BCAA has an opening for the position of Senior Pricing Actuary. The successful applicant will apply their actuarial knowledge and problem solving abilities on varied projects, including the development and maintenance of sophisticated pricing models and strategies on a variety of product lines. They will collaborate closely with stakeholders from across the business and be able to communicate the results of their analysis with a non-technical audience. They will also assist with coaching and development of other members of the team.
Key Responsibilities Include
Pricing and Ratemaking
• Use actuarial modeling tools and techniques to develop and maintain rating models, continually optimizing the rating structure for home insurance, and other product lines as required.
• Perform regular rate indications to set expectations for future losses and premium required to maintain desired financial performance.
• Assess profitability of different product segments with a view to optimizing rating structures and providing guidance to underwriting.
• Develop and maintain insight into competitive benchmarking of rates, and use this to help optimize rating structures.
• Provide input on the structure and pricing of new product features or changes to product features.
• Assess and qualify the impact that changes to the pricing strategy or coverages have on performance and the portfolio.
• Make recommendations on data collection, tools, software and business processes to maximize insights and efficiency of the pricing function.
• Collaborate with relevant stakeholders at all levels of the organization, including making and presenting recommendations to a variety of technical and non-technical audiences.
Risk Monitoring and Mitigation
• Analyze inputs, assumptions and results of external catastrophe modelling tools to assess the risk exposure of the home insurance portfolio to events such as earthquakes, wildfires and floods.
• Monitor exposure accumulations to find opportunities for profitable growth and risk control.
• Provide input on the reinsurance program strategy, including analyzing the program structure and price.
• Work with reinsurance brokers to support the maintenance of the reinsurance program.
• Research and recommend new risk mitigation options.
Modelling and Analytics
• Use statistical and predictive modelling techniques to provide insight on varied projects across all parts of BCAA’s insurance related businesses. This includes working with complex data from multiple sources.
• Use predictive modelling techniques to gain insights into retention and new business, combined with insights on competitive benchmarking, to refine and optimize rating plans for a given outcome (eg policyholder growth).
• Use analytical tools to gain insights into the insurance portfolio, including monitoring trends, changes and risk.
• Leverage analytics and technology to support recommendations for improving processes, product design and underwriting rules.
• Communication of findings to varied audiences across the organization.
• Provide ongoing value-added analysis and recommendations to senior leadership under a complex business environment to meet key strategic business objectives.
• Work independently on complex projects and lead projects working with other members of the team.
• Work with more junior members of the underwriting analytics team, assisting with their development and training across all technical aspects of actuarial work.
• Assist with effective knowledge transfer within team.
• Model and encourage use of best practices of actuarial techniques, modelling and analytics.
• Agile collaboration with all relevant stakeholders across the organization.
Education & Credentials
• Undergraduate degree in Actuarial Science, Statistics, Mathematics, Economics, Natural Sciences, Engineering or similar discipline with emphasis on quantitative analysis and methods.
• FCIA (Fellow of the Canadian Institute of Actuaries) and/or FCAS (Fellow of the Casualty Actuarial Society) designation.
• Minimum seven years of experience in an actuarial role with responsibilities including personal lines ratemaking.
• Proven understanding of database structures and logic and use of data science and statistical tools such as SAS, R or Python.
• Demonstrated analytical capabilities, including critical thinking with strong attention to detail.
• Practical knowledge of and experience with reinsurance.
• Excellent written communication skills along with the ability to present results of analysis to a non-technical audience at all levels of the organization, including executive level.
• Highly organized with demonstrated experience in solving problems.
• Demonstrated experience managing/leading projects and meeting project deliverables.
• Experience with catastrophe modelling and GIS tools.
• Experience leading project teams, and/or developing junior analysts.
• Experience with multiple corporate structures and systems.
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