Product Development Actuary MMH260624-7

Role Purpose

Design, develop, price, and manage life insurance products end-to-end, providing actuarial insight that drives product strategy, commercial performance, and customer outcomes.

Requirements

• Qualified Actuary (e.g. FASSA, FIA, etc)
• Minimum 3 - 5 years actuarial experience, preferably in life insurance
• Experience with the development and maintenance of life insurance actuarial models
• Proficiency in MS Office, SQL, and working with large datasets
• Strong communication, storytelling and stakeholder engagement skills

Duties and Responsibilities

Internal Process

• Contribute to and support the full product lifecycle: ideation, design, pricing, launch, and ongoing management
• Develop and maintain pricing and profit-testing models, including assumptions and sensitivities
• Define product structures, benefits, and rules aligned to target market needs
• Support the translation of business requirements into clear system specifications for implementation
• Monitor product performance and recommend enhancements based on experience, trends, and feedback
• Conduct competitor analysis to inform product positioning and pricing strategies
• Support and contribute to product governance forums (e.g. product approval committee)
• Support compliance with statutory and regulatory requirements, including actuarial reporting standards
• Identify and manage product-related risks, including pricing, experience variances, and operational risks

Stakeholder

• Collaborate effectively across Product, IT, Operations, Distribution, Finance, Corporate Actuarial and Risk teams
• Translate technical product design into clear value propositions for advisers and clients
• Support distribution teams with technical product positioning and competitor comparisons
• Contribute to improving customer outcomes and ensuring fair treatment of clients (TCF)
• Contribute to a culture of innovation, continuous improvement and influence business transformation

Finance

• Take accountability for product profitability and financial performance
• Provide input into business cases for new products and enhancements
• Ensure pricing and product structure support capital efficiency and financial reporting frameworks (e.g., SAM, IFRS)
• Identify opportunities to improve operational efficiency and cost-effectiveness

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