Assistant Vice President - Consumer Propositions

The Great Eastern Life Assurance Company Limited; Singapore; On-site; SGD 80,000 - 120,000; Full time

Job summary

The Great Eastern Life Assurance Company is seeking a Product Development Specialist to launch products that align with strategic goals. This role requires a dynamic individual with strong analytical skills, extensive experience in product propositions, and the ability to engage various stakeholders. You'll be responsible for guiding product ideation, ensuring compliance with regulatory requirements, and optimizing market offerings.

Qualifications

• 10-15 years of relevant experience, preferably in product development or sales propositions.
• Experience in the high-net-worth segment is a plus.
• Ability to work under pressure and meet tight deadlines.

Responsibilities

• Assist in product strategy and roadmap preparation.
• Lead ideation squads to create product propositions.
• Monitor product sales and provide analytical reports.

Skills

Analytical Thinking

Creativity

Communication

Organizational Skills

Interpersonal Skills

Education

Tertiary education in Actuarial, Insurance, Finance, or Marketing

Job description

Reporting to the Section Head of Consumer Propositions, you will be responsible for the successful and timely launch of products within your product line to support the overall product strategy and roadmap for GELS for the year.

The Job

1. Product Strategy and Roadmap

• Assist to prepare and participate in the yearly discussion of the following year’s product strategy and roadmap, taking into account GELS’ overall strategy for the year.
• Provide an overall view of the market landscape of the specific product line, e.g. which insurer has done well, what are their product propositions and unique selling propositions, etc., and compare against the offerings of GELS.
• Internal analysis: For the specific product line, identify which is the customer segment, why are they buying, who is selling, etc. Identify our strengths and where we can improve.
• Identify gaps which we need to plug, or opportunities that we can leverage on.

2. Ideation of Product Propositions

• Lead an ideation squad (which consist of members from different departments) to brainstorm and conceptualise product propositions that will meet the needs (pain points) of the specific customer segment.
• Lead conversations with relevant stakeholders to understand the business, align objectives and establish a plan to support.
• Engage external vendors (e.g. reinsurers, fund houses, service providers, etc.) to gather product ideas and keep up to date with market offerings (including overseas market).
• Work with the Customer Insights and Research team to prepare and conduct customer research (e.g. via surveys, interviews) to gather customer feedback.
• Engage other relevant stakeholders to test out product propositions (including price points) and revise product design accordingly (iterative process) until the optimal product design with a strong proposition is formed.
• Prepare and present ideas to a wider group, including management, to get their buy-in on the product proposition.

3. Product Approval

• Prepare business case (including business objectives and justifications) and the necessary materials for product approval.
• Responsible to ensure that product approval is within the stipulated scope as stipulated in the product approval framework.
• Ensure timely approval of product prior to product launch.

4. Product Delivery and Launch Preparation

• Lead the product discussion with downstream stakeholders to ensure they have a comprehensive understanding of the product proposition, intent and design for the purpose of implementation.
• Work with the product delivery team to manage any implementation issues to ensure product delivery accordance to plan with minimal disruptions.
• Discuss with section head on issues that may impact the overall product propositions, and provide solutions / mitigations.
• Assist to vet and review policy documents and product summaries.
• Engage and discuss with Customer Marketing and Propositions team to provide a brief on the product proposition for the purpose of designing marketing materials that speaks to the target customer segment.

5. Post-Sales Monitoring and Tracking

• On a product level, monitor the sales of products launched, e.g. is sales aligned with expected, who are the actual customers buying, are they aligned with who we expect the target segment to be, who are the reps selling, etc.
• Propose any immediate actions to take to boost sales, etc.
• Present analysis and findings to a broader group of stakeholders, including management.

6. General

• Provide guidance to junior members of the team to build up knowledge within the entire team.
• Ensure adherence to regulatory requirements and industry standards relating to product requirements (including MAS, MOH, CPF, LIA, etc.) and company policies.
• Manage timelines and help the team to clear roadblocks.
• Highlights any potential concerns /risks and proactively shares best risk management practices.

• Tertiary education qualification in Actuarial, Insurance, Finance or Marketing related disciplines;
• 10-15 years of relevant experience (experience in the high-net-worth segment is a plus), ideally in product development / product (sales) propositions;
• Possess strong traits of analytical mind, with the ability to seed ideas, link ideation and inspire creativity / resourcefulness;
• Strong communicator to articulate ideas and convince stakeholders;
• Excellent planning, organizational, influencing and interpersonal skills;
• Action and project oriented individual with focus on improvement and change and ability to work under pressure or tight time lines;