Insurance Product Development Specialist

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

Benefits offered by this job

Competitive salary

Performance-based incentives

Medical aid

Retirement fund

Life assurance

Training and development

Job summary

Placements24 in Benoni, Gauteng is seeking an Insurance Product Development Specialist to design and launch innovative insurance products. You will collaborate with actuarial, underwriting, marketing and legal teams to ensure viability, profitability and regulatory compliance.

With at least 4 years in insurance product development or product management, you will drive product concepts, pricing collaboration, and lifecycle management, shaping our portfolio and competitive edge in the South

Qualifications

• Minimum 4 years in product development/management within insurance.
• Bachelor's degree or similar qualification in a related field.
• Strong pricing, profitability, and regulatory understanding.

Responsibilities

• Conduct market and competitor research to identify new product opportunities.
• Develop concepts, features and benefits aligned with strategy.
• Collaborate with actuarial for pricing and profitability projections.
• Define policy terms with underwriting and ensure regulatory compliance.
• Create product documentation and training materials.
• Coordinate product launches with marketing and sales teams.
• Monitor product performance and recommend enhancements.
• Gather feedback from customers and brokers to inform improvements.
• Manage product lifecycle from concept to withdrawal.

Skills

Market analysis

Product development

Project management

Communication skills

Analytical thinking

Creative thinking

Microsoft Excel

PowerPoint

Regulatory awareness

Education

Tertiary qualification in Business/Finance/Marketing

Tools

Excel

PowerPoint

Job description

About the Role

Our client, a forward-thinking insurance provider, is seeking an innovative Insurance Product Development Specialist to join their strategic team in Benoni, Gauteng . This role is crucial for conceptualizing, designing, and launching new insurance products and enhancing existing offerings to meet evolving market demands and customer needs. You will collaborate closely with actuarial, underwriting, marketing, and legal teams to ensure product viability, profitability, and compliance. The ideal candidate possesses a blend of market insight, analytical skills, creative thinking, and a thorough understanding of the insurance landscape. This is a prime opportunity to shape the future product portfolio and drive competitive advantage for the company.

Key Responsibilities

• Conduct market research and competitor analysis to identify opportunities for new insurance products.
• Develop innovative product concepts, features, and benefits that align with market needs and company strategy.
• Collaborate with actuarial teams to determine pricing, reserving, and profitability projections.
• Work with underwriting to define policy terms, conditions, and underwriting guidelines.
• Ensure all product designs comply with relevant regulatory requirements and legal standards.
• Develop product documentation, including policy wordings, sales materials, and training guides.
• Coordinate the launch of new products, working closely with marketing and sales teams.
• Monitor the performance of existing products and recommend improvements or adjustments.
• Gather feedback from customers, sales teams, and brokers to inform product enhancements.
• Manage the product lifecycle from conception to withdrawal.

Requirements

• A minimum of 4 years of experience in product development, product management, or a related role within the insurance industry.
• A relevant tertiary qualification in Business, Finance, Marketing, or a related field.
• Strong understanding of various insurance lines (e.g., life, health, short-term) and market dynamics.
• Excellent analytical and problem-solving skills, with the ability to interpret market data.
• Creative thinking and a passion for innovation.
• Strong project management and organizational skills.
• Excellent written and verbal communication skills, with the ability to collaborate effectively across departments.
• Proficiency in Microsoft Office Suite, particularly Excel and PowerPoint.
• Familiarity with regulatory frameworks governing the insurance industry in Gauteng .
• A proactive approach to identifying and addressing market trends in Benoni .

Benefits

Our client offers a competitive salary package, complemented by performance-based incentives and potential bonuses. Comprehensive benefits include excellent medical aid, a retirement fund, and life assurance. Employees are provided with extensive opportunities for professional growth through training programs, industry conferences, and support for further qualifications. This role offers the chance to be at the forefront of product innovation within a supportive and dynamic team environment in Benoni , contributing significantly to the company's success in the Gauteng insurance market.