Associate Vice President

• Product Ideation & Market Research
• Lead end-to-end product conceptualization based on market trends, customer needs, competitor analysis, and regulatory outlook.
• Conduct primary and secondary research to identify gaps in the existing product portfolio and assess demand for new offerings
• Work closely with sales (including banca, broking, web aggregators and individual agent), marketing, training, actuarial, underwriting and analytics teams to identify opportunities for differentiated and customer-centric products.
• Evaluate product ideas i.e. profitability, persistency and claims outlook.
• Bring innovation in Product Development i.e. Industry First or Company first design to bring disruption in the market and gain mind share of Intermediary, Partner and Agents
• Product Design & Pricing Strategy
• Define product structure, including benefits, riders, premium payment terms, sum assured options, and bonus mechanisms (for participating products).
• Collaborate with actuarial teams to design robust pricing strategies aligned with IRDAI’s guidelines and company’s risk appetite.
• Ensure product design supports long-term view
• Oversee pricing frameworks for different channels to see Margins/ OPAT
• Internal Approvals & Governance
• Present product proposals and financial impact assessments to internal stakeholders including:
• Product Committee
• Risk & Compliance Team
• CFO & CEO/Executive Management
• Align with operations, underwriting, claims, legal, IT, and servicing teams to ensure readiness for product implementation.
• Manage approval workflows, meeting documentation standards set by the company’s Product Governance Framework.
• Regulatory Filing – IRDAI Coordination
• Prepare comprehensive product filing documents including:
• Sales Literature
• Policy Document
• Benefit Illustration Format
• Proposal Form
• Customer Information Sheet etc.
• Ensure that the product complies with IRDAI (Life Insurance) Regulations, 2024, and subsequent circulars/guidelines.
• Liaise with IRDAI throughout the filing process — respond to queries, submit clarifications, and ensure prompt turnaround.
• Maintain records of regulatory communication and track approval timelines to ensure on-time product launches.
• Pre-Launch Preparation & Testing
• Develop training content, FAQs, brochures, and sales tools for internal and external distribution teams.
• Coordinate User Acceptance Testing (UAT) for system readiness
• Ensure integration with digital platforms and APIs for smooth onboarding and servicing workflows.
• Define and implement Product Launch Calendar, in sync with marketing, sales, and training departments.
• Conduct PMC and obtain necessary approvals
• Go-to-Market strategies
• Effective go to market planning with Sales, Marketing, Training and other stakeholders
• Collaborate with bancassurance, broking, agency, direct sales and digital teams to execute scalable sales strategies.
• Drive channel performance via analytic input and benchmarking
• Product Launch & Monitoring
• Drive multi-channel product roll-out through agency, bancassurance, digital, and third-party partnerships.
• Monitor product performance using metrics such as:
• PPT, PT, ATS, Avg. SA, Plan options
• Age, Gender, Smoking status etc.
• Rider attachments, if any
• Persistency
• Conduct Post-Launch Review within 30 to 90 days to assess product success.
• Recommend tweaks or future product variants based on actual data and market feedback.
• Regulatory & Risk Management Post-Launch
• Continuously track changes in IRDAI regulations and align future filings accordingly.
• Ensure product compliance audits and internal risk assessments are performed periodically.
• Coordinate with legal/compliance for customer grievances or regulatory escalations related to the product.
• Stakeholder Reporting
• Present insights, business plans, and performance metrics to senior leadership and board.
• Strong market intelligence and understanding of competition landscape and share valuable insight to plan strategies
• Team Leadership & Stakeholder Engagement
• Lead a team of product managers, Mentor, supervise and coach the team. Provide for on the job as well as classroom training for skill enhancement and ensure periodic work rotation.
• Manage relationships with internal stakeholder for constant process improvements.
  

Engagement Frequency with Stakeholders

Internal

Frequency

Nature

External

Frequency

Nature