Published: Nov 8, 2024 – The Actuarial Manager oversees relationships with fund managers, evaluates fund performance, and collaborates closely with investment leaders to optimize member value. This role ensures accurate management reporting, engages with third-party providers and board committees and maintains compliance with internal and external regulations. Additionally, the manager leads risk mitigation efforts, manages risk-based fund reviews, and implements cross-training programs to address key man risks.
An Introduction to Professional Skills and Functions for Actuarial Manager with a Cover Letter
1. Operational Insights for Actuarial Manager Cover Letter
- Quarterly and year-end reserve reviews and valuations using appropriate actuarial methods, including ultimate loss ratio, and run-off triangle techniques.
- Perform necessary reconciliation checks, and report justification of reserving methodology, assumptions, and results to the relevant departments.
- Document rating and underwriting requirements for the underwriting scheme built in the Policy Administration System.
- Develop test plans for the initial underwriting build and subsequent monthly rating changes.
- Create models for portfolio analysis and monitoring, to deliver insight into key drivers of business performance.
- Review technical elements of Management Accounts and review technical assumptions for business planning.
- Design and maintain reports that provide useful claims and underwriting information (e.g. Claims Triangulation Reports) for management and other relevant departments.
- Allocation and scheduling of work and coaching of Actuarial Analysts, to ensure team objectives are achieved and disruptions caused by leave and training are minimized.
- Ensure team members who perform regulated activities have obtained the relevant licenses and fulfilled the licensing requirements
- Contribute to the development of the actuarial team by providing guidance and thorough review of work products.
- Models behaviors that support continuous learning and development.
Skills: Actuarial Valuation, Risk Assessment, Data Analysis, Report Design and Maintenance, Portfolio Monitoring, Team Leadership, Regulatory Compliance, Continuous Improvement
2. Distinguishing Features for Actuarial Manager Cover Letter
- Perform regular actuarial valuation and financial reporting for general insurance business
- Handle actuarial works in pricing, development of pricing models, review of pricing basis for new products, and product revisions
- Conduct experience studies and profitability studies of Medical and GI business
- Conduct reinsurance arrangement review
- Assist in the production of ORSA report, implementation of the Risk-Based Capital regime and IFRS17.
- Deliver consulting services and manage client engagements including loss modeling, risk quantification, and restructuring financing.
- Providing market insights to clients
- Develop new products and present to clients using prototyping and agile methodologies
- Improve market share and efficiency by utilizing data technology and insights to transform the business.
- Support internal and external audit reviews and address any key findings
- Provide leadership to an actuarial student, while fostering a culture of strong performance and developing the student’s actuarial capabilities
Skills: Actuarial Valuation, Pricing Model Development, Experience and Profitability Studies, Reinsurance Analysis, Risk Management, Client Engagement, Product Development, Leadership and Mentoring
3. Value Proposition for Actuarial Manager Cover Letter
- Oversee key fund manager relationships, working with fund managers to understand strategies and assess fund performance.
- Work closely with the Investment Key Function Holder to make investment recommendations and decisions, to enhance overall member value.
- Prepare accurate and comprehensive management information
- Liaise with 3rd party providers both on a day-to-day processing basis as well as in more formal settings such as Client Service meetings.
- Liaise with and report to the Investment Committee of the Board.
- Manage the BAU oversight of unit-linked funds and reporting on key activity in this area to the Unit-Linked Funds Committee.
- Oversight of box management process and risk-based fund reviews.
- Demonstrate a strong understanding of the risks to clients within their operation and how these will be mitigated
- Provide strong leadership on compliance with relevant internal and external rules, regulations, and procedures that apply to the conduct of the business.
- Liaise with, challenge, and understand both internal and external Audit requirements
- Build action plans to reduce key man risk, through targeted upskilling and cross-training programs.
Skills: Fund Analysis, Investment Strategy, Management Reporting, Client Liaison, Risk Management, Compliance Oversight, Audit Coordination, Team Development
4. Operational Strategy for Actuarial Manager Cover Letter
- Lead the team in completing quarterly reserve valuation and explaining quarterly variances from expected reserve movement on the Canadian IFRS basis
- Present results of quarterly CIFRS reserve reporting on a traditional life reinsurance block
- Provide support to other quarterly processes within the Reinsurance Financial Management team
- Making recommendations to improve the efficiency of the existing processes
- Develop a solid understanding of the IFRS 17 standard and support IFRS 17 initiatives, including enhancing and re-designing existing IFRS 4 processes
- Coach, provide mentorship and training to actuarial students as well as provide direction to co-op students
- Work on individual projects and interact with other teams such as the Pricing, Valuation, Data Management, and Treaty teams
- Manage end-to-end reserving processes for long-tail or short-tail products
- Be responsible for developing, guiding, and managing analysts
- Be part of cutting-edge reserving transformation that focuses on efficiency, automation, analytics, and insights
- Work closely with other analytical professionals in Data & Analytics and wider finance teams
Skills: Reserve Valuation, IFRS Reporting, Process Improvement, IFRS 17 Expertise, Mentorship and Coaching, Cross-Team Collaboration, Reserving Management, Data Analytics
5. Engagement Strategies for Actuarial Manager Cover Letter
- Lead development and implementation of assumption changes using sound actuarial principles
- Explain, analyze, and provide additional insights into the basis change results of the Par block.
- Manage the annual Basis Change process for Par Valuation on both the current and the new accounting bases
- Maintain basic change planning documents for Par and lead regular planning meetings
- Work closely with the Dividend Scale area, review and recommend assumption changes based on recent internal and external experience studies, ensuring consistency with CIA Standards of Practice
- Review liability impacts from basis change runs and investigate unusual results
- Present Par Basis Change recommendations and results to Senior Management
- Complete annual Basis Change Validations and Appointed Actuary Reports for Par
- Push forward the Par IFRS 17 implementation and build strong foundational processes for Par financial reporting going forward, while expanding senior management’s understanding of IFRS 17 results
- Support and provide key knowledge in other par projects, typically in collaboration with a diverse group of teams such as the Dividend Scale, ALM, Par In-Force Management, Earnings, Internal Audit, and Client Services areas
- Monthly and quarterly reporting responsibilities such as reviewing reserve movements and determining changes in manual adjustments
Skills: Assumption Development, Basis Change Management, Actuarial Analysis, Financial Reporting, Stakeholder Communication, IFRS 17 Implementation, Collaborative Project Support, Reserve Reporting
What Are the Qualifications and Requirements for Actuarial Manager in a Cover Letter?
1. Key Achievements for Actuarial Manager Cover Letter
- Knowledge of Medicare bid processes and regulations.
- Knowledge of premium rate development methodologies and techniques in the health insurance setting.
- Experience in the development of statistical and financial models for pricing and risk management.
- Excellent analytical and problem-solving skills.
- Strong organizational skills are needed to handle multiple tasks within time constraints.
- Ability to communicate effectively, orally and in writing, with all levels within the Company, community, regulatory agencies, customers, and contracting agents.
- Ability to develop and maintain effective working relationships within and outside of the organization.
- Strong PC skills with advanced skills in the Microsoft Office Product Suite (Excel, Word, PowerPoint, Access).
- Knowledge of State statutes and regulations.
- Must be highly motivated, possessing integrity and professionalism.
Qualifications: BA in Actuarial Science with 6 years of Experience
2. Industry Knowledge for Actuarial Manager Cover Letter
- Good progress in Actuarial professional examination in Actuarial professional examination
- Good communication, presentation, and basic project management skills.
- Knowledge of insurance products and corporate actuarial work.
- Experience and knowledge in IFRS/USGAAP, embedded value, HKIO basis, and economic capital
- Managerial working experience
- Proficiency in MS Office (e.g. VBA) and Actuarial Software, e.g. Prophet
- Strong client relationship, interpersonal, and team skills
- Flexibility and proven ability to diagnose and resolve issues
- Strong communication skills, both verbal and written.
- Experience working in IFRS17
- Successful completion of 2-4 SOA examinations
Qualifications: BA in Mathematics with 7 years of Experience
3. Experience and Qualifications for Actuarial Manager Cover Letter
- Prior experience in Actuarial services
- Proficient in the use of Microsoft Office Suite, specifically Excel and Word
- Advanced skills in Excel including macros, pivot tables, database, and time value functions
- High proficiency in English, both verbal and written (including technical writing skills)
- Excellent oral and written communication skills, specifically tax technical writing skills
- Solid organizational skills and ability to meet project deadlines with a focus on details
- Proven ability to work in a deadline-driven environment and handle multiple projects simultaneously
- Capable of building and maintaining strong relationships with client personnel
- Ability to successfully interact with professionals at all levels
- Capable of effectively completing interpretations of legal documents
Qualifications: BA in Business Administration with 5 years of Experience
4. Technical Expertise for Actuarial Manager Cover Letter
- Experience in an actuarial role at an insurance company, consulting firm, or financial services organization
- Strong technical skills, preferably in at least one of Microsoft Excel with VBA, SQL, or R
- Expertise in actuarial software (Risk Agility, Moses, Prophet)
- Motivated, independent learner willing to share their knowledge with others
- Understanding of local regulations (in the Czech Republic)
- Ability to work collaboratively as part of a local team and within teams across multiple offices
- Ability to direct work involving technical issues and requiring problem-solving skills
- Ability to effectively assist junior colleagues
- Ability to explain the big picture as to why an assignment needs to be performed, how it fits into the final objective, and ensure that tasks performed are directly linked to client objectives
- Ability to balance supporting and leading multiple projects with multiple clients, including timely communication of project and deliverable status
- Flexibility to put in extra effort to meet client deadlines when necessary
Qualifications: BA in Statistics with 8 years of Experience
5. Problem-solving Abilities for Actuarial Manager Cover Letter
- A Fellow of the Institute of Actuaries of Australia or equivalent
- General insurance working experience
- Working knowledge of typical actuarial reserving software
- Proficiency in reserving software
- Professional behavior with a high level of integrity
- Knowledge of SQL, SAS, and VBA
- Proficiency in actuarial concepts/methodologies and ability to educate non-technical managers on technical areas that enhance their decision-making ability
- Ability to manage multiple tasks simultaneously, meet tight deadlines, and prioritize own work
- Effective project and time management and strong communication skills, with the ability to forge relationships with other areas of the business
- Strong analytical and problem-solving skills
Qualifications: BA in Applied Mathematics with 6 years of Experience