Manager, SRE Pricing & Pricing Transformation

Overview

Reporting to the Director, Pricing & Actuarial Forecasting; the Manager, SRE Pricing & Pricing Transformation leads the transformation of corporation’s pricing function by adopting modern actuarial pricing techniques and supporting corporate transformation projects such as system implementations. Transformation responsibilities extend to other analyses performed including portfolio monitoring, product design/innovation, system implementations, premium dislocation, premium forecasting, loss ratio monitoring etc.

The Manager is also responsible for the development and enhancement of rate making for Special Risk Extension (SRE) line of business. This includes forecasting exposures and premiums for this line of business.

The Manager brings innovation and automation into the pricing department’s regular activities over time, setting out a roadmap of the transformation journey, and providing operational leadership to the actuarial staff.

This role provides key information for the General Rate Application (GRA) and acts as a liaison for regulators and interveners.

• Pricing Transformation
  • Create, implement, and transition pricing transformational projects over to Pricing Operations for Basic and Extension products. Example of such initiatives are listed below but is not complete or exhaustive as transformation continuously evolves:
    • Actuarial software set up and implementation of Generalized Linear modelling for all lines of businesses.
    • Enhances the current rate modelling process and methodology by introducing modern actuarial techniques using modern actuarial/statistical tool to improve the efficiency of the rate modelling process leading to reduced turnaround times.
    • Build automated dashboards to inform management decision-making.
    • Build models that will provide information on the effect of rate changes on the current and the forecasted premium.
    • New products pricing and implementation plan.
  • Collaborate with Pricing Operations to identify areas of improvement in the current rate making process and methodology for new pricing transformation projects.
  • Collaborate with Product Development on changes to products or new products.
  • Ensure transformation projects have adequate risk controls, documentation, required data conforms with the standards of practice of the Canadian Institute of Actuaries (CIA)
  • Responsible for completing board and cabinet submissions, reports and presentations to Executive Committee or the Board, and preparing internal and external audit reviews and responses, as required.
• SRE Rate making and Forecasting
  • The Manager is responsible for leading rate making and pricing planning for SRE line of business. This includes the following
    • Lead the development and maintenance of SRE rate making methodologies and pricing models using Actuarially Accepted Practices (AAP) in Canada.
    • Provide exposure and premium forecasting in consultation with the SRE Underwriting team.
    • Regularly provide and maintain insights on exposure and premium variance in collaboration with the SRE underwriting team.
• Corporate Analytical Support
  • Provide support to other teams for products (re) design, implementation of systems, enhancement of business processes and other strategic initiatives.
  • Primary pricing liaison for the implementation of a new corporate policy system and data platform.
  • Lead or work on research teams on various issues, problems, and opportunities.

Education:

• University degree in Mathematics, Statistics or Actuarial Science.
• Associate of the Canadian Institute of Actuaries & Associate of the Casualty Actuarial Society with a commitment to pursue the Fellowship level of the Canadian Institute of Actuaries.
• Preference will be given to Fellow of the Canadian Institute of Actuaries & Fellow of the Casualty Actuarial Society.

Experience:

• Eight years of progressive experience in the casualty insurance industry, including five years in rate making.

Technical Knowledge and

Skills:

• In-depth knowledge of actuarial principles and associated tools and methodology.
• Proven capabilities in research, analysis, and a demonstrated ability to interpret and synthesize complex data.
• Proven capabilities in organizational skills…