[Entry Level] Actuarial Analyst

UNITED OVERSEAS INSURANCE LIMITED; Singapore; On-site; SGD 60,000 - 100,000; Full time

Job summary

UNITED OVERSEAS INSURANCE LIMITED in Singapore seeks an Actuarial Analyst to contribute to reserves, financial reporting, budgeting, and capital modelling ensuring underwriting profitability and ROE targets.

You will design pricing models, perform analyses, and collaborate with underwriting, reinsurance, product, and finance to drive portfolio performance. Proficiency in SQL/Python and Power BI is preferred.

Qualifications

• Bachelor’s degree in actuarial science, mathematics, statistics or related field.
• Prior internship experience in reserving, regulatory/financial reporting (MAS IFRS 17), budgeting and forecasting, capital modelling is a plus.
• Proficiency in Microsoft Office, Power BI, and SAS; programming in SQL/Python is advantageous.
• Fluency in English; other languages are a plus.

Responsibilities

• Perform actuarial valuations to ensure reserves are adequate and compliant with regulatory requirements.
• Develop and maintain models for KPIs, forecasts, budgeting, and capital adequacy across lines of business.
• Collaborate with underwriting, reinsurance, product, and finance to improve portfolio profitability.
• Support data analytics efforts and develop Power BI dashboards for the team.

Skills

Actuarial knowledge

Analytical thinking

Communication skills

Teamwork

English fluency

Education

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

Tools

Power BI

SAS

SQL

Excel

Python

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.
• Prior internship 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 is a plus.
• 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.