BMO is a financial institution that offers a co-op/internship program for students. The Actuarial Analyst, Pricing role involves pricing insurance products, performing cash flow testing, and providing actuarial expertise and support for various insurance products.
Responsibilities
Prices insurance products with up-to-date pricing assumptions, performing cash flow testing for assigned insurance products and using the required actuarial technology
Monitors lapse, mortality/morbidity experience on an on-going basis and provides reporting on the profitability of new products and/or product enhancements
Provides actuarial services expertise and advisory support for all insurance products of BMO Life Assurance – from direct marketing, Life insurance through agency operations, structured settlements and group annuity contracts (known as terminal funding), SPIAs, segregated funds and other retirement and investment products
Analyzes, evaluates and compares competitor insurance products for the high net worth market and other markets
Supports the execution of strategic initiatives in collaboration with internal and external stakeholders
Builds effective relationships with internal/external stakeholders
Ensures alignment between stakeholders
Analyzes company data to provide management reporting on insurance industry and internal business trends
Creates and validates Excel spreadsheets to accurately reflect product values, marketing concepts and company profitability on a monthly basis, including analysis and commentary
Breaks down strategic problems, and analyses data and information to provide insights and recommendations
Provides input for continuous improvement of processes and procedures to support more effective operations
Provides input into the planning and implementation of operational programs
Provides sales support and business expertise in the production of insurance quotes for high net worth clients and other clients upon request
Performs required illustrations based on defined parameters using business judgment and makes appropriate referrals for illustrations of higher complexity and large policy over product’s maximum issue limit
Provides business and technical expertise when required for management reporting, special projects and technology issues
Provides input into product design using actuarial experience and competitive & industry knowledge, including presenting counter proposals as required for new and existing products
Provides an ongoing competitive analysis of BMO insurance products and identifies opportunities for business growth
Coordinates provision of management information, according to established needs and timelines, for use in internal and external audits and for general management information
Reviews progress to plans, and participates in the implementation of actions necessary to correct internal and external issues
Focus may be on a business/group
Thinks creatively and proposes new solutions
Exercises judgment to identify, diagnose, and solve problems within given rules
Works mostly independently
Broader work or accountabilities may be assigned as needed
Take measured risks while protecting the bank by applying our Risk Management Framework in the execution of your role, in line with our Risk Culture and within our approved Risk Appetite, making sound and risk informed decisions that align to business strategy, protect assets, and adhere to applicable policy documents (Frameworks, Policies, Standards, Procedures and Supporting documents), laws and regulations
Qualification
Required
Currently enrolled in an actuarial science or mathematics degree program
Successful completion of at least 1 SOA exam and actively pursuing an FSA/FCIA designation
Combination of excellent analytical and mathematical skills with strong work ethic
Strong software skills in MS Excel and MS Access database
Knowledge of life insurance products is an asset
Specialized knowledge from education and/or business experience
Verbal & written communication skills - In-depth
Collaboration & team skills - In-depth
Analytical and problem solving skills - In-depth
Influence skills - In-depth
Preferred
BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards.
BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.
We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs.
From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
We’re a bank, but there’s more to it than that. When you join BMO, it opens a world of opportunities.
