Insurance Product Development Lead

1 week ago


Bellville, Western Cape, South Africa Sanlam Full time

About the Role

We are seeking a skilled Insurance Product Development Lead to join our team at Sanlam. In this role, you will be responsible for designing, implementing and managing appropriate personal and small business insurance products, loyalty and rewards programs, as well as value-added services, to all target markets through all distribution channels for the Santam Group; aligned to the department's product range strategies.

Key Responsibilities

  1. Leading and Managing
    • Leadership responsibilities to the team reporting to this individual.
    • Ensuring up-skilling through appropriate application and development of skills.
    • Oversight of product analyses and research conducted by team.
    • Managing the development of product solutions in support of Santam Group strategic initiatives.
    • Strategic and technical guidance of product integrations into the wider Sanlam Group.
    • Accountable for changes and maintenance of commoditised products for South Africa.
    • Providing product guidance and support to operational environments.
    • Accountable for product alignment with underwriting rules and mandates.
  2. Product Strategy
    • Market research.
    • Data-led market segmentation to identify high-value and high-growth opportunities.
    • Ability to make statistical inferences from financial, underwriting and claims data.
    • Client needs analysis.
    • Strategic positioning of the product in market.
    • Concept brief development.
  3. Product Planning
    • Product gap analysis and planning.
    • Business case development.
    • Roadmapping and feature prioritisation.
  4. Product Design
    • Definition of all product elements aligned to product architecture.
    • Brief to actuarial for assumptions, predictive modelling, pricing and rating.
    • Brief to underwriting for rules, pricing and underwriting standards.
    • Definition of all variable document elements.
    • Draft of policy wording clauses in collaboration with underwriting, legal and compliance.
    • Distribution channel definition.
    • Operational models consideration, impact analysis and solutions.
    • Claims models consideration, impact analysis and solutions.
    • Product training brief.
    • Product marketing brief.
  5. Product Development
    • Backlog grooming.
    • Sprint planning.
    • Sprint demos.
    • User acceptance testing.
    • Regulatory and compliance sign-off.
    • Launch planning.
  6. Product Governance
    • Implementation of Group product governance framework.
    • Complaints analysis and reporting.
    • Product risk identification and mitigation.
    • Regulatory and compliance reporting.
    • Access accreditation of relevant products for group reporting (FSC scorecard).
    • Product governance and control matrix design.
  7. Stakeholder Relations
    • Identifying relevant stakeholders, establishing and maintaining stakeholder relationships.
    • Supporting stakeholder relationships and engagement of team.
  8. Other
    • Product due diligence in support of acquisition strategies.


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