Product Development Actuary

OU Health; Stirling; On-site; GBP 40,000 - 60,000; Full time

Job summary

An insurance division of M&G is looking for an experienced Product Development Actuary to oversee with-profits annuities. The role involves designing technical specifications, collaborating across departments, and ensuring products align with market standards. Candidates should have a background in life insurance and be skilled in analysis and communication to adapt to urgent priorities.

Qualifications

• Experience with annuity propositions and with-profits products is essential.
• Understanding of UK life insurance products and concepts is required.

Responsibilities

• Develop calculation specifications for new and post-sale business.
• Collaborate with teams to manage with-profits products.
• Establish methodologies for bonus setting.

Skills

Analytical skills

Communication

Problem-solving

Collaboration

Education

Part or newly qualified actuary

Job description

At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.

Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

The Role: Product Development Actuary (With Profits Annuities)

M&G Life is a division of M&G plc and runs the Prudential Assurance Company and its subsidiaries, responsible for the manufacture of insurance products including our legacy back book and life and pension products open for new business within the UK and internationally. The With Profits Fund is a key differentiator that provides benefits for millions of customers through a broad range of products, including PruFund, our anchor retail investment fund.

You will be responsible for ensuring that all technical elements associated with launching and maintaining new with-profits annuity propositions (fixed term and lifetime annuities) are appropriately designed and implemented. This role involves collaborating with various teams to ensure the successful development and management of with-profits products.

Key accountabilities for this role

• 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 key technical elements with risk-sharing principles.
• Support underwriting and matching adjustment applications with relevant teams.

Knowledge

• Understanding of UK life insurance products and concepts is essential, with both technical and commercial knowledge of life insurance, annuities, and with-profits.
• Knowledge of international life insurance markets beneficial.
• Knowledge of regulatory requirements and compliance standards in the insurance industry.
• Experience with data and trend analysis and statistical techniques to develop compelling propositions and assess risk.

Skills and Experience

• Part or newly qualified actuaries with experience of annuity propositions (fixed term and lifetime annuities)
• Experience of with-profits propositions.
• Demonstrated ability to contribute to the design and implementation of with-profits propositions.
• Good communication skills to effectively convey technical information to non-technical stakeholders
• Ability to collaborate effectively with cross-functional teams, including finance, marketing, and product development
• Strong analytical and problem-solving skills, with the ability to interpret complex data and make informed decisions.
• Proactive and results focused - responding quickly and adaptably to urgent priorities as they arise.

Job Level: Experienced Colleague
Recruiter: Phoebe Ewers

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader , and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions. Being a Disability Confident Leader means that candidates who meet the minimum criteria of a job, will be offered an interview if they 'opt in' to the scheme when applying.

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at: [e-mail]