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Head of Product Development
ܱ   2018-06-12
 
 

Key Role and Responsibilities

 


  • Serves as the Executive Officer for product.  Sets direction for product teams, including prioritizing areas of focus, developing strategies and business plans, approving expenditures and investments, and hiring / managing / developing talent.

  • Manages and develops key personnel for the product teams. Manages staff of all other supporting teams including Sales Compensation, Product Development, and Product Planning.

  • Leads all Product Planning functions. Develops product strategy addressing all channels and customers.  Responsible for developing overall product roadmap for new and existing product management.  Plans reflect and are responsive to external environment including market conditions, competitor actions, and legislative and regulatory factors.

  • Designs and tests new product concepts with field personnel, general agents, strategic partners, and other market participants.  Commissions appropriate market research to inform product roadmap.  Obtains regulatory approval for all product introductions, enhancements and modifications.  Leads product marketing efforts working in conjunction with Marketing teams and channel leadership

  • Builds and maintains relationships and ongoing dialogue with key stakeholders and representative producers from key channels, especially Life Planner and General Agency.

  • Leads all Product Development functions. Implements all new products and revises existing products. Monitors all products post sale and manages product portfolio to meet enterprise needs of growth and profitability, with special focus on interest rates and guarantee fee adequacy of products.  Leads ongoing product management activities including: preparation and revision of product filing documents; calculation of premiums, reserves, and CSV of products; creation and validation of sales materials.

  • Leads all sales compensation functions. Designs and implements compensation programs aligned with strategies of existing and new channels. Works closely with channel leadership to support their existing and emerging needs. Analyzes competitiveness and effectiveness of sales compensation programs; recommends and implements changes to improve performance. Forecasts compensation budget. Pays compensation to producers and managers across channels on an ongoing basis. Supports administration of compensation programs including technology, business processes, and talent.

  • Serves as executive from facing off with external market participants relevant to product development and management. Represents in important industry and regulatory/legislative discussions of product (e.g., industry associations, meetings with competitors, meetings with regulators).  Also represents the firm in negotiations with potential strategic distribution partners (e.g., property and casualty manufacturer, health insurance manufacturer).

  • Works with Chief Strategy Officer and other relevant functions to structure innovation research and experimentation agenda to inform product development roadmap.

Job requirements

 


Experience & Skills

  • Significant experience in product development / optimizing existing products in insurance business.  In depth understanding of marketing, channel, product, commission, underwriting, profit & loss.

  • Ideally has managed, and at a minimum is very experienced with, sales incentive programs across multiple distribution models.

  • Significant leadership experience managing multiple functions or a large function for a leading financial services firm.  Experience leading product, marketing, or other relevant market facing functions.

  • Has experience with and ideally has managed product lifecycle stages including: ideation / innovation / planning, implementation / development, and ongoing product portfolio management and support.

  • Excellent negotiating skills, including outstanding presentation and influencing skills.

  • Outstanding verbal and written communication skills.

  • Proven experience to launch new businesses, products, and market focus.

     

Qualifications

  • Undergraduate degree from a well-respected university. Graduate degree preferred (MBA, JD).

  • Fluency in English as well as Korean.  If not fluent in English, willing to commit to language study to enhance English language skills.

  • More than 15 years experience in the field of insurance.

  • Minimum of 10 years experience in product management.

  • Has managed teams in the past.  More than 5 years experience managing direct reports.

 

 
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02-6925-3330/010-2549-5180   ks@bbp.co.kr