Insurance Product Development Specialist

Placements24; Pretoria; Hybrid; ZAR 900,000 - 1,300,000; Full time

Benefits offered by this job

Medical aid

Disability insurance

Retirement fund

Remote work options

Flexible working

Performance incentives

Job summary

Placements24 seeks an Insurance Product Development Specialist to design and launch innovative insurance products. The role involves market research, competitive analysis and close collaboration with actuarial, underwriting, legal, marketing and sales teams across the product lifecycle.

You will define features, pricing and policy wordings while ensuring regulatory compliance, managing documentation and supporting product launches. Flexible remote or Pretoria office work is available.

Qualifications

• Bachelor’s degree in Business, Marketing, Finance, Actuarial Science or related field.
• Minimum 5 years’ experience in insurance product development, management or related role.
• Strong understanding of insurance principles, product types and regulatory environment.
• Excellent analytical and problem-solving skills with attention to detail.
• Ability to translate market insights into successful product strategies.
• Strong project management and organizational skills.
• Excellent written and verbal communication, with clarity in presenting complex information.
• Proficiency with MS Office; data analysis experience is a plus.

Responsibilities

• Conceptualize, design and develop new insurance products across lines of business.
• Conduct market research, competitive analysis and feasibility studies for new ideas.
• Collaborate with actuarial, underwriting, legal, marketing and sales teams through the product lifecycle.
• Define product features, pricing structures and policy wordings.
• Ensure compliance with regulatory requirements and internal policies.
• Develop launch plans and support training and materials for marketing and sales.

Skills

Market research

Regulatory knowledge

Product development

Stakeholder collaboration

Project management

Communication

Data analysis

Education

Bachelor's degree in Business/Marketing/Finance/Actuarial Science

Tools

MS Word

MS 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 team, with the flexibility of working remotely or from their offices in Pretoria, Gauteng . This role is pivotal in conceptualizing, designing, and launching new insurance products that meet evolving market needs and customer demands. You will be responsible for conducting market research, analyzing competitor offerings, and collaborating with cross-functional teams to ensure product viability, profitability, and regulatory compliance. The ideal candidate will possess a blend of creativity, analytical acumen, and a deep understanding of the insurance landscape to drive product innovation.

Key Responsibilities

• Conceptualize, design, and develop new insurance products across various lines of business.
• Conduct thorough market research, competitive analysis, and feasibility studies for new product ideas.
• Collaborate closely with actuarial, underwriting, legal, marketing, and sales teams throughout the product lifecycle.
• Define product features, benefits, pricing structures, and policy wordings.
• Ensure all new products comply with relevant regulatory requirements and internal policies.
• Develop product launch plans and support marketing and sales teams with product training and materials.
• Monitor the performance of existing products and recommend modifications or enhancements.
• Stay abreast of industry trends, emerging risks, and technological advancements impacting product development.
• Manage product documentation and maintain product repositories.

Requirements

• A Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or a related field.
• Minimum of 5 years of experience in insurance product development, management, or a related role.
• Strong understanding of insurance principles, product types, and the regulatory environment.
• Excellent analytical and problem-solving skills with a keen eye for detail.
• Demonstrated ability to translate market insights into successful product strategies.
• Strong project management and organizational skills.
• Excellent written and verbal communication skills, with the ability to present complex information clearly.
• Proficiency in Microsoft Office Suite, particularly Word, Excel, and PowerPoint.
• Experience with data analysis tools is a plus.

Benefits

Our client offers a competitive salary, performance incentives, and a comprehensive benefits package including medical aid, disability insurance, and a retirement fund. Employees benefit from flexible working arrangements, including remote work options, and opportunities for continuous learning and professional development. The company fosters an innovative and collaborative environment. This role, based in or remotely connected to Pretoria, Gauteng , provides a unique opportunity to shape the future of insurance products.