Manager, Corporate Actuarial Valuation

3 weeks ago

Montreal, Quebec, Canada TD Bank Group Full time
Work Location:
Montréal, Quebec, Canada

Hours:
35

Line of Business:
Data & Analytics

Pay Details:

We're committed to providing fair and equitable compensation to all our colleagues. As a candidate, we encourage you to have an open dialogue with a member of our HR Team and ask compensation related questions, including pay details for this role.

Job Description:

Department Overview

TDIGI Corporate Actuarial is accountable for the assessment of policy liabilities according to TDI's Risk Appetite Statement using accepted actuarial practice and regulatory requirements in Canada.

The valuation team's responsibilities are to ensure the model underlying the calculation of the technical provisions appropriately addresses the main risk drivers ensuring the appropriateness of methodologies and assumptions made.

Role Overview

This role plays a key part in the delivery of key valuation assumptions and oversees the model output and formulations are accurate and reconciled to source data to derive the financial obligations that is booked in the financial statements. The role also oversees all regulatory reporting required of all legal entities of the general insurance companies from an actuarial perspective.
  • Responsible for the creation of all legal entities Appointed Actuaries Reports (AAR) and supporting documentation.
  • Responsible for the methodologies underlying key assumption selections used in the quarterly valuation process, including trends, ELR, Loss development etc.
  • Responsible for monthly monitoring and modification of key assumptions over time and measuring impacts of changes.
  • Delivery of claims and premium liabilities and ultimate profitability of the insurance entities.
  • Responsible of regulatory reporting and maintaining relationship with regulatory bodies.
  • Responsible of overall process is well governed and documented to comply with SOX requirements and other standard requirements.
  • Communicates/provides with external auditors and peer reviewer's data as well as key assumptions and selection criteria.
  • Challenges external auditors and negotiates key assumption differences.
  • Key source in providing internal audit with necessary support.
  • Responsible of meeting tight timelines with large amount of governance around the process.
  • Responsible for the creation of decks to communicate the key findings and outcomes of the monthly analysis to executives and loss reserve committee members.
  • Estimate average reserves to input into the operational system for short-tail kind of losses.
  • Collaborate with other teams of potential impacts of various initiatives that would affect data such as tiered reserving, BI-end to end etc.
The Manager will contribute to the success of the Corporate Actuarial Valuation team by providing guidance, support, leadership and appropriate coaching to the team.

Job Description

The Manager is required to be highly adaptable to changes as TDI environment is evolving rapidly.
  • Reporting to the AVP TDIGI Corporate Actuarial
  • Key role in determining the provision required for premium and claims liabilities
  • Determine the unpaid claims provision required for each entity, region, product and coverage;
    • Full valuation done quarterly, with monthly monitoring exercises.
    • Measure impact of operational changes on final outcomes.
    • Leveraging technological tools;
    • Using sound statistical methods
    • Leveraging all available sources of data
    • Based on actuarial standards of practice
  • Assess and estimate loss component by legal entity;
  • Communicate issues to business stakeholders in timely fashion. i.e. adverse loss trends;
  • Keep current of actuarial knowledge, regulations and accounting standards;
  • Be very knowledgeable of the software used to determine the required policy provisions level;
  • Coordinate with other teams within TD Insurance (Data Analytics and Insights, Claims, Underwriting, etc.) to account for potential biases that may affect the analysis;
  • Compare the level of policy provisions suggested by the analysis with what is currently being held by TDI and explain any variation;
  • Effectively communicate results with other departments and key stakeholders;
  • Implement recommended policy provisions changes within prescribed timeframe;
  • Contribute to the creation of the financial statements including the liabilities booked as well as certain notes to the financial statements
  • Key role in producing and/or certifying key actuarial figures shared with various external bodies;
    • Certification of the P&C reporting and financial notes
    • Appointed Actuary's Report
  • Key role in supervising the departments reporting efforts;
    • Monthly reports - often to assess provision adequacy
    • Appointed Actuary's Report
    • Ad-hoc (or recurrent) reports produced for internal or external stakeholders
  • Key role in defining the company's data requirements;
    • Ensure sufficient granularity of available data to allow for assessment of policy liabilities at a satisfactory level of segmentation
    • Actively cooperate with other departments to define the optimal data format
    • Regularly meet with key stakeholders such as claims operations, MCU etc. to gain knowledge of issues potentially affecting the data
  • Key role in supporting/challenging other departments on policy liabilities-related topics;
    • Support and challenge findings/recommendations from Risk Management
    • Actively participate in Audit discussions, and respond to findings where appropriate
    • Actively participate in External-Review discussions, and respond to findings where appropriate
  • Key role in establishing department priorities to optimize task efficiency and analysis sophistication;
    • Identify areas were automation can be improved and removal of redundant processes;
    • Identify areas where there is a need for enhanced statistical sophistication;
    • Plan/prioritize/allocate these tasks across team members;
    • Ensure that the end-results are compliant with risk control guidelines;
    • Ensure all outputs are compliant with CIA standards and the latest regulatory requirements
  • Support the development of the various models (Bootstrap, Berquist-Sherman, etc.)
    • Ensure appropriate actuarial methods are in place
    • Create an innovative environment
    • Support the team through coaching
  • Enforcement compliance with audit/governance guidelines (EUC, MVM, Data management);
    • Collaborate to implement the best practices, risk mitigation, risk controls as well as process, policy and procedures for the actuarial function
  • Ad-hoc Projects;
    • Collaborate with other teams within the Corporate Actuarial team and share resources during peak times
  • Build for the future
    • Support recruiting strategy to hire best potential;
    • Develop talent of highly skilled team members;
    • Act as a coach and mentor for team members;
    • Provide development opportunities internally and externally;
    • Support the strategy of exporting actuaries in other departments
  • Responsible for managing a team of people
    • Responsible for on-time delivery of projects;
    • Provide constructive and timely feedback;
    • Responsible for performance evaluation of all team members
  • Position will deal with multiple Senior Insurance and Risk Executives
Job Requirements
  • Fellow of the Casualty Actuarial Society
  • Bachelor's degree in actuarial sciences or related field
  • Minimum 5 years of diversified actuarial experience in a general insurance company
  • Knowledge of reserving is an asset
  • Known for his managerial experience and ability to develop, coach and inspire a team to support medium to longer business need
  • Excellent communication, facilitation and consensus-building skills
  • Ability to operate in an evolving, often ambiguous, environment
  • Strong problem-solving skills and the ability to proactively identify risks/issues and recommend solution
  • Recognized for their thoroughness and the quality in their work
  • The ability to challenge status quo and to influence change
  • High degree of organizational awareness and sensitivity - strong ability to manage productive relationships with business partners and stakeholders at various levels
  • Excellent multi-tasking skills and the ability to work in a fast-paced, often deadline-oriented and dynamic environment
  • Experience developing and executing on strategies and delivering superior results in both the long term and the short term
  • Strong business and financial acumen
  • Excellent knowledge of the Microsoft Office Suite
  • Knowledge for programming, notably SQL, VBA and R
Who We Are

As part of TD Bank Group, one of Canada's largest financial institutions, at TD Insurance, we care for Canadian families, making it easy to get the best advice, protection, and support in their moments of need, always.

TD Insurance offers a wide range of products, including General Insurance and Life and Health. More than four million customers count on us.

As the largest direct to consumer insurer in Canada, we are always innovating and providing exciting and rewarding career opportunities for our Canada-wide workforce.

Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs. Learn more

Additional Information:

We're delighted that you're considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we're committed to providing the support our colleagues need to thrive both at work and at home.

Colleague Development

If you're interested in a specific career path or are looking to build certain skills, we want to help you succeed. You'll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. Whether you have a passion for helping customers and want to expand your experience, or you want to coach and inspire your colleagues, there are many different career paths within our organization at TD - and we're committed to helping you identify opportunities that support your goals.

Training & Onboarding

We will provide training and onboarding sessions to ensure that you've got everything you need to succeed in your new role.

Interview Process

We'll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.

Accommodation
Your accessibility is important to us. Please let us know if you'd like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.

We look forward to hearing from you

Language Requirement:
Maîtrise d'une langue autre que le français pour offrir du soutien ou traiter avec des employés ou des collègues qui ont besoin de services et de soutien dans une langue autre que le français./ This position requires proficiency in a language other than French to support or deal with employees or colleagues who require services and support in a language other than French.

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