Insurance Product Development Specialist

Placements24; Sandton; Hybrid; ZAR 900,000 - 1,500,000; Full time

Benefits offered by this job

Medical aid

Retirement fund

Performance-based incentives

Career development

Job summary

Placements24 seeks an Insurance Product Development Specialist in Sandton, Gauteng. You will research, design, and launch new insurance products, enhance existing ones, and work with underwriting, actuarial, marketing, and legal to ensure viability and profitability.

The role focuses on market analysis, product lifecycle management, and regulatory compliance, with a hybrid work model in Sandton. A senior candidate with strong strategic insights is preferred.

Qualifications

• 3+ years experience in related field is common; 5+ preferred
• Strong analytical and research capabilities
• Excellent written and verbal communication and presentation skills
• Deep understanding of insurance principles and product design
• Experience with regulatory compliance and product lifecycles

Responsibilities

• Research market opportunities and conduct competitor analysis.
• Design and develop new insurance products and features across lines of business.
• Work with actuarial to ensure pricing targets are met.
• Define policy terms and underwriting guidelines for new products.
• Ensure compliance with relevant regulations and legislation.
• Develop product documentation, marketing materials, and training resources.
• Manage product development lifecycle from concept to launch and review.
• Analyze product performance and adjust as needed.
• Collaborate with sales and marketing for rollout and market penetration.

Skills

Market analysis

Data analysis

Cross-functional collaboration

Regulatory understanding

Problem solving

Education

Tertiary qualification in Business/Finance/Actuarial Science

Tools

Data analysis tools

Job description

About the Role

Our client, a leading innovator in the insurance industry, is seeking a strategic and analytical Insurance Product Development Specialist to join their team in Sandton, Gauteng . This key role is responsible for researching, designing, and launching new insurance products and enhancing existing ones to meet market demands and maintain a competitive edge. You will work closely with cross-functional teams, including underwriting, actuarial, marketing, and legal, to ensure products are viable, compliant, and profitable. The ideal candidate will have a deep understanding of insurance markets, product lifecycles, and regulatory frameworks. This is an exciting opportunity for a visionary professional to shape the future of our client's product portfolio.

Key Responsibilities

• Conduct market research and competitor analysis to identify opportunities for new insurance products.
• Design and develop innovative insurance products and features across various lines of business.
• Collaborate with actuarial teams to ensure product pricing and profitability targets are met.
• Work with underwriting to define clear policy terms, conditions, and underwriting guidelines.
• Ensure all new and updated products comply with relevant legislation and regulatory requirements.
• Develop product documentation, marketing materials, and training resources.
• Manage the product development lifecycle from concept to launch and post-launch review.
• Analyze product performance and implement adjustments as needed.
• Liaise with sales and marketing teams to ensure successful product rollout and market penetration.
• Stay abreast of industry trends, emerging risks, and technological advancements impacting the insurance landscape.

Requirements

• A relevant tertiary qualification in Business, Finance, Actuarial Science, or a related field.
• A minimum of 5 years of experience in insurance product development, management, or a related strategic role.
• Strong understanding of insurance principles, product design, and the insurance value chain.
• Excellent analytical, research, and problem-solving skills.
• Proficiency in market analysis and feasibility studies.
• Thorough knowledge of insurance regulations and compliance requirements.
• Strong project management and cross-functional collaboration skills.
• Excellent written and verbal communication and presentation skills.
• Ability to think strategically and translate market insights into actionable product strategies.
• Experience with data analysis tools and software is an advantage.

Benefits

Our client offers a highly competitive salary package, commensurate with the seniority and strategic importance of this role. Comprehensive benefits include excellent medical aid, a generous retirement fund contribution, and performance-based incentives. The company invests in employee growth through extensive training programs and opportunities for career advancement. This position is based in Sandton, Gauteng , operating on a hybrid model to provide flexibility. Join a leading insurance organization and play a pivotal role in shaping innovative insurance solutions for the future.