Head Product Development

Job purpose

The Person would be primarily responsible to drive the growth and success of the company's product portfolio by overseeing the development, innovation, and management of products. This role plays a pivotal part in shaping the company's competitiveness in the market, ensuring that it meets the evolving needs of customers, complies with regulatory requirements and implement a Strategic Plan (SP) for product development.

Job Responsibilities

Strategy and Planning

• Drive the New Business Value by optimizing the growth and the profit margin as per SP.
• Product conceptualization & assist in the formulation & development of the product Strategy, road map & development
• Product Launch Strategy – Design & execute the launch plan as well as develop Go to market strategy & launch activities in coordination with Marketing team.
• Supports the CINSO in the development of the product plan in accordance with the company's Strategic Plan.

Profitable Growth Proposition

• Responsible for value proposition to Customer & Distributor.
• Drive Personalized Value Propositions in accordance with the Lifetime Partner strategy. Enhance innovation and ecosystems of Value-Added Services to improve value proposition in collaboration with the Customer Officer.

Product Proposition & Development

Define policies and drive governance for the following areas:

Product Development

• New products are aligned to the SP & demand in the local market
• Implementation of the product plan.
• Development of Social products.
• FGILI has a fair position in terms of a comprehensive and competitive portfolio
• Modify the products to course correct any deviation to the expected outcomes, both financials and market positioning
• Meet regulatory compliance

Portfolio Management

• Steer Life Product mix towards profitable lines of business with fair balance between demand in the local market and the strategic objectives of the Group, International and the Asia Region
• Expanding and/or pruning of portfolio to ensure a lean product portfolio
• Drive enablers for new business
• Product mix for each channel – define the mix at the beginning of each year and course correct on an ongoing basis
• Drive NBV for each channel by driving change required to the mix on an ongoing basis
• Analyse the movement of top-line and bottom-line on an ongoing basis and influence channel specific initiatives for meeting the plan

Training & Distribution

• Assist Training & content team in product development for launch of product & generate new product sales stories to accelerate product adoption post product launch

Market Research/Market Sizing

• Conduct ongoing analysis of existing product suites & associated target markets of company/ competitors to provide in-depth industry, market & competitive analysis to assist in identification & evaluation of new product opportunities

Fintech and digital strategy

• Evaluate Fintech opportunities, partnerships under different requirements, understand risk and requirements of Fintech customer profiles and create suitable products and processes.

Compliance Management

• Ownership of compliance to local regulation and the Product Oversight and Governance Group Policy.

Stakeholder Management

• Coordinate with Other departments (IT, Finance, Ops) for Product related processes, UATs, enhancements etc.

Education

Post Graduate Preferred

Experience

15+ Years of exp. In Product Development/ Management

Skills

• Good understanding of Insurance products & Product Regulations
• Solution orientation and working horizontally and execution ability
• Technical expertise and knowledge about technical actuarial calculations of EV, VNB, IRR, reserves, assumptions and impact
• Knowledge about policy admin calculations like Surrender value, IRR, death claims, bonuses and other system calculations and set up
• Good governance and tracking experience aptitude
• Ability to work collaboratively and good communication