HR at MAX Life Insurance
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Max Life Insurance - Manager - Product Management (2-5 yrs)
Designation : Manager - Product Management
Experience : 2 Years To 5 Years
Requisition Type : New
Gurgaon
Key Responsibilities :
New Product Identification :
- ldeate on new product specifications basis inputs from Listening posts, ideation team
- Collaborate with the Marketing & Research team on testing field appeal and effectiveness of concepts
- Observe Market, Competition trends for ideas and refinement possibilities
- Work with Pricing Actuaries for obtaining competitive new product pricing within pricing benchmarks
- Responsible for preparing and obtaining Business case documents for Distribution and Internal approvals.
Delivery to Product Roadmap :
- Create business case documents for new products and obtain sign off from distribution leaders.
- Interpret impact of regulations on new products. Ensure compliance for new products
- Find solutions for complex system requirements/ workarounds and ensure readiness before launch
- Orchestration with 8-9 different departments for CFG1, CFG2, BRD role, UAT scenario creation role, ORN-draft, ORN-Final, DQM with Management, etc.
- Facilitate intra-departmental smooth functioning and handoffs through sub groups and one on one interaction.
- Create and manage all product literature and marketing collaterals of new product which is consistent with Policy document and F&U.
- Create an Integrated acquisition theme for all the channels
- Create quarterly themes in collaboration with Marketing and distribution to energize distribution and improve case size
- Work with unstructured data to arrive at key insights to drive Product mix and sales initiatives through new concept development, training, product advocacy and field management support
- Offer value-added inputs in pre-launch kit preparation, generate sales concepts through identified sources.
Stakeholder relationship :
- Relationship management with Business Partners on a strategic level and day to day requirements.
Portfolio Review and Maintenance :
- Ensure take up rate of product in the channel (in terms of % contribution as well as AFYP) as per pricing report, including the mix of variants/ case size/ policy terms, etc. in order to maintain pricing margins.
- Create hypothesis for poor take up and test market it to prove/ disapprove hypothesis
- Story rendition and articulation basis the customer and seller profile of the channel.
- Basis the channel need, create an integrated quarterly theme consisting of new sales stories to drive case size and conversion
- Conduct specific interventions to improve the case size (Drive products/sales solutions, basis need)
- Regular updates to distribution on Product related MIS Every quarter in case adverse trends are observed, course correction to be ideated and implemented, including modifying sales stories, tightening on-boarding controls (welcome calls, customer declarations, CPV, supporting persistency & mortality controls, etc.)
- Ensure product recertification within agreed timelines
Measures of Success :
- Product delivery as per the product calendar
- Achievement of product mix to deliver planned top line and bottom line
- Enable Product related delivery for new growth opportunities
- New Ideas implementation
Key Relationships (Internal/External) :
Internal :
- Chief Distribution Officer
- Operations leaders
- Chief Underwriter
- Ecommerce & Employee Channel Leader
- Pricing Head
- Appointed Actuary
- Chief Marketing Officer
- Chief Financial Officer
- L&D-Head
Key competencies/skills required :
- Ability to drive Cross-functional agenda
- Strategic thinking
- Analytical ability
- Project Management
- Influence without authority
- Interpersonal skills
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