The individual insurance practice area supports the development of new and innovative ideas in the Canadian insurance landscape, navigating the financial fears of an aging society. With new technology and risks emerging daily, individual insurance plays a key role in enabling Canadians to plan for the future. It focuses on insurance that meets the needs of Canadians as part of a holistic financial plan.
Individual insurance covers all risks related to life, longevity and living benefits. Actuaries work to monitor emerging issues affecting the development and sustainability of these critical protections. Actuaries in this practice area have a diverse skill set and range of responsibilities, including:
- understanding individual insurance products’ overall long-term value to clients, as well as the underlying actuarial assumptions and models used to determine their pricing;
- understanding the broader competitive landscape in which an insurance company operates, along with operational aspects of the business around sales, distribution and servicing;
- monitoring an insurance company’s solvency and profitability on various insurance products, including life, disability, long-term care, medical and annuity products;
- providing technical expertise with advanced statistical and financial monitoring, including working with data analytics and artificial intelligence to investigate emerging trends;
- providing expert opinions and guidance on the impacts of emerging global insurance or health crises;
- collaborating with other practices such as marketing and underwriting to develop or update products to make insurance accessible to all and help close the insurance gap in the Canadian population; and
- considering, assessing and recommending investments (time, money, etc.) needed to move the life, longevity and living benefits practice area forward.