Our client is looking for a Product Actuary that will assist in risk product development and management focusing on Life Insurance solution development within a major bank, with simplified underwriting models aimed at Middle Market customers.

This largely entails reviewing and managing the existing life cover product suite ensuring these risk products remain suitable for customer and risks and commercials are managed. This includes providing support and oversight on pricing, operational, monitoring and other supporting processes regarding the products.

You will be responsible for leading with exciting new innovations, product developments including all phases from research and analysis, creating business cases, designing the product, supporting approvals and implementations including go-to-market. The role includes the opportunity to interact with a wide range and key individuals across the group enabling execution of Group’s strategic objectives related to penetration of risk product into the Middle Market customer segments.

Qualifications: Newly or Nearly qualified actuary

Experience: >5 years in suitable similar environments (actuarial life experience in product or suitable commercial roles).

Responsibilities:

• Is allocated strategic solutions projects, translates these into structured execution plans and drives delivery both in their own outputs and managing outputs of other team members and broader stakeholders, assisted by support of manager.
• Plays a senior team member role in the development of new life solutions or enhancements to existing solutions, including the value case for these, analysing overall profitability and commercial contribution to the Life Solutions Commercial unit in respect of the solutions the team is responsible for
• Leverages inputs from a wide range of stakeholders to understand market trends and dynamics, customer needs, channel needs, regulatory requirements, competitor insights, gaps or issues in current solution set to identify product/solution opportunities
• Develops, manages and maintains all relevant technical product artefacts for example product specifications, policy document specifications, customer communication specifications, technical content to support into marketing etc.
• Works closely with technology teams both deciding on the best approach to implement solutions and making sure they are implemented correctly
• Assists with management information and data to monitor and assess solution performance and to inform recommendations and solutions
• Supports commercial and first line risk management within solutions
• assesses commercial levers and risks specifically in relation to pricing strategy and risks like mortality, morbidity, lapse but also broader risk taxonomy (e.g. operational, market risk etc).
• Incorporating risk mitigations through product design, pricing (in collaboration with any pricing SMEs), underwriting rules, claims rules or reinsurance design, or where in less direct control working with other necessary functional areas, SMEs and stakeholders across the value chain
• to ensure that solution is commercially optimized, operates as intended, that the customer experience and journeys are intuitive and support strategic objectives, 
• to provide oversight of adequacy of controls to ensure risks are appropriately managed and mitigated.
• Works in a way to ensure compliance to relevant internal policies and standards as they apply to the solution, and that relevant governance is followed in relation to approval/sign-off of decisions, new solutions, new features within solutions, specifications, solution artefacts (specifications, customer communication etc).
• Prepares and presents information and reports or supports reporting to relevant governance or management forums
• Acts a senior member of the life solution team and mentors, guides more junior members of the team.
• Plays a key participating role in cross-functional teams as required to execute strategic solution development initiatives.
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Competencies:

• The role will suit creative individuals, broad thinkers who enjoys working collaboratively with different stakeholders
• Strong ability to apply commercial and innovative thinking
• Communication skills
• Business writing skills
• Leadership skills
• Works well in a team
• Technical and problem-solving skills
• A strong sense of accountability
• Ability to work under pressure
• Experience with implementing change and an ability to engage with senior stakeholders will be required.
• An interest in learning new things and exploring alternative solutions in the simple life risk product area