Damco - Product Business Analyst - Life Insurance

Role : Product Business Analyst - Life Insurance

Key Responsibilities :

Product Strategy & Development :

- Analyze market trends, customer behavior, emerging industry practices, and competitive offerings to identify new product opportunities.

- Define product vision, strategy, and roadmap aligned with organizational goals and regulatory requirements.

- Collaborate with business stakeholders to conceptualize, design, and launch new life insurance products and product enhancements.

- Evaluate product performance and recommend modifications to improve market competitiveness and profitability.

- Support the complete product lifecycle from ideation and business case development to implementation and post-launch assessment.

Business Analysis :

- Gather, analyze, and document business requirements from internal and external stakeholders.

- Translate business needs into detailed functional requirements, process flows, use cases, and user stories.

- Conduct gap analysis and recommend solutions to improve operational efficiency and customer experience.

- Facilitate workshops and requirement-gathering sessions with business teams, operations, underwriting, claims, and technology teams.

- Prepare business requirement documents (BRDs), functional requirement documents (FRDs), and process documentation.

Market Research & Competitive Analysis :

- Conduct comprehensive market research to identify industry trends, customer needs, and competitor product offerings.

- Analyze market data, policyholder behavior, and sales performance to generate actionable insights.

- Monitor regulatory developments and assess their impact on product strategy and business operations.

- Identify opportunities for product differentiation and innovation.

Stakeholder Management :

- Collaborate with Product Management, Sales, Distribution, Marketing, Operations, Actuarial, Compliance, and Technology teams.

- Serve as the primary liaison between business stakeholders and development teams during product implementation.

- Facilitate communication and alignment among cross-functional teams throughout the project lifecycle.

- Present product recommendations, business cases, and strategic insights to senior leadership.

Product Roadmap & Delivery :

- Develop and maintain product roadmaps, release plans, and product backlogs.

- Prioritize features and enhancements based on business value, customer impact, and

strategic objectives.

- Support Agile and Waterfall project delivery methodologies as required.

- Participate in sprint planning, backlog grooming, UAT, and release management activities.

Data Analysis & Reporting :

- Analyze business performance metrics, customer feedback, and operational data to support decision-making.

- Develop dashboards, reports, and KPIs to measure product success and business outcomes.

- Provide recommendations based on data-driven insights to improve product performance and customer engagement.

Compliance & Regulatory Management :

- Ensure products comply with insurance regulations, industry standards, and internal governance requirements.

- Work closely with compliance and legal teams during product development and launch.

- Support regulatory filings, approvals, and product documentation processes.

Required Skills & Competencies :

Insurance Domain Expertise :

Strong understanding of :

- Group Life Insurance

- Group Insurance Products

- Individual Life Insurance

- Annuity Products

- Employee Benefits Programs

- Risk Management Principles

- Insurance Operations and Policy Administration

- Knowledge of underwriting, claims management, policy servicing, and distribution channels.

Business Analysis Skills

- Requirement Gathering and Analysis

- Business Process Modeling

- Gap Analysis

- Use Case Development

- Functional Documentation

- User Story Creation

- Stakeholder Management

- Process Optimization

Product Management Skills

- Product Lifecycle Management

- Product Roadmap Development

- Product Strategy Formulation

Market Research & Competitive Analysis

- Customer Journey Mapping

- Product Performance Evaluation

Analytical Skills

- Strong quantitative and qualitative analytical capabilities.

- Ability to interpret large datasets and generate actionable business insights.

- Experience with business intelligence and reporting tools.

Technical Knowledge (Preferred) :

- Experience with Insurance Core Systems and Policy Administration Platforms.

- Familiarity with Agile methodologies and project management tools such as Jira, Azure

DevOps, or similar platforms.

- Knowledge of SQL, data analysis tools, or reporting platforms will be advantageous.

Desired Candidate Profile :

- 8 - 17 years of experience in the Life Insurance industry in Product Management, Product Development, Business Analysis, or related roles.

- Demonstrated success in launching and managing life insurance products.

- Strong understanding of insurance business processes, regulatory requirements, and market dynamics.

- Excellent communication, presentation, and stakeholder management skills.

- Proven ability to work with cross-functional teams and manage multiple initiatives simultaneously.

- Strong strategic thinking and problem-solving capabilities.