Job Purpose
The role is responsible to analyse industry trends along with changing guidelines /regulations and identify key areas for potential growth to strengthen our competitive position. To provide support for evaluation of market (financial services domain) offerings relative to company's current product and proposition and establish a standardised framework of product (Features and Benefits) analysis to support the commercial and strategic decision making process. The role also supports sales strategy by creating product collaterals in conjunction with the analysis and research (Distributor, Customer) findings and assists in implementation of the Product Development Process for Individual and Group Products. To manage and develop the Actuarial and Product Management Portal. To analyse the Day 2 requirements for Individual and Group Products.
Job Context & Major Challenges
Job Context: The role is responsible to analyse industry trends along with changing guidelines /regulations and identify key areas for potential growth to strengthen our competitive position. To provide support for evaluation of market (financial services domain) offerings relative to company's current product and proposition and establish a standardised framework of product (Features and Benefits) analysis to support the commercial and strategic decision making process. The role also supports sales strategy by creating product collaterals in conjunction with the analysis and research (Distributor, Customer) findings and assists in implementation of the Product Development Process for Individual and Group Products. To manage and develop the Actuarial and Product Management Portal. To analyse the Day 2 requirements for Individual and Group Products.
Job Challenges:
- Determine product requirement in the market for a customer as well as a distributor in view of the changing economic environment
- Recommend product and product proposition in lieu of the frequent regulatory changes
- Monitor product life cycle to provide competition analysis based product collaterals to Sales
- Product Development Process for Individual / Group Products
- Manage the Actuarial & Product Management Portal extensively for popularizing the portal
Key Result Areas
KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)
KRA1 Develop Product Requirement Framework 1. Evaluate Industry trends and Identify potential opportunities across different customer need solutions – Wealth, Child, Retirement, Health, Rural and Protection / Group
- Assess the impact of economic environment on the financial services domain and make product recommendations based on research and analysis
- Monitor and evaluate impact of regulatory guidelines on existing products
KRA2 Establish Product and Proposition Analysis 1. Create summary of monthly internal product performance and present results to management
- Design formats on the lines of quantitative and qualitative analysis for better understanding and competitive leverage
- Analyse and identify opportunities to highlight product's competitive edge in terms of features and benefits
KRA3 Product Research & Development Process 1. Distributor/customer research (in coordination with Marketing) to understand product impact and future requirements
- Gather data relevant to products within the social media framework
- Attain market Intelligence (keep a track of competitor's new product launches & performance)
- Create / Vet Brochures, Application / Enrolment Form, COI, FAQ's, Policy Contracts, Product Specifications, Product Presentations for Individual & Group Products
- Support in data, analysis & research required for existing product communications
KRA4 Sales Support 1. Develop and maintain strong knowledge for all of the major markets & products in the portfolio, including an understanding of product strategy and positioning as inherent part of product life cycle
- Create relevant formats like Product Newsletters and monthly competitive reviews to be circulated amongst sales force based on the life cycle requirements
KRA5 Management / Development of Actuarial & Product Management Portal 1. Extensive development of Actuarial & Product Management Portal for popularising the same in coordination with the IT Team
- Provide product information to internal and external customers through the Portal
- Query Resolution through the Portal for internal and external customers
