PHI - Manager- Retail Product Management

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Prudential (UK) in partnership with the HCL group plans to set-up a standalone Indian health insurance company to address the growing healthcare needs of the Indian consumer. This joint venture will combine Prudential's global expertise in insurance and financial services with HCL Group’s experience in technology and healthcare solutions. Prudential, with its longstanding presence in India, already operates two leading businesses in life insurance and asset management with the ICICI Group. Prudential Health India is a Zero to One team undertaking a no-legacy, greenfield health insurance deployment in India, building journeys that truly empathize with the customer and offer a differentiated experience.

To partner with us in this mission, we are looking for a talented Manager – Retail Product Management to join our Product & Propositions team in Mumbai. We are looking for exceptional talent with a passion for transforming the health insurance experience in India. If you have a deep and thorough understanding of the current state of the industry and a clear vision of what a transformed future could be like, we are eager to speak with you!

As a Product Manager, your typical week will include the following:

• Create, launch, and refine health insurance propositions that serve customer needs, improve saleability, and manage risk for the organisation.
• Own the full product lifecycle of Health Insurance products including Retail Indemnity, Fixed benefit (Retail under Group and Standalone Retail) and Group (Employer-Employee) products.
• Conduct detailed distributor, customer and market research and competitive analysis to identify new product opportunities and refine existing offerings.
• Develop compelling, differentiated product propositions for target customer/seller segments that deliver revenue and loss-ratio goals.
• Define and document detailed product requirements (constructs), including features, functionalities, pricing, and distribution channels.
• Develop policy wordings and product filing documents, customer & sales collaterals that address all regulatory requirements while communicating the proposition with impact.
• Manage timely resolution of all regulatory queries in collaboration with relevant functions, as required.
• Lead development and execution of go-to-market plans, including marketing campaigns, sales training, and channel partner enablement.
• Collaborate with cross-functional teams spanning actuarial, distribution, health management, marketing, underwriting, claims, customer servicing, and technology to implement and launch products.
• Define and document system requirements for products, ensuring seamless integration with internal and external systems and user journeys.
• Ensure compliance with all relevant regulations and company policies.
• Analyse product performance data to generate data-led insights and identify areas for improvement.
• Identify and implement product enhancements and innovations to maintain a competitive advantage; conduct regular product reviews and manage necessary adjustments to feature basket, pricing, and distribution strategy.
• Conduct internal and external product validations, including feasibility studies, cost-benefit analyses, and customer feedback sessions.
• Develop and implement effective channel and segment strategies to maximize product reach and penetration within the bank channel.

You could be the right candidate if you have:

• Degree in Business, Finance, Insurance, Statistics or Cleared Actuarial Papers or related field. A Master of Business Administration from a reputed institute is desirable.
• 7+ years of experience in product management, preferably in the health insurance industry with at least 3 years of experience in a stand-alone health insurer.
• Minimum of 5 years of experience in handling Retail Product and Retail Underwriting or Retail sales within the General/Health insurance industry with hands-on experience in Quotation Management.
• Excellent knowledge of Product configuration in core systems and front-end sales platforms.
• Strong understanding of the health insurance market, including industry trends, regulations, and competitive landscape.
• Proven experience in developing and launching successful health insurance products.
• Thrive in engaging and partnering with distribution teams and agent advisors to achieve sales outcomes.
• Excellent analytical, problem-solving, and decision-making skills.
• Effective communication, presentation, and interpersonal skills.
• Ability to work independently and as part of a cross-functional team.
• Proficiency in data analysis and financial modelling.

This could be the gig for you if you:

• Have built best-in-class processes from scratch.
• Are passionate about leveraging digital tools to transform customer experience.
• Are passionate about consumer behaviour and culture; enjoy spending time with customers to understand what they really need.
• Have an attentive ear to listen to new ideas.
• Join hands with other colleagues to solve for the customer.
• Like to work in a culture where everyone can see what others are doing.
• Take help from others when stuck and encourage others when there are setbacks.
• Take full responsibility for your team’s contribution output while thinking wing-to-wing across the organization.

Location: Mumbai

How to Apply: If you think this role is the right fit for you, please send your story along with your resume to careers@prudentialhealth.in. We are eager to catch up!

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time/fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.