Actuary / Senior Actuarial Analyst

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We look forward to hearing from you!

ICBC is one of BC’s largest corporations and one of Canada’s largest property and casualty (P&C) insurers with annual earned premiums of $4.9 billion and $23.7 billion in assets.

ICBC’s actuaries primarily work in two areas: Insurance Pricing and Corporate Actuarial. Insurance Pricing has responsibility for overall rate recommendations for both Basic and Optional Insurance products, rate design, program evaluation, and other insurance modeling projects. Corporate Actuarial has responsibility for the estimation of ICBC’s IBNR reserves, analyzing claims data and other relevant factors to identify future claims trends, financial reporting (discounting of unpaid claims, ULAE reserve), and capital adequacy testing to determine ICBC’s internal capital management MCT targets.

We currently have one opportunity for an Actuary or Senior Actuarial Analyst to join our Pricing team. This opportunity reports directly to the Manager of the Actuarial Governance team. This incumbent will have the opportunity to conduct independent actuarial reviews of critical projects from the Pricing and Corporate Actuarial departments. Reviews cover analysis such as actuarial liability estimation, rate change indications, actuarial financial reporting, rate segmentation (predictive models) and premium projection. Reviews focus on assumptions, methodology, processes, data and documentation to ensure compliance with the Canadian Institute of Actuaries’ Standards of Practice. 

Candidates who have obtained Fellowship will be considered for the Actuary role with salary range $116,300 - $165,000. Candidates who are credentialed Associates will be considered for the Senior Actuarial Analyst role with salary range $98,600 - $139,700.

Key accountabilities include:

• Review actuarial analysis, ensuring compliance with Accepted Actuarial Practice in Canada.
• Supervise junior team members and provide peer review of their work.
• Author reports that draw attention to critical issues and required actions.
• Effectively communicate complex technical results to key internal and external stakeholders, including senior management.
• Lead large projects.
• Identify and implement process improvements to analytical work.
• Develop operational knowledge in areas such as underwriting, product development, and claims processing.

Position Requirements

• A Bachelor or higher degree in Actuarial Science, Statistics or other related fields.
• Solid knowledge of actuarial principles along with a minimum of four years of relevant experience in a variety of actuarial work areas.
• Attained or close to attaining the Fellowship designation with the CAS (or equivalent organization).
• Excels at collaborating with others.
• Effective communication skills, which will be complemented by solid analytical skills, critical thinking, and knowledge of the insurance landscape.
• Excited to challenge the status quo and provide creative solutions to business problems.
• Analytical Software Tools.
• Advanced knowledge of MS Excel is required.
• Exposure to Python, SQL, R, VBA, PySpark and SAS are considered assets.

About us: 

At ICBC, it’s our job to make sure the car insurance system works for all British Columbians, today and in the future. If you want to make the most of your skills and expertise while growing your career, we want you. A career at ICBC is an opportunity to be part of a talented, diverse and inclusive team that is driven to serve its customers and community. You can expect a competitive salary, comprehensive benefits and a collaborative work environment. If you are reliable and dependable, contact us today to be part of our talented and diverse team as we work together to create an insurance system we can all be proud of.

 Our values guide how we interact with customers, partners, and each other. They shape our decisions and create a culture where employees feel inspired and empowered to do their best work.

• Collaborative: We include different perspectives to reach our common goals.
• Supportive: We seek to understand to meet diverse and evolving needs.
• Straightforward: We simplify the complex to make things easier.
• Knowledgeable: We gain knowledge through experience and learning to make informed decisions.

Work arrangements defined: 

• Hybrid 8 – you will work a minimum of 8 days in a 4-week period at your primary office headquarters (typically 2 days per week). The remaining days will be remote within British Columbia. 

ICBC provides comprehensive benefit coverage to all eligible employees including a defined benefit pension plan and 4 weeks’ vacation, plus 3 Wellness Days.

• Three options available for your health and dental coverage
• Employee and Family assistance program (wellness support)
• Basic group life insurance
• Voluntary group life insurance
• Critical Illness insurance
• Sick leave plan – 100% of pay for a period of a maximum of 8 weeks
• Long term disability plan
• Pension plan – defined benefit pension plan that pays a benefit to you or your beneficiary upon termination, death, or retirement

Only candidates legally entitled to work in Canada will be considered for this position.