Product Development Manager

2 weeks ago

Pasig, Philippines Fortune General Insurance Corporation Full time

Overview

The role of a Product Development Manager is to oversee the development, launch and management of non-life insurance products that meet the needs of the company's customers and target market. The Product Development Manager will conduct market research to identify gaps in the current insurance products or opportunities for new products. He/She will closely work with FGen's leadership in Underwriting, Sales, Corporate Marketing and Information & Systems Development (digitization, on-line platform, web page).

The Product Development Manager will be primarily responsible for the development of products that provide value for customers, within acceptable profitability frameworks. Further, he/she will also ensure that the products are compliant with the relevant regulations and standards of the Insurance Commission. As such, the Product Development Manager will be involved in initial price setting exercises for its launching and needed price adjustments thereafter.

In addition to developing new products, the Product Development Manager will also be responsible for monitoring the performance of existing products and making recommendations for improvements or changes. He/She will work with the Claims Division to identify trends in claims and adjust the products accordingly. If needed, he/she will coordinate with RI Unit to secure reinsurance support for the new product.

The Product Development Manager will also stay up to date with industry trends and changes in regulations that may impact the insurance products. Overall, the Product Development Manager plays a crucial role in the success of the company.

Responsibilities
  • Lead the development, launch and ongoing management of non-life insurance products that meet customer needs and target markets.
  • Conduct market research to identify gaps and opportunities for new products; collaborate with Underwriting, Sales, Corporate Marketing and Information & Systems Development.
  • Ensure product profitability within approved frameworks and maintain regulatory compliance with Insurance Commission standards.
  • Participate in initial pricing exercises and adjust prices as needed post-launch.
  • Monitor performance of existing products and recommend improvements or changes.
  • Collaborate with Claims Division to identify trends and adjust products accordingly; coordinate with RI Unit for reinsurance support when necessary.
  • Stay current with industry trends and regulatory changes affecting insurance products.
  • Contribute to the overall success of the company through effective product governance.
Qualifications
  • Bachelor's Degree in any course
  • With at least 5 years solid experience in the Non-Life Insurance Industry
  • With in-depth knowledge of Non-Life Insurance Products
  • Excellent interpersonal, communication skills and presentation skills (oral and written)
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