Director & Actuary, North American Model Development (Valuation)

Position Overview

The Corporate Actuarial team is looking for a Director, North American Model Development (Valuation) for their Toronto office.

You will develop and use leading edge actuarial models and analytics for the analysis and reporting of Life & Health Reinsurance business within a collaborative and inventive team. This role spans all major lines of business—Individual Life, Disability Income, Critical Illness, Long Term Care, and Group—and involves modeling a large, diverse, and growing portfolio. You will have accountability and exposure across a broad range of functions, deepening your technical expertise in both reporting and model optimization, while working closely with actuarial and non actuarial teams including Pricing, Global Actuarial Consulting Group, Biometric Research, Enterprise Risk Management, Reinsurance Operations, and Business Transformation.

You demonstrate a consistent need for achievement, a strong work ethic and a drive to make a difference. You are also an excellent communicator and thrive working in a high-performing and client focused environment with a desire to make an impact. You have the ability to learn quickly, synthesize and implement solutions, and explain technically challenging concepts to other actuarial teams and senior management. If this sounds like a challenge, this is the right role for you.

Your Role:

Under the direction of Head of Model Development, Corporate Actuarial, the successful candidate will lead various model development initiatives within the North American Model Development team, which may include but is not limited to: 

• Lead a team of Actuaries/Associates to enhance and maintain the valuation AXIS models and improve the valuation process as a whole.
• Build relationships with other departments, maintain regular communication, negotiate priorities, identify opportunities for improvement and address issues as they arise.
• Guide team members in the design, implementation, testing, quantification, and understanding of model enhancements required for reporting.
• Quantify and explain impacts of model changes, new AXIS functionality, and new data under multiple reserving bases (IFRS17, SII, Stat).  Present results/recommendations to management.
• Identify inefficiencies in both modeling and processes and recommend improvements to streamline workflow.
• Maintain the North American Valuation modeling standards and adapt to emerging industry best practices in model design, data & assumption management.
• Develop and enforce controls and documentation of models and processes under the risk control framework.
• Contribute to company-wide projects to enhance understanding and produce efficiencies.

Leadership

• Hire, develop and retain a top talent team that is engaged and recognized as experts internally within Munich Re and externally with clients and partners.
• Ensure the team has a clear understanding of departmental goals, and that every employee has challenging personal goals.
• Foster a culture of feedback with feedback given to employees and other Munich Re team members.

Your Profile:  

• University Degree in Actuarial Science, Finance, Statistics, or Mathematics.
• FSA/FCIA designation
• 7+ years of experience in the Life and Health insurance/reinsurance industry.
• Advanced knowledge of AXIS and Datalink, SQL, Excel, Power Query/BI
• Established knowledge of the North American insurance product market
• Strong analytical, problem solving, and financial modeling skills. Comfortable working with complex calculations.
• Strong communication, interpersonal and influencing skills across all levels of the organization.
• Ability to establish and maintain good working relationships with other departments.
• Demonstrated flexibility, effectiveness working under tight timelines, and ability to adapt in a dynamic environment.
• Superior attention to detail and accuracy.
• Project management skills and experience

About Munich Re 

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance.  By turning uncertainty into manageable risk, we enable fundamental change.  We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions.  We dare to think big and are continuously innovating on behalf of our clients.

Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry.  We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.

What Can We Offer You?

We are pleased to offer our employees great benefits and resources to support their mental, physical and financial wellbeing. These include:

• An engaging and collaborative environment that promotes continuous learning and development
• A hybrid work environment that combines weekly in-office and remote days
• A great compensation package including annual company bonus
• Market leading company-paid flexible health and dental benefits, starting on your first day
• Flexible dollars provided by the company to put towards Health Spending Account and/or Wellness Spending Account
• Immediate participation in DC Pension Plan with an automatic employer contribution, plus optional company match
• Generous time off including vacation, personal days, unplanned time, Statutory Holidays and company-wide early closure half-days
• Learning and development programs and resources, including unlimited access to LinkedIn Learning, Education Assistance Program and reimbursement for professional fees
• Maternity, Parental & Adoption Leave top-up program
• Employee Referral Program, Recognition & Rewards Platform

Our base salary range for this role is between $180,416 and $199,407 per year, plus an opportunity for an annual company bonus based upon a percentage of eligible pay. The salary estimate displayed represents the typical salary range for candidates hired in this position. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to internal equity.

This role is located in our Toronto office on 390 Bay St, and we operate in a hybrid work model. This job posting is for an existing vacancy. 

We do not use AI in our recruitment process - applications are reviewed by our team to ensure a fair and personalized experience.

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.

Munich Re is committed to providing a work environment that is inclusive and free of employment barriers and discrimination. Accommodations will be made for qualified applicants with a disability throughout the recruitment process. If you receive a request for an interview and you have a disability which will require an accommodation to support your participation, please contact AODARequestHR@munichre.ca as soon as practical so that suitable accommodations can be arranged.