ROLES IN GENERAL INSURANCE

 

Personal Lines Underwriter

The candidate will be expected to gather and analyze risk information and price coverages, and to identity new opportunities for growth for this segment. We are looking for a dynamic individual to profitably grow out business and successfully manage business relationships with our brokers and agents.

The ideal candidate should be a Degree holder with a 3 - 5 years’ hands-on experience in marketing and distribution, preferably in the financial services industry. We are willing to consider recent Master of Business Administration degree holders. All candidates must be capable of executing a strategic plan for our personal lines business, and demonstrate strong marketing, producer management and communication skills.

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Risk Analyst

Job Scope

Your role is to identify and analyze areas of potential risk that influences the assets, earning capacity and success of an organization. The Asian Risk Management Institute defines risk analysis as: "The application of technical analysis and diverse financial and non-financial instruments to the identification, analysis, control and, typically, the reduction of certain types of risk."

There is a high degree of specialization within the profession, and you may work in industries and functions such as sales, origination, trading, marketing, information technology (IT) and finance.

Depending on the nature of your employer’s business, you may have to:

  1. Visit sites to assess risks
  2. Conduct research to identify and assess severity of risk
  3. Conduct technical analysis to evaluate risk
  4. Make recommendations to reduce or control risk
  5. Review legal documents
  6. Present ideas via reports and presentations, outline findings and recommend improvements
  7. Analyze a company’s market position and run figures through complex modeling techniques to find Value At Risk measurements
  8. Carry out quantitative and qualitative analysis
  9. Study government legislation, which may affect a company, and advise on compliance
  10. Develop contingency plans to deal with emergencies
  11. Publish and update company documents on what to do in an emergency

Personal Qualities

  1. Numerate and good at analysis, research, planning and problem-solving
  2. Competent and literate in IT
  3. Good negotiation skills
  4. Good written and oral communication skills
  5. Awareness in commercial matters
  6. Able to work independently and cope with pressure and responsibility
  7. Able to relate to a wide range of people and explain complex issues clearly

Entry Requirements

  1. Degree, preferably in Finance, Mathematics, Statistics, Accountancy, Law, Business,

Economics or Civil or Structural Engineering and professional qualifications

  1. Experience in finance or insurance is useful
  2. Professional qualifications, such as Certified Professional Risk Manager (CPRM) or Associate in Risk Management (ARM) are an advantage

Education and Training

  1. On-the-job training may be provided
  2. Professional certification from bodies such as:
    1. Chartered Insurance Institute
    2. Asian Risk Management Institute, attaining a CPRM or ARM
    3. Association for Investment Management and Research with its
      1. Chartered Financial and Analysts Programme
      2. Global Association of Risk Professionals: this exam, combined with two years’ experience, leads to certification as a Financial Risk Manager

Career Opportunities

  1. You can work in a wide range of organizations in both the private and public sectors. These include the risk management departments of:
    1. Medium-to-large-sized commercial and industrial organizations
    2. Local authorities
    3. Educational institutions
    4. Manufacturing companies
    5. Insurance companies
    6. Banks and other financial institutions

You can also work in a Risk Consultancy Specialist. With considerable experience and expertise, you become a self-employed or freelance Risk Consultant.

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Risk Manager

Job Scope

You oversee matters of risk at an enterprise level. You direct strategic risk management across the company to identify and address internal and external factors that may impact the organisation’s performance.

It is also your job to ensure that strategic risk management policies and procedures are established, communicated, monitored and tested in line with the company’s strategic goals.

Your duties depend heavily on the nature of the organisation’s business, but can include your having to:

  1. Plan and direct business analysis, risk modeling, and loss prevention programmes
  2. Present ideas via reports and presentations, outline findings, and recommend improvements
  3. Implement risk management programmes to reduce or control risk, which may involve a risk transfer strategy, and to protect against residual risk
  4. Formulate and administer insurance programmes designed to protect he company from risks inherent in the business, while controlling costs
  5. Ensure proper risk management activities are in place to meet the corporation’s strategic objectives
  6. Interact frequently with people from all levels from both internal and external groups
  7. Develop contingency plans to deal with crisis and update company documents on what to do in an emergency or crisis

Personal Qualities

  1. Strong analytical and creative problem-solving skills, and able to react swiftly to changes
  2. Effective negotiation skills and able to relate to a wide range of people
  3. Excellent communication skills especially in explaining complex issues clearly
  4. High level of interpersonal and influencing skills that help to build and maintain solid internal and external relationships
  5. Able to manage staff, as well as to coach and mentor them
  6. Able to cope under pressure

Entry Requirements

  1. Degree, preferably in Finance, Statistics, Accountancy, Law, Business, Economics or Civil or Structural Engineering
  2. Substantial experience in Finance, Risk Management or Insurance
  3. Professional qualifications, such as Certified Professional Risk Manager (CPRM), Associate in Risk Management (ARM) or Fellow in Applied Risk Management (FARM)

Education and Training

  1. Some on-the-job training is available
  2. Professional certification from bodies such as:
    1. Chartered Insurance Institute
    2. Asian Risk Management Institute with its CPRM, ARM and FARM
    3. Global Association of Risk Professionals: this exam, combined with two years’ experience, leads to certification as a Financial Risk Manager

Career Opportunities

You can work in a wide range of organizations in both the private and public sectors, including the risk management departments of:

  1. Medium-to- large-sized commercial and industrial organizations
  2. Local authorities
  3. Educational institutions
  4. Manufacturing companies
  5. Insurance companies
  6. Banks and other financial institutions

You can also work in a Risk Consultancy Specialist. With considerable experience and expertise, you become a self-employed or freelance Risk Consultant.

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Loss Adjustor (Alternative Title: Claims Adjustor)

Job Scope

You investigate, assess and manage mainly marine insurance claims. You also act in cases where a large insurance policy or claim is shared between several companies.

You work in the office, as well as make visits to claimants’ premises to investigate accident sites. Your roles are to:

  1. Investigate the extent of the loss and propose the likely size of the claim
  2. Interview witnesses, obtain statements and liaise with relevant authorities
  3. Consult with experts such as forensic accountants where necessary

Personal Qualities

  1. Accurate and thorough in investigative work
  2. Fair, with integrity to gain trust and confidence of clients
  3. Tactful and patient towards those suffering misfortune
  4. Mentally sharp and focused
  5. Good written and oral communication skills
  6. Keen team player and adaptive at project management

Entry Requirements

Degree in business management, marine engineering, navy architecture or maritime studies

Education and Training

  1. Chartered Insurance Institute examinations or Australian and New Zealand Insurance Institute of Insurance and Finance examinations
  2. Further examinations if the candidate wishes ti qualify as a Chartered Loss Adjustor
  3. Can obtain regional loss adjustor conference exposure

Career Opportunities

You can work in loss-adjusting, reinsurance and direct insurance companies.

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Underwriter

Job Scope

You decide whether your insurance company should insure a client accept a risk and if so, under what terms and conditions. Your tasks are to:

  1. Evaluate the nature of risks to arrive at a premium price that will ensure
  2. Profitability, over and above claim payments and other costs
  3. Communicate the terms and conditions of new businesses and policy renewals to intermediaries and clients
  4. Place reinsurance with technically competent and financially sound insurance and reinsurance companies

Personal Qualities

  1. Careful and methodical
  2. Able to use statistical information in decision-making
  3. Good analytical skills, especially in assessing high-value risks
  4. Good communication and negotiation skills
  5. Knowledgeable about market trends, current issues and polices

Entry Requirements

  1. Degree, diploma or A levels
  2. Degree in Science or a background in Biology would be an advantage

Education and Training

  1. Diploma in Life Insurance or Certificate in General Insurance
  2. Underwriting courses at Singapore College of Insurance
  3. Chartered Insurance Institute or Australian and New Zealand Institute of Insurance and Finance qualifications

Career Opportunities

With experience, you can become a Senior Underwriter or an Underwriting Manager.

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Marine Insurance - Underwriter

Job Scope

You work directly with clients such as shipowners in reviewing insurance applications in order to evaluate, classify and rate each risk and determine acceptability, coverage and pricing.

As part of your job, you will:

  1. Ascertain whether applications for insurance over (risks) should be accepted and the terms and conditions of the insurance cover
  2. Assess risks according to the likelihood of a claim by weighing up a number of factors from detailed information about the prospective clients (policyholders)
  3. Analyse defined geographic markets, resources and processes to recommend appropriate action plans in response to loss, regulatory restrictions and competitive forces

Personal Qualities

  1. Analytical and numerate
  2. Good eye for detail and able to keep and maintain good documentation
  3. Good interpersonal/ communication skills

Entry Requirements

  1. Polytechnic diploma or degree in any discipline
  2. Degree in banking, business, economics, insurance, law or mathematics/ statistics will be useful

Career Opportunities

With experience and a good track record, you can move on to managerial positions within the company or branch to other core areas of insurance such as risk management, insurance broking, claims or even re-insurance. Such broad experience would give you the opportunity to take on general management roles.

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Ship Broker

Job Scope

You act as an intermediary between shipowners and charterers or the buyers and sellers of ships.

As part of your job, you will:

  1. Arrange the ocean transport of goods and commodities by sea, the employment of vessels, or buy and sell ships on behalf of clients
  2. Initiate a business deal to potential clients, negotiate the terms of a contract and follow the deal through to its conclusion
  3. Provide clients with a wide range of market intelligence and advice

Personal Qualities

  1. Excellent people engagement and analytical skills in order to build a global network of contracts
  2. Strong commercial acumen and a dynamic personality to plan, work and deliver
  3. Ethical and professional in handling confidential information and closing deals

Entry Requirements

  1. Shipping-related business degree modules are available in universities in Singapore and overseas
  2. The Institute of Chartered Shipbrokers offers professional qualifications in this area

Career Opportunities

With experience and a good track record, you can move on to Senior Ship Broker positions and on to managerial positions within the company or the maritime industry.

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