Senior Actuarial Associate (HYBRID)
Our priority is the health and wellness of employees and the people of Ontario. As such, this position may involve working from home for part of the duration of this position. The WSIB model mixes working from home, office and field.
About the Workplace Safety and Insurance Board (WSIB)
We’re here to help. When an injury or illness happens on the job, we move quickly to provide wage-loss benefits, medical coverage and support to help people get back to work. Funded by businesses, we also provide no-fault collective liability insurance and access to industry-specific health and safety information. We are one of the largest insurance organizations in North America covering over five million people in more than 300,000 workplaces across Ontario. For more information, visit wsib.ca.
At the WSIB, you’ll have the opportunity to:
- explore many career paths and follow your passion
- continuously learn and grow professionally
- be recognized for the great work you do
- participate in programs that support your health and wellbeing
You’ll also receive a competitive salary, along with a comprehensive benefit package and defined benefit pension plan.
This posting is for a permanent and Temporary opportunity as an Senior Actuarial Associate.
Salary From: $85,436.19
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, Executive Director 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 over 150 rate groups; 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;
- experience rating - develop and review experience rating models, reserves and other factors to reflect current situation; forecast rebate/surcharge for ER programs; prepare response to employers' requests or questions about ER programs or account information; advise industry committees and associations on construction industry experience rating plan (CAD-7) and new experimental experience rating plan (NEER) matters and monitor these programs.
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)
Our commitment to equity, diversity and inclusion
We respect and value the diversity of our people. We strive to create an environment where employees can be themselves and where our differences are celebrated.
The WSIB is committed to being accessible and inclusive, and following barrier-free and accessible employment practices in compliance with the Accessibility for Ontarians with Disabilities Act (AODA). Should you require accommodation through any stage of the recruitment process, please let us know when we contact you and we will work with you to meet your needs.
Disclosing conflicts of interest
As public servants, employees at the WSIB have a responsibility to act in an ethical way at all times to create a respectful workplace and maintain public trust. Job applicants are required to disclose any circumstance that could result in a real, potential or perceived conflict of interest. A conflict of interest is any situation where your private interests may impair or be perceived to impair the decisions you make in your official capacity. This may include: political activity, directorship, other outside employment and certain personal relationships (e.g. with current WSIB employees, customers and/or stakeholders). If you have any questions about conflict of interest obligations and/or how to make a disclosure, please contact the Talent Acquisition Centre at firstname.lastname@example.org.
We collect personal information from your resume, application, cover letter and references under the authority of the Workplace Safety and Insurance Act, 1997. The Talent Acquisition Centre and WSIB hiring parties will used this information to assess/validate your qualifications, 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, please contact the WSIB’s Privacy Office at email@example.com. The Privacy Office cannot provide information about the status of your application.
As a precondition of employment, the WSIB requires that prospective candidates undergo a criminal records name check any time before or after they are hired.
To apply for this position, please submit your application by the closing date on the WSIB career portal: https://www.wsib.ca/en/careers