Role Title : AVP Innovation and Digital Experience

Reports To : SVP Innovations

Company : Bajaj Life Insurance Company BALIC

Function : Department CF Enterprise Projects

JOB PURPOSE:

- Identify lead and manage innovative approaches to business challenges and work with teams across departments to deliver customer centric products and services

- Drive technology led innovative solutions for opportunities that are simplified digitized disruptive and provide first mover advantage wherever possible

- Understand online business and mobile app functional requirements limitations gap analysis benchmarking and translate them into user flows customer journey maps wireframes mockups and prototypes

- Suggest design layout simplification of content and functionality of online product journeys or mobile apps to ensure great user experience and conversion centric design

- Lead projects driven by Gen AI

PRINCIPAL ACCOUNTABILITIES:

Innovation Strategy:

- Identify new products and services by analyzing trends and emerging market opportunities

- Foster creativity within the organization and create processes for ideation prototyping and production

- Enable idea generation platforms such as internal and external crowdsourcing and innovation sessions

- Incorporate best practices for innovation strategic thinking and open innovation

- Balance risks and rewards of innovation projects based on organizational objectives

- Ensure all innovative solutions align with company goals

- Use data driven decision making for innovation initiatives

- Evaluate seed funding opportunities including equity participation in startups

- Design resource allocation processes including budgeting and approvals to take innovations from idea to market

Innovation Management:

- Support business units in new product and service initiatives as an innovation expert

- Lead and manage innovative solutions across departments

- Drive proof of concepts to test startups and solutions

- Identify and finalize solution partners

- Conduct regular discussions with stakeholders to identify business challenges

- Track adoption and usage of digital innovation assets

- Use analytics tools such as Google Analytics and Firebase to track usage

- Define solutions and finalize requirements with stakeholders

- Manage project lifecycle including planning execution and approvals

- Present progress updates and incorporate feedback

- Provide subject matter expertise on innovation projects

Digital and Online Experience UI UX Wireframing:

- Develop frameworks for product layouts and customer journeys

- Stay updated with user interface advancements

- Create drafts including content navigation and visuals

- Build prototypes before final product launch

- User Persona and Scenario Development

- Create user personas based on research

- Develop scenarios to understand user interaction

User Centered Design:

- Design products aligned with user behavior

- Recommend conversion focused journeys

- Measure human computer interaction

- Build intuitive and seamless navigation flows

- Align product design with marketing and sales funnel

Innovation Team Development:

- Provide training on innovation and design thinking

- Encourage participation in conferences and industry events

- Track industry trends and identify opportunities

- Collect research on new technologies and solutions

Drive Gen AI Use Cases:

- Collaborate with stakeholders to identify opportunities

- Understand business requirements and pain points

- Promote awareness of Gen AI capabilities

- Drive ROI based use cases

- Manage end to end lifecycle of AI projects

- Work with development and business teams

- Ensure ethical AI practices

- Monitor and optimize performance using KPIs

MAJOR CHALLENGES:

- Influencing stakeholders to adopt innovation

- Balancing risk and innovation

- Pushing beyond traditional boundaries

- Tracking and reporting business impact

DECISIONS:

- Manage innovation projects within budget and compliance

- Finalize solution partners

- Select use cases technologies and solutions

INTERACTIONS:

Internal Stakeholders:

- IT for system development integration APIs and testing

- Marketing for research trends and market opportunities

- Analytics for customer data insights

- Operations for implementation and testing

- Compliance and regulatory teams for adherence

- Customer touchpoints for feedback and improvements

- Head Innovations for approvals and outcomes

External Stakeholders:

- Startups and vendors for technology solutions

- Strategic partners for innovation initiatives

- Regulators

SKILLS AND KNOWLEDGE:

Educational Qualifications:

- Graduate/Post Graduate MBA or Engineer

- Certifications in design thinking digitization UI UX preferred

Work Experience;

- 10 to 13 years of experience

- Experience in BFSI industry preferred

- Experience in innovation culture and emerging technologies

- Experience in AI ML NLP speech analytics RPA IoT AR VR chatbots and automation

- Experience in web and mobile application development

- Experience in insurance industry preferred

- Experience in designing user journeys

- Knowledge of digital marketing platforms like CDP and DMP is a plus

- Strong stakeholder management skills