Insurance Product Developer - Specialty Lines

Placements24; Sandton; Hybrid; ZAR 900,000 - 1,500,000; Full time

Benefits offered by this job

Competitive salary

Healthcare benefits

Paid time off

Learning and growth opportunities

Modern work environment in Sandton

Job summary

Placements24 in Sandton, Gauteng, is seeking an Insurance Product Developer to identify market needs and craft innovative products for specialty lines. You will collaborate with underwriting, actuarial, and marketing teams to bring new offerings to market and translate complex concepts into commercially viable products.

The ideal candidate has a business or actuarial background, at least four years in insurance product development, and strong analytical and communication skills.

Qualifications

• Bachelor's degree in Business, Finance, Actuarial Science, or related field.
• At least 4 years of experience in insurance product development or related role.
• Experience with specialty insurance lines (e.g., Cyber, Professional Indemnity, D&O).
• Strong analytical and research skills to interpret complex data.
• Excellent written and verbal communication for documentation and cross-team collaboration.
• Knowledge of insurance principles, underwriting, and regulatory requirements in South Africa.
• Proactive and innovative problem-solving approach.

Responsibilities

• Research emerging trends and unmet needs in specialty insurance lines.
• Design and develop new products; ensure competitiveness and profitability.
• Collaborate with actuarial teams to develop pricing models and reserves.
• Work with underwriting to create clear underwriting guidelines for new products.
• Develop product documentation: policy wordings, sales materials, training guides.
• Analyze product performance data and market feedback for improvements.
• Conduct feasibility studies and business cases for new initiatives.
• Stay updated on regulatory changes to ensure compliance in Sandton.

Education

Bachelor's degree (Business/Finance/Actuarial Science)

4+ years insurance product development

Analytical thinking

Research skills

Communication skills

Project management

Cross-functional collaboration

Regulatory knowledge (SA)

Job description

About the Role Our client, a forward-thinking insurance innovator, is seeking a creative and analytical Insurance Product Developer to join their team in Sandton, Gauteng. This role is central to identifying market needs and developing innovative insurance products, particularly within specialty lines. You will conduct market research, analyze competitor offerings, and work cross-functionally with underwriting, actuarial, and marketing teams to bring new products to market. The ideal candidate possesses a keen understanding of insurance principles, a passion for innovation, and the ability to translate complex concepts into commercially viable products. This is a significant opportunity to shape the future of insurance offerings in the Gauteng region.

Key Responsibilities

• Research and identify emerging trends and unmet needs in the insurance market, focusing on specialty lines.
• Design and develop new insurance products and enhance existing ones, ensuring they are competitive, profitable, and compliant.
• Collaborate closely with actuarial teams to develop pricing models and ensure adequate reserving.
• Work with underwriting teams to create clear and effective underwriting guidelines for new products.
• Develop product documentation, including policy wordings, sales materials, and training guides.
• Analyze product performance data and market feedback to inform product improvements and strategy adjustments.
• Conduct feasibility studies and business case development for new product initiatives.
• Stay abreast of regulatory changes and ensure all product developments meet legal and compliance standards in Sandton.

Requirements

• A Bachelor's degree in Business, Finance, Actuarial Science, or a related field.
• At least 4 years of experience in insurance product development, product management, or a closely related insurance role.
• Demonstrated experience with specialty insurance lines (e.g., Cyber, Professional Indemnity, Directors & Officers).
• Strong analytical and research skills with the ability to interpret complex data.
• Excellent written and verbal communication skills for developing clear documentation and collaborating with diverse teams.
• Proficiency in project management and cross-functional collaboration.
• Understanding of insurance principles, underwriting, and regulatory requirements in South Africa.
• A proactive and innovative approach to problem-solving.

Benefits

• Competitive salary with potential for performance incentives.
• Comprehensive healthcare benefits package.
• Generous paid time off and company holidays.
• Opportunities for continuous learning and professional growth.
• A modern and collaborative work environment in Sandton.