GWL/LL

  • Vice President, Corporate Actuarial

    Job Location CA-ON-London | CA-MB-Winnipeg | CA-ON-Toronto
    Posted Date 2 weeks ago(1/3/2019 9:05 AM)
    Job ID
    2018-17011
    Company
    Great West Life
    Job Category
    Actuarial
    Job Type
    Full Time
    Job Industry
    Financial Services and Banking, Insurance
    Career Level
    Executive, Management
    Posted End Date
    1/25/2019
  • Job Description

    Corporate Actuarial:

     

    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, Corporate Actuarial, reporting to the SVP, Corporate Actuarial & Appointed Actuary.

     

    The successful candidate can be based in either London, Winnipeg or Toronto.

     

    Key Functional Accountabilities of the VP, Corporate Actuarial:

     

    The key functional accountabilities of the role are outlined below.

     

    1) Valuation of policy liabilities in line with accepted actuarial practice

     

    IFRS 17:

    • Steers the development of policy under IFRS 17, as it relates to policy liabilities, ensuring Lifeco’s approach to policies under IFRS 17 is developed collaboratively with the accounting and regional teams, and is applied consistently across the Company
    • Leads the development of financial modelling on IFRS 17 across Great-West Lifeco
    • Supports the interaction with external stakeholders and industry groups on matters relating to the implementation of IFRS 17
    • Monitors and contributes to the development of actuarial standards, guidelines and educational notes within the profession

     

    Business-as-usual:

    • Provides a peer review of experience studies, assumption setting documents and documentation on methodology under IFRS
    • Ensures consistency of approach across lines-of-business where relevant
    • Supports the team in conducting internal peer reviews and coordinating the external peer review
    • Monitors and contributes to the development of actuarial standards, guidelines and educational notes within the profession
    • Disseminates learnings across lines-of-business where individual lines are conducting work on new analytical techniques; and leads the Corporate Actuarial team in taking on some targeted work in this area where warranted.
    • Maintains GWL guidelines on the determination of policy liabilities & related policies/guidelines

     

    2) Provides second line-of-defense oversight on the Participating Funds and Adjustable Policies, including support for the Appointed Actuary in providing annual opinions on fairness

    • Reviews dividend policy & dividend recommendation for participating funds
    • Supports the Appointed Actuary in reporting on the fairness to participating policyholders of the dividend policy and proposed dividends
    • Provide second line-of-defense review, analysis and oversight on the operation of participating funds, and the review of adjustable policies, which supports the process of preparing an opinion on the fairness
    • Leads the annual review of other participating fund and adjustable policies
    • Provides an actuarial second line-of-defense review on key initiatives impacting the participating funds (e.g. product design)

     

     3) People management:

    • Provides leadership to all direct reporting leaders and team members
    • Supports their direct reports in managing the plans, and prioritizing activities, for the Corporate Actuarial team in London
    • Supports individual professional and career development of team members through technical and professional support of the team, as well as support for team members in creating their own development plans
    • Ensures the team are supported through new regulatory, system and process changes, with both the necessary knowledge and skills

     

    Qualifications and Competencies:

     

    • We are seeking an actuary for this role who is fellow of the Canadian Institute of Actuaries (or equivalent actuarial association), and has 10+ years post-qualification experience
    • The VP, Corporate Actuarial will be leading technical policy development for IFRS 17 as well as playing a key role in actuarial oversight, and so will need to have strong technical actuarial skills with specific experience of valuations or pricing.
    • We are seeking candidates who can lead and build collaborative partnerships across the global and regional actuarial teams, as well as with other functions.  The role will also be supporting the actuarial function through the changes coming with IFRS 17, so we are seeking candidates who are interested in leading their teams through change.

     

    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!

     

    *LI-PL1

     

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