Insurance Product Development Specialist

Placements24; LegKraal Gate; Hybrid; ZAR 900,000 - 1,200,000; Full time

Benefits offered by this job

Hybrid work model

Medical aid

Life cover

Retirement savings

Job summary

Placements24 in Mahikeng, North West, South Africa, seeks an innovative Insurance Product Development Specialist to lead end-to-end insurer product life cycles from concept to launch. You will conduct market research, design features, pricing and underwriting guidelines, collaborating with underwriting, actuarial, claims, marketing and sales teams.

Hybrid work arrangement supports flexibility; this strategic role offers competitive salary, incentives and opportunities to influence the future of

Qualifications

• Market research and industry analysis
• Translate insights into product strategies
• Collaborate across underwriting, actuarial, claims, marketing and sales
• Monitor product performance and profitability

Responsibilities

• Conduct market research and analyze industry trends to identify opportunities for new insurance products.
• Design and develop innovative insurance products, considering policy features, pricing, and underwriting guidelines.
• Collaborate with underwriting, actuarial, claims, marketing, and sales teams throughout the product lifecycle.
• Prepare business cases and product specifications for new and enhanced insurance offerings.
• Monitor the performance of existing products and implement adjustments to maintain competitiveness and profitability.

Skills

Market research

Product lifecycle

Stakeholder management

Analytical thinking

Project management

Education

Bachelor's degree in Business/Finance/Marketing

Master's degree preferred

Job description

About the Role

Our client is seeking an innovative Insurance Product Development Specialist to lead the creation and enhancement of insurance products for their operations in Mahikeng. This role involves market research, competitive analysis, and collaboration with various departments to design insurance solutions that meet evolving customer needs and market demands. You will be responsible for the entire product lifecycle, from concept and design through to launch and ongoing management, ensuring profitability and market competitiveness within the North West province. This is a strategic role for someone passionate about shaping the future of insurance offerings.

Key Responsibilities

• Conduct market research and analyze industry trends to identify opportunities for new insurance products.
• Design and develop innovative insurance products, considering policy features, pricing, and underwriting guidelines.
• Collaborate with underwriting, actuarial, claims, marketing, and sales teams throughout the product lifecycle.
• Prepare business cases and product specifications for new and enhanced insurance offerings.
• Monitor the performance of existing products and implement adjustments as needed to maintain competitiveness and profitability.

Requirements

• Bachelor's degree in Business, Finance, Marketing, or a related field; Master's degree preferred.
• Minimum of 5 years of experience in insurance product development, management, or a related strategic role.
• Strong understanding of insurance principles, market dynamics, and regulatory requirements.
• Excellent analytical, strategic thinking, and project management skills.
• Proven ability to translate market insights into successful product strategies.

Benefits

• Attractive annual salary and performance-based incentives.
• Comprehensive benefits package including medical aid, life cover, and retirement savings plans.
• Opportunities for professional development and continuous learning in product innovation.
• Hybrid work model supporting flexibility and work-life balance.
• A pivotal role in driving innovation within the insurance sector in Mahikeng.