Product Development Specialist - Insurance

Placements24; Bloemfontein; On-site; ZAR 600,000 - 900,000; Full time

Benefits offered by this job

Medical aid

Pension fund

Professional growth

Collaborative work environment in Blom

Performance-based incentives

Job summary

Placements24 is seeking a Product Development Specialist for a Bloemfontein-based insurance client. The role emphasizes driving innovation in product offerings, collaborating with underwriting, actuarial, marketing and sales teams to shape market-ready products.

You will lead market research, design new products, assess pricing and risk, and manage the full lifecycle from ideation to launch while ensuring adherence to South African regulations and industry standards.

Qualifications

• Bachelor's degree in a related field is required.
• Minimum 5 years in product development, management or related insurance role.
• Strong understanding of insurance principles and market dynamics.
• Ability to translate insights into product strategies.
• Excellent analytical, research, and communication skills.

Responsibilities

• Research market trends and needs to identify new product opportunities.
• Design and develop innovative insurance products with pricing and coverage.
• Collaborate with actuarial and underwriting teams on viability and risk.
• Create product specifications, policy wordings, and marketing materials.
• Manage lifecycle from ideation to post-launch refinements.
• Ensure compliance with South African insurance regulations.
• Analyze performance metrics and feedback for improvements.
• Coordinate with sales/marketing for successful launches.
• Provide training on new and existing product features.
• Contribute to strategic planning for portfolio development.

Skills

Market research

Product design

Pricing strategy

Risk assessment

Project management

Cross-functional collaboration

Regulatory understanding

Education

Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or related field

Job description

About the Role

Our client, a respected insurance company based in **Bloemfontein**, is seeking a creative and analytical Product Development Specialist to drive innovation in their insurance offerings. This role is crucial for identifying market needs, designing new insurance products, and enhancing existing ones to meet customer demands and maintain a competitive edge. You will collaborate closely with various departments, including underwriting, actuarial, marketing, and sales, to bring successful products to market. This is an exciting opportunity to shape the future of insurance products in a stable and growing market. The position is based in **Bloemfontein, Free State** and requires a full-time presence in the office.

Key Responsibilities

• Research market trends, customer needs, and competitor offerings to identify opportunities for new insurance products.
• Design and develop innovative insurance products, considering pricing, coverage, features, and target markets.
• Collaborate with actuarial and underwriting teams to assess product viability, pricing, and risk.
• Develop product specifications, policy wordings, and marketing materials in conjunction with relevant departments.
• Manage the product lifecycle from ideation through launch, including post-launch analysis and refinement.
• Ensure product compliance with **South African** insurance regulations and legal requirements.
• Analyze product performance metrics and customer feedback to drive product improvements.
• Work closely with the sales and marketing teams to ensure successful product launches and adoption.
• Provide training and support to internal teams on new and existing product features.
• Contribute to strategic planning for product portfolio development.

Requirements

• A Bachelor's degree in Business, Marketing, Finance, Actuarial Science, or a related field.
• Minimum of 5 years of experience in product development, product management, or a related role within the insurance industry.
• Strong understanding of insurance principles, different lines of business, and market dynamics.
• Proven ability to translate market insights into successful product strategies.
• Excellent analytical, research, and problem-solving skills.
• Strong project management and organizational skills.
• Effective communication and interpersonal skills, with the ability to collaborate across departments.
• Knowledge of **South African** insurance regulations is essential.
• Experience with market analysis and competitive intelligence gathering.

Benefits

• A competitive annual salary package up to R .
• Comprehensive medical aid and pension fund benefits.
• Opportunities for professional growth and continuous learning.
• A supportive and collaborative work environment in **Bloemfontein**.
• Potential for performance-based incentives.