The Product and Segment Expansion Manager is responsible for the overall General Insurance performance of all channels of the bank. Ensuring product reach, incentive programs, partner coordination, regulatory compliance, digital efforts and tracking/reporting of business metrics to leadership.
The role directly manages the expansion, acquisition and retention of insurance business across Bancassurance channels. The PM will be accountable for PnL of PHP 200-300MM annually across all channels of the bank. This PM is the lead POC of Insurance Partners to liaise on day to day and strategic actions for business growth.
Key Responsibilities:
- Ensures the approval of new insurance partners and products together with the general insurance channel owners
- Review and endorsement of product documentations including due diligence conducted.
- Presentation of initiatives to relevant approving bodies within UB Wealth / UFSI, or regulatory agencies as may be applicable.
- Presents and articulates to these approving bodies the business opportunity of the new product
Leads the team on the following key business activities:
- Defining product roadmap / lifecycle to ensure a robust suite of products for all bank Customers- Private, wealth, retail, cards, corporate and mass base
- Enhancement and expansion of product distribution by identifying new customer segments and distribution channels
- Drive revenue and business growth by improving customer penetration and product mix
- Leverage data analytics and feedback to inform product and strategy decisions as well as achieve roadmap plans and KPIs
- Provide direction on marketing materials together with the product managers and product providers
- Ensures a steady stream of leads for Bank sellers to sell insurance products
- Ongoing reviews and improvement of business processes and simplification for overall efficiencies
- Identify new revenue streams for future business growth
- Identify whitespace opportunities, driving innovation from concept to commercialization
- Partner with product providers to conduct roadshows, client events, and continuous training/learning sessions for sellers on insurance selling and product knowledge
- Establishing best practices and tools for product development, sales process, and performance monitoring.
- Defines the insurance proposition for clients and ensures alignment with insurance partners and internal stakeholders
- Pursues opportunities for cross selling and upselling of insurance products within the UnionBank group ecosystem like Wealth client base, credit cards, and other potential segments
