Senior Actuarial Consultant (HYBRID)
- Location
- Toronto
- Starts
- Closes
- Sector
- Financial – Banking, Financial – Insurance, Financial – Investment
- Actuarial designation
- Actuary – FCIA
- Location
- Canada
Our people have different ways of working and lifestyles. We’re committed to a mix of working in the office, in the field and from home. You have some flexibility in terms of where and how work gets done to help you balance your personal life and career goals.
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 and may be eligible to participate in our health and dental plan.
This is a temporary opportunity based out of our Toronto/Simcoe Place location for up to 15 months.
Salary From: $120,682.00
Job Summary:
As a member of the actuarial management team with sound actuarial knowledge to work independently and to lead complex technical projects comprised of a team of actuarial staff members, in delivering reliable, accurate, comprehensive and timely actuarial services to internal and external clients. Core actuarial services includes the valuation of benefit liabilities, funding, financial forecasting, premium rate setting, administration rate setting, benefit costing, experience studies and determining/administering the experience rating programs.
Provide sound actuarial advice to WSIB Actuarial Senior Management (Executive Director and Chief Actuary) by providing actuarial models that are accurate and reliable. Develop and maintain communication linkages and relationships with business partners.
Major Responsibilities:
Provide technical expertise in leading or participating in the review of actuarial work performed by actuarial staff. This includes:
Providing advice and guidance on the methods, models and assumptions used
Analyzing and validating the results of work produced by project teams for reasonableness and accuracy
Ensuring timelines are met on specific projects
Key functions include:
- Valuation of Benefit Liabilities (Schedule 1 & 2)
- Financial implications on Experience Rating Programs (CAD7, NEER, MAP, SG)
- Schedule 1 Premium Rates and Schedule 2 Administration Rate setting
- Leading the Funding and Financial Forecasting projects
- Developing actuarial methodologies to integrate in current valuation or forecasting processes
Preparing reports and recommendations for WSIB Actuarial Senior Management
Keeping abreast of changes in Actuarial Practices and WSIB policies that may impact the delivery of actuarial services
Presenting actuarial estimates to external stakeholders such as employers, auditors, and other actuaries. Actuarial studies and findings are routinely presented and explained to both internal and external stakeholders.
Participating in meetings, presentations and information sessions with internal and external clients.
Lead or participate in the design, review, validation and reporting of experience studies, costing of legislative changes and special projects. Experience studies are used to validate or set assumptions for actuarial models. Studies and special projects includes:
Mortality studies, termination studies, occupational disease studies, health care studies, future administration cost studies and economic studies.
Asset liability matching related projects including Funding Margin Requirement which requires liaising with Investment and other Finance areas
Preparation for presentations to WSIB BoD, senior management, Ontario government or other external actuaries or employers
Special projects (Stochastic modelling, Modeling changes, Earnings by Source, New Pricing or Funding systems/methods, New Accounting Standards)
Costing includes changes in administrative and legislative practices and policies
Develop project management plan on each project that includes specific timelines as well management of staff:
Establishing project plans and coordinating tasks
Identifying resource requirements and allocating work equitably to project team members
Ensure project timelines are met thru periodic updates with project team
Review and analyze work for accuracy and correctness
Develop and maintain communication linkages and relationships with different stakeholders:
Internally with business partners and other levels of management in different areas such as: Operations, Strategy, Chief Statistician Office, Communications, Business Technology and Finance. Externally with employer stakeholders, injured worker stakeholders, auditors and actuarial consultants
Maintains membership and participate in actuarial associations to ensure the most up-to-date techniques and methodologies are employed at the WSIB
Liaise with other Workers' Compensation Boards, government agencies, stakeholders, health and safety organizations, industry groups and organizations to be conversant with developments and issues affecting workers' compensation
Education requirements:
- University Degree in Actuarial, Finance, Investment or related field minimum
- University Degree in Actuarial Science preferred
- Fellowship from Canadian Institute of Actuaries/Society of Actuaries/Casualty Actuarial Society
- Annual certification per CIA/SOA/CAS professional standards (100 hrs of continuing education) preferred.
Experience:
Minimum Experience Required
- 10+ years actuarial practice in the insurance industry or similar organization or equivalent experience
- Minimum 5 years of working experience in the insurance industry or equivalent after achieving the FCIA/FSA/FCAS designation
- 2+ years of working experience in the Workers Compensation or equivalent organization
- Project lead experience of at least 2 years.
Preferred Experience:
- 5+ years of working experience in the insurance industry or equivalent after achieving the FCIA/FSA/FCAS designation
- 3+ years of working experience in the Workers Compensation or equivalent organization
- Project lead experience of at least 5 years
- Excellent communication skills for writing Actuarial Reports and Stakeholder Presentations
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 talentacquisitioncentre@wsib.on.ca.
Privacy information
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 privacy_office@wsib.on.ca. 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 August 12, 2024 on the WSIB Careers Page: https://www.wsib.ca/en/careers.
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