Senior Actuarial Analyst

Senior Actuarial Analyst

JOB SUMMARY

The Senior Actuarial Analyst is responsible for coordinating, reviewing, and ensuring the quality of end-to-end actuarial deliverables produced within the department. The role involves performing complex actuarial calculations for life and health insurance, guiding pension cost analyses, overseeing reinsurance matters, and contributing to strategic decision-making processes.

This position serves as the primary control point between Actuarial Analysts and the Chief Actuary, ensuring that all work submitted for approval is complete, technically sound, and decision ready. The person carries accountability for first-line review and quality assurance, but operates within a defined governance framework, including structured escalation and oversight by the Chief Actuary.

EDUCATION, KNOWLEDGE AND EXPERIENCE

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Finance, or a related field.
• Associate or Fellow of the Institute or Society of Actuaries (ASA/FSA or equivalent).
• Minimum 5 years of actuarial experience, including demonstrated review responsibility.
• Advanced proficiency in:
  • o   Microsoft Excel
  • o   Actuarial modeling tools (e.g. AXIS)
• Familiarity with data analysis tools is an asset but not required
• Strong knowledge of:
  • o   Life insurance, health and annuity products
  • o   Pension plan costings and administration
  • o   IFRS 17 and actuarial valuation techniques
  • o   Reinsurance principles and administration
  • Insurance Legislation and Regulations
• Equivalent combinations of qualifications and experience may be considered.

 KEY FUNCTIONS AND RESPONSIBILITIES

• Actuarial Analysis & Reporting: Prepare periodic actuarial analyses for business operations and regulatory reporting, including IFRS 17 valuation figures, capital adequacy assessments.  Would also be required to contribute to the Financial Condition Report (FCR) and Appointed Actuary Report (AAR).
• Experience Studies: Conduct detailed experience studies on existing insurance portfolios and provide recommendations based on findings.
• Product Pricing & Development: Assist in the development, evaluation, and enhancement of pricing structures and product designs.
• Regulatory Compliance: Monitor changes in actuarial regulations and ensure actuarial support for company compliance with the standards and guidelines.
• Reinsurance Administration: Oversee administration of Reinsurance Treaties, ensuring compliance with agreed terms and conditions, and managing reinsurance premiums and experience refunds.
• Operational Process Improvement: Contribute to the enhancement of actuarial methodologies, systems, and procedures to optimize efficiency.
• Supervision & Mentorship: Provide guidance, training, and oversight to Actuarial Analysts I and II, ensuring accuracy and professional development.
• Stakeholder Communication: Collaborate with internal teams, including finance, underwriting, and risk management, to support business objectives and decision-making.
• Ad-Hoc Duties: Perform any other actuarial-related tasks as assigned by the Chief Actuary.

DECISION AUTHORITY & GOVERNANCE

Authority

The Senior Actuarial Analyst is authorized to:

• Approve work for internal escalation to the Chief Actuary
• Reject or require revision of work that does not meet standards
• Direct analysts on approach, methodology, and structure

Mandatory Escalation to Chief Actuary

The following must be escalated:

• Material actuarial judgment or assumption setting
• Results that are unexpected, volatile, or counterintuitive
• Data integrity concerns or unresolved discrepancies
• Matters with significant financial, regulatory, or reputational impact

 Control Standard

• The role does not approve final actuarial positions
• The role ensures that all submissions are decision-ready, not exploratory
• The Chief Actuary retains final review and approval responsibility

 DIMENSIONS AND SCOPE OF ROLE

• Adhere to Government Laws, Regulations and Guidelines applicable to the insurance industry.
• Operate in alignment with company policies, procedures, and professional actuarial standards.
• Follow guidelines and Standards of Practice established by the Caribbean Actuarial Association and any relevant governing actuarial body.

KEY CAPABILITIES

Customer Focus

Understands the importance of clients and stakeholders in business success.

Team Player:

Works collaboratively within the actuarial and broader corporate team to achieve objectives.

Communication:

Strong oral and written communication skills, with the ability to present actuarial concepts clearly.

Analytical Thinking:

Ability to analyze large datasets, identify trends, and provide meaningful actuarial insights.

Attention to Detail:

Ensures accuracy in calculations, reporting, and compliance.

Problem-Solving:

Uses actuarial expertise to develop solutions for financial and risk-related challenges.

Initiative & Independence:

Works proactively with minimal supervision and demonstrates sound professional judgment.

Confidentiality & Ethics:

Maintains high professional standards and integrity in handling sensitive financial data.