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About the Role
As an Actuarial Co-op, you'll work alongside experienced professionals, gain exposure to the dynamic world of reinsurance and contribute to solutions that help clients navigate an increasingly complex risk landscape. This is an immersive experience designed to help you bridge the gap between the classroom and the real world of reinsurance.
Responsibilities
- 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
- Evaluate and communicate profitability for pricing reports, reinsurance proposals
- Model (AXIS) and make recommendations for client requests and special quotes
- Assess profitability impact on new business portfolio from changes in assumptions and methodologies
- Present analysis, results and recommendations on client strategies to project leads
- Prepare materials for client presentations and communications regarding reinsurance solutions and industry insights through market research
- Provide actuarial support to internal departments (claims, underwriting, admin, etc)
- Perform pricing analyses and modelling for new business and renewals
- Assist with calculation and reporting of financial results and profitability metrics
- Assess the impact of changes in assumptions and methodologies for various products
- Provide actuarial support for market studies, underwriting, and product development initiatives
- Help ensure treaties and amendments are drafted and signed in a timely manner
- Assist in quarter-end financial reporting including conducting reserve movements and analyzing profitability across all Canadian lines of business
- Prepare results across multiple different bases including IFRS17, Solvency II, 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 revamping processes
- Gain exposure to software, such as AXIS, SQL and Power BI
- Quantify and explain impacts of model changes under multiple reserving bases, as applicable (SII, USGAAP, US Stat, IFRS17)
- Build a model for new business treaties from beginning to end; which includes reading in data, assigning assumptions and explaining the results
- Create new tools to help find key insights into the inforce business
- Support on model related requests from various teams across North America
- Assist in the development of actuarial tools used by Munich Re 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)
- Support experience studies and development of actuarial assumptions for new quotes
- Provide stewardship services globally related to Munich Re’s actuarial modelling and experience analysis software
Requirements
- Currently pursuing an undergraduate degree in Actuarial Science, Mathematics, Statistics, Finance, Risk Management, or equivalent program - in strong academic standing
- Successful completion of at least one actuarial 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 in both individual and team settings
- 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)
- Students are expected to relocate to the city in which they work for the duration of their co-op
- Relocation assistance is available for eligible students relocating from outside the Greater Toronto Area (GTA) or from outside Ontario
Skills
- Actuarial Science
- Mathematics
- Statistics
- Finance
- Risk Management
- Microsoft Excel
- Microsoft Access
- Microsoft Word
- AXIS
- SQL
- Power BI
Location
- Toronto, ON
Work Type
- Hybrid
Experience Level
- Co-op
- Internship
Education Level
- Undergraduate degree
Salary/Compensations
- $950 - $1,450 per week
Benefits
- Relocation assistance
About the Company
- Munich Re is the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe.
- We introduce a paradigm shift in the way you think about insurance.
- By turning uncertainty into manageable risk, we enable fundamental change.
- We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions.
- We dare to think big and are continuously innovating on behalf of our clients.
- Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry.
- We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.
Equal Opportunity
- Munich Re is committed to providing a work environment that is inclusive and free of employment barriers and discrimination.
- Accommodations will be made for qualified applicants with a disability throughout the recruitment process.