MIST - Testing SME

About M&G India

We are M&G India, the strategic innovation and digital hub for M&G. Established in 2003, we have offices in Mumbai and Pune.

Our teams work closely with colleagues across the Group worldwide to drive transformation, build digital capability, and support sustainable growth. By leveraging technology, AI, automation, and process excellence, we bring new ways of thinking to improve outcomes for both customers and colleagues.

Grounded in a vibrant culture with strong foundations, we are central to how M&G is transforming as a business.

About M&G

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through 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.

The Senior Manager – Actuarial (Model Implementation & Support) is responsible for managing the complete lifecycle of actuarial model changes, spanning requirement gathering, development, testing, validation, and implementation. The role requires strong technical actuarial expertise combined with analytical, problem-solving, and stakeholder management capabilities.

1. Role Overview

Lead the development, enhancement, and support of actuarial models (primarily RAFM).

Translate business requirements into technical model changes aligned with architecture and governance standards.

Ensure model accuracy, robustness, and financial transparency.

Drive continuous process improvement across modelling and operational activities.

2. Key Responsibilities

A. Model Development

Liaise with stakeholders (model users, developers, business teams) to understand requirements.

Convert business needs into detailed technical specifications.

Design, develop, and unit test enhancements to actuarial models.

Maintain comprehensive documentation and audit trails for all model changes.

Develop and maintain:

Assumption Management System (Excel/VBA-based)

Automation tools (Unify – VBA/Python-based)

Data creation and result extraction tools

Ensure adherence to governance, version control, and compliance standards.

Propose and implement improvements to enhance efficiency, scalability, and transparency.

B. Model Testing & Validation

Understand scope and expected outcomes of model changes.

Perform:

Functional Testing (Model Baselining) to validate coding accuracy

End-to-End Testing to ensure full production process integrity

Assess financial impacts on:

Balance Sheet

Profit & Loss (P&L)

Conduct detailed reconciliations and step-through analysis of results.

Identify, document, and communicate defects to relevant teams.

Retest fixes to ensure issue resolution.

Maintain thorough documentation of testing, results, and impact analysis.

Enhance testing frameworks, automation, and processes.

3. Problem Solving & Delivery

Develop and execute clear plans for self and team.

Monitor progress and ensure deadlines and deliverables are met.

Maintain strong understanding of actuarial model governance frameworks.

Communicate issues and insights clearly and confidently.

4. People Management & Collaboration

Manage a team of 2–3 members.

Prioritize and allocate work effectively.

Deliver multiple tasks under tight timelines.

Build strong stakeholder relationships and collaborative networks.

Foster a positive and productive working environment.

5. Stakeholder Management

Internal:

Mumbai leads and delivery teams

Modelling, assumptions, and data teams

UK stakeholders and governance teams

Internal audit

External:

External auditors

Willis Towers Watson (WTW)

6. Additional Responsibilities

Ensure compliance with company Code of Conduct and regulatory policies.

Complete mandatory trainings.

Communicate proactively with stakeholders.

Demonstrate leadership and inspire team members.

7. Knowledge, Skills & Experience

Must Have

Knowledge of IFRS 17 and Solvency II (SII)

Understanding of actuarial methodologies and formulae

Knowledge of life insurance products:

Conventional, Unit Linked, With Profits, Annuities

Experience with actuarial modelling systems

Strong MS Office skills

Good to Have

VBA, Python, SQL, SSIS knowledge

Experience with tools like MoSes, RAFM, Prophet, GGY Axis, MG Alpha

Understanding of UK Life Insurance regulations

Strong communication and reporting skills

Experience in financial reporting and controls

8. Experience Requirements

8+ years of actuarial experience

Experience in model development or enhancements

9. Educational Qualifications

Graduate/Postgraduate (preferably Mathematics, Statistics, Economics)

Qualified actuary or progressing towards qualification

CM1 exam mandatory

10. Expected Behaviours

Inspire and support colleagues

Embrace change and adaptability

Deliver results with accountability

Simplify complexity and communicate effectively

We have a diverse workforce and an inclusive culture at M&G Global Services, 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.