Product Head ? Urban

Job Description Job Description : External Analysis - Industry ranking - Identifying new segments and markets and building suitable products plans and processes for the same. Developing product recommendation/ rule engines - Conduct industry level research and analysis of other insurance companies and study movement in their ranking in terms of the number of policies issued and GWP - Further undertake external market and competitor analysis to identify trends in the assigned product categories related to pricing, markets, products and other practices - Combine internal and external analysis to generate insights and identify relevant actionable themes for BAGIC Determine corrective actions/ steps on the business front to enable them to gain higher market share and maintain market leadership of BAGIC - Identify product gaps within the available portfolio and bring in products for the changing market needs within the assigned LOBs Tie-up with InsureTech and Other Partners - Evaluate and building relationships with InsureTechs for new business avenues, markets and processes such as CIBIL, Account Aggregator, Zensung, Value Added Services partners, TReDS and similar - Onboarding InsureTechs and vendors by collaborating across internal departments for signing of various legal agreements required for the tie-up - Tailor plans and propositions to meet the needs of different channels or partners - Develop specific propositions for cross-selling, upselling, bundling, loyalty programs, and more Capability building - Define and design system and process flows for new and emerging products - Build product recommendation engines wherever required - Work with IT and Operations for developing IT systems and digital processes - Work closely with IT to bring on the technology and service partners needed for our insurance products Gap Analysis and Channel Profitability - Conduct deep dive internal analysis by channel and product category to identify themes for action for enhancing profitability and penetration of the channel - Gather, analyze and map the industry vs. BAGIC channel data, to identify gaps and business growth opportunities - Generate ideas to provide directions and inputs to the channels for enabling business growth - Identify new and analyze specific customer segments for each product category, study their requirements to find growth opportunities across product categories Further analyze to develop cross penetration opportunities - Plan and implement market mapping for the assigned products with our distribution channels - Study segments of business / customer segments to identify further business opportunities - Share recommendations with the business channels on new areas/ geographies to focus by gaining insights into nuances of various geographies and product lines - Strengthening and deepening distribution, there by bringing in distribution efficiencies, including cross-sell and up-sell, driven through analytics, customer personas and cohorts - Create customized product solutions for various channels which will help the business channels to leverage new opportunities in the market. Stakeholder management - Partner with the various channel heads to recommend, influence and share point of view on market / competitor intelligence, and opportunities for increasing business growth, penetration and profitability - Share feedback and learning with underwriting team on the competitor intelligence such as products, pricing and analytical results - Interact with Actuarial team to share findings on market and pricing, and develop a deeper understanding of pricing methodologies - Team upwith experts across underwriting, claims, actuarial, sales, finance, marketing, operations, customer care IT, legal and other departments to define and deliver the product within the agreed timelines. Team Management and Development - Developing the team for various job roles as needed - Establish individual performance expectations and regularly review individual performance of the team - Engage with the team in a timely manner to understand bottlenecks, process issues etc. and provide guidance as and when required. - Guide team members on how to engage with internal & external customers in different areas and increase awareness of the products with the team. Product Governance & Product Lifecycle Management . Build Pro Active controls with end to end monitoring for assigned products . Set up Calendar for auditing products launched . Establishing a holistic view of the entire product lifecycle management . Collaboration with risk, audit and compliance team