical liabilities on a quarterly basis for management and regulatory reporting. This includes formal submission of actuarial investigation report (including responding to inquiries from auditors and regulatory departments) and actuarial-focused returns for financial year-ends.
• Implementation of actuarial methodologies and assumptions that are appropriate such that reserving outcome including IFRS17 basis are accurate and reasonable, considering available financial, claims and underwriting data and relevant feedback from the business.
• Ensure that reserving processes and standards are consistent with internal Zurich actuarial policies and guidance and, where relevant, compliant with Group, Regional, and Local regulatory policies. This includes incorporating controls to cover risk for ICFR on IFRS4 & IFRS17 basis including PAA eligibility controls.
• Assess the company’s financial condition (i.e. solvency assessment, annual ORSA & IWST process), and under such economic & business conditions as regulator may specify.
• Plan/ forecast loss ratio, including reconciliation of views on profitability between reserving and pricing actuarial, and improvement in the quality, transparency and timeliness of the loss ratio planning / forecasting on IFRS17 basis.
• Contribute to performance monitoring meetings (i.e. Virtuous Circle), collaborating with PPM & Pricing functions, in understanding of results, providing insights on trends & developments and communicate key uncertainties & issues.
• Proactively identify professional development & mentoring opportunities for less experienced actuarial staff and inculcate a sense of team spirit, teamwork and inter-team collaboration.
• Support Finance, Underwriting, Pricing, Claims, Risk and other functions on reserving, business initiative & projects and strategic business decisions as relevant.

Qualifications, Experience & Skills:

• 5 years (or more) of general insurance actuarial experience.
• Good progress with actuarial exams (preferably a fully qualified actuary) from recognized International Actuarial Bodies.
• Strong understanding of and working experience reserving including on IFRS 17 basis and knowledge in pricing and accounting is a plus.
• Strong knowledge of insurance regulations, statutory/ regulatory regime and market in Singapore.
• Familiarity with the Company’s software (e.g. ResQ, SAP) and programming languages (e.g. VBA, RStudio and Power BI) is a plus.
• Strong analytical and problem-solving skills.
• Strong verbal and written communication skills.
• Able to work independently with minimal supervision.
• Good time management skills, and able to manage multiple concurrent projects efficiently.
• Able to see the “big picture” and think beyond the task at hand and understand how one’s work fits into the broader landscape.