The position within Cebuana Lhuillier Insurance Brokerage is primarily responsible for developing and managing new insurance products, as well as the enhancement of existing products under the insurance portfolio (life and non-life). The position is also responsible for overseeing the documentation and compliance with governing laws and regulations of insurance products.
Requirements:
- Reviews product feasibility and concept studies to develop new products and/or innovate existing products.
- Conceptualizes new products and/ or innovates existing products based on feedback from Sales Channels and relevant support units.
- Determines the current metrics (product scope/specification, performance report, pricing, loss ratio minimization, etc.) and recommends modification of future product lines and/or enhancement of the current to strengthen the products in the market.
- Communicates with Sales Channel Group to determine competitive product pricing and discount allowances. Implements pricing, bundling and discount strategies.
- Ensures full documentation and agreement to contract in compliance with governing laws and regulatory requirements.
- Presents the product proposal to CLIB Head and to Insurance Product Division Head.
- Oversees the overall product cycle from conceptualization, pilot testing, and validation of initial results (performance, volume, profitability, client reception, etc.).
- Plans profitability targets for product categories. Collaborates with Sales Team for developing sales strategies, setting sales targets, and maximizing sales channels.
- Leads periodic product performance review and utilizes data analytics. Monitors irregular transactions that need investigation for possible fraud activities.
- Develops the product training materials and communication strategies. Oversees the implementation of these programs.
- Collaborates with IMCG for the formulation and launch of marketing and promotion campaigns.
- Designs the product content of customer feedback survey. Reviews the result of the survey and analyzes impact of results to product performance and target business growth.
- Responds to escalated concerns about technical product issues.
Qualifications:
- Graduate of any four-year course, preferably with a master's degree in business administration
- At least five (5) years of work experience in insurance product development and management in any insurance company.
