Insurance Product Development Specialist

Placements24; Mossel Bay; On-site; ZAR 900,000 - 1,200,000; Full time

Benefits offered by this job

Competitive salary

Bonus structure

Medical aid

Retirement fund

Job summary

Placements24 is seeking an Insurance Product Development Specialist for its Mossel Bay, Western Cape operations. You will spearhead the conception, design, and launch of innovative insurance products, coordinating with actuarial, marketing, and legal teams to ensure market-ready offerings.

The role emphasizes market research, regulatory compliance, and lifecycle management, with opportunities to shape a growing product portfolio in a coastal setting.

Qualifications

• Bachelor’s degree in Business Administration, Marketing, Finance, Insurance, or related field.
• 5+ years of experience in insurance product development, management, or related role.
• Strong understanding of Life, Health, P&C insurance lines.

Responsibilities

• Research market trends, customer needs, and competitor products to identify opportunities for new offerings.
• Develop and design new insurance products, including terms, pricing, and features.
• Collaborate with actuarial teams to ensure feasibility, profitability, and pricing accuracy.
• Work with marketing and sales to develop launch strategies and materials.
• Ensure new products comply with regulatory requirements and internal guidelines.

Skills

Market research

Analytical skills

Problem solving

Stakeholder management

Communication

Presentation skills

Product lifecycle management

Education

Bachelor’s degree in Business Administration

Bachelor’s degree in Marketing

Bachelor’s degree in Finance

Bachelor’s degree in Insurance

Tools

Data analysis tools

Job description

About the Role

Our client, a forward-thinking insurance provider, is seeking a creative and analytical Insurance Product Development Specialist to join their innovative team in Mossel Bay, Western Cape . This role is pivotal in conceptualizing, designing, and launching new insurance products that meet evolving market demands and customer needs. The specialist will conduct market research, analyze competitor offerings, and collaborate with cross-functional teams, including actuarial, marketing, and legal, to bring successful products to market. The ideal candidate will possess a strong understanding of insurance principles, market dynamics, and product lifecycle management. This is an excellent opportunity for a detail-oriented individual to shape the future of our client's product portfolio in the beautiful coastal region of Mossel Bay .

Key Responsibilities

• Research and analyze market trends, customer needs, and competitor products to identify opportunities for new insurance offerings.
• Develop and design new insurance products, including policy terms, conditions, pricing structures, and features.
• Collaborate closely with actuarial teams to ensure product feasibility, profitability, and pricing accuracy.
• Work with marketing and sales teams to develop launch strategies, positioning, and promotional materials.
• Ensure all new products comply with regulatory requirements and internal guidelines, liaising with legal and compliance departments.
• Manage the product development lifecycle from ideation through to launch and post-launch review.
• Gather and analyze feedback on existing products to identify areas for improvement or enhancements.
• Prepare business cases and present product proposals to senior management for approval.
• Monitor the performance of launched products and make recommendations for adjustments.
• Stay abreast of innovations and best practices in insurance product development globally.

Requirements

• A Bachelor's degree in Business Administration, Marketing, Finance, Insurance, or a related field.
• A minimum of 5 years of experience in insurance product development, management, or a related role.
• Strong understanding of various insurance lines (e.g., Life, Health, P&C) and their underlying principles.
• Excellent market research, analytical, and problem-solving skills.
• Proven ability to manage complex projects and collaborate effectively with cross-functional teams.
• Strong communication, presentation, and stakeholder management skills.
• Familiarity with regulatory frameworks governing the insurance industry.
• Experience with data analysis tools and techniques is beneficial.
• A keen eye for detail and a commitment to delivering high-quality products.
• Reside in or be willing to relocate to the Mossel Bay, Western Cape area.

Benefits

Our client offers a competitive salary, attractive bonus structure, comprehensive medical aid and retirement fund benefits, and opportunities for continuous professional development. This role is based in our Mossel Bay office, offering a stable work environment and the chance to contribute significantly to our client's product innovation in the Western Cape . Enjoy working in a scenic location with a dedicated and supportive team.