VP Actuarial Innovation at Manulife setting bold goals for global actuarial transformation. Leading AI integration and resource planning to enhance operational efficiencies.
About the role
- Underwriting & Actuarial Manager at Volkswagen Financial Services shaping the insurance portfolio through risk assessment and pricing strategy. Leading a team to ensure profitability across insurance products.
Responsibilities
- Evaluate complex insurance applications to determine risk levels and coverage eligibility
- Develop and implement underwriting guidelines and procedures to ensure consistency and compliance
- Review and approve high-value or non-standard policies, often requiring nuanced judgment and negotiation
- Collaborate with brokers, agents, and clients to clarify application details and negotiate terms
- Ensure regulatory compliance with insurance laws and internal standards
- Support the implementation of IFRS 17 for the insurance products
- Understand and provide effective challenge on Pricing and Reserve calculation for Auto Insurance products
- Collaborate with the Risk Management Planning and Reporting Group, Accounting and senior management in establishing adequate loss provisions for Insurance products
- Engage with CFO, VP of Finance and 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
- Be able to extract data from data warehouse for Insurance products and perform analysis on upcoming issues/trends
- Providing all actuarial inputs for income recognition for actual and forecast models
- Regular updates on Loss curves vs. priced
- Perform comparison of actual to priced loss ratios
- Lead and mentor a team of underwriters and 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
- Bachelor’s Degree in a quantitative discipline: Statistics, Mathematics, Economics, Operations Research
- Master’s Degree in related field (Preferred)
- Professional certifications such as CPCU, FCAS, or ASA
- 10+ years minimum, Strong background in insurance underwriting and actuarial science preferred
- At least 5 years working as an actuary in the Insurance industry and having an ACAS designation
- 3 years working in Auto Insurance Industry with knowledge of Auto Insurance products (Desired)
- 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 senior executives and others who have limited background in mathematics or statistics
- Analytical and conceptual thinking – ability to understand business problems and develop data-driven solutions
- Support a robust pricing and/or reserving review process for insurance business, including both standard actuarial techniques and advanced modeling
- 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
- 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.
Benefits
- Volkswagen Financial Services is committed to diversity and inclusion in the workplace.
Job title
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Degree requirement
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