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Analyst, Regulatory Reporting

Job ID : 6313
Category : Personal Insurance
Brand : Definity
Regular/Temporary : Regular
Fulltime/Parttime : Full Time
Location : Waterloo, Canada

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Definity includes some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. With strong roots that date back to 1871, we’ve grown to become a digital leader in the insurance industry. We’re proud to help our clients and communities adapt and thrive in a world of constant change.

Our promise to you: It’s better here. Why? Because we CARE, and we provide an employee experience that’s collaborative, ambitious, rewarding, and empowering.

Our ambition is to be one of Canada’s leading and most innovative P&C insurers. Come be a part of our journey, and love what you do.

Definity offers a flexible, hybrid work experience where employees work from the office and virtually depending on the type of work they are doing and who they are working with. Leader’s partner with their teams to find the right balance of on-site and remote work that best meets the needs of their teams, colleagues, brokers and customers, while ensuring collaboration, teamwork and accountability for goals.

Do you have knowledge of regulatory reporting and requirements, for the RSP (Risk Sharing Pool), IBC (Insurance Bureau of Canada) and GAA (Groupement des assureurs automobiles)? Are you highly analytical, a strong problem solver and a firm decision maker? Do you thrive in a fast-paced environment and have an interest in business systems and technology? If you answered yes, then we have just the opportunity for you! We are looking for a PI Regulatory Reporting Analyst to join our Personal Insurance Product and Underwriting Team. The successful candidate reporting to the leader of this function, will support all phases of Regulatory compliance and reporting, through the product life cycle.

 

What can you expect from the role?

  • Develop and maintain a strong understanding of the regulatory reporting requirements for each regulatory body
  • Coordinate and problem solve with other departments on issues affecting personal and commercial automobile and claims related system concerns/issues
  • Assess and provide training and support on IBC, GAA, and FA error related issues and corrections
  • Collection and analysis of data to measure effectiveness of business process and introduce measurable improvements to operations
  • Analyze validity rate, deficiency fees, and errors in regulatory reporting in order to initiate change requests for premium system fixes for promotion to the production system
  • Create and maintain dashboards used to analyze metrics and KRIs
  • Responsible for daily premium file submissions to IBC, monthly premium/claim submissions to GAA, and monthly premium submissions to FA
  • Handle monthly premium reconciliation as reported to IBC and GAA, investigating variances, and ensuring necessary corrections are made
  • Handle monthly deficiency fee invoicing and develop solutions for reducing fees 
  • Act as Subject Matter Expert and provide business requirements and support on regulatory projects and strategic initiatives
  • Conducts internal quality RSP audits (manual/automated transactions) ensuring compliance with FA/GAA requirements
  • Participates in external risk audits as required (from IBC, GAA, and FA) and supports associated action items following completion of audits
  • Conducts/participates in adhoc meetings or corresponds with third party vendors and FA/IBC/GISA/GAA

 

What do you bring to the role?

  • University degree or college diploma. CIP, FCIP, and/or CRM designation
  • 3 years of P & C insurance industry experience
  • Preference will be given to candidates who possess both a system/technical or data background, as well as personal product and underwriting systems knowledge.
  • Exceptional analytical and problem-solving skills
  • Experience at negotiating, facilitating, consulting, and juggling multiple projects
  • Strong initiative, persistent, and a team player
  • Skilled communicator, verbally and written
  • Ability to stay organized, maintain composure, and courtesy while under pressure is exceptional
  • Knowledge of Guidewire Policy Center, Excel and JIRA is an asset
  • Preference will be given to candidates with a knowledge of RSP/IBC/GAA/GISA portals
  • Preference will be given to Bilingual candidates (French and English)   

We also take potential into consideration. If you don’t have this exact experience, but you know you have what it takes, be sure to give us more insight through your application and cover letter.

Go ahead and expect a lot — you deserve it, and we’ve got it: 

  • Hybrid work schedule for most roles
  • Company share ownership program
  • Pension and savings programs, with company-matched RRSP contributions
  • Paid volunteer days and company matching on charitable donations
  • Educational resources, tuition assistance, and paid time off to study for exams
  • Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, access to programs for working parents
  • Wellness and recognition programs
  • Discounts on products and services

Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know by contacting: [email protected]

Background checks
This role requires successful clearance of a background check (including criminal checks and leadership references).

#LI-Hybrid

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