Actuarial Analyst Job at Saskatchewan Government Insurance
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Out-Of-Scope
This role is eligible for remote work. The position can be located in Regina, Saskatoon, Winnipeg, Toronto, Edmonton and Calgary
The successful candidate will be responsible for overall rate recommendations, rate design, product & portfolio evaluations, and other insurance modeling projects. In this role, you will perform actuarial analysis of premium rates to support corporate decision making and regulatory reporting requirements for SGI CANADA and its regional operations. You will also perform modelling of premium rates, analyze rating systems, rate monitoring, regulatory rate filings and other actuarial analysis for all corporate competitive products.
Key Accountabilities
Note: This section is not intended to be an exhaustive list of duties and responsibilities – other duties and responsibilities may be assigned.
Pricing & Ratemaking
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Uses actuarial modeling tools and techniques to develop and maintain rating models, continually optimizing the rating structure
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Performs regular rate indications to set expectations for future losses and premium required to maintain desired financial performance.
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Assesses profitability of different product segments with a view to optimizing rating structures and providing guidance to underwriting.
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Develops and maintains insights into competitive benchmarking of rates and use this to help optimize rating structures.
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Develops an optimal pricing strategy based on claim cost models, behavioral models and competitive intelligence
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Provides input on the structure and pricing of new product features or changes to product features.
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Assesses and qualifies the impact that changes to the pricing strategy or coverages have on performance and the portfolio.
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Collaborates with relevant stakeholders at all levels of the organization, including making and presenting recommendations to a variety of technical and non-technical audiences.
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Effectively communicates the issues to promote understanding and provide appropriate interpretation and context to the specific audiences.
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Enhances insurance pricing models and assesses model assumptions.
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Contribute to completion and submission of regulatory rate filings
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Assists and coordinates with other departments to implement approved rates.
Modelling & Analytics
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Uses statistical and predictive modelling techniques to provide insight on varied projects across all parts of the businesses. This includes working with complex data from multiple sources.
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Understand, build and improve the pricing algorithms for products using modern modeling techniques (GLM, GBM, etc.)
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Leverages analytics and technology to support recommendations for improving processes, product design and underwriting rules.
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Conduct detailed actuarial analyses by analyzing data (indications, filings, competitive analysis), make appropriate assumptions, communicate results to the stakeholders (management, stakeholders, other teams) and make recommendations in a fast-paced environment
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Produce and analyze reports that monitor the evolving trends in the book of business and recommend rating and underwriting actions based on observations
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Makes recommendations on data collection tools, software and business processes to maximize insights and efficiency of the pricing function
Leadership
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Actively contributes to and supports a culture of a high performing workforce.
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Participates in divisional succession plans, ensuring ongoing professional and career development and supports development in others.
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Supports a culture of leadership and accountability to effectively deliver on strategic and corporate strategies.
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Is actively committed to leadership development across the company, supporting team and workforce readiness through mentoring, training and developmental opportunities.
Corporate Management
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Enables the success of programs and policies that are in alignment with corporate, strategic and divisional strategies.
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Manages risk in area of authority.
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Ensures that the Health, Safety and Emergency Management Policy is applied in area of responsibility.
Education and Experience
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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.
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ACIA (Associate of the Canadian Institute of Actuaries) is considered an asset
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Property and Casualty pricing experience is considered an asset
Knowledge, Skills and Abilities
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Knowledge of actuarial methods, modelling, statistics and assumptions used in ratemaking and reserving.
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Knowledge of database structures and logic and use of data science and statistical tools such as SAS, R or Python.
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Skilled quantitative & qualitative analytical capabilities, including critical thinking with strong attention to detail.
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Ability to present results of analysis to a non-technical audience at all levels of the organization, including executive level.
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Knowledge of regulatory filing requirements and regulatory compliance.
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Knowledge of the insurance industry and insurance product features.
Important: The salary range for this position is $68,676 - $134,376 and will be commensurate with verification of education, experience, and the number of completed exams sponsored by the Casualty Actuarial Society.
Pay Range:$68,676.00 - $91,572.00
Posting Close Date:
December 6, 2022
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.
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