FRSA

Senior Manager, Actuarial Services

At FSRA, our vision is to ensure financial safety, fairness, and choice for Ontarians. As a financial services regulator, we’re passionate about protecting consumers. Our principles-based approach means we can quickly and effectively respond to the changing needs of consumers and the industry.

Our team combines industry expertise with commitment to public service. We attract individuals who are interested in meaningful work and who measure success through outcomes, not inputs.

At FSRA, we invest in the personal and professional growth of our team.  We offer a competitive compensation package that includes an employer-matched defined benefit pension plan, comprehensive and competitive benefits plan, a hybrid work model and flexible work arrangements. We prioritise learning and development, wellbeing, diversity, equity, inclusion and belonging, and community giving.

Join FSRA and help us shape the future of regulation for generations to come!

Job Description:

PURPOSE OF POSITION
Accountable for managing the Auto Actuarial Services Team in support of overall Auto/Insurance Products plans and priorities.

KEY RESPONSIBILITIES

• Manages the Actuarial Services team to ensure consistency with overall Auto Insurance Supervision objectives and alignment with FSRA direction for regulating and supervising auto insurance industry rates, underwriting and products.
• Supports FSRA leadership in formulating strategy, developing tactics, and executing programs and services, while promoting innovation and continuous improvement. Ensures effective communication with stakeholders and compliance with regulatory requirements.
• Plans and manages Actuarial Services priorities, ensuring alignment with Auto Insurance Supervision performance measures, standards, and best practices. Provides evidence-based advice on issues and risks, including risk management and oversight, to support FSRA’s mandate.
• Leads the costing analysis and benchmarking process for government-led auto insurance product reforms. This includes managing analytics delivered by external actuarial consulting firms, forming and leading the industry workgroup, providing recommendations on benchmarks and filing procedures, and overseeing the review and approval process for reform filings.
• Supports the Auto Insurance Supervision’s strategy for reforming auto insurance rating and underwriting regulations. Provides expert guidance to develop, maintain and enhance Fair Consumer Outcomes and assesses insurers’ compliance with these outcomes in accreditation applications and FSRA’s proactive supervision. Identifies potential issues related to unfair discrimination, accuracy, and bias, and offers recommendations to FSRA management on accreditation decisions.
• Maintains and enhances the actuarial review process for rate filing applications, including procedures, systems, and standards, to ensure alignment with actuarial best practices. Leads and oversees the development of data requirements for automobile insurance statistical plans to support regulatory requirements and auto insurance product reforms.
• Oversees the process, deliverables, and budget for external consultants and consulting contracts related to auto insurance supervision, ensuring services are delivered on time and within budget. This ensures FSRA can make timely and informed regulatory decisions.
• Manages and processes the actuarial review of rate filing applications, including assessments of accuracy and profitability, as part of FSRA’s accreditation assessment and proactive supervision. Provide recommendations to FSRA’s management team regarding rate filing approvals, accreditation assessment results, and any issues identified during proactive supervision, particularly concerning potential unfair discrimination in accuracy, bias, and profitability.
• Oversees the review of predictive models (including the latest machine learning and artificial intelligence) used in auto insurance rate filings to ensure just and reasonable rates and risk classification systems. This includes evaluating insurers’ model life cycles, approval processes, governance, risk management, performance and validation. Assesses the robustness, adequacy, and effectiveness of these models from a procedural perspective during the accreditation assessment.
• Collaborates with the management team, including the Chief Actuary, Head of Auto Insurance Supervision, and EVPs, on operational planning, performance metrics, and program effectiveness. Fosters a culture of service excellence, collaboration, and accountability. Manages the Actuarial Services team to support a culture of service excellence which respects diversity, encourages colleagues to work together to achieve results and contributes to a healthy, rewarding and productive working environment where personal and team accountability are key to meeting the mandate of FSRA.
• Builds a robust actuarial team by overseeing hiring, orientation, training, coaching, performance standards, reviews, and management. Motivate staff to pursue continuous professional development and stay current with industry trends, emerging issues, and advancements in insurance and technology.

QUALIFICATIONS

Education and Experience

• Degree in actuarial science.
• Fellow of the Casualty Actuarial Society (FCAS) and Fellow of the Canadian Institute of Actuaries (FCIA).
• 6 to 8 years of experience in planning, managing, and delivering actuarial services within a large organization, including significant experience in auto insurance pricing or related areas.
• Auto Insurance Pricing experience strongly preferred.

Knowledge and Skills

• Change Leadership: Ability to lead and manage change effectively within an organization.
• Team Leadership: Experience in leading diverse teams across various roles, levels, and experience.
• Matrix Management: Proficiency in working within a matrix structure, including expert collaboration and judicious use of escalation.
• Actuarial Expertise: In-depth knowledge of actuarial principles, standards, ratemaking, reserving methodologies, and automobile insurance governance.
• Statistical and Actuarial Skills: Expertise in actuarial and statistical principles and methods, particularly related to auto and property casualty insurance products.

Job Posting End Date:

09/26/2024

Job postings close at 11:59pm on the date noted.

Employment Type:

Regular

Scheduled Weekly Hours:

36.25

Click here to apply.