Description:
Participate as a member of a number of ongoing or special project teams, as assigned by Management of Actuarial Services, functioning in a technical capacity for some assignments or as project co-ordinator in others. Projects can be divided into three groups: primary, secondary and ad hoc, according to the need for ongoing information and analyses and the time, staff and financial resources allocated to them. Project responsibilities include assisting in the research of new and adjustment of existing actuarial models (using sound assumptions and valuation methods which adhere to accepted actuarial practices), compiling and validating data, executing model, analyzing and preparing results for assessment by Actuarial Management, Executive Director and Chief Actuary. Participate in meetings, presentations and information sessions with internal and external clients.
1. The four primary project teams, which are ongoing and permanently staffed, involve work on one or more of the following major actuarial projects:
- classification and pricing - use current WSIB rate-setting strategy and assumptions, economic forecasts and other financial information to derive annual premium rates for over 150 rate groups; monitor the industrial classification scheme for Schedule 1 employers and participate in premium rate consultation with industry groups; produce Premium Rates Manual which is posted on WSIB website for use by both internal staff and external stakeholders; provide table of premium rates to Operations for billing employers
- valuation of liabilities – perform valuation of benefit liabilities calculations; prepare various reports detailing benefit liabilities and cash flows; collect and validate data for reasonableness and completeness and confirm data integrity; perform experience analysis and create/ design, revise and review models and assumptions to determine the present value of expected future benefit payments for all incurred injuries on a quarterly basis and at year end for publication in the annual report;
- projection of financial position - develop long-term forecasts of revenues and expenditures, assets and liabilities to determine WSIB funding sufficiency; monitor experience and prepare analyses of results for senior management and MOL use in strategic planning and legislative development;
- experience rating - develop and review experience rating models, reserves and other factors to reflect current situation; forecast rebate/surcharge for ER programs; prepare response to employers' requests or questions about ER programs or account information; advise industry committees and associations on construction industry experience rating plan (CAD-7) and new experimental experience rating plan (NEER) matters and monitor these programs.