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.
First announced in September 2020 and valued at S$3.2 billion, the merger of Aviva Singapore and Singlife was the largest insurance deal in Singapore then and created one of the largest homegrown financial services companies in the republic.
Key Responsibilities
•Drive the financial modelling and projections of financial reinsurance solutions, including analysis of reinsurance on capital and profitability.
•Support the team in providing data and analysis for negotiation and assessment of new reinsurance treaties/addendums.
•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 periodic 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
- Support renewals and adjustment premiums calculation for catastrophe XOL treaties
- Analyze current group and individual business experience and performance compared to target
- Analyze COR and operating profits for the group business portfolio
- 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
•Help on Reinsurance Retention study.
•Support the pricing team by providing reinsurance-related data and information that are required in pricing individual life and/or group insurance products
Key Decisions within the Role
•Optimise capital position via reinsurance risk transfer.
•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
Experience
•0-3 years of experience in group and individual insurance/reinsurance
•Experience in prophet modelling is an advantage
•Experience in RENOVA or other reinsurance software is an advantage
•Experience in financial reinsurance is an advantage
•Good knowledge of Risk Based Capital 2 capital regime is an advantage
Education
•Degree in Actuarial Studies
•Good progress in actuarial exams with a recognized actuarial body (e.g. SOA, IFOA, IOAA)
