Actuarial Associate (Pricing) - BMO Insurance

at  BMO Financial Group

MANDATE

BMO Insurance is seeking one full-time Actuarial Associate (pre ASA) for the Actuarial Pricing team to support primarily Universal Life pricing initiatives, as well as other product initiatives, such as Whole 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.

KNOWLEDGE

• Completion of a University degree in Actuarial Science, Math, Finance or a similar discipline
• Completion of at least 4 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.

SKILLS

• Business Acumen (Working)
• Analytical Skills (Working)
• Communication skills (Working)
• Accounting (Working)
• Influence (Working)
• Relationship Management (Working)
• Risk Management (Working)

Please refer the Job description for details