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- Tasks: Join us as a Product Development Actuary, designing and launching innovative insurance products.
- Company: M&G plc is a leading international savings and investments business with over 170 years of experience.
- Benefits: Enjoy flexible working arrangements and workplace accommodations tailored to your needs.
- Why this job: Be part of a collaborative culture that values integrity and innovation while making a real impact.
- Qualifications: Ideal for part or newly qualified actuaries with knowledge of life insurance and annuities.
- Other info: We celebrate diversity and welcome applications from all backgrounds, including those with disabilities.
The predicted salary is between 36000 - 60000 £ per year.
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 workplace 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.
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: careers@mandg.com
Contact Detail:
M&G plc. Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Product Developer - M&G plc.
✨Tip Number 1
Familiarise yourself with the specific products and services offered by M&G plc, especially their with-profits annuities. Understanding the nuances of these products will help you engage in meaningful conversations during interviews.
✨Tip Number 2
Network with current or former employees of M&G plc to gain insights into the company culture and expectations for the Product Developer role. This can provide you with valuable information that may not be available through official channels.
✨Tip Number 3
Brush up on your knowledge of regulatory requirements and compliance standards in the insurance industry. Being well-versed in these areas will demonstrate your commitment to the role and your understanding of the industry's complexities.
✨Tip Number 4
Prepare to showcase your analytical and problem-solving skills through real-world examples. Be ready to discuss how you've used data analysis to inform decisions or develop propositions in previous roles, as this is crucial for the position.
We think you need these skills to ace Product Developer - M&G plc.
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and requirements of the Product Developer position at M&G plc. Familiarise yourself with the key accountabilities and the skills needed, especially in relation to with-profits annuities.
Tailor Your CV: Customise your CV to highlight relevant experience and skills that align with the job description. Emphasise your understanding of UK life insurance products, your analytical skills, and any experience with annuity propositions.
Craft a Compelling Cover Letter: Write a cover letter that showcases your passion for the role and the company. Mention specific examples of your previous work that demonstrate your ability to contribute to product development and collaboration with cross-functional teams.
Highlight Your Soft Skills: In your application, don't forget to mention your communication skills and your ability to convey technical information to non-technical stakeholders. M&G values collaboration, so illustrate how you've successfully worked in teams in the past.
How to prepare for a job interview at M&G plc.
✨Understand the Product Landscape
Make sure you have a solid grasp of UK life insurance products, especially annuities and with-profits. Familiarise yourself with M&G's offerings and how they differentiate themselves in the market.
✨Showcase Your Analytical Skills
Be prepared to discuss your experience with data analysis and statistical techniques. Highlight specific examples where you've used these skills to develop propositions or assess risk in previous roles.
✨Communicate Effectively
Since you'll be conveying technical information to non-technical stakeholders, practice explaining complex concepts in simple terms. This will demonstrate your ability to collaborate across teams.
✨Demonstrate Proactivity
M&G values a proactive approach. Share instances where you've quickly adapted to urgent priorities or taken the initiative to solve problems, showcasing your results-focused mindset.
