Vice President - Product Development

Role Overview:

The Vice President - Product Development will lead the end-to-end lifecycle of life insurance products with a strong emphasis on Traditional Products, while also driving development across other product categories. The role demands strong market understanding, regulatory expertise, commercial acumen, and cross-functional leadership to ensure timely, compliant, and profitable product launches aligned with business strategy.

Key Responsibilities:

A. Product Strategy & Innovation:

- Lead the strategic planning, ideation, and roadmap creation for Traditional Products (PAR, Non-PAR, Protection, Savings, and Annuity).

- Drive innovation by identifying market gaps, evolving customer needs, emerging themes, and competitive opportunities.

- Evaluate new concepts and feasibility based on actuarial insights, distribution inputs, and consumer behaviour data.

B. End-to-End Product Development:

- Own the full product development lifecycle: concept to business case to pricing alignment to documentation to systems readiness to launch.

- Oversee product specifications, benefit structures, illustrations, sales narratives, and technical documentation.

- Ensure seamless IRDAI filing, query management, and approval coordination.

C. Regulatory & Compliance Management:

- Lead adherence to IRDAI regulations for product filings, product features, regulatory caps, disclosures, and documentation.

- Ensure all mandatory governance committees (PMC, ULCC, Commission Review, Advertisement Committee etc.) are managed efficiently.

- Stay ahead of regulatory updates and drive timely product modifications.

D. Cross-Functional Leadership:

- Partner closely with Actuarial, Underwriting, Reinsurance, Operations, Tech, Legal, Compliance, Finance, Marketing, and Training teams.

- Drive alignment with Distribution (Agency, Banca, Digital, Partnerships) to ensure product-market fit and market success.

- Mentor and develop a high-performing product team.

E. Launch Excellence & Portfolio Management:

- Provide strategic direction for go-to-market plans including launch strategy, sales training, product positioning, and communication collaterals.

- Monitor portfolio performance, profitability trends, persistency, channel adoption and competitiveness across product categories.

- Regularly assess product health, re-pricing needs, and opportunities for enhancement.

F. Business & Financial Impact:

- Deliver products that enhance NBM/NBAPE, contribute meaningfully to annual revenue targets, and strengthen long-term portfolio quality.

- Enable distribution productivity through competitive propositions and channel-specific solutions.

- Drive data-backed product decisions using market intelligence, competitor filings, and consumer insights.

Required Experience & Qualifications:

Experience:

- 12-18 years of experience in Life Insurance product development.

- Strong experience in Traditional Products is mandatory; exposure to ULIP, Protection, Health, Riders, and Annuity preferred.

- Proven track record of successful IRDAI filings, timely product launches, and portfolio management.

- Experience in leading and mentoring teams, and working with senior leadership.

Education:

- Post-graduate degree in Management/Finance/Insurance/Actuarial Sciences preferred.

- Additional certifications in Insurance, Product Management, or Analytics are an advantage.

Technical & Functional Skills:

- Deep expertise in Traditional life insurance product structures and pricing principles.

- Strong understanding of IRDAI regulations, actuarial concepts, and product governance.

- Ability to interpret consumer insights, market trends, and competitor strategies.

- Strong documentation, analytical, and financial modelling orientation.

- Skilled in stakeholder management and project leadership.

Behavioural Competencies:

- Strategic thinking and commercial mindset.

- High accountability, execution excellence, and attention to detail.

- Strong communication skills with the ability to influence stakeholders at all levels.

- Collaborative leadership with the ability to navigate cross-functional dynamics.

- Problem-solving orientation with agility in a fast-paced regulatory environment.

Key Performance Indicators (KPIs):

- Speed and accuracy of product filings and approvals.

- Profitability and portfolio health of Traditional products.

- Success of new product launches (NBAPE, channel adoption, revenue contribution).

- Regulatory compliance and audit outcomes.

- Cross-functional delivery and stakeholder satisfaction.

- Team capability building and retention.