Vice President – Product Development Verified Company

The Corporate Institute; Mumbai; On-site; INR 3,500,000 - 5,500,000; Full time

Job summary

The Corporate Institute invites applications for the Vice President – Product Development to lead end-to-end lifecycle of life insurance products, with emphasis on Traditional Products, and to drive development across other categories.

The role requires strong market understanding, regulatory expertise, and cross-functional leadership to ensure timely, compliant, and profitable launches aligned with business strategy.

Qualifications

• 12-18 years of experience in Life Insurance product development.
• Strong experience in Traditional Products is mandatory; exposure to ULIP, Protection, Health, Riders, and Annuity preferred.
• Proven track record of successful IRDAI filings, timely product launches, and portfolio management.
• Experience in leading and mentoring teams, and working with senior leadership.

Responsibilities

• Lead strategic planning, ideation, and roadmap creation for Traditional Products (PAR, Non-PAR, Protection, Savings, Annuity).
• Own the full product development lifecycle from concept to business case, pricing alignment, documentation, systems readiness and launch.
• Oversee product specifications, benefit structures, illustrations, sales narratives, and technical documentation.
• Ensure seamless IRDAI filing, query management, and approval coordination.
• Lead adherence to IRDAI regulations for product filings, features, disclosures, and documentation.
• Partner with Actuarial, Underwriting, Reinsurance, Operations, Tech, Legal, Compliance, Finance, Marketing, and Training teams; drive distribution alignment.
• Provide strategic direction for go-to-market plans, monitor portfolio performance, and drive timely product modifications.
• Deliver products that enhance margins and contribute to annual revenue targets.

Skills

Life insurance product development

IRDAI regulations understanding

Stakeholder management

Leadership

Financial modelling

Education

Post-graduate degree in Management/Finance/Insurance/Actuarial Sciences

Certifications in Insurance/Product Management/Analytics (advantage)

Job description

Role Overview:

The Vice President – Product Development will lead the end-to-end lifecycle of life insurance products with a strong emphasis on Traditional Products, while also driving development across other product categories. The role demands strong market understanding, regulatory expertise, commercial acumen, and cross-functional leadership to ensure timely, compliant, and profitable product launches aligned with business strategy.

Key Responsibilities:

A. Product Strategy & Innovation:

• Lead the strategic planning, ideation, and roadmap creation for Traditional Products (PAR, Non-PAR, Protection, Savings, and Annuity).


• Drive innovation by identifying market gaps, evolving customer needs, emerging themes, and competitive opportunities.


• Evaluate new concepts and feasibility based on actuarial insights, distribution inputs, and consumer behaviour data.

B. End-to-End Product Development:

• Own the full product development lifecycle: concept to business case to pricing alignment to documentation to systems readiness to launch.


• Oversee product specifications, benefit structures, illustrations, sales narratives, and technical documentation.


• Ensure seamless IRDAI filing, query management, and approval coordination.

C. Regulatory & Compliance Management:

• Lead adherence to IRDAI regulations for product filings, product features, regulatory caps, disclosures, and documentation.


• Ensure all mandatory governance committees (PMC, ULCC, Commission Review, Advertisement Committee etc.) are managed efficiently.


• Stay ahead of regulatory updates and drive timely product modifications.

D. Cross-Functional Leadership:

• Partner closely with Actuarial, Underwriting, Reinsurance, Operations, Tech, Legal, Compliance, Finance, Marketing, and Training teams.


• Drive alignment with Distribution (Agency, Banca, Digital, Partnerships) to ensure product-market fit and market success.


• Mentor and develop a high-performing product team.

E. Launch Excellence & Portfolio Management:

• Provide strategic direction for go-to-market plans including launch strategy, sales training, product positioning, and communication collaterals.


• Monitor portfolio performance, profitability trends, persistency, channel adoption and competitiveness across product categories.


• Regularly assess product health, re-pricing needs, and opportunities for enhancement.

F. Business & Financial Impact:

• Deliver products that enhance NBM/NBAPE, contribute meaningfully to annual revenue targets, and strengthen long-term portfolio quality.


• Enable distribution productivity through competitive propositions and channel-specific solutions.


• Drive data-backed product decisions using market intelligence, competitor filings, and consumer insights.

Required Experience & Qualifications:

Experience:

• 12-18 years of experience in Life Insurance product development.


• Strong experience in Traditional Products is mandatory; exposure to ULIP, Protection, Health, Riders, and Annuity preferred.


• Proven track record of successful IRDAI filings, timely product launches, and portfolio management.


• Experience in leading and mentoring teams, and working with senior leadership.

Education:

• Post-graduate degree in Management/Finance/Insurance/Actuarial Sciences preferred.


• Additional certifications in Insurance, Product Management, or Analytics are an advantage.

Technical & Functional Skills:

• Deep expertise in Traditional life insurance product structures and pricing principles.


• Strong understanding of IRDAI regulations, actuarial concepts, and product governance.


• Ability to interpret consumer insights, market trends, and competitor strategies.


• Strong documentation, analytical, and financial modelling orientation.


• Skilled in stakeholder management and project leadership.

Behavioural Competencies:

• Strategic thinking and commercial mindset.


• High accountability, execution excellence, and attention to detail.


• Strong communication skills with the ability to influence stakeholders at all levels.


• Collaborative leadership with the ability to navigate cross-functional dynamics.


• Problem-solving orientation with agility in a fast-paced regulatory environment.

Key Performance Indicators (KPIs):

• Speed and accuracy of product filings and approvals.


• Profitability and portfolio health of Traditional products.


• Success of new product launches (NBAPE, channel adoption, revenue contribution).


• Regulatory compliance and audit outcomes.


• Cross-functional delivery and stakeholder satisfaction.


• Team capability building and retention.