The Corporate Actuarial Team plays a central role in actuarial oversight for Great-West Lifeco. The team leads the oversight of the valuation of insurance contract liabilities, and supporting processes, across Great-West Lifeco’s operations, as well as the analysis of the robustness of the Company’s financial condition through the DCAT process. The team supports the Appointed Actuary in exercising oversight on the operation of participating policies and adjustable policies, and in preparing the annual opinions on fairness as required under the Insurance Companies Act in Canada.
The team is split between the London and Winnipeg locations. The team in London leads the internal peer review process – one of the pillars in actuarial oversight – as well as preparation of the Appointed Actuary Report annually. The team in Winnipeg leads the quarterly and annual reporting of insurance contract liabilities within the financial reporting process, as well as the supporting regulatory reporting. The DCAT process is supported by members of both the London and Winnipeg teams.
The Corporate Actuarial Team’s work continuously evolves, in response to advances in actuarial techniques, new actuarial standards and guidance, developments in Great-West Lifeco’s insurance business and advances in technology. There is heightened change in Corporate Actuarial over coming years as the Company prepares for the introduction of the new insurance accounting standard (IFRS 17) in 2022.
IFRS 17 represents a major change in the valuation of insurance liabilities of life insurers, which will impact earnings emergence and volatility. IFRS 17 will also introduce a new presentation of insurance results, and supporting disclosures, in the financial statements, which will necessitate significant change within actuarial and accounting systems and processes.
The implementation of IFRS 17 is a demanding program in terms of scale and complexity. The program requires strong support from Corporate Actuarial for policy development and financial modelling, oversight of model development for IFRS 17, and the analysis of business impacts of IFRS 17. The Corporate Actuarial team also needs to provide leadership on the changes required to actuarial systems and processes to ensure that the actuarial teams are prepared for the reporting changes being introduced by IFRS 17, including the additional granularity required by the standard.
Two exciting new leadership positions are now available to lead the Corporate Actuarial Teams through their agenda, including the transition of IFRS 17. The role discussed here is the VP, Actuarial Reporting & Infrastructure, reporting to the SVP, Corporate Actuarial & Appointed Actuary.
The successful candidate will be based in Winnipeg.
Key Accountabilities of the VP, Actuarial Reporting & Infrastructure:
The key functional accountabilities of the role are outlined below.
1) Support the implementation of IFRS 17 from a Technology & Process perspective:
2) Support continuous process improvement in the global valuation process and support a strong control environment:
3) Lead Corporate Actuarial reporting:
4) People management:
Qualifications and Competencies:
About Great-West Lifeco:
Together Great-West Life, London Life and Canada Life serve the financial security needs of more than 13 million people across Canada, with additional operations in Europe and the United States. As members of the Power Financial Corporation group of companies, we’re one of Canada’s leading insurers with interests in life insurance, health insurance, investment and retirement savings. We offer a broad portfolio of financial and benefit plan solutions for individuals, families, businesses and organizations.
We are committed to providing an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to building a workforce that reflects the diversity of the communities in which we live, and to creating an environment where every employee has the opportunity to reach their potential.
Great-West Life offers competitive compensation, great benefits such as medical, dental, life insurance, wellness account and personal days not to mention onsite cafeteria and fitness facilities. If you’d like to join our team submit your information online and introduce yourself.
Discover your opportunity…Apply today!