Senior Analyst

M&G India; Mumbai; On-site; INR 900,000 - 1,300,000; Full time

Job summary

M&G India is seeking an Actuarial Modeller to advance RAFM models, develop enhancements, and ensure robust testing and documentation. You will work with VBA and Python-based tools to support assumption governance and automate production workflows, collaborating with stakeholders to validate model outputs and financial impacts.

The role requires 0–2 years of actuarial experience and knowledge of IFRS 17, SII, and life insurance products.

Qualifications

• Knowledge of IFRS 17 and SII.

Responsibilities

• Primary responsibilities include actuarial modelling, RAFM model development, and model testing.
• Translate business needs into technical specifications aligned with model architecture.
• Design, develop, and test RAFM model enhancements with audit trails.
• Maintain the in-house Assumption Management System (Excel/VBA-based).
• Support and enhance Unify automation tool (VBA/Python).
• Build data creation and result extraction tools for each model release cycle.

Skills

IFRS 17 & SII knowledge

Actuarial formula interpretation

Actuarial procedures

Conventional/Unit Linked/With-Profits

VBA

Python

SSIS

SQL

Life actuarial software knowledge

MS Office proficiency

Education

Graduate/Master in maths/ statistics/ economics

Active student member of IA/ IAI

Progress toward actuarial qualification

CM1 exam mandatory

Tools

MoSes

RAFM

Prophet

GGY Axis/MG Alpha

VBA

Python

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.

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.

Primary Key Responsibilities

• Core technical responsibilities for the role
• Actuarial Modelling Core Functions 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.

Problem Solving

• Maintain and develop knowledge of technical requirements of job together within the model governance framework,
• Ability to develop clear, workable plans for self and team; monitor progress; ensure deadlines and commitments are met,
• Ability to confidently express own viewpoint and to clearly communicate any issues within their team.

Working Together & People management

• Seek support from reporting manager to help understand the work priorities ,
• Ability to deliver on multiple tasks to demanding timescales,
• Drive team building exercises/ activities,
• Develop positive network and maintain a healthy working environment.

Additional Responsibilities

• Compliance – Ensure understanding and adherence to M&G’s Code of Conduct and where appropriate, comply with all relevant regulatory policies. This includes completion of any mandatory training,
• Assertively communicate with the stakeholders and independently execute the tasks that they allocated,
• Ability to inspire colleagues.

Key Stakeholder Management

Internal

• Mumbai leads,
• Delivery Leads,
• Modelling leads,
• Concerned UK stakeholders/ leads,
• Governance/ Internal Audit team,
• External Auditors via stakeholders. External NA

Other Functions/ Teams For Liaising

• Delivery Leads,
• Modelling leads,
• Concerned UK stakeholders/ leads,
• Governance/ Internal Audit team,
• External Auditors via stakeholders. External NA

Knowledge, Skills, Experience & Educational Qualification

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,
• 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 internal stakeholders,
• Experience of the production of financial results and the implementation of financial controls.

Experience:

• 0-2 years of relevant Actuarial experience,
• Experience of developing or enhancing financial models,
• Experience of MoSes, RAFM, Prophet. GGY Axis or MG Alpha actuarial software packages would be advantageous.

Educational Qualification:

• Graduate/ Master in any discipline (preferably mathematics, Statistics or economics),
• An active student member of the Institute or Faculty of Actuaries and / or Indian Institute of Actuaries,
• Steady progress towards actuarial qualification,
• CM1 exam is mandatory.

M&G Behaviours relevant to all roles:

• Inspire Others: support and encourage each other, creating an environment where everyone can contribute and succeed
• Embrace Change: be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas
• Deliver Results: focus on performance, set high standards and deliver with energy and determination
• Keep it simple: cut through complexity, keep the outcome in mind, keeping your approach simple and adapting your message to every audience.

We have a diverse workforce and an inclusive culture at M&G Global Services, 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.