Role Purpose

The Senior Actuarial Analyst Products will be responsible for the end-to-end management of insurance products, including pricing, performance analysis, and reinsurance optimization. This role involves overseeing product development, pricing strategies, and the evaluation and discontinuation of underperforming products. The incumbent will also lead initiatives related to distribution channel strategy and reinsurance structure optimization to enhance business profitability and competitiveness.

Primary Responsibilities

End to end development of new products including business case preparation, pricing, product specification preparation and securing regulatory approvals.

Price and reprice products such as annuities, individual life, group life, group credit, and pension products, ensuring they are competi- tive and profitable.

Oversee testing and implementation of new products in the policy administration system.

Recommend enhancements to existing products based on feed- back from clients and the distribution team.

Monitor and analyze the performance of existing and newly launched products.

Prepare product-related inputs required for regulatory annual returns.

Conduct market research on competitor products together with the distribution team to identify gaps and opportunities in the current product portfolio.

Evaluate cost implications and viability of proposed new distribu- tion channels and business initiatives.

Review and propose improvements to reinsurance arrangements to optimize business outcomes.

Review and approve product documentation, including all custom- er-facing materials.

Ensure product offerings comply with all applicable regulations and laws, including Treating Customers Fairly (TCF), Anti-Money Laun- dering (AML), Counter Financing of Terrorism, the Data Protection Act, and other relevant legal frameworks.

Document pricing methodologies to maintain transparency and consistency.

Manage and nurture relationships with distribution partners.

Qualifications:

Skills and Competencies

Strong analytical, actuarial, and financial modeling skills.

Expertise in pricing and profitability analysis of insurance products.

Excellent communication skills with the ability to explain technical concepts to non-technical audiences.

Proficiency in actuarial software and tools (e.g., Prophet, Excel). Strong leadership and teamwork capabilities.

Solid understanding of insurance industry laws and regulations.

Effective relationship management and stakeholder engagement skills.

Academic

Bachelor's degree in Actuarial Science, Statistics, Mathematics, or a related field.

Professional

Significant progress towards actuarial qualification (e.g., FIA or equivalent).

Experience

Minimum of 5 years' experience in the development and pricing of insurance products, preferably within the life insurance sector.

Strong preference will be given to candidates with the requisite qualifications, skills with proven experience in a similar environment.