Work term responsibilities will vary depending on the department you’re placed; which may include, but not be limited to : Biometric Research :
Assist with developing mortality, morbidity, and lapse assumptions for Life and Living Benefits insurance products;
Conduct and review company and industry experience studies;
Develop actuarial insights from analyzing large Canadian and US datasets;
Support Pricing and Valuation on pricing quotes and assumption review / analysis;
Prepare presentations and other material to communicate results internally or externally.
Individual Reinsurance Pricing :
Evaluate and communicate profitability for pricing reports, reinsurance proposals;
Model and make recommendations for client requests and special quotes;
Assess profitability impact on new business portfolio from changes in assumptions and methodologies;
Help ensure treaties and amendments are drafted and signed in a timely manner;
Provide actuarial support to internal departments (claims, underwriting, admin, etc).
Group Reinsurance Pricing :
Assist in the completion of experience studies to determine best estimate pricing assumptions;
Prepare and utilize financial analysis models for use in finalizing quarterly Group results;
Gain hand-on exposure into leading-edge Group insurance market research and financial reinsurance product development initiatives;
Assess the resulting impact of regulatory and internal reporting changes affecting both Munich Re and our clients;
Active involvement in preparing quotation proposals for large and mid-size group insurance organizations through model construction and design (mainly Excel-based).
Corporate Actuarial :
Assist in quarter-end financial reporting, which includes conducting reserve movements and analyzing profitability across all Canadian lines of business;
Prepare results across multiple different bases including Canadian GAAP, Solvency II, USGAAP and local capital requirements (LICAT);
Support in the review and analysis of actuarial assumptions, such as mortality, lapse and morbidity;
Contribute to special projects such as IFRS 17 and revamping AXIS models and processes;
Gain exposure to software, such as AXIS, SQL and Power BI.
North American Model Development Team :
Contribute to the NAV (North American Valuation) project which includes review and consolidation of current valuation Axis models spanning all lines of business across Canada and US.
Propose and implement model enhancements, ensure model design is efficient, consistent and easy to update.
Quantify and explain impacts of model changes, new Axis functionality and new data under multiple reserving bases, as applicable (SII, USGAAP, US Stat, CGAAP)
Implement new business treaties in valuation models and explain any change in results relative to Pricing modelling.
Support ancillary tasks creation of documentation, ad-hoc requests and investigations.
Global Actuarial Consulting Group (GACG) :
Assist in the development of implementation tools used by MR offices around the world (e.g.IFRS17 Transition Calculators).
Build actuarial models for unique, region-specific reinsurance structures for internal global clients (includes both valuation and pricing models for new quotes).
Review regional actuarial models for governance and process improvements.
Support experience studies and development of actuarial assumptions for new quotes.
Provide stewardship services globally related to MR’s actuarial modelling and experience analysis software.
Qualifications We’re looking for well-rounded individuals who are technically astute, have strong communication skills, and demonstrate the ability to build positive relationships with internal clients.
We’re seeking energetic and collaborative professionals who are excited to join our winning team and show promise of becoming a future leader in the reinsurance space.
Specifically, we’re looking for the following qualifications :
Currently pursuing an undergraduate degree in Actuarial Science, Math, or Statistics, Risk Management, or equivalent program in healthy academic standing;
Successful completion of one SOA exam (with two or more preferred);
Excellent communication skills spoken & written, formal / informal presentation;
Demonstrated ability to create and manage positive professional relationships with good client service acumen;
Proven capability to multi-task and successfully self-manage multiple priorities and projects of various significance;
Exhibits solid organizational skills and rigorous attention to detail / accuracy in a fast-paced environment;
Demonstrates leadership qualities clear-thinking, curiosity, integrity, and drive;
Proficient in Microsoft Excel, Access, and Word;
Exposure to AXIS is considered an asset;
Preference for candidates who have relevant work experience, having already completed at least one placement (or approx.
4+ months co-op / intern experience).
Note that this opportunity is open to both current students who are returning to in-class studies upon the completion of the work term, as well as recent graduates who have obtained their degree within the past year.
For candidates who are participating in a formal internship program with their school, it’s recommended that you adhere to additional application instructions per the guidelines of your program further to applying on the Munich Re site.