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- Tasks: Join our team to develop and price individual annuity products, collaborating with various internal and external partners.
- Company: M&G 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 dynamic team driving innovation in the annuity market while fostering a culture of integrity and collaboration.
- Qualifications: A solid understanding of UK life insurance products is essential; experience in annuities is a plus.
- Other info: We celebrate diversity and are committed to creating an inclusive environment for all applicants.
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 work place accommodations to ensure you have what you need to effectively deliver in your role.
The Role: Pricing & Development Actuary, Individual Annuities
Individual Life & Pensions is a division of M&G Life, responsible for the manufacture, sale and management of individual insurance products in the UK and internationally.
We have a strong ambition to increase our share of the Fixed Term Annuity market and expand into Lifetime Annuities. We are growing the Individual Annuities Pricing & Development Team to deliver this exciting goal.
The remit of the team is to establish and execute a competitive pricing strategy for our with-profits annuity propositions and ensure all technical elements associated with launching and maintenance of our products are appropriately designed and implemented. This includes, but is not limited to, establishing a valuation methodology for new business, assisting the build of a customer quotation platform, negotiating and setting up longevity reinsurance and developing an enhanced annuity underwriting process.
This role involves collaborating with a wide range of internal teams and external partners to ensure the successful development and management of individual annuity products.
Key responsibilities for this role
- Run the new business pricing process for our individual annuity products.
- Perform pricing assumption reviews through the production of robust experience and market analysis.
- Assist with the development and launch of new individual annuity products.
- Produce internal governance and approval papers (e.g. for pricing methodologies or product developments), influencing our stakeholders across the business.
- Coordinate the implementation and testing of calculations on IT systems.
- Develop new and enhanced modelling capability, including tech solutions across the Individual Annuity pricing infrastructure
- Develop and mentor junior team members.
Knowledge, skills and experience
- Understanding of UK life insurance products and concepts is essential, with both technical and commercial knowledge of life insurance and annuities.
- Knowledge of individual annuities pricing is preferred, but not essential; experience in related areas such as bulk purchase annuities and longevity modelling is also helpful.
- 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.
- Strong communication and presentation skills to effectively convey technical information to non-technical stakeholders
- Ability to collaborate with cross-functional teams, including Finance, Marketing, Investment, Risk and external business partners.
- Ability to build a network across the business and use it to move projects forward.
- Comfortable taking ownership of key business processes.
- Strong analytical and problem – solving skills, with the ability to interpret complex data.
- 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: careers@mandg.com #J-18808-Ljbffr
Pricing & Development Actuary, Individual Annuities employer: Virginia Tech
Contact Detail:
Virginia Tech Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Pricing & Development Actuary, Individual Annuities
✨Tip Number 1
Familiarise yourself with the latest trends in individual annuities and pricing strategies. This will not only help you understand the market better but also allow you to engage in informed discussions during interviews.
✨Tip Number 2
Network with professionals in the insurance and actuarial fields. Attend industry events or join relevant online forums to connect with others who can provide insights or even refer you to opportunities at M&G.
✨Tip Number 3
Brush up on your analytical skills, particularly in data analysis and statistical techniques. Being able to demonstrate your ability to interpret complex data will be crucial in this role.
✨Tip Number 4
Prepare to discuss your experience with cross-functional collaboration. Think of examples where you've successfully worked with different teams, as this is a key aspect of the Pricing & Development Actuary role.
We think you need these skills to ace Pricing & Development Actuary, Individual Annuities
Some tips for your application 🫡
Understand the Role: Before applying, make sure to thoroughly read the job description for the Pricing & Development Actuary position. Understand the key responsibilities and required skills, especially those related to UK life insurance products and annuities.
Tailor Your CV: Customise your CV to highlight relevant experience in pricing strategies, data analysis, and collaboration with cross-functional teams. Emphasise any specific knowledge of individual annuities or related areas that align with the job requirements.
Craft a Compelling Cover Letter: Write a cover letter that showcases your passion for the role and the company. Mention how your skills and experiences make you a great fit for M&G, particularly in relation to their goals in the Individual Annuities market.
Highlight Soft Skills: In your application, don't forget to mention your strong communication and presentation skills. Provide examples of how you've effectively conveyed technical information to non-technical stakeholders, as this is crucial for the role.
How to prepare for a job interview at Virginia Tech
✨Understand the Role and Responsibilities
Make sure you have a clear understanding of the Pricing & Development Actuary role. Familiarise yourself with individual annuities, pricing strategies, and the specific responsibilities mentioned in the job description. This will help you articulate how your skills align with their needs.
✨Showcase Your Analytical Skills
Prepare to discuss your experience with data analysis and statistical techniques. Be ready to provide examples of how you've used these skills to develop propositions or assess risk in previous roles, as this is crucial for the position.
✨Demonstrate Collaboration Abilities
Since the role involves working with various internal teams and external partners, think of examples where you've successfully collaborated across departments. Highlight your communication skills and how you've influenced stakeholders in past projects.
✨Prepare Questions About Company Culture
M&G values integrity and collaboration. Prepare thoughtful questions about their company culture and how they support flexible working arrangements. This shows your interest in not just the role, but also in being a part of their team.
