PHI - Manager- Retail Product Management

Prudential Health India; Mumbai; On-site; INR 1,500,000 - 2,500,000; Full time

Job summary

Prudential Health India is looking for a Manager in Retail Product Management for their Product & Propositions team, based in Mumbai. The successful candidate will create and launch innovative health insurance propositions while managing the full product lifecycle and collaborating with cross-functional teams.

The role demands over 7 years of product management experience in health insurance, coupled with strategic thinking and analytical skills. Prudential is committed to equality of opportunity for all applicants.

Qualifications

• 7+ years of experience in product management, preferably in health insurance.
• Experience in handling Retail Product and Retail Underwriting.
• Excellent knowledge of industry trends and regulations.

Responsibilities

• Create and refine health insurance propositions.
• Manage full product lifecycle and perform market research.
• Collaborate with cross-functional teams to implement products.

Skills

Product management experience in health insurance

Analytical skills

Communication skills

Problem-solving skills

Financial modeling

Education

Degree in Business, Finance, Insurance or related field

Master of Business Administration is desirable

Tools

Product configuration in core systems

Front-end sales platforms

Job description

Role Overview

Manager – Retail Product Management, Product & Propositions team, Mumbai.

Responsibilities

• Create, launch, and refine health insurance propositions that serve customer needs, improve saleability, and manage risk for the organisation.
• Own the full product lifecycle of Health Insurance products including Retail Indemnity, Fixed benefit (Retail under Group and Standalone Retail) and Group (Employer-Employee) products.
• Conduct detailed distributor, customer and market research and competitive analysis to identify new product opportunities and refine existing offerings.
• Develop compelling, differentiated product propositions for target customer/ seller segments that deliver revenue and loss‑ratio goals.
• Define and document detailed product requirements (constructs), including features, functionalities, pricing, and distribution channels.
• Develop policy wordings and product filing documents, customer & sales collaterals that address all regulatory requirements while communicating the proposition with impact. Manage timely resolution of all regulatory queries in collaboration with relevant functions, as required.
• Lead development and execution of go-to-market plans, including marketing campaigns, sales training, and channel partner enablement.
• Collaborate with cross-functional teams spanning actuarial, distribution, health management, marketing, underwriting, claims, customer servicing, and technology to implement and launch products.
• Define and document system requirements for products, ensuring seamless integration with internal and external systems and user journeys.
• Ensure compliance with all relevant regulations and company policies.
• Analyse product performance data to generate data‑led insights and identify areas for improvement.
• Identify and implement product enhancements and innovations to maintain a competitive advantage; conduct regular product reviews and manage necessary adjustments to feature basket, pricing, and distribution strategy.
• Conduct internal and external product validations, including feasibility studies, cost‑benefit analyses, and customer feedback sessions.
• Develop and implement effective channel and segment strategies to maximize product reach and penetration within the bank channel.

Qualifications

• Degree in Business, Finance, Insurance, Statistics or related field. A Master of Business Administration from a reputed institute is desirable.
• 7+ years of experience in product management, preferably in the health insurance industry with at least 3 years of experience in a stand‑alone health insurer.
• Minimum of 5 years of experience in handling Retail Product and Retail Underwriting or Retail sales within the General /Health insurance industry with hands‑on experience in Quotation Management.
• Excellent knowledge of Product configuration in core systems and front-end sales platforms.
• Strong understanding of the health insurance market, including industry trends, regulations, and competitive landscape.
• Proven experience in developing and launching successful health insurance products.
• Thrives in engaging and partnering with distribution teams and agent advisors to achieve sales outcomes.
• Excellent analytical, problem‑solving, and decision‑making skills.
• Effective communication, presentation, and interpersonal skills.
• Ability to work independently and as part of a cross‑functional team.
• Proficiency in data analysis and financial modelling.

Desired Attributes

• Have built best‑in‑class processes from scratch.
• Passionate about leveraging digital tools to transform customer experience.
• Passionate about consumer behaviour and culture; enjoy spending time with customers to understand what they really need and listen to new ideas.
• Join hands with other colleagues to solve for the customer.
• Like to work in a culture where everyone can see what others are doing.
• Take help from others when stuck and encourage others when there are setbacks.
• Take full responsibility for your team’s contribution output while thinking wing‑to‑wing across the organization.

Location

Mumbai

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part‑time / fixed‑term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third‑party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.