Product Owner - Bancassurance

AlFuttaim; Dubai; On-site; AED 334,800 - 502,200; Full time

Job summary

AlFuttaim in Dubai is seeking a Product Owner for its Bancassurance department. The ideal candidate will define and maintain the product vision for various bancassurance products and manage the product lifecycle from conception to launch.

With a focus on sales enablement and regulatory compliance, you'll collaborate with various teams, ensuring optimal product market fit. A Bachelor's degree and 8-12 years of experience in relevant fields are required for this full-time position.

Qualifications

• 8–12 years of experience in insurance product management, product ownership, or bancassurance distribution.
• Proven experience working with bancassurance distribution models and bank partner channels.
• Strong exposure to both Life and Non‑Life insurance products.

Responsibilities

• Define and maintain the product vision, strategy, and roadmap for Life and Non‑Life bancassurance products.
• Align product priorities with bank distribution goals and customer needs.
• Monitor market trends, competitor offerings, and customer behavior to guide product decisions.

Skills

Bancassurance

Insurance product management

Product ownership

Life insurance

Non-Life insurance

Agile delivery

Stakeholder management

Education

Bachelor's degree in Business, Finance, Insurance, or a related field

Job description

Product Owner – Bancassurance Job Snapshot

Role: Product Owner – Bancassurance. Location: Dubai, United Arab Emirates. Industry: Insurance. Function: Product Management. Experience: 8–12 years in insurance product management, product ownership, or bancassurance distribution. Job Type: Full‑time.

Salary: 30,000–45,000 (UAE Dirham) – final offer to be confirmed with the employer.

Role Overview

Product Owner – Bancassurance will sit at the center of insurance, banking, digital distribution, underwriting, actuarial, compliance, and operations teams. The role is responsible for shaping product vision, prioritising the roadmap, creating bank‑ready propositions, and ensuring products are simple to sell, commercially viable, compliant, and digitally enabled. By improving product adoption, conversion, attach rates, persistency, claims performance, and customer experience, the position supports growth across Life and Non‑Life bancassurance channels in the UAE insurance market.

Key Responsibilities

• Define and maintain the product vision, strategy, and roadmap for Life and Non‑Life bancassurance products distributed through bank partners.
• Align product priorities with bank distribution goals, insurer growth objectives, customer needs, regulatory expectations, and market opportunities.
• Identify cross‑sell, upsell, bundling, lifecycle‑based proposition, and customer protection opportunities across banking journeys.
• Monitor market trends, competitor offerings, regulatory changes, customer behavior, and bancassurance developments to guide product decisions.
• Act as Product Owner within agile or hybrid delivery teams, managing epics, features, user stories, acceptance criteria, and backlog prioritisation.
• Translate business requirements into clear product specifications that balance speed‑to‑market, risk, compliance, operational readiness, and customer value.
• Own product releases from concept, business case, design, approvals, delivery, launch, and post‑launch optimisation.
• Serve as the main product interface between insurer teams and banking partner stakeholders across sales, product, digital, operations, and distribution.
• Capture bank feedback and customer insights to improve product design, journey flow, sales enablement, and roadmap sequencing.
• Support co‑creation activities with strategic bank partners to develop differentiated and commercially strong bancassurance propositions.
• Design Life insurance products including credit life, protection, term, savings‑linked, and group insurance propositions.
• Design Non‑Life insurance products including motor, health, travel, home, and simplified SME insurance offerings.
• Work with underwriting and actuarial teams on coverage structure, pricing approach, risk controls, exclusions, and product profitability.
• Drive digital‑first bancassurance journeys across branches, RM tools, online banking, mobile banking, and hybrid service models.
• Partner with IT and digital teams to support platform integration, API‑enabled services, onboarding flows, straight‑through processing, policy issuance, renewals, and claims journeys.
• Ensure all products, journeys, documents, and sales processes comply with local regulations, bancassurance guidelines, internal governance, and audit requirements.
• Work with legal, compliance, risk, finance, operations, and business teams during product approvals, controls review, and launch readiness checks.
• Track KPIs including conversion, attach rate, persistency, claims ratio, renewal performance, NPS, partner satisfaction, and customer experience metrics.
• Use performance data, bank input, customer feedback, and operational findings to improve products continuously after launch.
• Support sales enablement through product training, proposition documents, sales materials, FAQs, and clear benefit communication for bank teams.

Ideal Profile

• Bachelor's degree in Business, Finance, Insurance, or a related field.
• Professional insurance qualifications will be an advantage.
• 8–12 years of experience in insurance product management, product ownership, bancassurance, or digital insurance distribution.
• Proven experience working with bancassurance distribution models and bank partner channels.
• Strong exposure to both Life and Non‑Life insurance products.
• Hands‑on experience working with agile or hybrid product delivery teams.
• Experience collaborating with banks, financial institutions, underwriting, actuarial, IT, compliance, risk, operations, and digital teams.
• Strong understanding of bancassurance economics, insurance product structures, pricing drivers, underwriting concepts, and customer protection needs.
• Experience with digital onboarding, straight‑through processing, APIs, policy issuance journeys, renewals, claims flows, and customer lifecycle journeys.
• Excellent stakeholder management skills with the ability to influence bank partners, internal teams, and senior decision‑makers.
• Strong ability to prioritise competing demands and make outcome‑driven trade‑offs.
• Commercial mindset with focus on growth, profitability, customer adoption, and partner satisfaction.
• Structured thinking style with the ability to simplify complex insurance and banking requirements into practical product solutions.
• Confident decision‑maker who can operate in ambiguity while maintaining governance, quality, and delivery discipline.
• Collaborative, credible, customer‑focused, and execution‑oriented approach.

Skills Set

• Bancassurance; Insurance product management; Product ownership; Life insurance; Non‑Life insurance; Credit life insurance; Protection products; Term insurance; Savings‑linked insurance; Group insurance; Motor insurance; Health insurance; Travel insurance; Home insurance; SME insurance; Bank distribution; Product roadmap; Product strategy; Agile delivery; Product backlog; User stories; Acceptance criteria; Digital onboarding; Straight‑through processing; API integration; Policy issuance; Renewals journey; Claims journey; Underwriting concepts; Actuarial coordination; Pricing drivers; Product governance; Regulatory compliance; Audit readiness; KPI tracking; Conversion analysis; Attach rate improvement; Persistency tracking; Claims ratio review; NPS improvement; Sales enablement; Stakeholder management.