Identifying new segments and markets and building suitable products plans and processes for the same. Developing product recommendation/ rule engines
Conduct industry level research and analysis of other insurance companies and study movement in their ranking in terms of the number of policies issued and GWP
Further undertake external market and competitor analysis to identify trends in the assigned product categories related to pricing, markets, products and other practices
Combine internal and external analysis to generate insights and identify relevant actionable themes for BGIL; Determine corrective actions/ steps on the business front to enable them to gain higher market share and maintain market leadership of BGIL
Identify product gaps within the available portfolio and bring in products for the changing market needs within the assigned LOBs
Tie-up With InsureTech And Other Partners
Evaluate and building relationships with InsureTechs for new business avenues, markets and processes such as CIBIL, Account Aggregator, Zensung, Value Added Services partners, TReDS and similar
Onboarding InsureTechs and vendors by collaborating across internal departments for signing of various legal agreements required for the tie-up
Tailor plans and propositions to meet the needs of different channels or partners
Develop specific propositions for cross-selling, upselling, bundling, loyalty programs, and more
Capability building
Define and design system and process flows for new and emerging products
Work with IT and Operations for developing IT systems and digital processes
Work closely with IT to bring on the technology and service partners needed for our insurance products
Gap Analysis and Channel Profitability
Conduct deep dive internal analysis by channel and product category to identify themes for action for enhancing profitability and penetration of the channel
Gather, analyze and map the industry vs. BGIL channel data, to identify gaps and business growth opportunities
Generate ideas to provide directions and inputs to the channels for enabling business growth
Identify new and analyze specific customer segments for each product category, study their requirements to find growth opportunities across product categories; Further analyze to develop cross penetration opportunities
Plan and implement market mapping for the assigned products with our distribution channels
Study segments of business / customer segments to identify further business opportunities
Share recommendations with the business channels on new areas/ geographies to focus by gaining insights into nuances of various geographies and product lines
Strengthening and deepening distribution, there by bringing in distribution efficiencies, including cross-sell and up-sell, driven through analytics, customer personas and cohorts
Create customized product solutions for various channels which will help the business channels to leverage new opportunities in the market.
Stakeholder management
Partner with the various channel heads to recommend, influence and share point of view on market / competitor intelligence, and opportunities for increasing business growth, penetration and profitability
Share feedback and learning with underwriting team on the competitor intelligence such as products, pricing and analytical results
Interact with Actuarial team to share findings on market and pricing, and develop a deeper understanding of pricing methodologies
Team up with experts across underwriting, claims, actuarial, sales, finance, marketing, operations, customer care IT, legal and other departments to define and deliver the product within the agreed timelines.
Team Management and Development
Developing the team for various job roles as needed
Establish individual performance expectations and regularly review individual performance of the team
Engage with the team in a timely manner to understand bottlenecks, process issues etc. and provide guidance as and when required.
Guide team members on how to engage with internal & external customers in different areas and increase awareness of the products with the team.
Product Governance & Product Lifecycle Management
Build Pro Active controls with end to end monitoring for assigned products
Set up Calendar for auditing products launched
Establishing a holistic view of the entire product lifecycle management
Collaboration with risk, audit and compliance team
