Underwriting & Actuarial Mgr - Insurance

Underwriting & Actuarial Manager – Insurance at Volkswagen Group Canada Inc.

Volkswagen Financial Services, a wholly‑owned subsidiary of Volkswagen Group, is the trusted key to mobility for its brand partners. We are committed to supporting the Audi, Ducati, and Volkswagen brands and their Dealers, specializing in providing accessible mobility solutions for its customers. The company’s offerings include Retail Leasing, Retail Financing, Commercial Financing for new and used vehicles, and End‑of‑Term vehicle disposition.

The Underwriting & Actuarial Manager plays a pivotal role in shaping the insurance portfolio through expert risk assessment, pricing strategy, and financial modeling. This position blends deep actuarial knowledge with hands‑on underwriting leadership to ensure sound decision‑making and profitability across insurance products. It requires a strategic thinker with strong analytical skills, deep insurance knowledge, and the ability to lead cross‑functional teams in a dynamic environment.

Key Responsibilities

Underwriting Responsibilities

• Evaluate complex insurance applications to determine risk levels and coverage eligibility.
• Develop and implement underwriting guidelines and procedures to ensure consistency and compliance.
• Review and approve high‑value or non‑standard policies, often requiring nuanced judgment and negotiation.
• Collaborate with brokers, agents, and clients to clarify application details and negotiate terms.
• Ensure regulatory compliance with insurance laws and internal standards.

Actuarial & Analytical Duties

• Support the implementation of IFRS 17 for the insurance products.
• Understand and provide effective challenge on pricing and reserve calculation for auto insurance products.
• Collaborate with the Risk Management Planning and Reporting Group, accounting, and senior management to establish adequate loss provisions for insurance products.
• Engage with CFO, VP of Finance, Chief Risk Officer, accounting, risk management, brand executives, and external auditors to gain acceptance on loss and reserve forecasts; provide technical and operational support to auditors to ensure successful audit close.
• Extract data from the data warehouse for insurance products and perform analysis on upcoming issues/trends.
• Provide all actuarial inputs for income recognition for actual and forecast models.
• Perform regular updates on loss curves vs. priced; compare actual to priced loss ratios.

Leadership & Strategic Oversight

• Lead and mentor a team of underwriters and analysts, providing training and performance feedback.
• Set strategic direction for underwriting and risk management aligned with company goals.
• Implement process improvements to enhance efficiency, accuracy, and turnaround times.
• Participate in cross‑functional initiatives, including sales, claims, and compliance.

Qualification Requirements

Education

• Minimum Required: Bachelor’s Degree in a quantitative discipline: Statistics, Mathematics, Economics, Operations Research.
• Preferred: Master’s Degree in related field; Professional certifications such as CPCU, FCAS, or ASA.

Experience

• Minimum Required: 10+ years, strong background in insurance underwriting and actuarial science preferred.
• At least 5 years working as an actuary in the insurance industry and having an ACAS designation.
• Desired: 3 years working in auto insurance industry with knowledge of auto insurance products.

Skills

• Minimum Required: Lead and direct the work of others; conduct large‑scale projects and research through all stages; communicate highly technical subjects to senior executives; analytical and conceptual thinking; support robust pricing and reserving review processes; proficiency in data analysis tools, underwriting software, and statistical packages; develop indications and communicate them to actuarial management and senior leadership; work collaboratively in the broader pricing and reserving process; develop and communicate business analytics to senior leadership; foster innovation within the team and organization; support development of associates in an actuarial capacity.
• Preferred: Ability to build models using open‑source software (e.g., R, Python); experience in distributed statistical computing preferred; personal or commercial auto insurance experience; excellent Excel skills and strong with SQL; experience mentoring and/or directing junior team members.

Benefits

• Health Insurance Coverage: Comprehensive health, dental, and vision plans for employees and families.
• Flex health benefit program: Health, dental, and vision plans tailored to employee needs.
• Retirement Plans & Savings: Competitive defined‑contribution retirement plan at no cost to the employee, plus a generous savings matching program.
• Compensation: Bonus & Merit Program reinforcing a reward and pay‑for‑performance culture.
• Vehicle Leasing Program: Employees may lease up to four vehicles per year at discounted rates.
• Work Environment: State‑of‑the‑art facility with a flexible hybrid policy.
• Floaters Days: Use at discretion for personal reasons or recharge; inclusive of holidays or celebrations.
• Company Designated Holidays: Specific company holidays during the December period; schedules may vary by business needs.
• Wellness Programs: Discounted gym memberships, mental health resources, and more.
• Tuition Reimbursement: Coverage of approved course expenses for professional growth.
• Volkswagen Financial Services is committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to race, colour, religion, sex, sexual orientation, family status, gender identity, gender expression, national origin, age, disability or any other characteristic protected by federal or local laws.

All applications are thoroughly reviewed by our recruitment team. No artificial intelligence or automated technologies are utilized in the screening process.

Seniority Level: Director

Employment Type: Full‑time

Job Function: Finance and Sales

Industries: Motor Vehicle Manufacturing