Insurance Product Development Specialist

Placements24; Riverton (UT); Hybrid; USD 42,000 - 61,000; Full time

Benefits offered by this job

Competitive salary package

Performance bonuses

Medical aid and pension fund

Job summary

Placements24 is seeking an Insurance Product Development Specialist for a Hybrid role based in Upington, Northern Cape. You will design, develop, and launch new insurance products and improve existing ones to meet market demand, while ensuring regulatory compliance and profitability.

The role requires a Bachelor’s degree and at least 5 years of insurance product experience. You will collaborate with actuarial, underwriting, claims, marketing, and legal teams to drive the product lifecycle and

Qualifications

• Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or related field.
• Minimum of 5 years of experience in product development, management, or marketing within the insurance industry.
• Strong understanding of insurance products, principles, and market dynamics.
• Excellent analytical, strategic thinking, and problem-solving skills.
• Proficiency in market research and data analysis techniques.
• Strong project management skills with the ability to manage multiple initiatives simultaneously.
• Excellent written and verbal communication skills, with experience in stakeholder management.
• Familiarity with regulatory requirements governing insurance products.
• Creative thinking and a passion for innovation in product design.
• Experience working within the Northern Cape region is a plus.

Responsibilities

• Research market trends, competitor offerings, and customer needs to identify product development opportunities.
• Design and develop new insurance products from concept through to launch.
• Analyze the profitability and feasibility of proposed new products.
• Collaborate with actuarial, underwriting, claims, marketing, and legal teams throughout the product development process.
• Develop product specifications, policy wordings, and supporting documentation.
• Ensure all product developments comply with relevant legislation and regulatory requirements.
• Manage the product lifecycle, including monitoring performance and implementing enhancements.
• Prepare business cases and presentations for senior management approval.
• Stay abreast of changes in the insurance industry and technological advancements impacting product development.
• Conduct post-launch reviews and gather feedback for continuous improvement.

Skills

Market research

Data analysis

Project management

Stakeholder management

Analytical thinking

Communication

Education

Bachelor's degree in Business/Marketing/Finance/Actuarial Science

Job description

About the Role

Our client, a forward-thinking insurance company in **Upington, Northern Cape**, is looking for an innovative Insurance Product Development Specialist. This role is central to designing, developing, and launching new insurance products and enhancing existing ones to meet evolving market demands and customer needs. The successful candidate will possess a strong understanding of market dynamics, product lifecycle management, and regulatory requirements. We are seeking a creative and analytical individual who can translate market insights into profitable and competitive insurance offerings. This is an excellent opportunity to shape the future of our client's product portfolio and drive business growth in the **Northern Cape**.

Key Responsibilities

• Research market trends, competitor offerings, and customer needs to identify product development opportunities.
• Design and develop new insurance products from concept through to launch.
• Analyze the profitability and feasibility of proposed new products.
• Collaborate with actuarial, underwriting, claims, marketing, and legal teams throughout the product development process.
• Develop product specifications, policy wordings, and supporting documentation.
• Ensure all product developments comply with relevant legislation and regulatory requirements.
• Manage the product lifecycle, including monitoring performance and implementing enhancements.
• Prepare business cases and presentations for senior management approval.
• Stay abreast of changes in the insurance industry and technological advancements impacting product development.
• Conduct post-launch reviews and gather feedback for continuous improvement.

Requirements

• A Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or a related field.
• Minimum of 5 years of experience in product development, management, or marketing within the insurance industry.
• Strong understanding of insurance products, principles, and market dynamics.
• Excellent analytical, strategic thinking, and problem-solving skills.
• Proficiency in market research and data analysis techniques.
• Strong project management skills with the ability to manage multiple initiatives simultaneously.
• Excellent written and verbal communication skills, with experience in stakeholder management.
• Familiarity with regulatory requirements governing insurance products.
• Creative thinking and a passion for innovation in product design.
• Experience working within the **Northern Cape** region is a plus.

Benefits

• Our client offers a competitive salary package, performance-related bonuses, and a comprehensive benefits program including medical aid and a pension fund.
• This **Hybrid** role offers a flexible working arrangement, combining office-based collaboration with the convenience of remote work.
• You will be part of a dynamic and innovative team within a growing company, with ample opportunities for professional development and career advancement.
• The role is based in **Upington**, offering a chance to contribute significantly to the insurance landscape in the **Northern Cape**.