Associate, Reinsurance

SINGAPORE LIFE LTD.; Singapore; On-site; SGD 120,000 - 170,000; Full time

Job summary

Singlife is seeking an experienced actuarial professional to manage regular reinsurance bordereaux, internal reporting to the Reinsurance Committee, and setup of new reinsurance arrangements. The role involves collaboration with pricing, finance, and actuarial pricing teams to ensure accurate, timely data and compliant reporting.

Responsibilities include supporting the Subsidiary with actuarial processes, performing experience studies, and maintaining knowledge of treaties and addendums for

Qualifications

• Degree in Actuarial Science, Mathematics, Statistics, Finance, or related quantitative discipline.

Responsibilities

• Prepare regular reinsurance bordereaux.
• Involve in process improvement to ensure accuracy and timeliness of reports.
• Prepare regular internal reports to Reinsurance Committee.
• Prepare IGP Pool reporting including PYER and captive reports, plus ad-hoc data requests.
• Collaborate with teams to set up new reinsurance arrangements in Renova or reinsurance programs.
• Support pricing by providing reinsurance-related data for life and group products.
• Assist Subsidiary to enhance actuarial processes and methodologies.
• Conduct Experience Studies for Subsidiary.

Education

Degree in Actuarial Science, Mathematics, Statistics, Finance, or related quantitative discipline

Job description

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time. Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan’s leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.

Key Responsibilities

• Prepare regular reinsurance bordereaux.
• Involve in process improvement to ensure accuracy and timeliness of reports.
• Prepare regular internal reports to Reinsurance Committee.
• Prepare IGP Pool reporting which includes Prior Year-End Report (PYER) and captive reports as well as ad-hoc data requests on clients who are exploring a pool arrangement
• Work closely with other teams to set up new reinsurance arrangement in reinsurance system and incorporate them in actual reporting.
• Reinsurance Treaty Management
• Analyze current group and individual business experience and performance compared to target
• Understand and be familiar with all reinsurance treaties and addendums to be able to set up and execute current, new and renewal treaties in Renova or reinsurance programs
• Support the pricing team by providing reinsurance-related data and information that are required in pricing individual life and/or group insurance products
• Support Subsidiary to enhance Actuarial process and methodologies
• Perform Experience Study for Subsidiary

Key Decisions within the Role

• Observe all the reinsurance parameters (stated in the various treaties) such as maximum retention, sum assured.
• Management and monitoring of reinsurance portfolios in accordance with Reinsurance Management Strategy.

Requirements

Education

• Degree in Actuarial Science, Mathematics, Statistics, Finance, or a related quantitative discipline.

Key Stakeholders

External:

• Reinsurers and Brokers
• MAS – MAS 114 Reporting

Internal:

• Group Pricing and Groups Sales
• Finance
• Actuarial Pricing and Valuation
• Project Management Team
• Singlife Philippines Actuarial