Job Overview

The Product Development Executive is responsible for designing, developing, enhancing, and managing health and insurance product offerings that align with market demands, regulatory requirements, and company strategy. This role collaborates closely with cross-functional teams, including underwriting, claims, actuarial, and business development, to ensure that products are innovative, competitive, sustainable, and customer-centric.

The role supports the full product lifecycle from ideation to rollout, documentation, and performance monitoring.

Key Responsibilities

1. Product Ideation and Development

• Conduct market research and competitor analysis to identify product gaps and
  innovation opportunities.
• Develop new health and insurance product concepts, ensuring they meet regulatory requirements, risk frameworks, and customer needs.
• Translate product ideas into actionable product plans, working with technical teams and internal stakeholders for feasibility and design.
  

2. Product Documentation and Compliance

• Prepare comprehensive product documentation, including product papers, benefit schedules, pricing summaries, policy wording, and terms & conditions.
• Collaborate with the legal and compliance units to ensure all products are fully
  compliant with Shariah, NAICOM, NHIA, and other relevant regulations.
• Support regulatory filing processes and correspondence on product approvals or
  modifications.

3. Product Testing, Rollout and Lifecycle Management

• Coordinate product prototyping, internal testing, and pilot phases, gathering feedback to improve offerings.
• Develop product training materials and collaborate with internal teams (sales,
  customer service, etc.) to ensure readiness for rollout.
• Support the implementation of digital or system configurations for new products in collaboration with IT.
• Continuously monitor product performance in terms of uptake, claims ratio, client
  satisfaction, and profitability.
• Manage product changes, updates, or retirements with clear communication and
  documentation.

4. Stakeholder Engagement

• Collaborate with sales, provider relations, and marketing teams to position products for market acceptance.
• Provide technical support during client presentations, tenders, or proposal stages.
• Engage with external partners (brokers, HMOs, corporate clients) to understand
  market needs and incorporate feedback into product strategy.
  

5. Data Protection & Confidentiality

• Uphold the highest standards of confidentiality in handling company-related
  information, ensuring compliance with data protection laws and internal policies.
• Adhere to the company’s information security guidelines, including proper storage, transmission, and disposal of sensitive materials.
• Promptly report any suspected data breaches or unauthorized access to the appropriate company authority.
• Participate in periodic data protection training to stay informed about evolving
  security risks and best practices.
  

6. General Assignment

• Execute any other duties and tasks that may be designated or assigned by the
  Company.
• Participate in the knowledge sharing programme of the department and the
  company
• To provide supports to your manager, Managing Director and Vice Chairman as may be required towards serving the Board, Management and staff members.
  

Required Skills and Qualifications

1. Education:

• Bachelor’s degree in Insurance, Actuarial Science, Business Administration, Marketing, or any related field.

2. Experience:

• Experience: 3–5 years of experience in product development within the insurance or health maintenance industry, with a proven track record in managing product life cycles and cross-functional collaboration.

3. Skills and Competence:

• Strong understanding of health, life, and non-life insurance product structures and pricing dynamics.
• Knowledge of NAICOM and NHIA regulatory environments.
• Proficiency in market research and competitive analysis.
• Excellent communication, documentation, and stakeholder engagement skills.
• Analytical mindset with data interpretation and reporting capabilities.
• Project management and cross-functional coordination experience.
  

KPIs and Performance Metrics:

1. Number of new products developed and approved within a fiscal year.
2. Time-to-market for new products (Target: ≤90 days).
3. Product adoption rate and revenue contribution.
4. Product profitability and claims ratio management.
5. Product performance review cycle adherence (Target: quarterly).