General Insurance Product Development Associate

Job Description
This role leads the development, enhancement, and compliance of general insurance products by aligning them with market trends, customer feedback, and regulatory standards. This role monitors product performance and ensure effective internal communication to maintain competitiveness and support business growth.

• New Product Development and Enhancements - Lead the end-to-end development of new general insurance products based on market demand, business objectives, and regulatory requirements.
• Drive enhancements to existing products to maintain competitiveness and profitability.
• Market Research and Opportunity Identification - Conduct market research to identify customer needs, emerging risks, and competitor product offerings. Provide insights into current and potential market trends to support innovative product ideation.
• Product Concept and Design - Generate and evaluate product ideas and concepts in collaboration with internal stakeholders. Define product features, coverage terms, and customer value propositions.
• Cross-Functional Consultation and Collaboration - Coordinate with underwriting, claims, legal, distribution, and operations teams to validate product feasibility and compliance. Present and discuss product proposals with internal committees and business units.
• Pricing and Technical Support - Collaborate with actuaries to determine pricing structures and develop technical documentation, including benefit illustrations, rate tables, and profitability metrics.
• Product Approval and Documentation - Prepare and submit product specifications and documentation for Product Committee approval. Ensure all required documentation is reviewed, validated, and formally approved prior to launch.
• System Readiness and Implementation - Work with IT and related departments to ensure product configuration and readiness in all systems (policy admin, sales, claims). Test and validate system functionality to support seamless launch.
• Compliance and Regulatory Oversight - Ensure all general insurance products comply with local regulations and internal governance policies. Support the submission of required documents to regulatory authorities for approvals, if applicable.
• Product Monitoring and Performance Reporting - Track product performance post-launch, including sales volumes, claims experience, customer feedback, and profitability. Generate regular reports with recommendations for product refinement.
• Internal Communication and Training Support - Facilitate communication to internal units (sales, customer service, marketing) about product features, updates, and positioning. Assist in preparing training materials and product presentations for internal and external stakeholders.

Requirements

• Bachelor's Degree / 4-Year Course Graduate in Mathematics, Economics, etc.
• At least 3-6 years of experience in the insurance industry.
• Demonstrated experience in developing or enhancing general insurance products (e.g., motor, fire, accident, marine, liability, or health).
• Strong understanding of local insurance regulations and product approval processes for general insurance.
• Familiarity with policy wordings, regulatory filings, rate filings, and compliance with consumer protection standards.
• Strong analytical and problem-solving skills with the ability to perform product performance analysis and interpret market data.
• Proficiency in using Excel or business intelligence tools for trend analysis, pricing support, and portfolio monitoring.
• Experience managing the full product lifecycle, from ideation and design to launch and post-launch monitoring.
• Ability to apply market and customer insights to improve product offerings and address gaps or inefficiencies.
• Interest or experience in digital insurance and InsurTech innovations (e.g., usage-based insurance, embedded insurance, digital distribution).
• Familiarity with working in cross-functional teams involving IT and digital platforms for launching new product features or services.
• Proven ability to coordinate with cross-functional teams including underwriting, claims, sales, marketing, operations, IT, and compliance.
• Experience participating in or leading product development initiatives requiring cross-departmental collaboration.
• Strong written and verbal communication skills, especially in preparing clear and concise product documentation, policy wordings, and business proposals.
• Capable of presenting product concepts and updates to internal committees and management.
• Experience with preparing documentation for internal product committees and submitting products for regulatory review.
• Knowledge of local general insurance regulatory developments and implications on product strategy.
• Self-motivated, detail-oriented, and adaptable to shifting priorities in a dynamic insurance environment.
• Demonstrated ability to independently drive product development initiatives from concept to implementation.