Product Development Officer (Life Insurance)

What you'll do

Life Insurance Product Design and Innovation:

Lead the design and development of new life insurance products (e.g., term, whole life, endowment, investment-linked).

Continuously improve existing products to reflect customer needs, actuarial soundness, and market competitiveness.

Market and Customer Analysis:

Conduct detailed research on industry trends, customer behavior, and competitive landscape.

Translate insights into product concepts that align with the company's strategic direction.

Product Ideation and Proposal:

Generate and assess product ideas based on market research, distribution feedback, and strategic goals.

Consult with relevant departments to refine product features and ensure cross-functional alignment.

Cross-Department Coordination:

Engage with underwriting, legal, operations, IT, compliance, and marketing during the product design process.

Ensure alignment with actuarial models and business case expectations.

Actuarial and Technical Collaboration:

Work closely with actuaries to finalize pricing, reserves, and profitability assumptions.

Prepare supporting documentation such as product specifications, distribution strategies, and marketing summaries.

Regulatory and Governance Compliance:

Ensure all products meet internal governance standards and external regulatory requirements.

Submit final product files for internal Product Committee and regulatory approvals.

System Configuration and Product Readiness:

Ensure the readiness of core systems to support new products through close coordination with IT.

Conduct system testing and validation to confirm functionality and compliance.

Product Documentation and Reporting:

Compile and review product documents (policy wording, marketing materials, operational manuals) for approval and use.

Generate regular performance reports post-launch and recommend optimizations.

Internal Communication and Launch Preparation:

Coordinate internal communication of product details to relevant teams.

Support marketing, sales, and training teams with necessary product knowledge and launch materials.

Product Lifecycle Management:

Monitor product performance across its lifecycle, including persistency, claims, and customer satisfaction.

Propose refinements or phase-outs as needed based on performance metrics and strategic direction.

Requirements

• Bachelor's Degree / 4-Year Course Graduate (Mathematics , Economics, Marketing, Business preferred)
• At least 3-6 years of experience in Product Development (Life Insurance)
• In-depth understanding of local regulatory and compliance frameworks governing life insurance products, including approval processes with relevant financial authorities.
• Familiarity with actuarial guidelines, risk-based capital (RBC) frameworks, and market conduct rules.
• Keen interest in InsurTech trends, digital distribution channels, and how technology is transforming life insurance.
• Experience working on or supporting the implementation of digital life insurance platforms or features is a strong advantage.
• Strong quantitative and analytical skills, with the ability to interpret data, assess product performance, and model business outcomes.
• Proficient in tools such as Excel, Power BI, or other data visualization software; experience with actuarial or product modeling software is a plus.
• Demonstrated ability to develop creative and commercially viable product solutions based on market insights, customer needs, and operational capabilities.
• Ability to work independently and proactively in a fast-paced, evolving environment.
• Proven ability to work effectively across departments including actuarial, legal, marketing, IT, sales, and compliance to develop and launch products.