Temporary Opportunity - Up To 18 Months
WSIB offices remain closed due to COVID-19. Our priority is the health and wellness of employees and the people of Ontario. As such, this position may involve working from home for all or part of the duration of this position.
Salary Grade: N07 From: $80,785.00 To: $121,179.00
Posting Date: March 31, 2021
Closing Date: April 14, 2021
Apply on WSIB job portal: https://www.wsib.ca/en/careers
As a member of a team provide technical support in the provision of reliable, accurate, comprehensive and timely actuarial services to internal and external clients. Participate in various actuarial assignments and projects such as analysis of the impact of changes in various strategic factors affecting the workplace safety and insurance system in Ontario and development or revision of actuarial models to perform analyses for use by the Actuarial Management in providing sound actuarial advice to WSIB management and the Ontario Ministry of Labour (MOL).
Participate as a member of a number of ongoing or special project teams, as assigned by Management of Actuarial Services, functioning in a technical capacity for some assignments or as project co-ordinator in others. Projects can be divided into three groups: primary, secondary and ad hoc, according to the need for ongoing information and analyses and the time, staff and financial resources allocated to them. Project responsibilities include assisting in the research of new and adjustment of existing actuarial models (using sound assumptions and valuation methods which adhere to accepted actuarial practices), compiling and validating data, executing model, analyzing and preparing results for assessment by Actuarial Management, and Chief Actuary. Participate in meetings, presentations and information sessions with internal and external clients.
1. The four primary project teams, which are ongoing and permanently staffed, involve work on one or more of the following major actuarial projects:
- classification and pricing - use current WSIB rate-setting strategy and assumptions, economic forecasts and other financial information to derive annual premium rates for 35 rate classes; monitor the industrial classification scheme for Schedule 1 employers and participate in premium rate consultation with industry groups; produce Premium Rates Manual which is posted on WSIB website for use by both internal staff and external stakeholders; provide table of premium rates to Operations for billing employers
- valuation of liabilities – perform valuation of benefit liabilities calculations; prepare various reports detailing benefit liabilities and cash flows; collect and validate data for reasonableness and completeness and confirm data integrity; perform experience analysis and create/ design, revise and review models and assumptions to determine the present value of expected future benefit payments for all incurred injuries on a quarterly basis and at year end for publication in the annual report;
- projection of financial position - develop long-term forecasts of revenues and expenditures, assets and liabilities to determine WSIB funding sufficiency; monitor experience and prepare analyses of results for senior management and MOL use in strategic planning and legislative development;
2. Participate in secondary projects:
- provide support and participate in claims experience, mortality, termination and occupational disease studies – research, create actuarial models and analyze claims experience.
- Prepare valuation of liabilities for Schedule 2 employers - Provide claims details files; prepare year-end valuation calculations of liabilities and provide detailed summaries.
- work with Internal/ External Auditors – provide year end valuation results, models and assumptions used in benefit liabilities calculations; provide support to auditor to complete sign off of the annual audit and assist in all audit requests.
- generate net average earnings tables for Operations’ benefit payment system
- determine indexation of benefits
- analyze claims experience
- prepare report to the Association of Workers' Compensation Boards of Canada (AWCBC)
- co-ordinate information requests
3.Participate in ad hoc actuarial support projects, as assigned:
- Perform funding and costing exercises to convey impacts of potential legislative amendments under the supervision of Actuarial Management for both the Ministry of Labour and Ministry of Finance
- Maintain and update WSIB actuarial systems to reflect legislative, policy or operational changes. Liaise with IS staff in developing system and data requirements for changes and/or enhancements for information retrieval and report generation.
- Liaise with staff in other WSIB areas such as Financial Reporting, Revenue, Communications, Policy and BTS to obtain accurate and adequate information and facilitate effective interactions on matters requiring actuarial knowledge and expertise.
- Liaise with various external agencies including other WSIBs, government agencies (eg. Statistics Canada and Canada Revenue Agency), insurance groups and organizations as well as external stakeholders such as employers and industry associations. Respond to requests for reports, information or explanations on actuarial matters and obtain data required to conduct actuarial analyses.
- Perform other related duties as assigned or required
1. Education (Level and Specialty / Discipline):
- University degree in mathematics or actuarial science or business
2. Experience (Years of Related Experience and Type of Experience):
- 3 years of actuarial experience
3.Technical or Professional Qualifications or Certifications/Designations:
- Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS)
Other Technical Skills:
- Experience with Advanced Excel (including VBA, Power Pivot/Power Query), SAS, SQL or Python
To apply for this position, please submit your application by the closing date noted above.
As a precondition of employment, the WSIB will require a prospective candidate to undergo a criminal records name check prior to or at any time following hire.
We appreciate the interest of all candidates. Due to the volumes of applications we receive, we are only able to contact candidates that are selected to move forward in the recruitment process. The WSIB is an equal opportunity employer.
The WSIB is an equal opportunity employer and provides accommodation for job applicants in accordance with the Human Rights Code and the Accessibility for Ontarians with Disabilities Act. If you are an individual with a disability and you need accommodation in order to apply for this position, please contact email@example.com. If you are invited to participate in the assessment process, please provide your accommodation needs at that time. Please be advised that you may be required to provide medical documentation to the WSIB’s Corporate Health Department so that appropriate accommodation can be provided to you throughout the recruitment process.
Employees of the WSIB have important ethical responsibilities, including the obligation to place the public interest above personal interests. Job applicants are therefore required to disclose any circumstance that could result in a real, potential or perceived conflict of interest. These may include: political activity, directorship or other outside employment and certain personal relationships (e.g. with existing WSIB employees, clients and/or stakeholders). Please contact TAC if you have any questions about conflict of interest obligations and/ or how to make a disclosure.
Personal information will be collected from your resume, application, cover letter and references under the authority of the Workplace Safety and Insurance Act, 1997 and will be used by the Talent Acquisition Centre and WSIB hiring parties to assess/validate your qualifications and/or determine if you meet the requirements of vacant positions and/or gather information relevant for recruitment purposes. If you have questions or concerns regarding the collection and use of your personal information, contact the WSIB Privacy Office, 200 Front Street West, Toronto, ON, M5V 3J1 or 416-344-5323 or 1-800-387-0750 extension 5323. Be advised that information related to application status will not be provided.