Senior Manager, Actuarial Projections

Company: CLIC

Department: Corp Actuarial Services

Employment Type: Regular Full-Time

Work Model: Hybrid

Language: This role operates in English.

Additional Information: This/these role(s) is/are currently vacant

The Opportunity:

We are a leading Canadian financial services co-operative committed to being a catalyst for a sustainable and resilient society and our team is essential to deliver on this strategy. That’s why we prioritize our people, to ensure we provide a strong culture and development opportunities which enables our team to thrive and to live our purpose. The best part is that you will work with people that care passionately about you, our clients, and our communities.

The Corporate Actuarial department is responsible for the quarterly valuation of policy liabilities and analysis of net income, the preparation and analysis of the Life Insurance Capital Adequacy Test for quarterly filing with OSFI, the annual Financial Condition Testing, and the projection of liabilities and income statements for annual budget and strategic planning.

How You Will Create Impact:

• Lead the execution and analysis of regulatory capital ratios (LICAT) as per OSFI guidelines (and CIA guidance). The ratio determines the company’s solvency position and the level of OSFI supervision and investigation required.
• Lead the execution of the annual Financial Condition Testing exercise as required by the Canadian Institute of Actuaries standards of practice and OSFI
• Continuously improve annual FCT models for all lines of business, including in force business and new business as per the standards of the Canadian Institute of Actuaries (CIA) and OSFI requirements
• Participate in the development of stress testing scenarios as part of the company’s stress testing steering committee, perform testing and report on results
• Produce financial projections for the annual budget and the company’s 5 year plan for all lines of business and report results to Finance using traditional financial statements
• Design and implement processes, procedures, and controls under the new IFRS 17 standard to ensure accuracy of financial projections. Continuously improve existing processes to improve efficiency and add value to the planning process.
• Support the fulfillment of various regulatory requests for information (e.g. QIS, OSFI quarterly results inquiries)
• Lead a team of up to 2 actuarial staff

How You Will Succeed:

• You build trusting relationships and provide feedback to enable the successful development of your team and colleagues.
• You foster innovation and continuous improvement with a focus on client experience.
• You facilitate the adoption of change and create a high-performance culture through alignment of your team’s work with organizational goals.
• You successfully convey messages and demonstrate openness to exploring alternative points of view.
• You use critical thinking to guide decision making and apply a strategic mindset to adjust business plans based on shifting priorities. 

To Join Our Team:

• 3-5 years of experience in actuarial pricing or valuation within the life insurance industry
• You have a certification in Fellow of the Canadian Institute of Actuaries (FCIA).
• You have strong knowledge of CIA standards of practice, accepted actuarial practice and actuarial valuation methods and principles for life insurance, particularly IFRS 17
• You have strong Insurance product knowledge for both the company and the industry
• You have experience training and coaching actuarial students

What You Need To Know:

• You will travel occasionally.  
• Extended work hours, including evenings and weekends, may be required.  
• You will be subject to a Background check as a condition of employment, in the event you are the successful candidate.

What’S In It For You?

• Training and development opportunities to grow your career.
• Flexible work options and paid time off to support your personal and family needs.
• A holistic approach to your well-being, with physical and mental health programs and a supportive workplace culture.
• Paid volunteer days to give back to your community.
• In addition to our competitive salary and incentive programs, eligible employees also benefit from a comprehensive total rewards package including group retirement savings plans, pension and benefits (e.g., health and wellness, dental, disability and life coverage), mental health support and an employee assistance program.

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