Product Development Actuary

Description:

At M&G, a leading international savings and investments business with over 170 years of heritage, we are seeking a Product Development Actuary to join our M&G Life division. This division is responsible for the Prudential Assurance Company and its subsidiaries, covering life insurance and pension products, both for existing customers and new business within the UK and internationally.

The role involves the development and maintenance of technical elements related to with-profits annuity propositions (fixed term and lifetime annuities), ensuring they are well-designed, implemented, and maintained. You will collaborate with multiple teams to ensure the successful development and management of these products.

Key Responsibilities:

• Develop and maintain calculation specifications for new business and post-sale calculations

• Support implementation and testing of calculations on IT systems

• Establish and update bonus setting methodologies and monitoring processes

• Collaborate with various teams to align technical elements with risk-sharing principles

• Support underwriting and matching adjustment applications with relevant teams

Knowledge:

• In-depth understanding of UK life insurance products, including annuities and with-profits

• Familiarity with international life insurance markets is beneficial

• Knowledge of regulatory requirements and compliance standards in the insurance industry

• Experience with data and trend analysis to assess risk and develop propositions

Skills and Experience:

• Part or newly qualified actuaries with experience of annuity propositions

• Demonstrated ability to contribute to the design and implementation of with-profits propositions

• Strong communication skills for conveying technical information to non-technical stakeholders

• Ability to collaborate with cross-functional teams (finance, marketing, product development)

• Strong analytical and problem-solving skills

• Proactive and results-focused with adaptability to urgent priorities

Job Level: Experienced Colleague