Freo - Product Manager - Insurance Domain (3-8 yrs)

Job Description :

Key Responsibilities :

Product Development & Strategy :

- Define and drive the product vision, strategy, and roadmap for insurance products, ensuring alignment with business goals and customer needs.

- Utilize market insights, customer feedback, and data analytics to identify new opportunities and refine product strategies.

- Develop innovative product solutions, addressing market gaps and differentiating offerings from competitors.

- Incorporate emerging technologies (i.e., AI, machine learning) to enhance insurance products, improve underwriting, claims processing, and customer engagement.

- Establish KPIs to measure product success and ensure continuous improvement.

Market Analysis & Research :

- Conduct comprehensive market research and competitive analysis to stay ahead of market trends, customer preferences, and regulatory changes.

- Evaluate customer feedback, claims data, and industry shifts to develop differentiated products that meet market demand.

- Monitor and interpret regulatory changes (i.e., GDPR, HIPAA) and ensure product compliance with industry standards.

- Identify opportunities for product diversification and innovation, ensuring competitive edge.

Cross-Functional Collaboration :

- Collaborate with sales, marketing, and operations teams to develop effective go-to-market strategies, product pricing, and positioning.

- Work closely with technology and underwriting teams to develop and refine digital tools (i.e., self-service portals, mobile apps) to enhance customer experience and operational efficiency.

- Ensure close coordination with legal and compliance teams to meet all regulatory and contractual requirements, minimizing risk.

- Product Optimization : Monitor the performance of products post-launch, track key performance indicators (KPIs), and analyze customer satisfaction, claims data, and retention metrics.

- Use data-driven insights to refine pricing models, underwriting processes, and claims management strategies.

- Continuously optimize the product offering based on feedback, usage patterns, and performance to ensure maximum customer satisfaction and profitability.

Customer Experience & Innovation :

- Identify opportunities to enhance customer engagement through digital channels, innovative technology solutions, and seamless user experiences.

- Drive innovation to meet evolving customer expectations, focusing on simplicity, accessibility, and efficiency in products and services.

- Leverage digital tools and customer behavior analytics to continuously improve customer journey mapping and touchpoints.

Product Lifecycle Management :

- Lead the entire product lifecycle, ensuring timely product releases, updates, and retirements while maintaining competitiveness in the market.

- Manage product documentation, including features, pricing models, customer feedback, and regulatory compliance for internal and audit purposes.

- Conduct post-launch analysis and manage enhancements or necessary product adjustments to maintain market relevance.

Qualifications & Skills :

Education :

- Bachelor's degree in Business Administration, Finance, Insurance, or related field.

- MBA or relevant certifications preferred.

Experience :

- 5+ years of experience as a Product Manager within the insurance industry, particularly in managing portfolios across multiple lines (i.e., life, health, auto, property).

- Proven experience in product development, market analysis, and managing insurance products.

- Strong background in digital product development and use of technology to improve product offerings.

Technical Skills :

- Familiarity with insurance product management software and platforms (i.e., Guidewire, Duck Creek, Majesco, Salesforce).

- Expertise in pricing models, risk underwriting, and claims management systems.

- Proficiency in data analytics tools (i.e., Excel, Tableau, Power BI, Google Analytics) for reporting and insights to optimize product strategy.

- Experience with digital product design principles (UI/UX) and customer-facing applications (websites, mobile apps).

- Knowledge of industry-specific regulations (i.e., GDPR, HIPAA, Solvency II, NAIC regulations) and ability to ensure products meet compliance requirements.

- Communication & Leadership : Strong verbal and written communication skills with the ability to convey complex product information to both technical and non-technical stakeholders.

- Experience leading cross-functional teams and driving product development initiatives.

- Capable of influencing stakeholders, making data-driven decisions, and handling challenging negotiations.

Analytical & Problem-Solving Skills :

- Strong analytical skills with the ability to identify key trends, opportunities, and challenges in product performance.

- Demonstrated ability to solve complex problems and develop creative solutions to meet business objectives.

- Ability to interpret data and make actionable recommendations to improve product offerings.

Desired Traits :

- Results-oriented with a customer-first mindset.

- Strong organizational skills, with attention to detail and effective time management.

- Ability to thrive in a fast-paced, dynamic environment.

- Passion for driving innovation in the insurance industry through technology and customer-centric solutions