Insurance: currently 425 jobs.The latest job was posted on 30 Oct 20.
Singapore is the regional underwriting hub for the Asian insurance market, which is forecast to grow by 8% annually. By 2020, MAS estimates that Asia is likely to account for 40% of the global insurance market. Insurance industry jobs opportunities are therefore growing rapidly.
Insurance Roles for Finance Professionals
For finance professionals, insurance jobs usually fall in to one of 7 categories: underwriting, actuarial, product, investment, broking, sales or claims.
Underwriting involves extensive risk analysis. Underwriters research statistics on industries and individuals in order to prepare insurance quotations.
Actuaries usually have a strong mathematical background. They produce financial models based on the statistical analysis of risk, which underwriters then use in their analysis.
Product management in insurance involves developing the insurance company's different products and creating new ones to suit market trends and customer needs.
Investment roles in the insurance industry typically involve investing the insurance firm's funds. Investment professionals must maximise returns while respecting local regulations.
Broking and sales both involve selling insurance products and services. Brokers work for both large and small firms, and assist clients in finding the right insurance product for their needs. Insurance companies may also have in-house sales teams.
A large number of insurance jobs are in claims, where assessors will assess and evaluate claims from customers. Claims investigation and fraud detection are also opportunities here for finance professionals.
For best career progress, most insurance professionals in Singapore will gain accreditation or qualifications from one of the major bodies such as IFPAS or the Singapore Insurance Institute.
Many competitive insurance jobs require an MBA or a Masters Degree in Insurance, or a similar qualification, although some companies will sponsor employees during their training.