Insurance Product Developer - Innovation Specialist

Placements24; Gqeberha; Hybrid; ZAR 600,000 - 900,000; Full time

Benefits offered by this job

Medical aid

Retirement savings

Flexible hybrid work

Job summary

Placements24 in Port Elizabeth seeks an innovative Insurance Product Developer to shape new insurance offerings. You will work at the intersection of market research, actuarial analysis, and business strategy to design products that meet evolving customer needs.

The ideal candidate has 5+ years in insurance product development, strong analytical and communication skills, and a creative mindset to drive product viability and market readiness in a hybrid work setting.

Qualifications

• Bachelor’s degree in business, marketing, finance, or actuarial science.
• Master’s degree is advantageous.
• At least 5 years in insurance product development or related role.
• Strong understanding of insurance product design.
• Analytical, strategic, and problem-solving skills.
• Excellent communication skills.

Responsibilities

• Conceptualize and develop insurance products across lines of business.
• Conduct market research and competitive analysis to define requirements.
• Collaborate with actuarial, legal, marketing, and sales teams to ensure viability and compliance.
• Develop pricing strategies and profitability models with actuarial.
• Create product specifications, policy wordings, and marketing collateral.
• Manage lifecycle from ideation through launch and ongoing performance monitoring.
• Analyze product performance data and customer feedback for improvements.
• Stay informed about regulatory changes and tech advances affecting product development.
• Present product proposals to senior management for approval.

Skills

Analytical thinking

Strategic thinking

Problem solving

Creative mindset

Cross-functional collaboration

Market analysis

Education

Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or related field

Master's degree

Job description

About the Role

Our client, a dynamic and forward-thinking insurance company located in **Port Elizabeth**, is seeking an innovative Insurance Product Developer. This role is central to the design, development, and launch of new insurance products that meet evolving market needs and customer demands. You will work at the intersection of market research, actuarial analysis, and business strategy to create cutting-edge insurance solutions. The ideal candidate will be creative, analytical, and possess a deep understanding of the insurance landscape in **Port Elizabeth** and beyond. This is an exciting opportunity to shape the future of insurance offerings and drive business growth from the heart of the Eastern Cape.

Key Responsibilities

• Conceptualize, design, and develop innovative insurance products across various lines of business.
• Conduct market research and competitive analysis to identify opportunities and define product requirements.
• Collaborate with actuarial, legal, marketing, and sales teams to ensure product viability, compliance, and market readiness.
• Develop pricing strategies and profitability models in conjunction with the actuarial department.
• Create product specifications, policy wordings, and marketing collateral.
• Manage the product lifecycle from ideation through launch and ongoing performance monitoring.
• Analyze product performance data and customer feedback to identify areas for improvement and iteration.
• Stay informed about industry trends, regulatory changes, and technological advancements impacting product development.
• Present product proposals and strategies to senior management for approval.

Requirements

• A Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or a related field.
• A Master's degree is an advantage.
• A minimum of 5 years of experience in insurance product development, management, or a related role within the financial services sector.
• Strong understanding of insurance principles, product design, and market dynamics.
• Excellent analytical, strategic thinking, and problem-solving skills.
• Creative mindset with a passion for innovation and developing new solutions.
• Proficiency in market analysis tools and methodologies.
• Strong project management and cross-functional collaboration skills.
• Excellent written and verbal communication skills, with the ability to articulate complex ideas clearly.
• Familiarity with regulatory frameworks governing insurance products.

Benefits

• Our client offers a competitive salary and benefits package, including medical aid and retirement savings options.
• This role provides a flexible hybrid work arrangement and ample opportunities for professional growth and career development within a supportive environment in **Port Elizabeth**.