Insurance Product Development Specialist

Placements24; Mbombela (Nelspruit); Hybrid; ZAR 900,000 - 1,300,000; Full time

Benefits offered by this job

Competitive salary

Health insurance

Retirement savings plan

Generous paid time off

Professional development opportunities

Work-life balance initiatives

Career growth opportunities

Job summary

Placements24 in Nelspruit, Mpumalanga, seeks an Insurance Product Development Specialist to conceptualize, design, and launch innovative insurance products that meet evolving customer needs and market demands. The role requires strong project management, collaboration with actuarial, marketing, legal and sales teams, and thorough market research to drive profitability and growth.

Excellent communication and regulatory understanding are essential.

Qualifications

• 4+ years in insurance product development or related role.
• Strong understanding of insurance principles, policy structures, and regulatory environments.
• Experience in market research and competitive analysis.
• Excellent analytical, problem-solving, and communication skills.
• Strong project management with multiple initiatives.
• Proven ability to collaborate with cross-functional teams.
• Proficiency in Excel and PowerPoint.

Responsibilities

• Conceptualize, design, and develop new insurance products across lines of business.
• Conduct market research and competitive analysis to identify opportunities.
• Collaborate with actuarial teams on pricing strategy and profitability.
• Ensure regulatory compliance with legal and compliance teams.
• Develop product documentation, including policy wordings and brochures.
• Partner with marketing and sales to define go-to-market strategies.
• Analyze product performance data and recommend enhancements.
• Manage the product development lifecycle from ideation to launch and review.
• Stay informed on industry trends and emerging risks relevant to product development.
• Facilitate cross-functional meetings and alignment among stakeholders.

Skills

Insurance product development

Market research

Competitive analysis

Regulatory understanding

Project management

Communication

Cross-functional collaboration

Education

Bachelor's degree in Business/Finance/Marketing

Tools

Excel

PowerPoint

Job description

About the Role

Our client, a leading innovator in the insurance sector, is seeking a creative and analytical Insurance Product Development Specialist to join their team in Nelspruit , Mpumalanga . This role is critical in conceptualizing, designing, and launching new insurance products that meet evolving customer needs and market demands. The Specialist will conduct market research, analyze competitor offerings, and collaborate closely with actuarial, marketing, legal, and sales teams to bring innovative products to life. This is an excellent opportunity for a detail-oriented and strategic thinker to make a tangible impact on the company's product portfolio and market position. The ideal candidate possesses a strong understanding of insurance principles, market dynamics, and a passion for innovation. You will be at the forefront of identifying opportunities and developing solutions that drive growth and customer satisfaction. This role requires excellent communication and project management skills, enabling effective collaboration across various departments in Nelspruit . Join a dynamic team committed to shaping the future of insurance with relevant and competitive products.

Key Responsibilities

• Conceptualize, design, and develop new insurance products across various lines of business.
• Conduct comprehensive market research and competitive analysis to identify product opportunities.
• Collaborate with actuarial teams to ensure product viability, pricing strategy, and profitability.
• Work closely with legal and compliance teams to ensure all products meet regulatory requirements.
• Develop product documentation, including policy wordings, brochures, and training materials.
• Partner with marketing and sales teams to define go-to-market strategies and promotional campaigns.
• Analyze product performance data and recommend adjustments or enhancements.
• Manage the product development lifecycle from ideation through to launch and ongoing review.
• Stay informed about industry trends, customer needs, and emerging risks relevant to product development.
• Facilitate cross-functional meetings and ensure alignment among all stakeholders involved in product development.

Requirements

• A minimum of 4 years of experience in insurance product development, product management, or a related role.
• Strong understanding of insurance principles, policy structures, and regulatory environments.
• Proven ability to conduct market research and competitive analysis.
• Excellent analytical, problem-solving, and critical thinking skills.
• Strong project management skills with the ability to manage multiple initiatives simultaneously.
• Exceptional written and verbal communication skills, with the ability to articulate complex concepts clearly.
• Experience collaborating effectively with cross-functional teams.
• Proficiency in Microsoft Office Suite, particularly Excel and PowerPoint.
• Bachelor's degree in Business, Finance, Marketing, or a related field.
• Familiarity with the insurance market dynamics in Mpumalanga is advantageous.

Benefits

• Competitive salary and potential for annual performance bonuses.
• Comprehensive health insurance and retirement savings plan.
• Generous paid time off and company holidays.
• Opportunities for professional development and training in product management and insurance innovation.
• A dynamic and collaborative work environment in Nelspruit .
• Exposure to exciting new product development initiatives.
• Support for industry certifications and continuing education.
• Work-life balance initiatives.
• Career growth opportunities within the organization.