Associate, Finance (Reinsurance Operations)

About The Job

Reinsurance (RI) works as a vital contributor in ensuring the company's insurance risks are properly transferred to RI Operators. RI premiums, settlements, allowances and claims reimbursement based on the agreed arrangement are negotiated between the two companies. RI Operations team will administer RI arrangements and produce regulatory reporting.

Other responsibilities will also include working with business Subject Matter Experts (SMEs) in setting up reinsurance system tables for all reinsurance arrangements for new product launches and where the partnership with reinsurers is involved, as well as providing accurate and timely information for internal and external reporting.

• Reinsurance Operations Management: Responsible for timely producing the Statement of Account (SOA) to send to Reinsurers in compliant with regulatory and requirements, handles the queries and settlements. Work closely with other stakeholders to provide reinsurance support including table set-ups for new product launches and enhancements. Performs user acceptance testing (UAT) for RT related products and set-ups in productions.
• Month-End Closing & Financial Reporting: Participates in the new IFRS17 standard for month end closing activity in addition to IFRS4, prepares periodical statements for Reinsurers, stakeholders and regulators
• Escalation & Issue Resolution: Ensures appropriate controls and documentation are in place for reinsurance reporting processes, escalate significant issues and anomalies to supervisor promptly, ensuring clear communication and timely resolution.
• Project Participation: Support finance project and initiatives to streamline and improve finance processes. Collaborate with cross-functional teams to consolidate systems and processes, driving standardization and operational efficiencies.

We are looking for people who

• Bachelor's degree in Actuarial Science/ Mathematics/ Statistics/Finance, or a related field
• Basic accounting knowledge especially related to insurance/takaful
• Familiarity with life or takaful insurance and SQL programming will be an added advantage.
• Good interpersonal, writing and verbal communication skills.
• Independent, detail-oriented, efficient, self-motivated and able to work under pressure.
• Co-operate well with colleagues to complete tasks efficiently.
• High level of integrity, takes accountability of work and good attitude over teamwork.
• Takes initiative to improve current state of things and adaptable to embrace new changes.

How you succeed

• Champion and embody our Core Values in everyday tasks and interactions.
• Demonstrate high level of integrity and accountability.
• Take initiative to drive improvements and embrace change.
• Take accountability of business and regulatory compliance risks, implementing measures to mitigate them effectively.
• Keep abreast with industry trends, regulatory compliance, and emerging threats and technologies to understand and highlight potential concerns/ risks to safeguard our company proactively.

Who we are

Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$100 billion in assets and more than 16 million policyholders, including 12.5 million from government schemes, it provides insurance solutions to customers through three successful distribution channels a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei.

The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of AA- by S&P Global Ratings since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the leading asset management companies in Southeast Asia.

Great Eastern is a subsidiary of OCBC, the longest established Singapore bank, formed in 1932. It is the second largest financial services group in Southeast Asia by assets and one of the world's most highly-rated banks, with an Aa1 rating from Moody's and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC is consistently ranked among the World's Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

To all recruitment agencies: Great Eastern does not accept unsolicited agency resumes. Please do not forward resumes to our email or our employees. We will not be responsible for any fees related to unsolicited resumes.