What are the responsibilities and job description for the Insurance Product Manager - Need Locals position at International Solutions Group?
Job Details
Skills:
An insurance product manager is responsible for overseeing the entire lifecycle of an insurance product, from conception and development to launch and post-launch analysis, ensuring it aligns with customer needs, market trends, and regulatory requirements while driving profitability by strategically designing, managing, and optimizing insurance offerings across different channels.
Market analysis and product strategy
Conduct in-depth market research to identify potential customer needs, gaps in the market, and competitive landscape to develop a comprehensive product strategy.
Product design and development
Define product features, benefits, pricing structures, and coverage options, collaborating with cross-functional teams like actuarial, underwriting, and IT to translate product vision into reality.
Customer insights and feedback:
Analyze customer data, feedback, and claims patterns to identify areas for product improvement and ensure the product meets customer expectations.
Regulatory compliance: Monitor and adhere to all relevant insurance regulations and industry standards throughout the product development and launch process.
Product launch and go-to-market strategy: Develop a comprehensive launch plan, including marketing materials, sales training, and distribution channels to successfully introduce new products to the market.
Performance monitoring and optimization:Track key performance indicators (KPIs) like sales volume, customer retention, and profitability to identify areas for product optimization and make data-driven adjustments.
Stakeholder management: Collaborate effectively with various stakeholders including sales teams, marketing, actuarial, underwriting, and IT to ensure alignment and smooth product execution.
Required skills for an insurance product manager:Strong analytical skills: Ability to interpret complex data, analyze market trends, and make informed decisions based on insights.
Business acumen: Understanding of insurance principles, pricing mechanisms, and financial impact of product decisions.
Customer focus: Deep understanding of customer needs and ability to translate them into product features.
Product development expertise: Experience in designing, developing, and launching new insurance products.
Cross-functional collaboration: Excellent communication and collaboration skills to work effectively with diverse teams across the organization.
Regulatory knowledge: Awareness of relevant insurance regulations and compliance requirements.
