Director, Actuarial Services & Chief Actuary

Job summary

Lead Actuarial Services and serve as the Association’s Appointed Actuary, overseeing liability valuations, predictive models, fee setting, funding assessments, forecasting, and asset-liability analysis. Advise senior leadership and Council, maintain actuarial controls and reporting, support financial and investment planning, and lead and develop the actuarial team.

Job details

AG Executive Search has been retained by the Canadian Medical Protective Association (CMPA) to recruit its next Chief Actuary. The role can be based in Ottawa or held remotely within Ontario or Quebec. About the Client: As an integral part of the multifaceted Canadian healthcare system, CMPA supports physicians, patients, and the healthcare system in numerous ways. The CMPA assists physicians with medico-legal issues, enhances patient safety, and compensates patients harmed by negligent care (fault in Québec). Position overview: The Financial Services group supports the CMPA’s mission and goals by safeguarding the Association’s assets and by ensuring the proper valuation of the Association’s liabilities. Safeguarding the Association’s assets is accomplished through accurate and timely recording and stewardship of financial transactions. Proper valuation of the Association’s liabilities is accomplished through detailed actuarial work following the Standards of Practice set by the Canadian Institute of Actuaries. The Actuarial Services department is primarily responsible for the CMPA’s liability valuation and protection fee projection. The team develops proprietary applications and data structures, builds actuarial models and processes, supports financial auditing, and provides insight for the Association’s funding and liability management. The Chief Actuary serves as the Association’s Appointed Actuary and leads the design, planning, implementation, and reporting of predictive models that support fee setting, funding assessments, trend forecasting, and asset-liability analysis. This role includes completing the valuation of actuarial liabilities in accordance with Canadian Institute of Actuaries standards, and in support of the Association’s financial statements. As the primary actuarial liaison, the Chief Actuary engages with external peer reviewers and auditors, integrating their input as appropriate. The incumbent advises senior management and Council on actuarial matters including liability valuations, fees, funding, and trends, and represents the Association in stakeholder discussions on these topics. The Chief Actuary ensures robust internal controls related to actuarial valuations and applies mathematical, statistical, and actuarial models to analyze demographic, clinical, financial, and economic data to predict and assess patient, member, and CMPA risks associated with the conduct of the physician. Additionally, the Chief Actuary supports the Finance and Investment departments in forecasting cash flows and expenditure trends and contributes to asset-liability modelling to inform Investment Committee asset mix decisions. Responsibilities: Strategic and Operational Planning · Consults with the CFO to discuss and explore new initiatives, programs, and improvements at the department, group, or organizational level · Establishes multi-year operational plans and budgets for the department based on the CMPA’s strategic plan, Executive Leadership Team (ELT) directives, and corporate objectives · Prepares, monitors, and reports on department’s operational plans and budgets · Ensures the departmental plan, budget, and people resources and operating activities are conducted in accordance with CMPA policies and procedures · Supports corporate reporting requirements · Works closely with other department leadership and executive leadership to support CMPA strategic priorities and to address priority risks · Proposes long and short-term strategies for Actuarial Services in support of the Association’s current and future needs · Responsible for developing and maintaining a technology roadmap to oversee the systems used by the team · Responsible for the design, implementation, and maintenance of internal control systems related to the work of Actuarial Services Performance Metrics · Oversees and coordinates the development of integrated actuarial performance metrics that measure members’ professional liability and CMPA’s exposure · Provides information and reports to senior management on result/performance and issues or initiatives impacting the Association · Examines current actuarial practices and recommends improvements in services and methodologies Advice, Expertise and Recommendations · Provides expert advice and consultation to ELT and Council in order to coordinate, prioritize, and support CMPA operations including operational planning and reporting, and the consideration and resolution of resource allocation issues · Communicates with other business areas regarding issues of organizational importance in order to facilitate the understanding and work of all employees; acts as a champion of corporate priorities and change within the Actuarial Services department and throughout the CMPA · Brings financial matters which may affect the Association to the attention of the CEO, CFO, and ELT and works with the CFO to communicate these issues to Council · Establishes external business partnerships and represents the CMPA externally with integrity, resolve, and professionalism · Maintains knowledge of current medico-legal environment Actuarial Assessment and Financial Management Support · Lead the team in the completion of the valuation of actuarial liabilities, in conformance with the standards of the Canadian Institute of Actuaries and in support of the financial statements · Responsible for the design, implementation and maintenance of internal control systems related to the estimation of actuarial liabilities · Liaises, co-ordinates, and negotiates, with the appointed external actuarial reviewer · Responsible for the design, planning, implementation and reporting of the predictive models that form the foundation of the Association’s fee setting, funding assessment, trend forecasting, and asset-liability analysis. · Provides information in connection with the determination of the annual fee setting, including the aggregate and type of work fee requirements · Responsible for the completion of the annual Scenario and Stress Testing report and supports discussions on CMPA funding levels · Responsible for the quality and production of actuarial data · Provides support to the insurance program · Performs asset/liability management strategies for minimizing interest rate risk. · Provides business expertise in the areas of simulation, modelling, and forecasting in actuarial processes and risk assessment People Leadership · Develops and maintains an effective organizational structure · Effectively guides work (i.e., ensuring the team’s work aligns with the vision and values, removing obstacles that interfere with the team’s ability to achieve their goals and defining Actuarial Services objectives) · Leading/coaching the people leaders and team, (i.e., assisting with career development, coaching to advance skills, motivating employees to do their best work, promoting collaboration, creating an environment that values open communication, trust, experimentation, etc.) · Ensures employees have the skills and competencies they need now and in the future by helping team members allocate time for learning and leadership opportunities · Provides leadership and guidance to a team of direct reports and provides regular feedback, coaching and mentoring, including the annual performance appraisal · Creates a culture of accountability and empowerment; encourages continuous learning and development · Promotes a work environment that fosters teamwork, collaboration, respect and inclusion within the department and throughout the Association Requirements: Education · Minimum Bachelor’s Degree in Actuarial Sciences; a comparable field of study may be considered · Successful completion of FCIA (Fellow of the Canadian Institute of Actuaries) and FCAS (Fellow of the Casualty Actuarial Society), designations is required Experience/Skills · Minimum of 15 years of progressive work experience in the actuarial field, preferably with 5 years as an Appointed Actuary · Minimum of 5 years of experience leading and managing a team of actuarial professionals · Advanced Property & Casualty experience in financial reporting, reserving and ratemaking is required. · Demonstrated expertise in delivering strategic guidance and consultation across all organizational levels · Ability to identify inefficiencies in existing practices and develop/implement ways to improve upon those practices or processes · Ability to organize and deliver informative, thorough, and professional presentations to all audiences · Ability to present actuarial information and concepts to a non-technical audience · Experience with financial planning and budgeting · Experience with strategic planning and operational planning · Knowledge of the medical defence industry is an asset Qualified candidates are invited to send a resume, in confidence, to info@agexecutivesearch.ca. We are also glad to have a confidential conversation with anyone who would like to learn more about the role before applying, and we welcome referrals of colleagues who may be a fit.

What you’ll do

Lead Actuarial Services and serve as the Association’s Appointed Actuary, overseeing liability valuations, predictive models, fee setting, funding assessments, forecasting, and asset-liability analysis. Advise senior leadership and Council, maintain actuarial controls and reporting, support financial and investment planning, and lead and develop the actuarial team.

Requirements

Requires a bachelor’s degree in actuarial sciences or a comparable field, FCIA and FCAS designations, at least 15 years of progressive actuarial experience, and at least five years leading actuarial professionals. Candidates must have advanced property and casualty experience in financial reporting, reserving, and ratemaking, along with strategic, operational, budgeting, communication, and leadership capabilities.

Listed skills

• Financial Reporting · Preferred
• Team Leadership · Preferred

Other relevant skills

Identified from the job description. Confirm important requirements above.

• Actuarial Valuation
• Property And Casualty Insurance
• Financial Reporting
• Reserving
• Ratemaking
• Predictive Modeling
• Fee Setting
• Funding Assessment
• Trend Forecasting
• Asset-Liability Modeling
• Scenario And Stress Testing
• Risk Assessment
• Financial Planning And Budgeting
• Strategic Planning
• Operational Planning
• Team Leadership

Job areas

• Finance & Accounting
• Management & Leadership
• Data & Analytics
• Healthcare