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Product Head? Urban

Product Head? Urban

ConfidentialIndia
5 days ago
Job description

Job Description :

External Analysis - Industry ranking

  • 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 BAGIC Determine corrective actions / steps on the business front to enable them to gain higher market share and maintain market leadership of BAGIC
  • 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
  • Build product recommendation engines wherever required
  • 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. BAGIC 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

    • Skills Required

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    Head Product • India

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