Manager Heavy Model Development - MIST

mgpru; Mumbai; On-site; INR 1,200,000 - 2,400,000; Full time

Job summary

M&G India is seeking an experienced actuarial model professional to drive RAFM model development, testing, and governance. You will liaise with users and developers to translate business needs into robust technical specifications, ensuring accuracy and auditable changes.

You will work on in-house tools (Excel/VBA, Python) and automation, supporting comprehensive validation and E2E testing while aligning with UK/India regulations and financial impact considerations.

Qualifications

• Knowledge of IFRS 17 and SII.
• Ability to interpret simple actuarial formulas.
• Understanding of actuarial procedures.
• Working knowledge of life insurance products.
• VBA, Python, and SQL knowledge would be advantageous.
• Awareness of AI and machine learning concepts.

Responsibilities

• Liaise with model users, developers, and stakeholders to gather business requirements.
• Translate requirements into technical specs aligned with RAFM model architecture.
• Design and test enhancements to RAFM models following actuarial principles.
• Maintain audit trails and documentation for all model changes.
• Support automation tools like Unify and data extraction for releases.

Skills

IFRS 17

Solvency II

Actuarial math

VBA

Python

SQL

AI concepts

Actuarial software

MS Office

Data governance

Testing expertise

Tools

VBA

Python

SSIS

SQL

Job description

About M&G India

We are M&G India, the strategic innovation and digital hub for M&G. Established in 2003, we have offices in Mumbai and Pune.

Our teams work closely with colleagues across the Group worldwide to drive transformation, build digital capability, and support sustainable growth. By leveraging technology, AI, automation, and process excellence, we bring new ways of thinking to improve outcomes for both customers and colleagues.

Grounded in a vibrant culture with strong foundations, we are central to how M&G is transforming as a business.

About M&G

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long‑term investment and savings solutions.

Through 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.

Core technical responsibilities for the role

Model Development, Model Testing

• Liaise with model users, developers, and stakeholders to understand business requirements across both model development and operational components.
• Translate business needs into technical specifications that align with the existing model architecture and operational framework.
• Design, develop, and unit test enhancements to RAFM models, ensuring alignment with actuarial principles and business objectives.
• Maintain a robust audit trail and comprehensive documentation for all model changes.
• Develop and maintain the in‑house Assumption Management System (Excel/VBA‑based) to support assumption governance.
• Support and enhance Unify, a VBA and Python‑based automation tool for streamlining model production processes.
• Build and maintain data creation and result extraction tools for each model release cycle.
• Collaborate with stakeholders to define and execute testing and validation strategies for model and operational changes.
• Ensure accuracy, consistency, and reliability of model outputs and operational tools.
• Propose and implement process improvements across both development and operations to enhance efficiency, transparency, and scalability.
• Ensure all changes‑whether in RAFM models or operational tools‑are well‑documented with clear version control and audit trails.
• Adhere to governance standards and contribute to maintaining model integrity and compliance.
• Understand the nature and scope of model changes or enhancements made in RAFM.
• Collaborate with model developers and stakeholders to gather context and expected outcomes of changes.
• Perform Functional Testing (Model Baselining) to validate the correctness of RAFM model coding changes.
• Conduct End‑to‑End Testing to ensure the full results production process functions as intended, comparing outputs with development or previous production results.
• Demonstrate a strong understanding of the balance sheet and P&L, and explain the financial implications of model changes.
• Perform step‑through analysis to reconcile movements from previous results and support overall financial impact assessments using standardized tools.
• Proactively identify, document, and communicate defects or unexpected results to relevant teams (e.g., Modelling, Assumptions, Data).
• Retest and validate fixes to ensure resolution of identified issues.
• Maintain comprehensive documentation of testing activities, results, and financial impact analysis to support audit and approval processes.
• Ensure traceability and transparency of all testing and analysis performed.
• Continuously seek opportunities to enhance testing frameworks, automation, and documentation standards.
• Propose and implement process improvements to increase efficiency and reduce manual effort.

Knowledge & Skills (Must Have)

Knowledge of IFRS 17 and SII,Ability to interpret simple actuarial formulae,Understanding and knowledge of actuarial procedures,Working knowledge of Conventional, Unit Linked and With Profits & Annuities,A working knowledge of VBA, python, SSIS, SQL would be advantageous but not essential,Working awareness of AI, machine learning, and generative AI concepts, with the ability to identify practical opportunities to improve model development, testing, documentation, automation, and governance while ensuring responsible and controlled use,Core coding experience with Life insurance actuarial software's, Good MS office suite knowledge

Knowledge & Skills (Additional)

Experience of communicating findings and results of analyses in the appropriate format to ensure understanding, determining the most appropriate message and delivery method,Good understanding of UK Life Insurance regulations,Experience of disseminating quality information to