Chief Product Actuary

  • 38274
  • Life - Actuarial
  • |
  • Ontario, Canada
  • |
  • Sep 28, 2020
Insurance
RESPONSIBILITIES
  • Manages people and leads a team capable of delivering the desired business results.
  • Approves all product design and pricing changes.
  • Creates innovative product designs.
  • Develops relationships with Independent Advisors and MGAs to better understand market requirements.
  • Monitors all actuarial pricing requirements providing advice and guidance and monitoring activities to ensure they meet all internal and external requirements.
  • Discusses business opportunities and situations with key insurance brokers to support profitable business growth and explain the business actuarial risk as required.
  • Attends as an invited guest of the Investment Committee.
  • Conducts research and derives pricing morbidity/mortality statistics and other key variables to support product lines and ensures that the required pricing assumptions are accurate and reasonable.
  • Maintains the pricing structures for assigned product lines and identifies areas for assessment and improvements to reflect changes in business operations/industry factors that will impact the underlying profitability of the products.
  • Provides special quotes that require actuarial research to support profitable new business opportunities.
  • Creates customized insurance quotes for high net worth clients and other customers from brokers and regional sales employees.
  • Communicates insurance quotes and corresponding technical information as required to brokers and regional sales employees, addressing any questions and resolving any outstanding issues.
  • Assesses the feasibility of providing illustrations for unique situations given system limitations and overall operational effort.
  • Manages and documents actuarial product exceptions for brokers and regional sales employees, analyzing and recommending approvals to senior leaders.
  • Communicate exceptions to regional sales employees and brokers that clearly explain product modifications, adjustments to compensation and overall procedures.
  • Reviews contract wording and marketing material, escalating issues as required.
  • Analyzes, evaluates and compares competitor insurance products for the high net worth market and other markets.
  • Develops product insights and recommends product enhancements for the insurance product suite, addressing the specific needs of the high net worth client.
  • Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
  • Assists with the development of long-term strategy and the execution and oversight of major initiatives.
  • Provides input to the pricing frameworks and philosophies, including recommending changes in product features/premium rates based on detailed sensitivity testing, recommending new methods or approaches to set premium rates, and providing input into pricing methods for new products.
  • Provides actuarial sign-off for illustration and administration systems for new product and/or product enhancements.
  • Recommends pricing structure for new products and/or product enhancements based on detailed actuarial analysis, balancing sales and profitability, and ensures that corporate requirements are met for profitability.
  • Drafts the formal, written pricing report, and submits Actuary for approval.
  • Works collaboratively with the Chief Underwriter to review changes to underwriting, risk transfer, experience studies etc.
  • Acts as the prime contact for internal/external stakeholder relationships, which may include regulators.
  • Analyzes business situations and provide ad hoc reporting as requested.
  • Analyzes, evaluates and compares competitor insurance products for the high net worth market and other markets.
  • Manages the production of management information on the profitability of product lines; monitors and provides feedback to senior leaders.
  • Maintains and communicates the sales, mortality and persistency experience and provides management reporting for product lines to internal stakeholders.
  • Monitors and tracks performance and addresses any issues.
  • Reviews and analyzes actuarial issues for presentation to the Appointed Actuary for signoff.
  • Reviews new product initiatives, economic capital calculations, financial business plans and additional actuarial support for risk, legal, policyholder services and other areas.
  • Executes the calculations and analytics required for reporting.
  • Analyzes company data to provide management reporting on insurance industry and internal business trends.
  • Creates and validates Excel spreadsheets to accurately reflect product values, marketing concepts and company profitability on a monthly basis, including analysis and commentary.
  • Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
  • Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
  • Conducts all reinsurance negotiations, in partnership with the Chief Underwriter, to support overall business operations and to drive for profitable business growth.
  • Ensures proper implementation on all aspects of reinsurance administration, including all compliance requirements.
  • Approves payments to the reinsurers as required.
  • Provides sales support and business expertise in the production of insurance quotes for high net worth clients and other clients upon request.
  • Performs required illustrations based on defined parameters using business judgment and makes appropriate referrals for illustrations of higher complexity and large policy over product’s maximum issue limit.
  • Provides business and technical expertise when required for management reporting, special projects and technology issues.
  • Provides input into product design using actuarial experience and competitive & industry knowledge, including presenting counter proposals as required for new and existing products.
  • Provides an ongoing competitive analysis of company insurance products and identifies opportunities for business growth.
  • Coordinates provision of management information, according to established needs and timelines, for use in internal and external audits and for general management information.
  • Reviews progress to plans and participates in the implementation of actions necessary to correct internal and external issues.
  • Operates at a group/enterprise-wide level and serves as a senior specialist resource across the company.
  • Influences how teams/groups work together.
  • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
  • Communicates abstract concepts in simple terms.
  • Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
  • Anticipates trends and responds by implementing appropriate changes.
  • Broader work or accountabilities may be assigned as needed.
QUALIFICATIONS
  • Typically, 15 to 20 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • FSA/FCIA designation with applied actuarial skills in insurance and reinsurance.
  • Expert knowledge in actuarial mathematics and insurance/actuarial software skills.
  • Expert knowledge of insurance products and insurance risk assessment both mortality risks and investment risks.
  • Extensive experience in related actuarial functions.
  • Experience with segregated funds.
  • Seasoned expert with extensive industry knowledge.
  • Technical leader viewed as a thought leader for innovation.
  • Verbal & written communication skills - Expert.
  • Analytical and problem-solving skills - Expert.
  • Influence skills - Expert.
  • Collaboration & team skills; with a focus on cross-group collaboration - Expert.
  • Able to manage ambiguity.
  • Data driven decision making - Expert.