Director, Actuarial Services

THE ORGANIZATION

The Financial Services Regulatory Authority of Ontario (FSRA) is a dynamic, independent board-governed financial services and pension regulator dedicated to serving the public interest, fostering strong, sustainable, competitive and innovative financial services sectors and strengthening non-securities consumer, member and pension plan beneficiary protections in Ontario. FSRA will regulate property and casualty insurance; life and health insurance (including auto insurance rates); credit unions and caisses populaires; loan and trust companies; mortgage brokers; health service providers (related to auto insurance); financial planners/advisors, and pension plans We are building an agile, forward-thinking and collaborative culture, and FSRA is committed to encouraging innovation and competition, and promoting market integrity and stability. This is an exciting opportunity to help shape the regulator of the future.

THE OPPORTUNITY

Accountable for providing leadership in the delivery of actuarial programs, services or initiatives in support overall Auto/Insurance Products strategies.

KEY RESPONSIBILITIES

• Oversees the development and implementation of actuarial programs/services/initiatives, including strategies, plans, methods, tools, and processes to meet the overall strategic plans and priorities ofAuto/Insurance Products (e.g., actuarial review process for rate filing applications and related requirements, review/assessment of predictive models, etc.).
• As a member of the FSRA leadership team, contributes to the FSRA strategy and development of tactics; and provides leadership in executing programs, services or initiatives to deliver on the strategy.
• Plans and manages the delivery of actuarial programs/services/initiatives, ensuring consistency with overall Auto/Insurance Products performance measures, standards, and best practices and integration with overall FSRA directions.
• Leads the identification, development, and execution of data requirements of auto insurance rate filing for actuarial review and automobile insurance statistical plans in support of the regulation of auto insurance and other insurance products while ensuring actuarial rate review systems, procedures, and standards are consistent with actuarial standards.
• Accountable for identifying and driving government-led auto insurance product reforms.
• Leads and facilitates strategic, constructive conversations with industry stakeholders, including senior actuarial expertise and senior management teams of property insurance companies, on the interpretation of FSRA guidance. Sets expectations and outlines requirements to guide insurers in continuously achieving fair consumer outcomes from a quantitative perspective, building and maintaining trusted relationships.
• Designs, develops, and leads industry working groups in the delivery of FSRA working products such as annual review guidance, benchmark development, reform costing analysis, and fairness assessments.
• Provides actuarial expertise and advice to FSRA management and staff in response to issues and risks to achieving FSRA mandate, providing evidence-based recommendations for change.
• Manages the section and its staff to support an environment and culture of service excellence which respects diversity, encourages all employees to work together to achieve results and contribute to a healthy, rewarding and productive working environment where personal and team accountability are key to meeting the mandate of FRSA.
• Accountable for building a strong team including hiring, orienting and training staff, determination of performance standards and conduct of performance reviews, and managing employee relations matters.
• Accountable for the management of the section budget including the budget for external consultants and consulting contracts.
• Works with the Chief Actuary, Auto Insurance Operational Risk Supervision in developing overall Actuarial Services operational plans and the development and reporting on performance metrics, program effectiveness, risks and impacts related to Auto/Insurance Products and overall FSRA matters.
• Champions and leads critical change and a new collaborative, forward thinking culture within Actuarial Services, and works with others to achieve this across Auto/Insurance Products.
• Promotes and drives innovation and continuous improvement throughout Actuarial Services and across FSRA related to actuarial programs, services and initiatives.
• Leads and/or participates on projects within Auto/Insurance Products to represent Actuarial Services interests in program/service/initiative decision making.
• Works in collaboration with colleagues on department priorities for FSRA.
• Acts on behalf of the Chief Actuary, Auto Insurance Operational Risk Supervision.

PROFESSIONAL QUALIFICATIONS & EXPERIENCE

Education and Experience

• Degree in actuarial science.
• Fellow of the Casualty Actuarial Society (FCAS) and Fellow of the Canadian Institute of Actuaries (FCIA).
• 8 – 10 years’ experience in planning and managing the delivery of actuarial programs, services, initiatives in a large organization, including significant experience in auto insurance pricing or related areas.
• Auto Insurance Pricing experience is strongly preferred.

Knowledge and Skills

• In-depth knowledge of actuarial principles, standards, ratemaking, reserving methodologies, and automobile insurance governance.
• Expertise in actuarial and statistical principles and methods, particularly related to auto and property casualty insurance products.
• Ability to apply mathematical concepts, traditional actuarial models of frequency and severity, standard statistical methods, modeling and simulation techniques, trend, indexing, and financial analysis.
• Strong problem-solving skills, to be able to manage complex situations with multiple layers and resolve to solution anticipating needs now and into the future.
• Leadership skills to directly supervise all leadership positions and establish individual goals as well as build and lead high-performing teams, ensuring that all team members are aligned and collaborating to achieve organizational results.
• Excellent business acumen and interpersonal skills as well as the ability to work across the auto insurance sector at executive levels to influence and effect change to achieve common goals.
• Strong communication skills, with the ability to articulate complex concepts clearly and professionally in both verbal and written forms.

About LHH Knightsbridge –

LHH helps organizations simplify the complexity associated with transforming their leadership and workforce so they can accelerate results, with less risk.

As global leaders in Talent and Leadership Development, Career Solutions and Executive, Interim and Mid-Level Search, we assist organizations in finding new talent, and helping their employees navigate change, become better leaders, develop better careers, and transition into new jobs. We have the local expertise, global infrastructure, and industry leading technology and analytics required to simplify the complexity associated with executing critical talent and workforce initiatives, reducing brand and operational risk. Teams across Canada and around the world leverage our proven programs and global experience to deliver tailored solutions to clients that align talent with the needs of their business.

Established in 1967, we have been providing outplacement services for 52 years. LHH is a wholly owned subsidiary of Adecco, SA, a publicly held Fortune Global 500 firm and the world’s leading provider of HR solutions, with approximately 32,000 FTE employees and 5,100 branches in over 66 countries and territories around the world. LHH has more than 4,000 employees around the globe including 2,200+ certified Career Coaches.

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