Senior Actuarial Consultant (Hybrid)

at  Workplace Safety and Insurance Board

As a member of the actuarial management team with sound actuarial knowledge to work independently and to lead complex technical projects comprised of a team of actuarial staff members, in delivering reliable, accurate, comprehensive and timely actuarial services to internal and external clients. Core actuarial services includes the valuation of benefit liabilities, funding, financial forecasting, premium rate setting, administration rate setting, benefit costing, experience studies and determining/administering the experience rating programs.
Provide sound actuarial advice to WSIB Actuarial Senior Management (Executive Director and Chief Actuary) by providing actuarial models that are accurate and reliable. Develop and maintain communication linkages and relationships with business partners.

1) Education requirements:

• University Degree in Actuarial, Finance, Investment or related field minimum
• University Degree in Actuarial Science preferred
• Fellowship from Canadian Institute of Actuaries/Society of Actuaries/Casualty Actuarial Society
• Annual certification per CIA/SOA/CAS professional standards (100 hrs of continuing education) preferred

2) Experience:

• 10+ years actuarial practice in the insurance industry or similar organization or equivalent experience
• Minimum 5 years of working experience in the insurance industry or equivalent after achieving the FCIA/FSA/FCAS designation
• 2+ years of working experience in the Workers Compensation or equivalent organization
• Project lead experience of at least 2 years
• Excellent communication skills for writing Actuarial Reports and Stakeholder Presentations
• Previous managerial experience with pension and employee benefits expertise is preferre

Provide technical expertise in leading or participating in the review of actuarial work performed by actuarial staff. This includes:
Providing advice and guidance on the methods, models and assumptions used
Analyzing and validating the results of work produced by project teams for reasonableness and accuracy
Ensuring timelines are met on specific projects

Key functions include :

• Valuation of Benefit Liabilities (Schedule 1 & 2)
• Financial implications on Experience Rating Programs (CAD7, NEER, MAP, SG)
• Schedule 1 Premium Rates and Schedule 2 Administration Rate setting
• Leading the Funding and Financial Forecasting projects
• Developing actuarial methodologies to integrate in current valuation or forecasting processes

Preparing reports and recommendations for WSIB Actuarial Senior Management
Keeping abreast of changes in Actuarial Practices and WSIB policies that may impact the delivery of actuarial services
Presenting actuarial estimates to external stakeholders such as employers, auditors, and other actuaries. Actuarial studies and findings are routinely presented and explained to both internal and external stakeholders
Participating in meetings, presentations and information sessions with internal and external clients
Lead or participate in the design, review, validation and reporting of experience studies, costing of legislative changes and special projects. Experience studies are used to validate or set assumptions for actuarial models. Studies and special projects includes:
Mortality studies, termination studies, occupational disease studies, health care studies, future administration cost studies and economic studies.
Asset liability matching related projects including Funding Margin Requirement which requires liaising with Investment and other Finance areas
Preparation for presentations to WSIB BoD, senior management, Ontario government or other external actuaries or employers
Special projects (Stochastic modelling, Modeling changes, Earnings by Source, New Pricing or Funding systems/methods, New Accounting Standards)
Costing includes changes in administrative and legislative practices and policies
Develop project management plan on each project that includes specific timelines as well management of staff:
Establishing project plans and coordinating tasks
Identifying resource requirements and allocating work equitably to project team members
Ensure project timelines are met thru periodic updates with project team
Review and analyze work for accuracy and correctness
Develop and maintain communication linkages and relationships with different stakeholders:
Internally with business partners and other levels of management in different areas such as: Operations, Strategy, Chief Statistician Office, Communications, Business Technology and Finance. Externally with employer stakeholders, injured worker stakeholders, auditors and actuarial consultants
Maintains membership and participate in actuarial associations to ensure the most up-to-date techniques and methodologies are employed at the WSIB
Liaise with other Workers’ Compensation Boards, government agencies, stakeholders, health and safety organizations, industry groups and organizations to be conversant with developments and issues affecting workers’ compensation

1) Education requirements:

• University Degree in Actuarial, Finance, Investment or related field minimum
• University Degree in Actuarial Science preferred
• Fellowship from Canadian Institute of Actuaries/Society of Actuaries/Casualty Actuarial Society
• Annual certification per CIA/SOA/CAS professional standards (100 hrs of continuing education) preferred.

2) Experience:

• 10+ years actuarial practice in the insurance industry or similar organization or equivalent experience
• Minimum 5 years of working experience in the insurance industry or equivalent after achieving the FCIA/FSA/FCAS designation
• 2+ years of working experience in the Workers Compensation or equivalent organization
• Project lead experience of at least 2 years
• Excellent communication skills for writing Actuarial Reports and Stakeholder Presentations
• Previous managerial experience with pension and employee benefits expertise is preferred