Vice President and Chief Actuary, Global Insurance

Vice President and Chief Actuary, Global Insurance

Join to apply for the Vice President and Chief Actuary, Global Insurance role at Scotiabank

Vice President and Chief Actuary, Global Insurance

2 days ago Be among the first 25 applicants

Join to apply for the Vice President and Chief Actuary, Global Insurance role at Scotiabank

Requisition ID: 232234

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Purpose

The Chief Actuary is a key leadership role responsible for overseeing the actuarial functions within Global Insurance. This position involves strategic planning, risk management, and financial analysis to ensure the insurance operation's financial stability and regulatory compliance. The Chief Actuary will collaborate with members of the management team to develop and implement policies and strategies that align with the company's goals and objectives.

Accountabilities

Product Pricing:

• Leads all pricing and financial modelling for diverse insurance structures to support decision making and also oversees regular reviews of pricing for products already in the market.
• Provides internal actuarial consulting when business need, workload, and incumbent expertise make this viable. Develops actuarial assumptions for business cases, proposals, etc.
• Collaborates with team members by providing input, analysis, and concurrence for business cases as required.
• Participates in any M&A activity such as valuation, negotiation, and due diligence for Global Insurance.
• Develops and maintains the pricing system and applications related to all subsidiaries.
  
  

Reporting And Analysis

• Provides analysis on business growth, investments, morbidity, mortality, expenses, lapsation, asset defaults and income taxes.
• Proposes compensation distribution channels and appropriate management expense ratios.
• Oversees expense, mortality, profitability, and other experience studies.
• Provides actuarial analysis to support various calculations in relation to sales illustrations, pricing policy administration calculations, interest rate models, etc.
• Partners with Finance to define, develop and maintain financial measurement processes and a comprehensive business model to provide a fair and consistent assessment of financial performance at the division level. This includes evaluating financial results, developing the annual financial plan and monthly financial forecasts for the Global Insurance business.
• Provide financial analysis and support to business line management by providing recommendations on key business drivers including product/service costing and profitability, pricing, process improvement, customer profitability (etc.)
  
  

Strategic And Business Planning

• Researches and uses competitive data to ensure that products are marketable. Possesses a comprehensive understanding of the global insurance market and evaluates how changes in the insurance environment affect clients.
• Provides expertise for financial reporting analysis.
• Works with the leadership team on strategic planning and implementation.
• Responsible for staying current on issues, techniques, and standards of practice in the actuarial profession which impact the company's lines of business.
• Performs insurance benchmarking studies.
• Take initiative on internal projects aimed at enhancing processes, products, or services.
  
  

Regulatory Reporting

• Working with the appointed actuary to prepare actuarial reports and statements to regulatory bodies
• Working with the appointed actuary to perform the annual Dynamic Adequacy Testing for regulated subsidiaries, in compliance with Standards of Practice and in compliance with local regulations.
• Directs day-to-day activities in a manner consistent with the Bank's risk culture and the relevant risk appetite statement and limits. Communicates the Bank's risk culture and risk appetite statement throughout their teams.
• Creates an environment in which their team pursues effective and efficient operations of their respective areas in accordance with Scotiabank's Values, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions and conduct risk.
• Builds a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment and using a coaching mindset and behaviours; communicating vison/values/business strategy; and, managing succession and development planning for the team.
  
  

Education & Experience

• Bachelor's Degree in Actuarial Science, Economics, Math, or an analytically oriented equivalent.
• Completion of a recognized actuarial designation
• 10+ years of global experience
• Excellent interpersonal and communication skills (both oral and written).
• Strategic and analytical thinking skills.
• High accuracy and attention to detail.
• Extensive knowledge of MS Office suite of products.
  
  

Knowledge of Spanish is considered an asset.

Location(s): Dominican Republic : Santo Domingo : Santo Domingo North

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.

Note: All postings in me@Scotiabank will remain live for a minimum of 5 days.Seniority level

• Seniority levelExecutive

Employment type

• Employment typeFull-time

Job function

• Job functionSales and Business Development
• IndustriesBanking

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