Senior Business Analyst / Functional Lead - Insurance Policy Administration

Senior Business Analyst / Functional Lead – Insurance Policy AdministrationShape the future of Canadian life insurance by translating complex product requirements into practical, configuration-ready solutions.
The RoleCapco is seeking an experienced Senior Business Analyst / Functional Lead to support the implementation and configuration of a Policy Administration System (PAS).
In this role, you will lead the definition, analysis and documentation of functional requirements across Canadian annuities, segregated funds and permanent life insurance products.
Working collaboratively with business, actuarial, operations and technology teams, you will translate complex product specifications, regulatory requirements and operational processes into clear, configuration-ready requirements that support successful implementation and ongoing policy administration.
This opportunity is ideal for someone who brings deep Canadian insurance product knowledge, experience with PAS implementations and a collaborative approach to functional delivery.
What You’ll Do
Lead Requirements Definition: Facilitate discovery workshops and lead requirements analysis, documentation, validation and traceability across business, actuarial, operations, technology and delivery teams, ensuring alignment throughout the implementation lifecycle.
Shape Annuity Solutions: Define functional requirements for Canadian immediate and deferred annuities, including single life, joint and survivor, term certain, guarantee periods, registered and non-registered arrangements, pension and locked-in products, alongside quotation, premiums, payouts, commutations, taxation and beneficiary administration.
Define Segregated Fund Capabilities: Document requirements for segregated funds and Individual Variable Insurance Contracts (IVICs), covering fund setup, unit valuation, allocations, switches, withdrawals, fees, resets, maturity and death-benefit guarantees, and beneficiary processing.
Support Permanent Life Insurance Products: Translate Whole Life, Participating Whole Life and Universal Life product requirements into functional specifications, including premiums, cash values, dividends, investment accounts, cost-of-insurance charges, policy loans, withdrawals, lapses, reinstatements and illustrations.
Enable PAS Implementation: Translate business and product requirements into PAS configuration rules, calculations, data specifications, integrations, acceptance criteria and end-to-end test scenarios, while supporting solution design, configuration validation, defect resolution, data conversion and implementation readiness.
What We’re Looking For
Significant experience as a Senior Business Analyst or Functional Lead within the Canadian life insurance, annuities or wealth management sector.
Demonstrated experience defining detailed product and functional requirements for Canadian annuities, segregated funds, Universal Life or Whole Life insurance products.
Strong understanding of Canadian insurance policy administration, taxation, regulatory requirements, disclosure obligations and ongoing servicing processes.
Experience supporting Policy Administration System configuration and implementation initiatives, including translating business requirements into functional specifications and supporting testing activities.
Effective stakeholder engagement, workshop facilitation, analytical problem-solving and functional leadership skills, with the ability to collaborate across multidisciplinary teams.
Bonus Points For
Hands-on experience with Policy Administration System configuration or implementation projects.
Exposure to multiple Canadian insurance product lines, particularly annuities, segregated funds and permanent life insurance.
Experience working closely with actuarial teams to interpret product calculations, valuation rules and policy administration requirements.
Knowledge of insurance data migration, system integration, reconciliation and end-to-end testing within PAS transformation programs.
Experience supporting complex insurance technology transformations in a consulting or cross-functional delivery environment.
Why Join Capco
Deliver high-impact technology solutions for leading financial institutions.
Work in a collaborative, flat and entrepreneurial consulting culture.
Access continuous learning, training and industry certifications.
Be part of a team shaping the future of digital financial services.
Help shape the future of digital transformation across financial services and energy.
We offer a competitive, people-first benefits package designed to support every aspect of your life:
Comprehensive Benefits Coverage: 100% company-paid health, life and disability insurance effective from Day 1 of employment.
Retirement Savings Program: Registered Retirement Savings Plan (RRSP) with the option of receiving a matching employer contribution.
Virtual Health Care: Company-paid program available to all employees and their dependents/partners.
Employee & Family Assistance Program (EFAP): Company-paid support services for employees and their dependents/partners.
Parental Leave Top-Up: Enhanced parental leave benefits available from Day 1 of employment.
New Parent Gift: A company-sponsored gift to celebrate the arrival of a new child.
Wellness Support: Fitness reimbursement benefit to promote health and well-being.
Business Coach from Day 1: Personalized one-on-one coaching to support career growth, accelerate development and help achieve your professional goals at Capco.
Inclusion at CapcoWe’re committed to making our recruitment process accessible and straightforward for everyone. If you need any adjustments at any stage, just let us know – we’ll be happy to help.
We value each person’s unique perspective and contribution. At Capco, we believe that being yourself is your greatest strength. Our #BeYourselfAtWork culture encourages individuality and collaboration – a mindset that shapes how we work with clients and each other every day.
Use of Artificial Intelligence in Talent AcquisitionAt Capco, we use artificial intelligence (AI) tools to support and enhance several parts of talent acquisition. This includes using AI-enabled features within LinkedIn to help source potential candidates, speeding up routine recruitment communications such as emails and creating compelling and brand-aligned job postings that accurately reflect role requirements, and AI-scheduling applications to improve the efficiency of interview coordination.
AI is used as a support tool only. All hiring decisions are made by talent acquisition and hiring teams.
Why This Role Is OpenWe are currently hiring for this role due to an existing or newly created vacancy within our organization. This position is open as part of our ongoing business needs, and we are actively reviewing applications to fill this role with a qualified candidate who can make an immediate impact.
Pay TransparencyThe salary range for this position is listed below. Additionally, this position may also be eligible to receive an annual discretionary/variable bonus payment.
Capco is committed to providing fair and equitable compensation to our people. Our compensation policies and salary ranges are designed to allow our people to progress through the salary range as they demonstrate strong performance and develop in their role over time. The base pay offered to selected candidates will be within the salary range and the placement will vary based upon a variety of factors, including, but not limited to job-related knowledge, skills, experience and internal equity.
$118,000 - $152,000 CAD
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