Product Governance Manager

Vitality; London; Hybrid; GBP 40,000 - 80,000; Full time

Job summary

An established industry player is seeking a dedicated professional to join their dynamic team in product management. This exciting role involves supporting the governance of insurance products, ensuring compliance with regulatory standards, and driving enhancements to deliver exceptional value to customers. The ideal candidate will possess deep knowledge of UK insurance products and regulatory requirements, alongside strong analytical and communication skills. Join a forward-thinking company that prioritizes employee well-being and offers a flexible working environment, competitive salary, and a range of fantastic benefits. If you're passionate about making a difference in the insurance sector, this opportunity is perfect for you.

Benefits

Bonus Schemes

Pension matching up to 12%

Vitality health insurance

Life Assurance - Four times annual salary

Qualifications

• Experience in product management and fair value considerations is desirable.
• Strong organizational and problem-solving skills are essential.

Responsibilities

• Support product management and governance in line with regulatory requirements.
• Produce annual product fair value assessments and monitor performance.
• Coordinate teams to ensure products provide good value to customers.

Skills

Knowledge of UK insurance products

Experience producing comprehensive reports

Knowledge of PROD 4 requirements

Ability to work independently

Excellent communication skills

Advanced knowledge of MS Office

Data analysis and interpretation

Job description

About The Role

Team - Life - Pricing

Working Pattern - Hybrid - 2 days per week in the Vitality London Office. Full time, 37.5 hours per week.

We are happy to discuss flexible working!

Top 3 skills needed for this role:

• Knowledge and experience of UK insurance products and the regulatory environment, particularly related to product governance regulatory requirements.
• Experience producing comprehensive reports including communicating on complex topics to a wide range of stakeholders.
• Knowledge and experience working on PROD 4 and Consumer Duty requirements.

What this role is all about:

• Support the VitalityLife executive to deliver ongoing product management, improvement, and governance in line with the product governance framework.
• Drive the management and enhancement of products for existing customers.
• Produce the annual product fair value assessment and ongoing value monitoring for VitalityLife, with support and input from relevant business areas.
• Support committees to understand the performance of products from the customer perspective.
• Coordinate relevant business teams to ensure our products continue to provide good value to customers in line with FCA expectations and PROD 4.
• Champion the ongoing approach to fair value and enhancement of the product governance framework as the regulatory environment evolves.

Key Actions

• Lead the production of the annual Product Fair Value Assessment for all VitalityLife products by coordinating, consolidating, challenging, and drafting comprehensive reports, with support from relevant business areas.
• Lead the production of regular monitoring of Product Fair Value performance for all VitalityLife products, with support from relevant business areas.
• Support management and the board to fully understand how products are delivering fair value outcomes by providing insightful input and commentary on Fair Value assessments and monitoring.
• Drive embedding and compliance with the product governance and oversight framework in a way that supports not just regulatory compliance but the needs of customers and the commercial ambitions of the business.
• Champion the management and enhancement of products for in-force customers, ensuring access to product services, features and flexibility to meet their needs and long-term continued value.
• Leverage extensive knowledge of FCA product governance regulatory requirements (PROD 4) and guidance related to Fair Value and Consumer Duty to ensure compliance and elevate customer satisfaction.
• Support and oversee the completion of actions arising from the Product Fair Value Assessments, ensuring timely execution by relevant business units for subsequent reporting periods.
• Contribute to the production and delivery of more frequent fair value reporting, effectively communicating areas of risk to stakeholders.

What do you need to thrive?

• Knowledge
  • Knowledge and experience of UK insurance products and the regulatory environment, particularly related to product governance regulatory requirements.
  • Knowledge and experience working on PROD 4 and Consumer Duty requirements.
• Skills
  • Ability to work independently and problem-solve.
  • Great organisational skills.
  • Excellent communication skills (verbal, written).
  • Excellent team-working skills.
  • Advanced knowledge of MS Office suite.
  • Ability to perform data analysis and interpretation relevant for product management.
  • Good planning, monitoring & reporting skills.
• Experience
  • Specific experience of product management and fair value considerations on similar products at a UK insurance company is desirable.

So, what's in it for you?

• Bonus Schemes - A bonus that regularly rewards you for your performance
• A pension of up to 12%- We will match your contributions up to 6% of your salary
• Our award-winning Vitality health insurance - With its own set of rewards and benefits
• Life Assurance - Four times annual salary

These are just some of the many perks that we offer! To view the extensive range of benefits we offer, please visit our careers page. Fantastic Benefits. Exciting rewards. Great career opportunities!

If you are successful in your application and join us at Vitality, this is our promise to you, we will:

• Help you to be the healthiest you've ever been.
• Create an environment that embraces you as you are and enables you to be your best self.
• Give you flexibility on how, where and when you work.
• Help you advance your career by playing you to your strengths.
• Give you a voice to help our business grow and make Vitality a great place to be.
• Give you the space to try, fail and learn.
• Provide a healthy balance of challenge and support.
• Recognise and reward you with a competitive salary and amazing benefits.
• Be there for you when you need us.
• Provide opportunities for you to be a force for good in society.

We commit to all these things because we want you to feel that you belong, and are supported to be happy and healthy.

About Us

We're really excited to announce that we have recently been awarded "Top 10 Best Places To Work" in The Sunday Times Awards 2024!

Vitality is a multi-award-winning UK insurance brand, here to make the world a healthier, happier place.

We've been a purpose and values-driven business from day 1- long before it became fashionable. Our core purpose is to make people healthier and enhance protect their lives. Vitality pioneered shared-value insurance. We incentivise people to live healthier longer lives - they benefit, our business benefits, and society benefits. We're successful because we attract, develop, and retain the best people - and because we care.

Plus, you get to join our 1.7+ million members with access to our unique health insurance and healthy living programme. Just to make sure you know our products inside and out.

Ready to find out if we're the right fit for you? We can't wait.

Diversity & Inclusion

At Vitality, we're committed to diversity and inclusion because it's good for our employees, for our business, and for society. We welcome applications from individuals of all backgrounds, experiences, and perspectives.

Vitality's approach to sustainability

Vitality is a business that drives positive change. We reward people for making and sustaining healthier choices. But healthy people also need a healthy environment. To learn more please visit our Careers page. #LI-Hybrid

If we are fortunate in receiving a high volume of quality applications we may need to close this vacancy early. If you are interested, please submit your application as soon as possible.