Actuarial Analyst (Reserving)

at  Saskatchewan Government Insurance

Do you value integrity and innovation? How about passion and caring? Great! Us too, and that’s why you’ll fit right in. Our intentional culture promotes trust and participation, encouraging you to bring your heart and mind to work every day.
Out-of-Scope
Permanent, Full-Time
Location: Regina
Hybrid Work opportunities may be considered
Closes: September 10, 2024
General Accountability
Responsible for performing complex analysis of loss and premium reserves to support corporate decision making and comply with financial and regulatory reporting requirements for all companies. Performs technical calculation of claims, premium, and actuarial liabilities; makes recommendations on the reserves; and performs financial modelling and other actuarial analyses.
Key Accountabilities
Seeking successful candidate to work on reserving and valuation tasks with some support for budgeting and forecasting-related work

Actuarial Valuations

• Produces and improves end-of-period liability valuation reporting package, including but not limited to: Month-end/Quarter-end process, and Appointed Actuary Report.
• Researches and applies appropriate actuarial reserving methodologies.
• Assesses and interprets the results of data modelling and develops appropriate solutions and recommendations.
• Collaborates and supports other departments in the corporation requiring actuarial skills, advice and assistance.
• Prepares proposed changes to the automatic reserves.
• Prepares annual reviews on the Long-Term Reserving Model and the assumptions in the model (specific to Sask. Auto Fund).
• Ensure that model outputs are provided in a timely manner to meet corporate reporting and ad hoc requirements.
• Assist in IFRS 17 actuarial and financial model development, testing and validation.
• Preparing IBNR reserves and regulatory exhibits (Reserves, Movement, Volumes).
• Ensuring tests and analysis are completed to fully verify accuracy, such as reserve movements and source of earnings analysis
• Ensuring that quality control processes are in place and that the data being used for financial reporting is acceptable
• Maintaining, enhancing and fully documenting models and systems used for financial reporting and experience studies
• Provide expertise on streamlining the valuation and capital infrastructure, especially in the context of the new frameworks
• Improve the model governance aspects of the Finance Actuarial department

Underwriting Budgets

• Prepares the annual financial projections.
• Develops and maintains relationships with key internal stakeholders in the Finance, Claims, Systems, Regions and Product Management divisions.
• Maintains and modifies the underwriting budget model to adequately incorporate adjustments and additions from internal stakeholders.
• Analyze inputs, assumptions and results of external catastrophe modelling tools to assess the risk exposure of the home insurance portfolio to events such as earthquakes, wildfires and floods.

Financial Condition Testing

• Preparation and/or consolidation of cash flows for FCT, Business Projections, IFRS 17, Asset-Liability matching, Solvency II Reporting, Value of New Business and Discounted Future Tax Liability.
• Review or generate regulatory capital forecast
• Monitoring capital needs, which includes assessing any proposed changes from OSFI, interpreting new guidelines and ensuring periodic regulatory capital returns are completed efficiently.
• Maintain and enhance specialized expertise in state-of-the-art mathematical, statistical, and economic techniques to develop best-in-class capital and stress testing models.
• Evaluate the IFRS 17 impact on Financial Condition Testing (FCT) and Own Risk and Solvency Testing (ORSA)
• Prepares the annual Financial Condition Test (FCT) report.
• Develops plausible adverse scenarios that threaten solvency.
• Researches annual return changes and maintains the FCT model.
• Prepares a presentation to adequately communicate the results of the FCT to key stakeholders.

Leadership

• Actively contributes to and supports a culture of a high performing workforce.
• Participates in divisional succession plans, ensuring ongoing professional and career development and supports development in others.
• Supports a culture of leadership and accountability to effectively deliver on strategic and corporate strategies.
• Is actively committed to leadership development across the company, supporting team and workforce readiness through mentoring, training and developmental opportunities.

Corporate Management

• Enables the success of programs and policies that are in alignment with corporate, strategic and divisional strategies.
• Manages risk in area of authority.
• Ensures that the Health, Safety and Emergency Management Policy is applied in area of responsibility.

Education and Experience

• A four-year degree from an accredited post-secondary education institution in Actuarial Science or a relevant field of study such as Business or Mathematics & Applied Science.
• Completion of at least two exams and working towards an FCIA (Fellow of the Canadian Institute of Actuaries) and/or FCAS (Fellow of the Casualty Actuarial Society) designation.
• No experience required

Knowledge, Skills and Abilities

• Knowledge of actuarial methods, statistics and assumptions used in rate making and reserving.
• Knowledge of database structures and logic and use of data science and statistical tools such as SAS, R or Python.
• Knowledge of regression techniques and diagnostic tests to validate and assess model performance.
• Knowledge of stochastic modeling
• Skilled quantitative & qualitative analytical capabilities, including critical thinking with strong attention to detail.
• Skill in programming using Excel and Visual Basic
• Ability to present results of analysis to a non-technical audience at all levels of the organization, including executive level.
• Knowledge of regulatory filing requirements and regulatory compliance.
• Knowledge of the insurance industry and insurance product features.
• Highly organized with demonstrated experience in solving problems.

Behavioural Competencies

Leader Level 3 – Applies (Team/Dept)

• Accountability – Provides Direction and Sets Expectations
• Business Acumen – Applies Broader Business Metrics and Understands the Internal and External Environment
• Change Agility – Makes Change Real for Others
• Leadership – Leads the Team

Pay Range:$72,862.00 - $97,150.00
Posting Close Date:
September 10, 2024
As you prepare to submit your application, and cover letter if applicable, please highlight the achievements that demonstrate why you’re a great candidate for this role

Please refer the Job description for details