Max Life Insurance - Manager - Product Management

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