The Product Development Manager is responsible and accountable for coordinating and driving the implementation of product initiatives to develop Resolution Insurance’s value proposition in the various markets we operate in.
The jobholder will spearhead the product development process for both existing products and new products from idea generation to launch, securing respective approvals and in liaison with necessary stakeholders including the sales and marketing teams while tracking to ensure that existing products continue to support the strategic direction of Resolution Insurance.
Responsibilities
Improve product marketability and profitability by researching, identifying, and capitalizing on market opportunities; improving product packaging; coordinating new product development and optimize existing products and services.
Compare competitor’s offerings and use market data to drive decisions around product and service developments/enhancement; target market segments; marketing plans, pricing strategies etc.
Incorporate customer feedback in the development, review and enhancement of products and services.
Ensure all product enhancement is based on new technology, integrates with and accommodates new products, existing and new customer segments and updated processes of working.
Develop an innovation structure that can be integrated in Resolution Insurance Ltd.
Develop policies, procedures and templates to govern the innovation process from idea generation to the rewarding system.
Develop comprehensive product manuals with the support of product partners, as appropriate, and work with the human resource team to schedule a product training program for all employees that is relevant to their level of use and interaction with the products.
Prepare and execute a product launch with the Marketing & Sales departments as per approved business case / product development plan.
Undertake monthly post-launch reviews of all products and services to assess actual market take-up against anticipated take-up as presented in the approved Business Case.
Develop, document and deploy a comprehensive and inclusive product development methodology and process for concept testing, development, market testing, system integration, operational risk management, regulatory compliance, commercialization and resource, skill, product knowledge issues, that is inclusive of all stakeholder participation and sign-off at each step.
Identify and analyze potential partners for new products.
Customize products to operate seamlessly in the various operating geographies.
Brainstorm, investigate, source, research and create new and innovative ideas for products.
Conduct due diligence on all product ideas and proposals, develop a comprehensive business case on the investment requirements in terms of resources – financial, people, time, infrastructure, channels, licenses, etc. and anticipated returns in terms of revenue, market share, brand equity, thought leadership, innovation, etc. to determine a ‘go / no-go’ to the next phase.
Ensure all products considered are based on new technology, integrate with new products, existing and new customer segments and updated processes of working.
Qualifications
Essential
Bachelor’s degree in Business
Master’s Degree in Business Administration or Marketing will be an added advantage.
Maintain the strictest level of confidentiality and professionalism when dealing with information including but not limited to company performance, pricing policies, new products and development of marketing plans
Minimum 5 years’ experience in product development with strong commercial aptitude.
Proven strong track record in product development and product management including the introduction of new products and continual product improvements, including developing and managing budgets.
Desired Skills and Qualities
Ability to construct concise business cases and planning documentation essentials.
Decisiveness, action-orientation, and a focus on strategic leadership.
Open, collaborative leadership style that promotes integrity and continuous improvement.
Ability to promote and lead change.
Demonstrated ability to grow others.
Technology savvy and able to innovate and “think out of the box”
