Product Development Executive

RAFFLES MEDICAL GROUP LTD; Singapore; On-site; SGD 78,000 - 112,000; Full time

Job summary

RAFFLES MEDICAL GROUP LTD is seeking a product development professional to drive end-to-end health insurance product initiatives, including new products and enhancements for group and individual plans.

The role involves pricing analysis, regulatory filings, and collaboration with Actuarial, Underwriting, Claims, Operations, Compliance, Distribution and IT to implement products and monitor performance.

Qualifications

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Business, Finance, Economics or related discipline.

Responsibilities

• Participate in end-to-end product development cycle for group and individual health insurance products.
• Support development and review of medical reimbursement, hospitalisation, surgical and other health insurance benefits and product features.
• Perform pricing and profitability analysis, including assumption setting, financial modelling and assessment of product sustainability.
• Conduct market and competitor analysis to identify product trends, customer needs and opportunities for product enhancement.
• Prepare and coordinate product filings and regulatory submissions, ensuring compliance with relevant regulatory requirements and internal guidelines.
• Develop and review product specifications, benefit schedules, policy documentation, benefit illustrations and other product materials.
• Work closely with Actuarial, Underwriting, Claims, Operations, Compliance, Distribution and IT teams on product implementation and system setup.
• Conduct product reviews and experience studies, including claims and utilisation analysis, to monitor product performance and recommend improvements.
• Support enhancements to existing health insurance products based on market developments, claims experience and business requirements.
• Prepare management reports, product analysis and recommendations to support business and strategic decision-making.

Skills

Analytical skills

Communication skills

Self-motivated

Teamwork

Independent work

Education

Bachelor's degree in Actuarial Science / Math / Stats

Tools

Excel

Actuarial modelling tools

Job description

Key Responsibilities

• Participate in the end-to-end product development cycle for group and individual health insurance products, including new product development and enhancement of existing products.

• Support the development and review of medical reimbursement, hospitalisation, surgical and other health insurance benefits and product features.

• Perform pricing and profitability analysis, including assumption setting, financial modelling and assessment of product sustainability.

• Conduct market and competitor analysis to identify product trends, customer needs and opportunities for product enhancement.

• Prepare and coordinate product filings and regulatory submissions, ensuring compliance with relevant regulatory requirements and internal guidelines.

• Develop and review product specifications, benefit schedules, policy documentation, benefit illustrations and other product materials.

• Work closely with Actuarial, Underwriting, Claims, Operations, Compliance, Distribution and IT teams on product implementation and system setup.

• Conduct product reviews and experience studies, including claims and utilisation analysis, to monitor product performance and recommend improvements.

• Support enhancements to existing health insurance products based on market developments, claims experience and business requirements.

• Prepare management reports, product analysis and recommendations to support business and strategic decision-making.

Requirements

• Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, Business, Finance, Economics or a related discipline.

• 2–5 years of relevant experience in product development, product management or actuarial/product roles within the insurance industry.

• Prior experience in health insurance, medical reimbursement, hospitalisation and surgical, group medical or related healthcare insurance products is strongly preferred.

• Candidates with actuarial experience and good progress in professional actuarial examinations will have an advantage.

• Good understanding of insurance product development, pricing, benefits, policy provisions and regulatory requirements.

• Strong analytical and problem-solving skills with high attention to detail.

• Self-motivated, proactive and able to work independently as well as within a team.

• Good communication and stakeholder management skills.

• Proficient in MS Office applications, particularly Excel; knowledge of actuarial modelling tools will be an added advantage.

Kindly note that only shortlisted candidates will be contacted.