Vice President & Chief Actuary
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Position Profile Vice President & Chief Actuary REPORTS TO: CHIEF EXECUTIVE OFFICER ORGANIZATION: MANITOBA PUBLIC INSURANCE DATE: JUNE 2021 ABOUT MANITOBA PUBLIC INSURANCE MPI Values: Established in 1971 to address a private system that was considered expensive, • Striving for inadequate and confusing, Manitoba Public Insurance (MPI) provides universal excellence mandatory basic automobile coverage for drivers and private and commercial • Providing value for vehicles as well as optional insurance products. Manitobans MPI has an important financial role in Manitoba. It is accountable for the responsible • Doing what’s right management of billions of dollars of Manitoba’s assets and the administration of • Investing in people over a billion dollars of long-term liabilities. MPI is responsible for the cost-effective operation of the provincial automobile insurance enterprise, ensuring Manitobans MPI By the Numbers continue to benefit from low automobile insurance rates. • 1,900 employees Reflective of the In Focus theme, Manitoba Public Insurance is dedicated to achieving • Legislation that value for Manitobans, meeting the needs of its customers and ensuring the long- requires for every term sustainability of this insurance system. The Board of Directors is working with dollar collected in MPI management to execute an aggressive and proactive fiscal restraint strategy and premium, 85 cents streamline and enhance its operations to optimize the customer experience. Value is must be returned to created through affordable insurance (price), comprehensive protection against the the policy holder in cost of collisions (coverage), service where and when you need it (service) and easily the form of claim payments or attainable coverage and services that do not discriminate (access). benefits Working collaboratively with its partners and through the commitment of its 1,900 • $1.3 billion annual employees, Manitoba Public Insurance continues to focus on: premium revenue • 21 service offices • Strong fiscal management, leading to low income volatility, long-term across Manitoba alignment between assets and rigorous cost controls to ensure that automobile insurance rates can remain as low as possible • 300 Autopac • Creating exceptional customer experience agencies • Facilitating proper and accountable collision repair • 297,920 claims filed • Protecting Manitobans through superior coverage • $2.7 billion • Connecting with our communities investment portfolio - 1 - Manitoba Public Insurance Vice President & Chief Actuary MPI also administers driver and vehicle licensing services, oversees vehicle registrations and safety inspections on behalf of the Government of Manitoba and promotes road safety by educating drivers and helping communities to initiate local safety programs. MPI administers the Manitoba Identification Card, the Enhanced Identification Card and the Enhanced Driver’s Licence programs. ABOUT THE POSITION OF Vice President & Chief Actuary As a member of the executive team, the Vice President & Chief Actuary will provide strategic leadership to the pricing and portfolio management, forecasting and reinsurance, investment, commercial lines, and enterprise risk management functions ensuring they support high quality, effective, accessible delivery of automobile insurance and driver and vehicle licensing services to Manitobans. The Vice President & Chief Actuary will guide the development and implementation of a long-term strategy to ensure the successful execution of corporate strategic initiatives. The Vice President & Chief Actuary will establish a high-performance organization with dedicated, skilled, engaged and customer-focused team members, efficient service delivery, and effective governance and risk practices. Candidates inspired by the opportunities and challenges of leading insurance and risk management in a well- established progressive organization, in a fast-paced rapidly evolving industry, and who have the leadership ability to create the environment conducive to innovation, service excellence, adaptability and results achievement will want to explore this rare opportunity. LEADERSHIP ACCOUNTABILITIES Accountability 1: Strategic Planning and Transformation • Champion transformation throughout the organization by ensuring a clear understanding of the business and the identification of appropriate solutions • Participate in the development of the vision, direction, goals and objectives of the organization and ensure the strategies and solutions support the organizational vision and goals • Provide strategic direction and ensure the development of strategies for pricing and portfolio management, forecasting and reinsurance, investment, commercial lines, and enterprise risk management • Provide expert advice and guidance on the Corporation’s financial forecasting, rate setting, valuation of policy liabilities, investments, asset and liability management, modelling of capital requirements, and reinsurance • Develop and implement processes and practices to identify business needs and expectations of Manitobans, MPI departments and other internal stakeholders • Develop and implement processes to ensure a current understanding of new and emerging trends, practices and solutions • Develop and implement processes and practices to evaluate MPI’s ability to meet needs and address future conditions or issues • Create strategies to position the organization in the future by anticipating and acting on trends • Translate the strategic plans into operational and business plans for pricing and portfolio management, forecasting and reinsurance, investment, commercial lines, and enterprise risk management and communicate operational objectives to all employees and appropriate stakeholders - 2 - Manitoba Public Insurance Vice President & Chief Actuary Accountability 2: Operational and Performance Leadership • Determine actuarially sound rates for the Basic line of business and provide professional opinion on the appropriateness of these rates to the Public Utilities Board • Determine actuarially sound rates for Commercial lines and collaborate with key stakeholders to incorporate strategic, operational, and competitive requirements into the proposed rates • Ensure the effective design, maintenance, and output of key pricing models • Testify at the Public Utility Board rate hearings on behalf of the Corporation • Perform quarterly reviews of the Corporation’s policy liabilities for all lines of business • Work collaboratively with the External Appointed Actuary to obtain an external signed actuarial opinion on the policy liability reviews • Monitor claims reporting and reserving guidelines, in collaboration with key internal stakeholders • Chair the Corporation’s Forecasting Committee which is responsible for providing financial forecasts by line of business and include premiums, claims costs, expenses, and investment income • Lead the design, maintenance, and on-going enhancement of the Corporation’s financial forecasting model • Provide financial modelling and scenario analysis for strategic decisions from the Executive, the Board, or Value Management function • Produce the financial forecast for the budget and the General Rate Application • Lead the design, maintenance, and output of the stochastic models used to simulate the behaviour of claims, interest rates, investment returns, and other economic variables • Perform Dynamic Capital Adequacy Testing for each line of business to determine the minimum capital required to achieve satisfactory financial condition and provide a signed actuarial opinion • Oversee the Corporation’s multi-billion dollar Asset and Liability Management program to meet the programs’ objectives • Perform pricing and commutation analysis for the Corporation’s reinsurance contracts and participate in the negotiation of reinsurance contracts • Oversee and negotiate placement of the corporate insurance program for buildings and liability coverage • Monitor investment performance and report investment performance to the Investment Committee of the Board of Directors • Present reports, research papers, and recommendations to the Investment Committee Working Group and the Investment Committee of the Board of Directors, which are used to shape corporate policy and decisions that impact financial performance of investments • Oversee management of the investment portfolio through a series of external fund managers based on the approved Investment Policy Statement • Oversee all aspects of the financial model related to forecasting investment income • Oversee the design, implementation, and reporting of the corporation’s Asset-Liability Management strategy - 3 - Manitoba Public Insurance Vice President & Chief Actuary Accountability 3: Organizational and People Leadership • Ensure the development, implementation and maintenance of an effective organizational structure for the delivery of services • Build and sustain a cohesive, collaborative management team who are committed to the best interests of the MPI organization and who consistently explore opportunities to enhance services • Sustain a high-performance culture and environment where multiple perspectives are sought out, appropriate risks are encouraged and employees are committed to excellence in service delivery ABOUT THE EDUCATION, EXPERIENCE AND COMPETENCY REQUIREMENTS The Vice President & Chief Actuary is a key contributor to the overall success of the MPI organization and requires strong leadership skills and the ability to develop and maintain an environment