Verified Company
Role Overview:
The Vice President – Product Development will lead the end-to-end lifecycle of life insurance products with a strong emphasis on Traditional Products, while also driving development across other product categories. The role demands strong market understanding, regulatory expertise, commercial acumen, and cross-functional leadership to ensure timely, compliant, and profitable product launches aligned with business strategy.
Key Responsibilities:
A. Product Strategy & Innovation:
– Lead the strategic planning, ideation, and roadmap creation for Traditional Products (PAR, Non-PAR, Protection, Savings, and Annuity).
– Drive innovation by identifying market gaps, evolving customer needs, emerging themes, and competitive opportunities.
– Evaluate new concepts and feasibility based on actuarial insights, distribution inputs, and consumer behaviour data.
B. End-to-End Product Development:
– Own the full product development lifecycle: concept to business case to pricing alignment to documentation to systems readiness to launch.
– Oversee product specifications, benefit structures, illustrations, sales narratives, and technical documentation.
– Ensure seamless IRDAI filing, query management, and approval coordination.
C. Regulatory & Compliance Management:
– Lead adherence to IRDAI regulations for product filings, product features, regulatory caps, disclosures, and documentation.
– Ensure all mandatory governance committees (PMC, ULCC, Commission Review, Advertisement Committee etc.) are managed efficiently.
– Stay ahead of regulatory updates and drive timely product modifications.
D. Cross-Functional Leadership:
– Partner closely with Actuarial, Underwriting, Reinsurance, Operations, Tech, Legal, Compliance, Finance, Marketing, and Training teams.
– Drive alignment with Distribution (Agency, Banca, Digital, Partnerships) to ensure product-market fit and market success.
– Mentor and develop a high-performing product team.
E. Launch Excellence & Portfolio Management:
– Provide strategic direction for go-to-market plans including launch strategy, sales training, product positioning, and communication collaterals.
– Monitor portfolio performance, profitability trends, persistency, channel adoption and competitiveness across product categories.
– Regularly assess product health, re-pricing needs, and opportunities for enhancement.
F. Business & Financial Impact:
– Deliver products that enhance NBM/NBAPE, contribute meaningfully to annual revenue targets, and strengthen long-term portfolio quality.
– Enable distribution productivity through competitive propositions and channel-specific solutions.
– Drive data-backed product decisions using market intelligence, competitor filings, and consumer insights.
Required Experience & Qualifications:
Experience:
– 12-18 years of experience in Life Insurance product development.
– Strong experience in Traditional Products is mandatory; exposure to ULIP, Protection, Health, Riders, and Annuity preferred.
– Proven track record of successful IRDAI filings, timely product launches, and portfolio management.
– Experience in leading and mentoring teams, and working with senior leadership.
Education:
– Post-graduate degree in Management/Finance/Insurance/Actuarial Sciences preferred.
– Additional certifications in Insurance, Product Management, or Analytics are an advantage.
Technical & Functional Skills:
– Deep expertise in Traditional life insurance product structures and pricing principles.
– Strong understanding of IRDAI regulations, actuarial concepts, and product governance.
– Ability to interpret consumer insights, market trends, and competitor strategies.
– Strong documentation, analytical, and financial modelling orientation.
– Skilled in stakeholder management and project leadership.
Behavioural Competencies:
– Strategic thinking and commercial mindset.
– High accountability, execution excellence, and attention to detail.
– Strong communication skills with the ability to influence stakeholders at all levels.
– Collaborative leadership with the ability to navigate cross-functional dynamics.
– Problem-solving orientation with agility in a fast-paced regulatory environment.
Key Performance Indicators (KPIs):
– Speed and accuracy of product filings and approvals.
– Profitability and portfolio health of Traditional products.
– Success of new product launches (NBAPE, channel adoption, revenue contribution).
– Regulatory compliance and audit outcomes.
– Cross-functional delivery and stakeholder satisfaction.
– Team capability building and retention.
To apply for this job please visit www.iimjobs.com.
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