Canara HSBC OBC Life Insurance - Head - Products

Role Purpose :

End-to-end management of new product development and product launch activities, along with product management activities. The person will be assigned specific product group/ product lines and 2 or more propositions. The roleholder will need to conceptualize, design, gain agreement for, drive the approvals and governance processes for, and launch and deliver products within the propositions and as per the agreed product calendar. The role will involve engagement with all stakeholders involved in product development including the senior mgmt team. Additionally the role holder will be expected to manage a team of 1-2 deputy managers/ managers/ senior mgrs and provide inputs to the product head to help achieve the company's product objectives and efficient working of the function.

Principal Accountabilities : Key activities and decision making area :

a. Impact on the Business / Function

- Assist the head, products in developing the CHOICe product strategy to help achieve the business and organizational targets

- Lead the development and launch of new products and propositions as approved by PPRC to target relevant customer segments within the banks- customer bases, for the product areas assigned to the role

- Manage the group of products/ product lines to achieve the product KPIs

- Monitor and initiate product revisions to products in the roleholder's responsibility in context of market, regulations, and channel requirements.

- Lead the execution of product development and launch process for assigned projects to deliver in line with business requirements within the approved launch process.

Typical Targets and Measures

- Products launched on time and in line with latest approved calendar

- APE from new products within 3 months of launch

- Product performance measures (mix% actual vs target, profitability, customer index) for assigned product line/ group

b. Customers / Stakeholders [COMPLETE 3-4 AREAS]

- Work closely with bancassurance teams of INM, Canara Bank, OBC & Alternate Channels, and key sales teams to provide market feedback on customer requirements, pricing & product strategies and marketing campaigns.

- Formulate and implement campaigns in conjunction with sales and marketing teams

- Engage with key stakeholders in product development ie pricing team and PMO and other cross-functions to drive timely and effective completion of product development processes.

Typical Targets and Measures

- Customer Satisfaction Index (products)

c. Leadership & Teamwork

- Work with the team to enhance the level of ownership and accountability for key deliverables

- Monitor & maintain team performance and provide appropriate coaching & mentoring to resolve performance issues

- Support development plans of key team members to ensure their functional and soft skills are updated and in context of their job requirements

Typical Targets and Measures:

- Staff attrition (%)

- Development plans of self and direct reports - achieved vs. planned

d. Operational Effectiveness & Control [COMPLETE 3-4 AREAS]

- On an ongoing basis, manage cross-functional coordination for new product development processes and provide suggestions for modifications where required

- Ensure that all operations and activities undertaken comply with compliance & regulatory requirements and Company's direction

Major Challenges (The challenges inherent in the role that require a continual test of the role holder's abilities):

- Product development requires significant interaction and buy-in from the sales channels. The challenge is to ensure that buy-in is achieved with all 3 distribution partners (sometimes they may have conflicting requirements) and the governance requirements are adhered while the product launch calendar is delivered.

- The market is focused on sales push and hence to understand voice of customer, develop and refine propositions for target segments is a key challenge for the product development. With the sole focus on bancassurance, the challenge is to understand the customer behavior of the JV partner base and market while designing the product proposition.

- Development of new products is an activity that requires active involvement of almost all functions of the organization. The challenge is to take ownership of end-to-end delivery while ensuring that relevant pricing, compliance and operational risk requirements are taken care of.

Role Context :

- The roleholder will work within the guidance and direction of the Head, products.

- The person is expected to engage with cross-functional teams on an ongoing basis, and may also be required to provide inputs and coordinate with our bank partner management

- The regulatory framework is evolving and there have been frequent changes to regulation with tight timelines for compliance and directionally towards higher value to customers thereby reducing the flexibility available to insurers. Knowledge of Indian market, regulations, historical context, market trends etc and regular benchmarking are key to translating intent into winning product designs.

Management & Leadership of Regulatory, Compliance & Operational Risk (Operational Risk / FIM requirements) :

- Report any operational risk or operational risk loss to the line manager immediately (who is required to timely report to Operational Risk Coordinator) if the jobholder becomes aware of emerging or inadequately controlled operational risk or identify an operational risk loss in accordance with section B.1.2 of the Group Operations FIM.

Observation of Internal Controls (Compliance Policy / FIM requirements) :

Maintain and observe HSBC internal control standards, implement and observe Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement Group Compliance Policy by managing compliance risk in liaison with the Head of Group Compliance, Regional Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources are in place and training is provided, and optimising relations with regulators.

Knowledge & Experience / Qualifications :

- MBA/ degree in marketing from good university or college

- 8-10 years in financial services. Banking and/or insurance preferable.

- Experience in life insurance product development/ actuarial/ marketing - Min 3 years; 5 years preferred

- Working knowledge of IRDA regulations relevant to Products

- Knowledge of other compliance requirements linked to Products

- Good analytical skills

- Persuasion and negotiation skills

- Demonstrated creativity and ability to create impact through new product development