Actuarial Associate

Published:
Nov 7, 2024 – The Actuarial Associate conducts actuarial analyses to support rate filings and recommends rate revisions for Personal and Commercial Auto insurance. This role automates tasks using VBA and collaborates with IT to implement coding changes and system testing to align with product features. The associate also represents the Actuarial Department in discussions with Claims and IT, while performing special assignments and quarterly reserve reviews for designated states.

• Bonus Management:
  Perform bonus declaration and illustration and crediting interest rate review for policyholders and provide relevant analysis and reports to the management team.
• Project Analysis:
  Provide analysis to support multiple project initiatives like bonus enhancement, guarantee charge review, and other analyses.
• Operations Management:
  Perform asset share review, fund transfer, and other operations relevant to participating funds.
• Model Maintenance:
  Maintain accurate bonus models, perform coding changes, and maintain process and methodology documentation.
• Rate Setting:
  Monthly rate setting for large books of in-force business.
• Tool Development:
  Develop, maintain, and enhance rate-setting tools.
• Performance Monitoring:
  Monitor and report on the performance of the reinsured business, ensuring continued performance.
• Strategic Analysis:
  Analyze strategies and suggest actions to manage the reinsured business.
• Onboarding Support:
  Support the onboarding of business into management and financial reporting areas.
• Team
  
  Collaboration:
  
  Assist as and when needed to other team members.

• Technical Expertise:
  Technical expertise in IFRS
  17 topics including PAA and GMA, assumptions, data requirements, and financial statement/position presentation.
• Methodology Understanding:
  Understand Munich Re Munich (MRM, head office) methodology.
• Cashflow Generation:
  Generate cashflows, produce IFRS
  17 financials, and provide IFRS
  17 reserving inputs/assumptions required for MRM modeling.
• Results Analysis:
  Analyzes results of MRM testing/modeling.
• Communication Leadership:
  Leads regular communications with MRM, including drafting of topics and preparation of discussion material.
• Insights Provision:
  Provides insights to MRM regarding Canadian specifics, including OSFI and CIA requirements.
• Data Understanding:
  Understand Temple and MROC financial data, working with the Corporate Actuarial team to extract/obtain data.
• Reinsurance Structure Knowledge:
  Understands Temple and MROC reinsurance structures and IFRS
  17 modeling implications, providing input to MRM.
• Tool Development:
  Continued development of a local IFRS
  17 assessment tool, including sensitivity testing and comparison against MRM outputs.
• Regulatory Response:
  Provides data/analysis to respond to regulatory IFRS
  17 requests.
• Collaboration:
  
  Works closely with other IFRS
  17 leads in Canada and external IFRS
  17 actuarial resources.

• SQL/Analytical
  
  Skills:
  
  Builds rate-setting model in SQL or other tools to support the analysis and determination of rates on new and enforced contracts regularly.
• Recommendation
  
  Skills:
  
  Provides recommendations on enforcing rate adjustments to senior managers.
• Reporting
  
  Skills:
  
  Works with leadership to provide monthly summaries of the rate analysis, including recommended changes to rates.
• Research/Data Analysis
  
  Skills:
  
  Conducts research, and data analysis and prepares/distributes management reports.
• Finance/Mathematics
  
  Skills:
  
  Applies principles of finance and mathematics in providing analytical support to Product.
• Financial Analysis
  
  Skills:
  
  Analyzes, summarizes, and reports various types of financial information in support of the company's Product function.
• Pricing Sensitivity Testing
  
  Skills:
  
  Conduct product pricing sensitivity testing, applying various pricing assumptions in MG-ALFA and using other spreadsheet and database applications.
• Interpretation
  
  Skills:
  
  Interprets testing results and summarizes findings.
• Cross-Department Collaboration
  
  Skills:
  
  Works closely with other departments to move approved rates into production.
• Product…