Actuary and Underwriting Lead at Volkswagen Group in Pickering, ON, CA, L1V 0C4

Job description

• The Actuary & Underwriting Lead plays a pivotal role in shaping the insurance portfolio through expert risk assessment, pricing strategy, and financial modeling. This position blends deep actuarial knowledge with hands-on underwriting leadership to ensure sound decision-making and profitability across insurance products. This role requires a strategic thinker with strong analytical skills, deep insurance knowledge, and the ability to lead cross-functional teams in a dynamic environment.

Responsibilities

• Understand and provide effective challenge on Pricing and Reserve calculation for Auto Insurance products
• Collaborate with Risk Management, Accounting, and senior management in establishing adequate loss provisions for Insurance products
• Engage with CFO, VP of Finance, Chief Risk Officer, Accounting, Risk Management, Brand executives and external auditors to gain acceptance on the loss and reserve forecasts. Provide technical and operational support to auditors to ensure successful audit close
• Lead enhancements and automation of data structure, integrity, validation, and reporting.
• Extract and analyze data from data warehouse to enhance underwriting, pricing, reserves, and prediction of future issues and trends.
• Provide all actuarial inputs for actual and forecast income recognition.
• Update and report on actual experience compared to forecast and pricing. Recommend and drive actions to drive on-target results.
• Support IFRS 17 reporting and analysis.
• Develop and implement underwriting guidelines and procedures to ensure consistency and compliance.
• Collaborate with Front-End Staff, Accounting, Sales, and others to influence acceptability criteria and product structure.
• Ensure regulatory compliance with insurance laws and internal standards.
• Lead and mentor analysts, providing training and performance feedback.
• Set strategic direction for underwriting and risk management aligned with company goals.
• Implement process improvements to enhance efficiency, accuracy, and turnaround times.
• Participate in cross-functional initiatives, including sales, claims, and compliance.

Requirements

• Qualification requirements
• Education
• Bachelor’s Degree in a quantitative discipline: Statistics, Mathematics, Economics, Operations Research
• Experience
• 10+ years minimum with strong background in actuarial science.
• At least 5 years working as an actuary in an actuarial role in the Insurance industry.
• Skills
• Lead and direct the work of others.
• Ability to conduct large scale projects and research through all stages: concept formulation, definition of metrics, determination of appropriate methodology, research evaluation and final research report
• Specialized ability to communicate highly technical subjects to the senior executives and others who have limited background in mathematics or statistics
• Support a robust pricing and/or reserving review process for insurance business, including both standard actuarial techniques and advanced modeling
• 3 years working in Auto Insurance Industry with automobile property and/or breakdown exposures.
• Ability to build models using open-source software (e.g. R, Python), experience in distributed statistical computing preferred
• Personal or commercial auto insurance experience
• Excellent Excel skills and strong with SQL
• Experience mentoring and/or directing junior team members.
• Proficiency in data analysis tools, underwriting software, and statistical packages.
• Develop indications and communicate them to Actuarial Management and Senior Leadership
• Work collaboratively as a part of the broader Pricing and/or Reserving process
• Develop and communicate business analytics to Senior Leadership
• Foster innovation within the team and across the broader organization
• Support development of themselves and other associates in an actuarial capacity and according to VCI vision and mission statement

Skills

Required

• Lead and direct the work of others.

Benefits

• All applications are thoroughly reviewed by our recruitment team, and no artificial intelligence or automated technologies are utilized in the screening process.
• Health Insurance Coverage: We provide comprehensive insurance coverage, including health, dental, and vision plans, to ensure our employees and their families are well-protected and have access to quality healthcare services.
• We offer a flex health benefit program, including health, dental, and vision plans, to ensure our employees and their families are well-protected and have access to quality healthcare services that fits their needs.
• Retirement Plans & Savings: Planning for the future is important, which is why we offer competitive defined contribution retirement plan at no cost to the employee to help our employees save for their long-term financial goals. In addition, we have a generous savings matching program.
• Compensation: We believe in recognizing individual contributions and sharing company performance. Our Bonus & Merit Program reinforces a reward and a pay-for-performance culture.”
• Vehicle Leasing Program: Our Vehicle Leasing Program offers employees the convenience and cost savings of leasing company vehicles at discounted rates. Employees and eligible family members can lease up to four vehicles per year.
• Work Environment: Our workplace sets the standard with its state-of-the-art facility, designed to inspire creativity and productivity. We believe in fostering an environment where our employees feel empowered to do their best work, and our flexible hybrid policy reflects our commitment to accommodating diverse work styles and needs.
• Floaters Days: We understand the importance of work-life balance, which is why we offer floaters days that can be used at your discretion for personal reasons or to recharge. We've included these days to be inclusive of holidays or celebrations that are that are important to employees. This allows you to commemorate whatever might be important to you.
• Company Designated Holidays: In addition to offering floaters days, we also recognize the importance of celebrating the holiday season with our team. That's why we designate specific company holidays during the December holiday period, ensuring our employees can enjoy this festive time. *Schedules may vary depending on the specific needs of certain parts of our business.
• Wellness Programs: We care about the holistic well-being of our employees, which is why we offer various wellness programs designed to promote physical, mental, and emotional health. These may include discounted gym memberships, mental health resources, and more.
• Tuition Reimbursement: We offer this program as part of our commitment to employee development. This benefit supports continued education by covering approved course expenses, fostering both professional growth and long-term career advancement.
• Salary range is dependent on factors such as industry-based experience, skills, training, credentials, and other qualifications.
• The salary range for this role is $100,000 - $138,000. Actual pay may vary based on experience, education, and internal compensation practices.