Head, Institutional Insurance

BMO•Toronto, ON

1d•CA$154,000 - CA$240,600•Onsite

About The Position

As interim Head of Institutional Insurance, this role will drive aggressive growth in the Global Pension Risk Transfer market, leading strategy development and execution and general management of the business including overall management of product and solution development, client level pricing (in conjunction with the Pricing Actuary), risk management and client relationship management. Leads the entrance into the International pension buyout market by establishing a reinsurer platform to capitalize on the growing Bulk Pension Annuity market. Based on an understanding of emerging trends in the industry, explores and executes on opportunities as they are identified. Leads the strategy, operating model and day to day management of BMO’s reinsurance business, to support the growth and development of BMO’s insurance business, including the management of a new BMO branch in Barbados and setting up and management of the International business including any infrastructure required to operate these businesses.

Requirements

Post-secondary degree or an equivalent combination of education and experience.
Typically, 15+ years of relevant experience
Experience in pension risk transfer, pension risk management, funded reinsurance solutions,
In-depth knowledge of insurance products, channels and regulatory requirements.
Expert knowledge of product management and development practices.
Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
Communicates abstract concepts in simple terms.
Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
In-depth understanding of Insurance risk/compliance management
Ability to establish relationships with senior leaders.
Ability to stay abreast of rapidly changing industry trends, government/regulatory changes that affect financial planning.
Strong analytical skills to identify business opportunities, manage risks and optimize productivity of the group.

Responsibilities

Contributes to setting the overall strategic direction for BMO Insurance as a member of the senior leadership team.
Develops and executes operational strategies and plans to achieve business objectives, tracking progress to plans, and developing, communicating, delegating and actively participating in the implementation of actions necessary to correct internal and external issues affecting the ability to meet annual business plan goals.
Provides reliable forecasts and escalates significant issues as appropriate.
Assesses both the competition and market opportunities on a regular basis to identify opportunities and create plans to address.
Researches, defines, aligns, develops, and implements Institutional Insurance products, business development, pricing and marketing strategies with P&L (profit and loss) accountability to provide a strong value proposition to Institutional clients, while continuing to grow the business sustainably.
Leads the development of an annual plan, including a complete strategy, competitor analysis, gap analysis and future state view of the business in this fast-changing competitive environment.
Ensures appropriate sales communications aimed at increasing market exposure to ensure that BMO’s Global Pension Risk Transfer business is positively positioned relative to competitors.
Ensures the development of appropriate product and sales support for the sales force, including policy contracts, client disclosure documentation and appropriate product/sales collateral.
Addresses escalated customer complaints; provides strategic thinking to resolve the issue for the benefit of the client and BMO Insurance.
Ensures the delivery of the desired client experience to enhance business opportunities.
Fosters a ‘digital first’ culture, supporting the Bank’s evolution to new and improved ways of working – shifting the existing culture.
Leads entrance international pension buy-out market, identifying strategic opportunities and creating business cases that analyze potential options and assessing expected risks and return on investment.
Identifies linkages with other BMO product development teams and pitches opportunities for integrated product offerings including partnering with BMO Commercial Banking
Acts as a trusted advisor to senior leaders for making business decisions and implementing strategic initiatives.
Networks with industry contacts to gather competitive insights and best practices.
May consult to or serve on various committees and task forces.
Acts as a Sponsor or Business Lead on product development initiatives to support new products and product revisions that will support increased business, profit and the customer experience.
Engages the actuarial team and other internal stakeholders for pricing, experience studies, and data and analytics.
Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.
Acts as the prime contact for internal/external stakeholder relationships, which may include regulators.
Defines business requirements for analytics & reporting to ensure data insights inform business decision making.
Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
Collaborates across BMO to develop communications strategies and ensure consistency of messaging, in order to positively influence or change behaviour.
Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
Ensures that all product material content is executed in accordance with internal corporate policies and standards (CLHIA, Compliance, Legal).
Within the mandate of this role, promotes and supports the Bank’s risk culture including ensuring employees understand their accountabilities for risk-taking activities, promoting an environment of open communication and effective challenge, and establishing the “tone from the top” through leading by example.
Role models driving simplicity and productivity enhancements for optimization across groups driving continuous improvement on key measures.
Activates our winning culture, aligned with Purpose.
Ignites engagement by aligning our culture to our strategy and fueling exceptional execution.
Fosters diversity, equity and inclusion and creates an inclusive environment for all employees by eliminating barriers to inclusion.
Develops leaders, plans for succession, and fosters a high-performance culture.
Drives top talent acquisition and retention, developing organizational capabilities to drive competitive advantage.
Leads and mentors a team with diverse risk and business experience, skills and orientation.
Leads, promotes and reinforces the Bank’s Ambition; personally, role models One Bank leadership; drives sustainable improvements in customer loyalty and business growth; adheres and supports enterprise customer experience and brand standard.