Associate Actuary, Longevity Risk Management, Gfs - Toronto, Canada - RGA

RGA

Verified Company

Toronto, Canada

3 days ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Position Overview
Global Financial Solutions (GFS) accounts for over 50% of RGA's consolidated income. The Longevity line of business is one of RGA's fastest growing lines of business.

The GFS Longevity Risk Management team is responsible for the effective inforce and risk management of longevity risk assumed globally, which represents over $70 billion in benefit obligations.

The incumbent will be a key player in ensuring that the longevity line of business continues to be a key part of the long-term success of GFS and RGA.

The incumbent is responsible for:

Effective risk and inforce management of globally assumed products with longevity risk
Driving efficiencies in longevity and collateral systems and processes
Leveraging the value in the inforce, through actionable analytics and business insights
Supporting new business growth

Responsibilities Inforce Management**- Data, Experience and Performance Analysis

Identify and analyze the impact of data changes in the inforce file, and work with clients to establish revised premium and financial settlement
Conduct experience analysis and leverage insights to propose appropriate changes to best estimate assumptions, and comment on income expectations incorporated in GFS annual Plan
Develop performance and trend metrics from inforce experience studies
Collateral Management
Maintain, enhance and develop collateral models in order to estimate current and ongoing collateral needs
Gain indepth knowledge of the collateral provisions in order to ensure compliance with the treaty requirements and oversee cures, as needed
Analyze sensitivity runs with respect to the potential variability of GFS collateral needs, including detailed explanations of any periodoverperiod changes
Retrocession management
Manage external retrocession arrangements, providing required reporting to retro partners, ensuring compliance with treaty terms
Support implementation of new retrocession agreements, as needed

Risk Management

New Business Reviews
Using an indepth knowledge of the key longevity risk & pension risk transfer risks (longevity, collateral, deferred lives) and processes, conduct a comprehensive assessment of risk characteristics for proposed new transactions
Review the risk analysis and treaty documents for new or amended transactions, highlighting any potential areas of heightened risk, providing feedback/recommendations to support deal teams in treaty negotiations and to mitigate risk, escalating as necessary
Maintain and enhance inforce guidelines outlining acceptable terms, negotiation options and escalation points for new longevity transactions
2nd Line of Defense and Risk Assessments
Enhance framework for monitoring risk metrics in relation to key risk (longevity, deferred lives, collateral, liquidity)
Ensure effective monitoring of risk limits and KRIs, escalating issues with actionable recommendations

Strategic Projects

Using an indepth knowledge of applicable capital regimes, support initiatives to manage longevity capital requirements and risk limits
Drive innovation in inforce Longevity processes in order to achieve scalability and improve controls through database and cloud technology to structure centralized storage for longevity in force and risk management processes
Effectively utilize visualization tools to improve reporting of inforce Longevity business metrics and analytics

Leadership and Coaching

Manage junior staff and coop student performance to support department goals and objectives
Support development of junior staff and drive team engagement
Support Longevity team in hiring process for coop students

Requirements Education, Experience and Skills**
Required

Fellowship in a recognized actuarial organization preferred (FSA, FIA, FCAS, FIAA)
7+ years' experience; at least 4 years postqualification experience
Undergraduate degree in related field
Experience in actuarial modelling software such as Prophet and/or AXIS
Advanced knowledge of life, health, and/or annuity products
Advanced written and verbal communication skills, whereby complex and technical information can be conveyed in a way that is meaningful by all stakeholders, including senior management
Advanced interpersonal skills, demonstrating the ability to work effectively with different stakeholders and disciplines across the company, including local offices, pricing, finance, treasury, valuation, investments, administration as well as external customers
Effective project management skills
Ability to work independently as well as within a team environment
Strong service and result orientation and a drive to make a difference.
Ability to operate at both strategic and detailed levels, anticipate future needs, be proactive and adjust to constant change

Preferred