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Director/Actuary, Reinsurance & Projects At BMO Financial Group

Location: Toronto, Ontario

Job Description

BMO Life Assurance has an exciting opportunity for a talented and business minded Actuary with strong communication skills to be part of the Actuarial Pricing team responsible for Reinsurance and Projects.
Reporting to the Vice President & Chief Product Actuary, the role is accountable to manage all Reinsurance relations, from leading all Reinsurance RFPs (Request for Proposals), negotiating pricing and parameters with reinsurers to help drive profitable growth for BMOLA including execution of reinsurance treaties.
In addition, the incumbent will support the Chief Product Actuary with key initiatives related to Pricing. The role is responsible for ensuring the successful design, development, implementation and execution of initiatives; these projects range from Capital implementation, Pricing on IFRS, New Business Plan, cross department experience studies and other projects ranging in size and scope.
This role can potentially have two direct reports.
Key Accountabilities
Managerial Leadership
  • Set appropriate context and establish prescribed limits for direct reports or actuarial associates when needed, including setting an effective framework of policies and procedures for the work in the group
  • Establish a two-way working relationship with direct reports or actuarial associate when needed to solicit their views on the working environment, potential changes affecting their work, continuous improvement opportunities, and revisions to the plan
  • Build and sustain a team of direct reports or actuarial associates when needed who are capable of delivering the performance required for the group, including coaching and the creation and implementation of training and development plans
  • Establish and optimize team integration by articulating the linkages between the accountabilities and authorities of different roles across the group and by establishing the context in which they will work collaboratively with one another
  • Apply the Bank’s performance management system to direct reports or actuarial associate when needed, including establishing goals and objectives, assessing skilled knowledge gaps, allocating resources to achieve objectives and close gaps, assessing personal effectiveness, and reviewing and recommending base and variable pay
Primary Objectives
• Establish strong relationships with Reinsurers and be the primary contact for all Pricing and Treaty queries
• Manage end to end process of all RFPs with reinsurers while accomplishing the following:

  • Propose Reinsurance structure and framework including supporting analysis
  • Ensure all internal approvals are completed prior to issuing RFP
  • Communicate effectively with all reinsurers, answering questions in a timely manner and ensuring appropriate understanding of BMOLA’s business
  • Provide subject matter expertise on BMOLA products, business rules, experience data, distribution, illustrations and other information pertinent to a reinsurance transaction
• Conduct reinsurance negotiations to support overall business operations and to drive profitable business growth for BMO Life Assurance including execution of treaties
• Support all Risk Committee and Board reporting relating to Reinsurance
• Manage all reinsurance treaty and amendment negotiations with support from internal stakeholders

Projects
  • Provide technical support on special actuarial projects in collaboration with the relevant Pricing actuaries and other internal stakeholders. Manage the design, development, implementation, reporting and change management of the initiatives.
  • IFRS 17 - lead the actuarial pricing assessment and construction of the technical specifications and model design from a Pricing perspective. Ensure other IFRS product leads carry out the model enhancements and robust change management.
  • Review, analyze and present conclusions, recommendations and findings to Senior Management
  • Represent Pricing on all IFRS and other special initiative operating committees

Qualifications

Knowledge

• FSA/FCIA designation with applied actuarial skills in insurance and reinsurance

• Solid foundation in actuarial mathematics and strong insurance/actuarial software skills

• In-depth knowledge of insurance products and channels, and regulatory requirements

• 8+ years of experience in actuarial functions at an insurance company


Skills


• Actuarial (In-depth)

• Reinsurance knowledge

• Analytical Thinking (In-depth)

• Business Numeracy (In-depth)

• Influence (Working)

• Relationship Management (Working)

• Risk Management (In-depth)

• Communication skills (In-depth)

We’re here to help

At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://bmocareers.com .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.

Job

Risk Management

Primary Location

Canada-Ontario-Toronto

Organisation

BMO Wealth Management-X005000

Schedule

full-time

Job Posting

09/17/18

Unposting Date

Ongoing