CUSTOMER IMPACT STATEMENT

As a member of the actuarial organization supporting Bank of America’s Insurance Services Group, this position will have both pricing and loss forecasting responsibilities to support the international credit insurance/debt cancellation operation of Bank of America’s Financial Protection Services in Canada and the UK. The position will partner with both internal and external stakeholders to ensure proper actuarial support of custom products and rating plans.

PRIMARY DUTIES AND RESPONSIBILITIES

·         Performs all technical analyses – including pricing, risk analysis, and product feature analysis – needed for the insurance line of business and card partners to establish, maintain, and deploy products

·         Provides regular actuarial and financial reports which identify and analyze the key drivers of loss 

·         Analyzes International credit (re)insurance loss experience and projects future loss experience and makes recommendations and changes based on results

·         Develops systems and models used to analyse, monitor, and report on product profitability

·         Provides direction and ongoing oversight for development and maintenance of database used to analyse products

·         Monitors and reports on rates and products of competitors, which could include insurance companies, capital markets, and other financial service companies (e.g., banks). Uses such information to determine the market price of risk

·         Keeps current with economic and industry trends, especially credit card and credit insurance trends within Canada and the UK.  Monitors other markets/products for developmental opportunities.

·         Analyses and communicates the impact that credit (re)insurance has on the profitability and market share of the international credit card business

·         Coordinates and performs routine peer review of analysis, including the assessment of the adequacy of loss reserves

·         Takes on leadership role in his/her work, within team and across the organisation

·         Proactively cultivates relationships and influences the depth of these and company’s top/bottom-line.  Is the actuarial “face” to key stakeholders

·         Communicates effectively so as to foster an informed decision-making process

·         Exercises strong technical proficiency within the multi-functional role.  Consistently demonstrates pricing accuracy and solid judgment in making pricing decisions

QUALIFICATIONS / SKILLS

REQUIRED

·         Proven actuarial experience

·         4 Year college degree (Bachelor or equivalent)

·         Designated member of a professional organization whose purpose is the advancement of the body of knowledge of actuarial science applied to life, property, casualty, or similar risk exposures. (i.e., the Casualty Actuarial Society, the Society of Actuaries, the Faculty of Actuaries, the Institute of Actuaries, etc.)

·         Proficient with Microsoft Excel, PowerPoint and Word

·         Excellent organisational skills, creativity, and initiative

·         Excellent understanding of actuarial ratemaking and reserving concepts

·         Ability to communicate in a direct, succinct manner; strong influencing ability

·         Ability to thrive in fast-paced, action-oriented environment.  Able to operate in an ambiguous environment or an environment where priorities may change quickly.  Drives for results. Personal capacity and bandwidth to deal with multiple, complex priorities

PREFERRED

·         Experience with Reinsurance Agreements and all related contracts

·         Prior experience with Commercial Lines Insurance, Debt Cancellation, Credit Insurance, Annuity, or Economics-Based Derivative products