PHI - Product Manager

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Prudential Health India is a Zero to One team undertaking a no-legacy, greenfield health insurance deployment in India, building journeys that truly empathize with the customer and offer a differentiated experience.

To partner with us in this mission, we are looking for exceptional talent in Product Management to join our Product & Propositions team in Mumbai.

As a Product Manager, your typical week will include the following...

• Create, launch, and refine health insurance propositions that serve customer needs, improve saleability, and manage risk for the organisation.

• Drive the full product lifecycle of Health Insurance products including Retail Indemnity, Fixed benefit (Retail under Group and Standalone Retail) and Group (Employer-Employee) products.

• Conduct detailed distributor, customer and market research and competitive analysis to identify new product opportunities and refine existing offerings.

• Develop compelling, differentiated product propositions for target customer/ seller segments that deliver revenue and loss-ratio goals.

• Define and document detailed product requirements (constructs), including features, functionalities, pricing, and distribution channels.

• Develop policy wordings and product filing documents, customer & sales collaterals that address all regulatory requirements while communicating the proposition with impact. Manage timely resolution of all regulatory queries in collaboration with relevant functions, as required.

• Lead development and execution of go-to-market plans, including marketing campaigns, sales training, and channel partner enablement.

• Collaborate with cross-functional teams spanning actuarial, distribution, health management, marketing, underwriting, claims, customer servicing, and technology to implement and launch products.

• Define and document system requirements for products, ensuring seamless integration with internal and external systems and user journeys.

• Ensure compliance with all applicable regulations and company policies.

• Analyse product performance data to generate data-led insights and identify areas for improvement.

• Identify and implement product enhancements and innovations to maintain a competitive advantage; Conduct regular product reviews and manage necessary adjustments to feature basket, pricing, and distribution strategy.

• Conduct internal and external product validations, including feasibility studies, cost-benefit analyses, and customer feedback sessions.

• Develop and implement effective channel and segment strategies to maximize product reach and penetration across channels
  
  

You could be the right candidate if you have

• Degree in Business, Finance, Insurance, Statistics or Cleared Actuarial Papers or related field or a related field. A Master of Business Administration from a reputed institute is desirable.

• 7+ years of experience in product management, preferably in the health insurance industry with at least 3 years of experience in a stand-alone health insurer

• Minimum of 5 years of experience in handling all product lines in health insurance

• Excellent knowledge of Product configuration in core systems and front-end sales platforms

• Strong understanding of the health insurance market, including industry trends, regulations, and competitive landscape.

• Proven experience in developing and launching successful health insurance products.

• Thrive in engaging and partnering with distribution teams and agent advisors to achieve sales outcomes.

• Excellent analytical, problem-solving, and decision-making skills.

• Effective communication, presentation, and interpersonal skills.

• Ability to work independently and as part of a cross-functional team.

This could be the gig for you if you…

• Join hands with other colleagues to genuinely solve for the customer.

• Have built best-in-class products and propositions from scratch.

• Are passionate about leveraging digital and AI to transform customer experience.

• Are passionate about consumer behaviour and culture; enjoy spending time with customers to understand what they really need. Have an attentive ear to listen to new ideas.

• Take full responsibility for your team’s contribution output while thinking wing-to-wing across the organization.

Location: Mumbai

Position: Assistant Manager/ Manager – Product Management