Actuarial Lead - Insurance

Volkswagen Financial Services Canada; Pickering; Hybrid; CAD 100,000 - 138,000; Full time

Benefits offered by this job

Hybrid work

Minimal travel

Remote work as needed

Job summary

Volkswagen Financial Services Canada seeks an Actuarial Lead - Insurance to provide actuarial inputs for income recognition in both actual and forecast models. Reports to the Senior Director, Finance Insurance NAR.

The role is Hybrid and a maternity leave replacement position. The candidate will support IFRS 17 for insurance products, participate in pricing and reserve reviews, collaborate with Risk Management and senior leadership, and engage with CFO, CRO, and external auditors to ensure sound

Qualifications

• 7 years minimum actuarial experience.
• ACAS designation is required for this role.
• Master’s Degree in a related field is desirable.

Responsibilities

• Support IFRS 17 implementation for insurance products.
• Understand and provide challenge on pricing and reserve calculations for Auto Insurance.
• Collaborate with Risk Management, Accounting and senior management on loss provisions.
• Engage with CFO, VP Finance, CRO and auditors to gain audit acceptance.
• Extract data from data warehouse for analysis of trends.
• Provide actuarial inputs for income recognition (actual and forecast).
• Regular updates on loss curves vs priced and compare actual vs priced loss ratios.

Skills

IFRS 17 implementation

Pricing discipline

Reserve calculations

Data analytics

Actuarial communication

Auditor liaison

Education

ACAS designation

Master’s Degree

Job description

Brief Role Description

The role of the Actuarial Lead - Insurance is responsible for providing all actuarial inputs for income recognition for actual and forecast models. He/she will be responsible for providing Regular updates on Loss curves vs. priced. Perform comparison of actual to priced loss ratios on a quarterly basis. Understand and support the IFRS 17 changes related to Insurance products.

Reports: Senior Director, Finance Insurance NAR

Role classification: Hybrid

Contract: Maternity Leave replacement

• Possible Tasks within this RoleSupport the implementation of IFRS 17 for the insurance products.(30%)
• Understand and provide effective challenge on Pricing and Reserve calculation for Auto Insurance products.(20%)
• Collaborate with the Risk Management Planning and Reporting Group, Accounting and senior management in establishing adequate loss provisions for Insurance products.(10%)
• Engage with CFO, VP of Finance and Chief Risk Officer, Accounting, Risk Management, Brand executives and external auditors to gain acceptance on the loss and reserve forecasts. Provide technical and operational support to auditors to ensure successful audit close.(10%)
• Be able to extract data from data warehouse for Insurance products and perform analysis on upcoming issues/trends.(10%)
• Providing all actuarial inputs for income recognition for actual and forecast models .(10%)
• Regular updates on Loss curves vs. priced. Perform comparison of actual to priced loss ratios(10%)

Qualification requirementsYears of experience

• 7 years minimum
• At least 5 years working as an actuary in the Insurance industry and having an ACAS designation
• Desired: 3 years working in Auto Insurance Industry with knowledge of Auto Insurance products.

Education

• Desired: Master’s Degree in related field

Specialized Skills

• Support a robust pricing and/or reserving review process for insurance business, including both standard actuarial techniques and advanced modeling
• Develop indications and communicate them to Actuarial Management and Senior Leadership
• Work collaboratively as a part of the broader Pricing and/or Reserving process
• Develop and communicate business analytics to Senior Leadership
• Foster innovation within the team and across the broader organization
• Support development of themselves and other associates in an actuarial capacity and according to VCI vision and mission statement

Work Flexibility

• Minimal travel – 5%
• Flexibility to work remotely on as-needed basis
• Role may require occasional/seasonal work outside of normal working hours.

Salary range is dependent on factors such as industry-based experience, skills, training, credentials, and other qualifications.

The salary range for this role is $100,000 - $138,000. Actual pay may vary based on experience, education, and internal compensation practices.

This posting represents an existing vacancy that we are actively seeking to fill.