Actuarial Assistant/Analyst, Product Actuarial

6 days ago

Toronto, Ontario, Canada Foresters Financial Full time
Career Opportunity

Role Title

Actuarial Assistant/Analyst, Product Actuarial - 12 month contract

Purpose of role

The Actuarial Assistant/Analyst, Product Actuarial will be a versatile team member who will work closely with other students and qualified actuaries on the Product Actuarial team and more broadly with other actuarial and risk professionals within Foresters to support the delivery of product development and pricing analysis in pursuit of the Foresters Purpose. The primary focus of this role will be to develop knowledge of Foresters life insurance products sold in Canada and the United States such as Term, Participating and Non-participating Whole Life, Universal Life, and Critical Illness. The successful candidate will apply pricing best practices through hands-on training and progression through the education & examination process of the SOA/CIA to produce pricing analysis in accordance with Foresters Product Management Policy. They will also be capable of developing process improvements and other enhancements in partnership with the rest of the team to enhance the capabilities of the Product Actuarial team.

Job Description

Key responsibilities/accountabilities
  • Support pricing actuaries in the production of deliverables for product initiatives in partnership with Product Management
  • Understand how pricing models work and detect potential model errors, including the impact of changing assumptions or inputs on the output of the model
  • Become familiar with Moody's AXIS software to support development of high quality pricing models
  • Follow pricing guidelines, standards, and policies while supporting development of pricing assumptions and production of cash flow projections, profit metrics, and other model output
  • Contribute written content to product reports and continue to build knowledge and expertise in preparation for presenting pricing analysis to Actuarial Advisory Group
  • Provide visibility to pricing actuaries on opportunities to improve existing processes or risks associated with work being performed
  • Support the production of performance monitoring and planning deliverables such as Value of New Business reporting and the New Business Plan models.
  • Identify opportunities to improve the structure or maintenance of pricing infrastructure such as models, reports, documentation, and spreadsheets
  • Includes automation, auditability, and compliance with policies and standards
  • Develop understanding of how the Product Actuarial team interacts with other Foresters departments such as Corporate Actuarial, Risk Management, Finance, Planning, Sales, IT, and Product Management
  • Communicate results of pricing analysis to fellow team members and other actuarial professionals within Foresters
Key qualifications/competencies
  • Bachelor's degree in mathematics, science, business, economics, or another relevant field
  • One (1) year of actuarial experience in a life or health insurance company an asset
  • Demonstrated progress through the SOA and CIA education and examination process
  • Communication skills required to progressively deal with both technical and non-technical audiences with diverse professional backgrounds
  • Capable of performing bottom up checking of processes or models to ensure accuracy of results
  • Develop ability to recognize when models or analysis contains errors and troubleshoot
  • Demonstrated ability to recognize when conflicting information or lack of information could affect analysis and work with manager or teammates to resolve
  • Proactively recommend possible solutions, including ones based on knowledge acquired by passing actuarial exams
  • Ability to become expert with Moody's AXIS and Microsoft Excel, Word, PowerPoint essential. Current experience with these tools an asset.
  • Innovative thinker and problem solver
  • Willingness to think outside the box, especially from a contrarian perspective
  • Ability to develop project and time management skills as responsibilities increase
  • Develop and maintain current knowledge of life insurance products in the U.S. and Canada
  • Begin to gain familiarity with product regulations and other external standards
  • Begin to develop familiarity with other Foresters Corporate / Group functions such as financial reporting, ALM, Capital Management, Risk Management or Business Planning
#LI-Hybrid

Equal Opportunity Employment and Inclusion - at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.

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