Product Development Specialist - Insurance

Placements24; Windsor Park (TN); Hybrid; USD 54,000 - 78,000; Full time

Benefits offered by this job

Medical aid

Retirement fund contributions

Professional development opportunities

Job summary

Placements24 is seeking a Product Development Specialist to join their team in East London, Eastern Cape. The role focuses on conceiving, designing, and launching new insurance products while improving existing ones, partnering with actuarial, underwriting, marketing, and sales to meet market needs.

The ideal candidate has a strong insurance lifecycle understanding, a proven track record in product innovation, and excellent project management and communication abilities in a hybrid environment.

Qualifications

• Bachelor's degree in a related field.
• Minimum of 5 years of experience in product development or related role within insurance.
• Strong understanding of insurance principles and product design.
• Excellent market analysis and strategic thinking.

Responsibilities

• Lead end-to-end development process for new insurance products from ideation to launch.
• Conduct market research and competitor analysis to identify opportunities for innovation.
• Define product features, benefits, pricing strategies, and target markets.
• Collaborate with actuarial and underwriting teams to ensure feasibility and profitability.
• Develop product documentation including policy wordings, brochures, and training materials.
• Manage product launch projects with cross-functional teams and timely delivery.
• Monitor product performance post-launch and propose improvements.
• Ensure regulatory compliance throughout the product lifecycle.
• Stay updated on industry trends and customer needs.
• Provide expertise to sales and marketing on product features and benefits.

Skills

Market research

Project management

Data analysis

Cross-functional collaboration

Communication skills

Education

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

Job description

About the Role

Our client is looking for an innovative and strategic Product Development Specialist to join their team in East London, Eastern Cape . This role is instrumental in conceptualizing, designing, and launching new insurance products and enhancing existing ones to meet market demands and strategic objectives. You will collaborate closely with actuarial, underwriting, marketing, and sales teams to bring cutting-edge insurance solutions to market. This hybrid role requires a blend of analytical thinking, market insight, and project management skills. The ideal candidate possesses a deep understanding of the insurance lifecycle and a proven ability to drive product innovation within a dynamic environment. This is an exciting opportunity to shape the future of our client's product offerings.

Key Responsibilities

• Lead the end-to-end development process for new insurance products, from ideation to launch.
• Conduct market research and competitor analysis to identify opportunities for product innovation.
• Define product features, benefits, pricing strategies, and target markets.
• Collaborate with actuarial and underwriting teams to ensure product feasibility and profitability.
• Develop product documentation, including policy wordings, brochures, and training materials.
• Manage product launch projects, coordinating cross-functional teams and ensuring timely delivery.
• Monitor product performance post-launch, analyzing data and making recommendations for improvement.
• Ensure compliance with all regulatory requirements and internal policies throughout the product lifecycle.
• Stay abreast of industry trends, technological advancements, and emerging customer needs.
• Provide expertise and support to sales and marketing teams regarding product features and benefits.

Requirements

• Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or a related field.
• Minimum of 5 years of experience in product development, management, or a related role within the insurance industry.
• Strong understanding of insurance principles, product design, and the insurance value chain.
• Excellent market analysis and strategic thinking skills.
• Proven project management capabilities with the ability to manage multiple initiatives.
• Exceptional communication, presentation, and interpersonal skills.
• Proficiency in data analysis and relevant software tools.
• Ability to work collaboratively across different departments in a hybrid setting.
• A creative and innovative mindset with a focus on customer needs.
• Knowledge of South African insurance regulations is a plus.

Benefits

Our client offers a competitive salary package commensurate with experience, along with a comprehensive benefits program including medical aid, retirement fund contributions, and opportunities for professional development and further training. This hybrid role offers flexibility in work arrangements. Join a forward-thinking team in East London, Eastern Cape , and make a significant impact on the company's product strategy and market presence.