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BMO Insurance Actuarial Rotation Program (New Graduate) - Spring 2025 Start Date

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BMO

Sep 10, 2024

  • Internship
    Full-time
    Placement Program
  • Banking & Finance
  • Toronto
  • Quick Apply

AI generated summary

  • You must be enrolled in actuarial science or math, have completed 1 SOA exam, possess strong analytical, software, and communication skills, and knowledge of life insurance is a plus.
  • You will price insurance products, analyze data, support strategic initiatives, provide sales expertise, and ensure alignment with stakeholders while monitoring product performance and market trends.

Requirements

  • Currently enrolled in an actuarial science or mathematics degree program.
  • Successful completion of at least 1 SOA exam and actively pursuing an FSA/FCIA designation.
  • Combination of excellent analytical and mathematical skills with strong work ethic.
  • Strong software skills in MS Excel and MS Access database.
  • Knowledge of life insurance products is an asset.
  • Specialized knowledge from education and/or business experience.
  • Verbal & written communication skills - In-depth.
  • Collaboration & team skills - In-depth.
  • Analytical and problem solving skills - In-depth.
  • Influence skills - In-depth.

Responsibilities

  • Prices insurance products with up-to-date pricing assumptions, performing cash flow testing for assigned insurance products and using the required actuarial technology.
  • Monitors lapse, mortality/morbidity experience on an on-going basis and provides reporting on the profitability of new products and/or product enhancements.
  • Provides actuarial services expertise and advisory support for all insurance products of BMO Life Assurance – from direct marketing, Life insurance through agency operations, structured settlements and group annuity contracts (known as terminal funding), SPIAs, segregated funds and other retirement and investment products.
  • Analyzes, evaluates and compares competitor insurance products for the high net worth market and other markets.
  • Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
  • Builds effective relationships with internal/external stakeholders.
  • Ensures alignment between stakeholders.
  • Analyzes company data to provide management reporting on insurance industry and internal business trends.
  • Creates and validates Excel spreadsheets to accurately reflect product values, marketing concepts and company profitability on a monthly basis, including analysis and commentary.
  • Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
  • Provides input for continuous improvement of processes and procedures to support more effective operations.
  • Provides input into the planning and implementation of operational programs.
  • Provides sales support and business expertise in the production of insurance quotes for high net worth clients and other clients upon request.
  • Performs required illustrations based on defined parameters using business judgment and makes appropriate referrals for illustrations of higher complexity and large policy over product’s maximum issue limit.
  • Provides business and technical expertise when required for management reporting, special projects and technology issues.
  • Provides input into product design using actuarial experience and competitive & industry knowledge, including presenting counter proposals as required for new and existing products.
  • Provides an ongoing competitive analysis of BMO insurance products and identifies opportunities for business growth.
  • Coordinates provision of management information, according to established needs and timelines, for use in internal and external audits and for general management information.
  • Reviews progress to plans, and participates in the implementation of actions necessary to correct internal and external issues.
  • Focus may be on a business/group.
  • Thinks creatively and proposes new solutions.
  • Exercises judgment to identify, diagnose, and solve problems within given rules.
  • Works mostly independently.
  • Broader work or accountabilities may be assigned as needed.

FAQs

What is the start date for the BMO Insurance Actuarial Rotation Program?

The program starts in June 2025.

What qualifications are required to apply for this position?

Candidates must be currently enrolled in an actuarial science or mathematics degree program and have successfully completed at least 1 SOA exam while actively pursuing an FSA/FCIA designation.

How long do the rotations in the program last?

Each rotation lasts for 18 months.

What departments will I rotate through during the program?

Rotations could include Actuarial Pricing, Corporate Actuarial, Reinsurance, Investments & AML, and Corporate Risk.

Is there a support system in place for new actuarial graduates in this program?

Yes, the program offers a friendly and supportive work environment with many other students and actuaries to help guide you through exams and work challenges.

What is the salary range for this position?

The salary range is between $49,000.00 and $90,800.00.

Will I receive any benefits as part of the compensation package?

Yes, the total compensation package may include performance-based incentives, discretionary bonuses, and other perks such as health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.

Is knowledge of life insurance products a requirement?

Knowledge of life insurance products is considered an asset, but not a strict requirement.

What kind of skills are preferred for applicants?

Applicants should have excellent analytical and mathematical skills, strong software skills in MS Excel and MS Access, and in-depth verbal and written communication skills.

Is this position open to international applicants?

The job description does not specify; applicants should reach out to the recruiter for clarity on this issue.

Are accommodations available for candidates during the selection process?

Yes, accommodations are available on request for candidates taking part in all aspects of the selection process.

How should I apply for this position?

You can apply through the BMO jobs website at [https://jobs.bmo.com/ca/en](https://jobs.bmo.com/ca/en).

What is BMO’s mission or purpose?

BMO is driven by the purpose to "Boldly Grow the Good in business and life," aiming to create lasting positive change for customers, communities, and employees.

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BMO

Finance
Industry
10,001+
Employees
1817
Founded Year

Mission & Purpose

At BMO, banking is our personal commitment to helping people at every stage of their financial lives. The truth is, people’s needs change: so we change too. But we never change who we are. Which means we’ll never waiver from providing our customers the best possible banking experience in the industry. Our incredible team of over 46,000 people is just the tip of the iceberg. You should get to know us. We’re here to help.