Manager - Product Development - Motor Vertical - Insurance

Manager - Product Development - Motor

Reports to: Country Head - Motor Underwriting & Claims Matrix Report to: Not Applicable

Purpose: To evolve new products and products features for all classes of motor insurance including pricing strategies in tune with market needs

Key Results Areas Key Performance Indicators Knowledge, Skills & Experience Behaviours

- Support the implementation of the overall business strategy, through developing new products and product features in line with the Company's underwriting philosophy

- Establish and implement control procedures e.g peer review, and contribute to Intemal Audits

- Develop and Implement new products and/or variations of existing products that meet the needs of the Sales & Development function and will establish and maintain a competitive and attractive customer proposition in the marketplace

- Implement pricing strategies that are consistent with technical pricing models and standards and the determination of competitive product pricing models in the current and post-tariff markets

- Analyse daims data so as to support informed decision making processes in relation to pricing and product development

- Ensure the production of timely, accurate and up-to-date product development information as required

- Support the product development team so as to maintain appropriate business focus and ensure that professional capacity and capabilities evolve to meet business needs

- Continually review and develop the product development Infrastructure to ensure business structure, processes, systems, and resources are robust, efficient and consistent with business requirements and standards

- Develop and recommend new products to fuel market growth in consultation with the business managers and service managers (UW & Claims)

- Coordination / Collaboration with the Compliance team for proper documentation on - 'file and use' of new products with IRDAI and get approval

- Analyse existing product portfolios and client profiles to provide additional customized features.

- Coordinate with UW, Claims and Actuarial teams to conduct product portfolio reviews like IRPC / PRP - Premium eamed from new products at consolidated and business class levels

- Achievement of required Portfolio mix

- Outcomes of audits

- Growth of product development capability

- Country Head's Underwriting Satisfaction With

- Quality of contribution to overall business strategy and risk management culture

- Portfolio mix recommendations

- Accuracy timeliness and commercial appropnateness of new product recommendations and expertise

- New products performance at national and regional levels.

- Cost reductions/savings

- Improvements In customer / stakeholder satisfaction with product features

- Feedback from Sales Development team on:

- Product portfolio

- Competitiveness and fit to market

- Customer and distribution

- Partner satisfaction with product features

- Delivery of agreed functional Goals against plan and budget

- Achievement of individual goals

- Graduate/Post Graduate

- At least 5+ years- experience in the Technical Service function of an insurance industry

- Knowledge of

- Insurance Company (plc) financials, P&L, KPIs etc Ideally Indian Financial Services environment (market, technology, legislation, regulation)

- Understanding of and commitment to the principles of Risk Management, controllership and compliance.

- Understanding of actuarial principles and technical pricing.

- Excellent skills in:

Communication

Relationship Building

Negotiation and influencing

Influencing others

Process Management & Development

Change Leadership

- Proactive Managerial attitude

- Informative and more inquisitive about the need of a motor insurance customer.

- Cultural sensitivity and awareness

- Teambuilding and teamworklng

- Pragmatic 'can do' attitude

- Coach/mentor

- Building/ managing relationships

- Communications

- Commercial judgment

- Decision-making

- Creativity