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Senior Manager, Actuarial Services

2 months ago

Toronto, Ontario, Canada Financial Services Regulatory Authority of Ontario Full time
Job Summary

The Financial Services Regulatory Authority of Ontario (FSRA) is seeking a highly skilled and experienced Actuarial Services Manager to join our team. As a key member of our Auto Insurance Supervision team, you will be responsible for managing the Actuarial Services team and ensuring consistency with overall Auto Insurance Supervision objectives and alignment with FSRA direction for regulating and supervising auto insurance industry rates, underwriting and products.

Key Responsibilities
  • Team Management: Manage the Actuarial Services team to ensure consistency with overall Auto Insurance Supervision objectives and alignment with FSRA direction for regulating and supervising auto insurance industry rates, underwriting and products.
  • Strategy and Planning: Support FSRA leadership in formulating strategy, developing tactics, and executing programs and services, while promoting innovation and continuous improvement. Ensure effective communication with stakeholders and compliance with regulatory requirements.
  • Actuarial Services: Plan and manage Actuarial Services priorities, ensuring alignment with Auto Insurance Supervision performance measures, standards, and best practices. Provide evidence-based advice on issues and risks, including risk management and oversight, to support FSRA's mandate.
  • Costing Analysis and Benchmarking: Lead the costing analysis and benchmarking process for government-led auto insurance product reforms. This includes managing analytics delivered by external actuarial consulting firms, forming and leading the industry workgroup, providing recommendations on benchmarks and filing procedures, and overseeing the review and approval process for reform filings.
  • Auto Insurance Supervision: Support the Auto Insurance Supervision's strategy for reforming auto insurance rating and underwriting regulations. Provide expert guidance to develop, maintain and enhance Fair Consumer Outcomes and assesses insurers' compliance with these outcomes in accreditation applications and FSRA's proactive supervision. Identify potential issues related to unfair discrimination, accuracy, and bias, and offer recommendations to FSRA management on accreditation decisions.
  • Actuarial Review Process: Maintain and enhance the actuarial review process for rate filing applications, including procedures, systems, and standards, to ensure alignment with actuarial best practices. Lead and oversee the development of data requirements for automobile insurance statistical plans to support regulatory requirements and auto insurance product reforms.
  • External Consultants: Oversee the process, deliverables, and budget for external consultants and consulting contracts related to auto insurance supervision, ensuring services are delivered on time and within budget. This ensures FSRA can make timely and informed regulatory decisions.
  • Actuarial Review: Manage and process the actuarial review of rate filing applications, including assessments of accuracy and profitability, as part of FSRA's accreditation assessment and proactive supervision. Provide recommendations to FSRA's management team regarding rate filing approvals, accreditation assessment results, and any issues identified during proactive supervision, particularly concerning potential unfair discrimination in accuracy, bias, and profitability.
  • Predictive Models: Oversee the review of predictive models (including the latest machine learning and artificial intelligence) used in auto insurance rate filings to ensure just and reasonable rates and risk classification systems. This includes evaluating insurers' model life cycles, approval processes, governance, risk management, performance and validation. Assess the robustness, adequacy, and effectiveness of these models from a procedural perspective during the accreditation assessment.
  • Culture and Team Development: Collaborate with the management team, including the Chief Actuary, Head of Auto Insurance Supervision, and EVPs, on operational planning, performance metrics, and program effectiveness. Fosters a culture of service excellence, collaboration, and accountability. Manage the Actuarial Services team to support a culture of service excellence which respects diversity, encourages colleagues to work together to achieve results and contributes to a healthy, rewarding and productive working environment where personal and team accountability are key to meeting the mandate of FSRA.
  • Team Development: Build a robust actuarial team by overseeing hiring, orientation, training, coaching, performance standards, reviews, and management. Motivate staff to pursue continuous professional development and stay current with industry trends, emerging issues, and advancements in insurance and technology.
Qualifications
  • Education: Degree in actuarial science.
  • Professional Designations: Fellow of the Casualty Actuarial Society (FCAS) and Fellow of the Canadian Institute of Actuaries (FCIA).
  • Experience: 6 to 8 years of experience in planning, managing, and delivering actuarial services within a large organization, including significant experience in auto insurance pricing or related areas.
  • Preferred Experience: Auto Insurance Pricing experience strongly preferred.
Knowledge and Skills
  • Change Leadership: Ability to lead and manage change effectively within an organization.
  • Team Leadership: Experience in leading diverse teams across various roles, levels, and experience.
  • Matrix Management: Proficiency in working within a matrix structure, including expert collaboration and judicious use of escalation.
  • Actuarial Expertise: In-depth knowledge of actuarial principles, standards, ratemaking, reserving methodologies, and automobile insurance governance.
  • Statistical and Actuarial Skills: Expertise in actuarial and statistical principles and methods, particularly related to auto and property casualty insurance products.