Insurance - Head of Finance
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Our client is part of the insurance subsidiary of one of Canada’s largest financial institutions. In Canada, our client has two lines of business, General Insurance and Life and Health. The General Insurance business is one of the top home and auto insurance groups in Canada and the national leader in group insurance and affinity marketing. The Life and Health business is a top provider of credit protection for millions of Canadians.
Our client is committed to fostering an inclusive, accessible environment. With a Canada-wide workforce of over 4,000 employees and offices in Atlantic Canada, Quebec, Ontario and Alberta, our client offers a stable and dynamic work environment where talent is appreciated and professional development is taken seriously.
Reporting to the VP Finance, with a dotted line to the SVP and product head of the Life and Health insurance business, the successful candidate will lead a mid-size finance team. The team provides support to the life and health insurance business. More specifically the Head of Finance will:
- Take ownership of the professional development needs of a high performing finance team comprised of actuarial, accounting and finance professionals.
- Lead the analysis and communication of Life and Health insurance results to executives within our client organization and its parent company.
- Supervise the development and lead the communication of the annual Plan along with periodic forecasts for Life and Health.
- Working with our external Appointed Actuary, lead the actuarial valuation and capital management function for the Life and Health business.
- Support the client’s capital management activities.
- Proactively monitor and analyze key performance indicators to detect and interpret emerging issues / trends.
- Partner with colleagues in Finance, Risk, and other departments as well as external auditors in preparation for emerging accounting and regulatory changes such as IFRS and ORSA.
- Review and approve business cases and product pricing.
- Be a business unit and shareholder advocate by playing a proactive role in proposing and evaluating initiatives to help the growth aspiration of our client.
- Support international reinsurance business where required.
- Provide Finance and analytical support in general to various special projects, including those from the corporate development area of the parent company.
- Demonstrate strong leadership and people management capabilities and a desire to proactively build and lead a high performing, value-added finance function & team.
- Possess advanced relationship building skills with a demonstrated ability to make things happen through the use of impact, influence, negotiation, and consensus building with colleagues, direct reports, business partners, and key stakeholders of our client and the parent company.
This is a unique opportunity for a strong leader to continue their development as a business leader and begin the career path towards being a business unit leader. The successful candidate will get exposure to the board of directors and help drive strategic decision-making at the business unit level. As the Head of Finance for the Life & Health business you will have complete visibility across all aspects of the business, from sales and marketing, through to operations. More importantly, you will be expected to contribute in all of those discussions and make recommendations. You will know that you are successful in this role when the business unit leaders seek you out for your counsel on key decisions.
Experience and Qualificatins
The following indicates specific industry, academic and functional experience/qualifications that are important to the successful achievement of the identified responsibilities and performance deliverables.
- Qualified Life Actuary (FSA and/or FCIA)
- 10-15 years of relevant Life Insurance industry experience
- Proven financial analytical and modeling abilities
- Canadian Corporate Actuarial / valuation experience is an asset
- Knowledgeable of OSFI’s MCCSR capital rules
The following competencies listed below define the role of Head of Finance – Life and Health
Make an Impact and Value Speed
Leaders at our client make an impact and value speed by getting things done in a timely manner; focusing on what matters; owning results and decisions – not blaming others, knowing the business from the ground up and customer in; finding ways to outperform – not settling for average; and, delivering superior results for all stakeholders in both the short and long-term.
Build for the Future
Leaders at our client build for the future by having a vision and proactively taking action to implement it; developing tomorrow’s leaders; creating an organization that starts with the customer; building organizational capabilities today that business will need tomorrow; seeking continuous improvement; and, creating a learning environment.
Inspire the Will to Win
Leaders at our client inspire the will to win by being driven to win with a passion for the business; attracting and retaining great people; bringing out the best in individuals and teams by making it fun; showing perseverance and resilience in bad times; recognizing and rewarding the contributions of others, both in little ways and more formally; and, by caring about people.
Act Decisively while Working Effectively in Teams
Leaders at our client act decisively while working effectively in teams by being driven to win for the team; making things happen by leveraging their partners; taking ownership for decisions; using positive influence not power to deliver results; showing trust in their business partners; working well with people who are different than they are; and, knowing instinctively how to engage the organization to make things happen.
Live Transparency and Respect Different Views
Leaders at our client live transparency and respect different views by speaking candidly with respect and not rounding corners; appreciating the views of others; have no time for internal politics; will have the more difficult conversations when required; are willing to personally surface and wear problems; fix them and learn from them; and, recognize their own strengths and weaknesses.
Show Excellent Judgment
Leaders at our client show excellent judgment by making pragmatic decisions, using a mix of intellect, experience and street smarts; dealing with tough issues fairly, decisively and calmly; making timely decisions, even in ambiguous, rapidly changing situations; taking intelligent and prudent risks; and making decisions based on what’s best for the organization – not their ego.
Demonstrate Unwavering Integrity
Leaders at our client demonstrate unwavering integrity by doing the right thing to the highest ethical standards; putting the interests of the organization above their own and their business unit’s; treating people with respect; showing that actions speak louder than words; acting as a role model publicly and privately; and, by demonstrating loyalty and responsibility and motivation level.
Remuneration & Benefits
Competitive and innovative compensation package which will be discussed with serious Candidates