Product Development Manager

Product Development Manager (Life Insurance Products)

Role Summary

The Product Development Manager is responsible for designing, developing, and managing the lifecycle of the company’s life insurance products. The role translates customer needs and business strategy into competitive insurance product propositions, ensuring products meet regulatory requirements, actuarial soundness, profitability targets, and operational readiness for launch and ongoing enhancements.

Job Responsibilities:

1. Product Strategy & Roadmap

• Develop and maintain the product development roadmap for savings-focused insurance products in line with company strategy.
• Conduct market research to identify customer needs, competitor trends, and product gaps.
• Recommend product features, positioning, distribution approach, and value proposition.

2. Product Design & Development

• Lead end-to-end product development: concept → requirements → pricing/benefit structure → policy wording/drafting support → testing → launch.
• Define key product parameters including benefits, riders (if any), premium structures, maturity/withdrawal mechanics, guarantees, exclusions, and participation mechanics (where applicable).
• Ensure products are understandable to customers and practical for distribution and servicing.

3. Actuarial, Financial & Profitability Oversight

• Partner closely with actuarial, finance, and risk teams to ensure pricing adequacy, capital requirements, and profitability targets are met.
• Perform scenario analysis (e.g., lapse, mortality/morbidity if relevant, surrender behavior, interest rate assumptions where applicable).
• Monitor and support product performance post-launch; recommend adjustments when needed.

4. Regulatory & Compliance Management

• Ensure product development complies with applicable insurance regulations and guidelines.
• Coordinate preparation of regulatory submissions, product filings, and documentation support (policy documents, disclosures, sales materials, terms & conditions).
• Ensure product governance processes are followed (approval workflows, change control, documentation retention).

5. Cross-Functional Launch Readiness

• Work with underwriting/operations, claims (if applicable), distribution teams, compliance, IT, and customer service to ensure operational readiness.
• Define product requirements for systems (policy administration, CRM/workflows, e-forms, onboarding journeys).
• Oversee training materials and enablement for distribution partners and internal teams.

6. Product Performance & Continuous Improvement

• Track KPIs such as sales conversion, retention/lapse rates, customer complaints, policy servicing volumes, and profitability metrics.
• Identify opportunities for enhancements (improved benefits, simplified administration, digitized servicing, targeted promotions).
• Manage product updates through controlled change processes.

Job Requirements and Qualifications:

• 7+ years of experience in insurance product development, product management, or related roles.

• Strong understanding of insurance product structures and lifecycle management.

• Demonstrated experience working with actuarial and finance teams on pricing, assumptions, and profitability targets.

• Experience with insurance regulatory submissions and product compliance processes (country/market specific).

• Strong analytical skills and ability to translate data into product decisions.

• Excellent stakeholder management and cross-functional leadership skills.

• Familiarity with product governance frameworks and change management in regulated environments.

• Experience coordinating system requirements for policy administration platforms.

• Strong actuarial literacy (e.g., ability to challenge assumptions and interpret results).

*Less experience will be considering as Assistant Manager Level.