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Annuity Product Owner

Dublin

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Think outside the box

We know that sometimes people can be put off applying for a job if they think they can't tick every box, but if you are excited about this opportunity and think you can do most of what we are looking for, then go ahead and apply. You could be exactly what we need!

Ways of Working

At Bank of Ireland we are changing.  We are committed to enabling our colleagues to thrive and offer agile ways of working to maximise choice and flexibility in how we work and live. Varying degrees of optionality apply depending on the role.  For more detailed information on this role, please contact us, or let us know your preferred working arrangements when you apply.

Inclusion & Diversity

At the heart of our purpose is our commitment to Inclusion & Diversity: To foster an inclusive working environment where all colleagues are enabled to reach their full potential. We are working to develop a more inclusive and diverse environment, supported by the development of our Employee Support Networks.

Annuity Product Owner

  • Dublin, Republic of Ireland
  • Full time
  • Closing on: Dec 6 2022

Description of Business Unit

The Wealth & Insurance business comprises three key parts - New Ireland Assurance, Bank of Ireland Insurance Services and Bank of Ireland Investment Markets. The W&I business distributes savings, investment, pension, protection & insurance products to our end customers through multiple channels, including Bank of Ireland, New Ireland Financial Advisers, third party brokers & selected corporate partnerships. The Group Risk and Annuities team sits within New Ireland.

Key functions of the team include:

  • Pricing of individual and bulk annuity products
  • Building and delivering bespoke sales propositions
  • Providing analysis and papers for Pricing Committee
  • Providing regular pricing to our Distribution Partners
  • Building and maintaining strong working relationships

Purpose of the role

The successful candidate will have responsibility for ensuring the commerciality of our annuity product range, for driving innovation and efficiency! We hold a leading position in the annuity market and the product is a key driver of the company's strategic sales and profitability targets.

The successful applicant will be involved in a variety of work aimed at developing and driving the strategy! This work extends to all aspects of the product lifecycle, including the product proposition, innovations, pricing and governance. The person will be expected to build key relationships both internally and externally by providing expert technical support to the wider business and key brokers.

Key Accountabilities

  • Take responsibility for developing the product and proposition to ensure NIA retain a market leading position, by identifying gaps and market opportunities
  • Lead, motivate and support the annuity pricing team, work closely with the team to manage and plan for tight deadlines and competing priorities.
  • Maintain and develop pricing model functionality
  • Make recommendations and provide insight based on analysis and investigations so that the product is adequately priced and risks appropriately managed
  • Work closely with the distribution team to support them on bringing technical and pricing insights of the Annuity proposition to market
  • Challenge traditional approaches to pricing to ensure New Ireland can drive competitive market advantages through a differentiated pricing approach
  • Play a lead role in regular reviews of pricing basis and presentation of changes to pricing committee
  • Ensure a proper control framework is in place for pricing models, legal contracts and operational aspects of the department

What is the opportunity

The successful candidate will have the opportunity to work with members of an agile team fully focussed on driving the company strategy. New Ireland currently holds a very strong position in the Annuity market; the Annuity Product Owner will have the opportunity to grow this position further by driving change to the product proposition in an ever evolving market.

The successful candidate will have end to end Annuity product ownership and the scope to drive innovation and efficiency in the product line. They will have the opportunity to collaborate with teams across the business in delivering the Annuity product strategy.

Hybrid working - office based with working from home option.

Working at Bank of Ireland doesn't have to mean working in an office to have an impact. Our commitment to enabling colleagues to thrive means that depending on role type you can have choice and flexibility in where you work and live, subject to your role, customer needs and our requirements.

We have a hybrid working model, with home, agile hub and office based options available. We will always list a primary location which can be where you go for in person collaboration, and a location where you can best perform your role.

Please note you must live in the jurisdiction for the business to which you are contracted.

#li-hybrid #ij-hybrid

Essential Qualifications

  • Ideally Nearly/Qualified Actuary with minimum 2 - 5 years relevant industry experience

Essential Skills and Experience

  • An ability to create a vision for New Ireland/BoI in how we deliver products that create customer value, innovation and commercial opportunity in an efficient manner.
  • Demonstrated ability to support and motivate the team.
  • The ability to influence key stakeholders in terms of strategic direction and the implications of different strategic choices for future income.
  • Ability to balance competing priorities while retaining a high standard of work
  • Given the degree of interaction with other parts of the business, strong interpersonal and communication skills are vital.

Desirable Qualifications, Skills and Experience

  • Direct experience of the Annuity industry is desirable. Including experience of annuity pricing, product development and project management
  • Commercially focused with an interest in company strategy and creating efficient processes

Key Competencies

  • Accountable - People Manager
  • Manage Risk - People Manager
  • Agile - People Manager
  • One Group, one team - People Manager
  • Customer Focused - People Manager

Where Agency assistance is required Bank of Ireland Recruitment Team will engage directly with suppliers. Unsolicited CVs / profiles supplied to Bank of Ireland by Recruitment Agencies will not be accepted for this role.

Bank of Ireland Group is an equal opportunities employer and is committed to fostering an inclusive workplace which values and benefits from the diversity of our workforce. We offer reasonable accommodation at every stage of the application and interview process. If you require assistance, please contact recruitdirect@boi.com.

Apply now

Our application form takes just minutes to complete. If you have any questions about our application, you can contact our recruitment team directly.

 

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