Job Summary :
As a member of a team provide technical support in the provision of reliable, accurate, comprehensive and timely actuarial services to internal and external clients.
Participate in various actuarial assignments and projects such as analysis of the impact of changes in various strategic factors affecting the workplace safety and insurance system in Ontario and development or revision of actuarial models to perform analyses for use by the Actuarial Management in providing sound actuarial advice to WSIB management and the Ontario Ministry of Labour (MOL).
Major Responsibilities :
Participate as a member of a number of ongoing or special project teams, as assigned by Management of Actuarial Services, functioning in a technical capacity for some assignments or as project co-
ordinator in others. Projects can be divided into three groups : primary, secondary and ad hoc, according to the need for ongoing information and analyses and the time, staff and financial resources allocated to them.
Project responsibilities include assisting in the research of new and adjustment of existing actuarial models (using sound assumptions and valuation methods which adhere to accepted actuarial practices), compiling and validating data, executing model, analyzing and preparing results for assessment by Actuarial Management, Executive Director and Chief Actuary.
Participate in meetings, presentations and information sessions with internal and external clients.
1. The four primary project teams, which are ongoing and permanently staffed, involve work on one or more of the following major actuarial projects :
classification and pricing - use current WSIB rate-setting strategy and assumptions, economic forecasts and other financial information to derive annual premium rates for over 150 rate groups;
monitor the industrial classification scheme for Schedule 1 employers and participate in premium rate consultation with industry groups;
produce Premium Rates Manual which is posted on WSIB website for use by both internal staff and external stakeholders; provide table of premium rates to Operations for billing employers
valuation of liabilities perform valuation of benefit liabilities calculations; prepare various reports detailing benefit liabilities and cash flows;
collect and validate data for reasonableness and completeness and confirm data integrity; perform experience analysis and create / design, revise and review models and assumptions to determine the present value of expected future benefit payments for all incurred injuries on a quarterly basis and at year end for publication in the annual report;
projection of financial position - develop long-term forecasts of revenues and expenditures, assets and liabilities to determine WSIB funding sufficiency;
monitor experience and prepare analyses of results for senior management and MOL use in strategic planning and legislative development;
experience rating - develop and review experience rating models, reserves and other factors to reflect current situation;
forecast rebate / surcharge for ER programs; prepare response to employers' requests or questions about ER programs or account information;
advise industry committees and associations on construction industry experience rating plan (CAD-7) and new experimental experience rating plan (NEER) matters and monitor these programs.
2. Participate in secondary projects :
provide support and participate in claims experience, mortality, termination and occupational disease studies research, create actuarial models and analyze claims experience.
Prepare valuation of liabilities for Schedule 2 employers - Provide claims details files; prepare year-end valuation calculations of liabilities and provide detailed summaries.
work with Internal / External Auditors provide year end valuation results, models and assumptions used in benefit liabilities calculations;
provide support to auditor to complete sign off of the annual audit and assist in all audit requests.
generate net average earnings tables for Operations’ benefit payment system
determine indexation of benefits
analyze claims experience
prepare report to the Association of Workers' Compensation Boards of Canada (AWCBC)
co-ordinate information requests
3.Participate in ad hoc actuarial support projects, as assigned :
Perform funding and costing exercises to convey impacts of potential legislative amendments under the supervision of Actuarial Management for both the Ministry of Labour and Ministry of Finance
Maintain and update WSIB actuarial systems to reflect legislative, policy or operational changes. Liaise with IS staff in developing system and data requirements for changes and / or enhancements for information retrieval and report generation.
Liaise with staff in other WSIB areas such as Financial Reporting, Revenue, Communications, Policy and BTS to obtain accurate and adequate information and facilitate effective interactions on matters requiring actuarial knowledge and expertise.
Liaise with various external agencies including other WSIBs, government agencies (eg. Statistics Canada and Canada Revenue Agency), insurance groups and organizations as well as external stakeholders such as employers and industry associations.
Respond to requests for reports, information or explanations on actuarial matters and obtain data required to conduct actuarial analyses.
Perform other related duties as assigned or required
Job Requirements :
University degree in mathematics or actuarial science or business
3 years of actuarial experience
Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS)
As a precondition of employment, the WSIB will require a prospective candidate to undergo a criminal records name check prior to or at any time following hire.