Job Description

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.

Product Development Officer (Life Insurance)