Senior Manager, Product Development (Insurance Project)

Job Purpose

The Senior Manager, Product Development will play a key role in designing, developing, and launching innovative life insurance products for a newly established life insurance company. This role will focus on creating customer-centric product solutions, ensuring regulatory compliance, collaborating with distribution teams (bancassurance and agency), and working closely with Techcombank to leverage data-driven insights for product development. Additionally, this role will be responsible for ensuring that all new products are successfully set up and integrated into various systems, including sales platforms, core policy administration systems, and servicing platforms.

Key Accountabilities (1)

Product Development & Innovation

- Lead the design and development of life insurance products that meet customer needs and market demands.

- Ensure all products align with regulatory requirements, company strategy, and operational readiness.

- Leverage data analytics and customer insights from Techcombank to develop tailored and innovative product propositions.

Collaboration with Distribution Channels

- Work closely with bancassurance and agency distribution teams to develop product solutions that align with their sales strategies.

- Ensure that product training materials and sales support tools are available to maximize distribution effectiveness.

- Monitor product performance and provide feedback to optimize product offerings.

Regulatory Compliance & Risk Management

- Ensure all product development initiatives comply with the regulations set by the Ministry of Finance and the Insurance Supervisory Authority.

- Work with compliance and risk teams to ensure products meet legal and operational requirements.

- Manage regulatory filings and approvals for new product launches.

Key Accountabilities (2)

Product System Setup & Integration

- Ensure all new products are properly configured in sales platforms, core policy administration systems, and servicing platforms.

- Work closely with IT teams to define business requirements for product setup and system integration.

- Ensure smooth product implementation across customer service, policy servicing, and claims management systems.

Collaboration with IT & Digital Transformation

- Define business requirements for IT teams to develop and integrate digital product solutions.

- Support the implementation of digital insurance offerings, including self-service applications and automated underwriting.

- Ensure system capabilities align with the company’s technology roadmap and customer experience objectives.

Stakeholder & Third-Party Engagement

- Collaborate with reinsurers, actuarial consultants, and industry experts to benchmark product features and ensure feasibility.

- Work with marketing and branding teams to ensure product messaging resonates with target customer segments.

- Engage with regulators and industry bodies to stay ahead of market trends and regulatory changes.

Key Accountabilities (3)

Performance Monitoring & Continuous Improvement

- Monitor key performance indicators (KPIs) such as product sales, persistency, and customer experience metrics.

- Analyze market trends, customer feedback, and competitor offerings to continuously improve product competitiveness.

- Identify opportunities to enhance existing products or develop new value-added services.

Success Profile - Qualification and Experiences

Education

- Bachelor's or Master’s degree in Business Administration, Finance, Actuarial Science, Economics, or a related field.

Experience

- Minimum of 7-10 years of experience in life insurance product development or product management.

- Strong background in designing and launching life insurance products in bancassurance and agency distribution models.

- Experience working with regulatory bodies for product approvals and compliance.

- Proven experience in collaborating with IT teams to develop and integrate new products into core insurance systems.

- Strong understanding of product implementation and system integration across sales, policy administration, and servicing platforms.

Skills & Competencies

- Product Development & Strategy – Strong expertise in designing customer-centric life insurance products.

- Regulatory & Compliance Knowledge – Deep understanding of Vietnam’s insurance regulations and product approval processes.

- System Implementation & Integration – Experience working with IT teams to set up products in core insurance and servicing systems.

- Stakeholder & Third-Party Management – Strong collaboration skills with distribution teams, IT, reinsurers, and regulatory bodies.

- Customer-Centric Approach – Ability to ensure products enhance customer experience across all touchpoints.