Associate Actuary at AIG

Singapore

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Not SpecifiedCompensation

Junior (1 to 2 years), Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

InsuranceIndustries

Requirements

Prior experience in commercial lines pricing, in particular Commercial Property
Mathematic/Actuarial or any related degree background, with good progress towards pursuing a professional actuarial qualification
Some working experience in the General insurance industry
Familiarity with traditional actuarial techniques and models
Ability to manage multiple tasks simultaneously
Ability to work as part of a team as well as take responsibility for individual contribution
Ability to meet tight deadlines and prioritise own work
Effective time management and strong communication skills
Ability to forge relationships with other areas of the business
Working knowledge of typical actuarial reserving software
Strong verbal and written communication skills
Knowledge of SQL, Python, R or similar software tools
Be a team-player with the ability to build collaborative relationships

Responsibilities

Support the delivery of underwriting performance, actuarial and risk management elements of Commercial lines to meet the Profit centre strategic objectives, engaging with the wider Actuarial function and business P&L Heads
Monitor profitability for APAC profit centres and work with management to set rate targets each year
Develop structure for regular review of rate adequacy and profitability
Carry out price adequacy reviews and review the appropriateness of the reinsurance programme to meet the ongoing needs of the business, as well as provide experience, expertise and insight into complex projects
Put action plan in place to ensure seamless monitoring of rate levels, rate changes and rate adequacy
Provide actuarial guidance and business insight on portfolio management; leverage efficient group capital management and reinsurance strategies
Manage data support where not maintained centrally and reinforce the importance of high-quality data
Work closely with underwriting, reserving actuaries, claims department, and cat modelling/risk aggregation to identify insights that will be used to improve risk classification and enhance risk aggregation
Engage with finance on execution of planning exercise and forward-looking scenarios
Support the AIG APAC insurance business, working as a member of the APAC actuarial team to achieve goals and deliver on strategic initiatives, providing actuarial advice to business functions including profit centres, underwriting, finance, and risk management

Skills

Key technologies and capabilities for this role

Actuarial AnalysisRisk ManagementInsurance PricingLoss ReservingProfitability MonitoringRate AdequacyReinsurancePortfolio ManagementCapital ManagementUnderwriting

Questions & Answers

Common questions about this position

What qualifications are required for the Associate Actuary role?

Candidates need a Mathematics/Actuarial or related degree with good progress towards a professional actuarial qualification, some working experience in the General insurance industry, and familiarity with traditional actuarial techniques and models.

What prior experience is preferred for this position?

Prior experience in commercial lines pricing, particularly Commercial Property, is required, along with the ability to build collaborative relationships as a team player.

Is this a remote position or does it require office work?

This information is not specified in the job description.

What is the salary or compensation for this role?

This information is not specified in the job description.

What skills make a strong candidate for this Associate Actuary position?

Strong candidates will have experience in commercial lines pricing, the ability to manage multiple tasks simultaneously, work effectively in a team, and provide actuarial guidance on profitability, pricing, and risk management.

AIG

Global insurance provider for individuals and businesses

About AIG

AIG provides a variety of insurance products and services aimed at individuals, families, and businesses. Their offerings include life insurance, retirement planning, and commercial insurance, which help clients manage risk and protect their assets. AIG operates by underwriting insurance policies and managing risk, while also investing the premiums collected to generate income. This company stands out from competitors by not only focusing on traditional insurance but also emphasizing cybersecurity and data protection to keep clients' information safe. AIG's goal is to help clients achieve financial security and peace of mind through comprehensive insurance solutions.

New York City, New YorkHeadquarters

1919Year Founded

IPOCompany Stage

Cybersecurity, Financial ServicesIndustries

10,001+Employees

Benefits

Health, dental, & vision coverage

Flexible Spending Accounts (FSA)

401(k)

PTO

Commuter Expense Reimbursement Account

Risks

Sale of personal travel business may reduce AIG's market presence in travel insurance.

Expansion in Atlanta could pose financial risks if expected growth does not materialize.

Deconsolidation of Corebridge Financial might lead to loss of synergies and increased costs.

Differentiation

AIG offers a wide range of insurance products globally, serving diverse client needs.

Corebridge Financial, a subsidiary, enhances AIG's offerings in retirement planning and financial futures.

AIG emphasizes cybersecurity and data protection, ensuring clients' information remains secure.

Upsides

AI adoption in underwriting and claims processing enhances efficiency and reduces costs for AIG.

InsurTech partnerships offer AIG opportunities to enhance digital capabilities and drive innovation.

Telematics and usage-based insurance allow AIG to offer personalized and flexible products.

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