Actuarial Associate, BMO Life Assurance

2 weeks ago

Toronto, Canada BMO Full time
Application Deadline:

05/13/2024

Address:
250 Yonge Street

BMO Insurance is seeking one full-time Actuarial Associate (pre ASA) for the Actuarial Pricing team to support primarily Whole Life pricing initiatives, as well as other product initiatives, such as Universal Life, Term, or Critical Illness, if needed. You will be joining a highly motivated team with a strong focus on strategic growth. The successful candidate will be highly engaged, results oriented, and be able to work collaboratively within the pricing team and with other departments across the company. Strong technical (actuarial modelling and mathematical thinking) and communication skills are required.

This role will be part of the Actuarial Student Program, and we provide support (exam study days, study material and registration fees) to you to pursue full actuarial designations.

Key Accountabilities:
  • Create and update pricing models for pricing initiatives, which includes preparation and/or presentation of pricing report results to Pricing Actuaries and senior management.
  • Conduct research and derive pricing statistics and other key variables to support Whole Life product lines and ensure that the required pricing assumptions are accurate and reasonable.
  • Design required technical changes for pricing of new products and/or product enhancements and ensure all required updates or changes are done as required to support ongoing business operations, monitor pricing assumptions, and provide approval for required changes.
  • Support Life special quotes, policy administration, and illustration software testing
  • Communicate insurance quotes and corresponding technical information as required to brokers and regional sales employees, addressing any questions and resolving any outstanding issues.
  • Support pricing projects as required, which includes, but not limited to, evaluating product design concepts, completion of experience studies, and evaluating reinsurance treaties.
  • Assist in the production of management information reports on the profitability of product lines as well as emerging business and industry trends.
  • Support the implementation and testing of product changes in the illustration software and administrative systems.
  • Support other requirements within the Pricing department such as product development, reporting, regulatory implementation ensuring compliance with Canadian Institute of Actuaries (CIA) guidelines, Income Tax Act and OSFI regulatory framework (e.g. LICAT and IFRS 17)
  • Update and create documentations and procedures for processes as appropriate, as well as prepare change management documentation.
Basic Requirements:
  • Completion of a University degree in Actuarial Science, Math, Finance or a similar discipline
  • Completion of at least 2 SOA or equivalent actuarial exams
  • Understanding of valuation and/or pricing analysis methodologies is an asset.
  • Excellent working knowledge of Microsoft Office - Excel, Word and PowerPoint
  • Knowledge of Life Insurance products is an asset.
  • Knowledge of Moody's Analytics AXIS is an asset.

Grade:
6
Job Category:
Individual Contributor / Collaborateur
We're here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

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