Head, Product Development and Underwriting

Agrobank; Kuala Lumpur; On-site; MYR 150,000 - 200,000; Full time

Job summary

A financial institution in Malaysia is seeking a Head of Product Development and Underwriting to lead the design of products and establish underwriting frameworks within regulatory and Shariah guidelines. The successful candidate will be responsible for strategic management, ensuring customer fairness, and driving sustainable practices in product offerings. A minimum of 10 years of underwriting experience is required, with a strong knowledge of insurance regulations. This position plays a critical role in preparing for the operational launch of innovative financial solutions.

Qualifications

• Minimum 10 years of experience in underwriting within general insurance/takaful.
• Experience in product development is an added advantage.
• Strong understanding of regulatory and Shariah governance frameworks.

Responsibilities

• Ensure cost-effective product and underwriting strategies that optimize portfolio profitability.
• Develop products meeting customer needs and regulatory standards.
• Drive end-to-end product development and underwriting readiness.
• Engage with regulators and stakeholders to secure alignment for new products.
• Integrate digital systems for product deployment and operational readiness.

Skills

Strategic Thinking

Technical Expertise

Stakeholder Management

Operational Agility

Education

Bachelor’s degree in Insurance, Risk Management, Actuarial Science, or related field

Job description

Head, Product Development and Underwriting

This role is pivotal during the pre-operational phase of FFTO. The incumbent will lead the design and structuring of products under STTP 2 and poultry sandbox initiatives, ensuring compliance with regulatory, Shariah, and actuarial requirements. Similarly, the position will also establish underwriting frameworks and guidelines, ensuring compliance with regulatory, Shariah, and actuarial requirements. The position will also establish risk management guidelines and collaborate with IT for system logic and integration to enable readiness for operational launch.

ACCOUNTABILITIES

• Ensure cost-effective product and underwriting strategies that optimize portfolio profitability while aligning with risk appetite and capital efficiency.
• Develop products that meet customer needs and regulatory standards, ensuring clarity and fairness in policy wordings.
• Develop underwriting processes that ensure fairness and transparency for customers.
• Incorporate sustainable practices and Shariah principles in product development to support ethical and responsible takaful offerings.
• Embed ethical and Shariah-compliant practices in underwriting policies.
• Drive end-to-end product development and underwriting readiness, including structuring multi-crop and poultry products, establishing underwriting governance frameworks, and ensuring Shariah and regulatory compliance.
• Oversee digital integration for product deployment, policy administration system readiness, and operational handover, ensuring alignment with IT systems and adherence to audit and risk standards.
• Engage with regulators, retakaful partners, and internal stakeholders to secure alignment and support for new products.
• Oversee market research and competitor analysis to inform product strategy and maintain competitive advantage.

QUALIFICATIONS

• Bachelor’s degree in Insurance, Risk Management, Actuarial Science, or related field.
• Minimum 10 years of experience in underwriting within general insurance/takaful (experience in product development is an added advantage).
• Strong understanding of regulatory and Shariah governance frameworks.

KNOWLEDGE & SKILLS

• Strategic Thinking - Ability to plan and execute product development and underwriting strategies
• Technical Expertise - Strong knowledge of underwriting and product design principles.
• Stakeholder Management - Ability to collaborate effectively across teams.
• Operational Agility - Work under tight timelines in a pre-operational environment.