Chief Product Officer

  • 34885
  • Life - Actuarial
  • |
  • Hong Kong
  • |
  • Mar 18, 2019
Insurance
RESPONSIBILITIES
  • Product governance. Product strategy, Product development, Health product strategy.
  • Ensure effective portfolio optimization & management at a product level making sure in each market we deliver against customer need coverage, risk appetite, profitability targets and competitive coverage.
  • Maintain a detailed view of the comparative value and risk being generated by products over their life cycle to enable a clear view of required portfolio actions and adjustments.
  • Ensure disciplined approach to deliver fewer more high value new products and product sunsetting in order to limit the products on the shelf and day two customer service issues.
  • Drive a disciplined approach to product design and market launch management to ensure the right levels of focus and resources go not only in the design phase but also in go to markets discipline and marketing of new products.
  • Develop and monitor the implementation of regional product development guidelines & procedures to ensure that compliance with the company’s guidelines and appropriate pre- & post-implementation product reviews are in place.
  • The Regional CPO will work closely with Risk functions at all levels of the organization so that strategies are in line with risk appetite.
  • Drive the discipline of customer centered product development through human centered design making sure product innovation is driven by customer needs and market opportunities as well as competitive activity.
  • Ensure simplification of our product portfolios across product design and product marketing strategy.
  • Drive segmentation approach to deliver higher relevance and differentiation with customers.
  • With customers in mind drive a significant simplification of product disclosure structure, wording and language. Leverage industry and our own market best practices to enable this.
  • Create synergies by identifying common areas of focus in local product strategies. Share insights into regional trends to help enhance local product strategies. Where appropriate, provide guidance to BUs in executing these elements of their product strategy.
  • Design and drive effective bancassurance product strategy ensuring the right level of simplification and underwriting approach to ensure success in the channel of more traditional protection products.
  • Compile, at the regional level, an assessment of major products against customer needs and competitors in the context of key trends in each of our markets, determine strengths and gaps by product category and put forward recommendations to address issues.
  • Work with Regional Finance to maintain a rigorous product performance dashboard that provides an end-to-end view of our product profitability and positioning by market.
  • Compile competitor research on protection products, focusing on innovative product ideas, profitability, market trends, etc. to identify product opportunities and threats.
  • Work with the BUs to ensure effective talent strategy to ensure we attract, train and retain the best talent in the market as well as offering cross border development opportunities for high performance talent.
  • Business case development, customer research, customer propositioning, channel suitability, execution of a business plan and monitor the implementation against goals.
  • Product development process including product design, feasibility study, pricing and final design to launch.
  • Product execution such as contracts, marketing materials, IT specifications writing or any other element needed to help our businesses.
  • Alignment from all key departments including finance, actuarial, operations, distribution, IT, legal, risk, compliance, etc.
  • Drive the execution of the Health product strategy across Asia to deliver against the ambition of becoming a top 3 player in the health insurance market.
  • Work with the markets to increase share of Critical Illness both in terms of volume and value. Help the markets in optimizing go to market strategies including partnering with distribution to ensure effective sales support.
  • Drive medicalization of CI through new product value proposition design that reflects deeper understanding of customer insights to deliver better differentiation.
  • Develop products based on behavioral insurance principles to attract and reward a more health and wellness conscious segment of the population as well as potentially extend coverage to previously un insurable segments of the population.
  • Work with the MOVE team to ensure we build a digital platform that will create value by offering a health and wellness ecosystem for the customer as well as ensuring deeper behavioral and physiological data capture to help with product and service design and administration.
  • Work with key markets to build capabilities required to run medical reimbursement business including Claims managements system, Provider network capabilities.
  • Define and manage organizational requirements to effectively run a medical business at local market level to ensure effective pricing and risk management, provider network management, claims management etc.
QUALIFICATIONS
  • Minimum degree qualification is required.
  • Strong track record in a role with regional responsibilities in Asia.
  • Strong familiarity with insurance and wealth product suite.
  • Strong sales / advisory experience; preferably direct advisor experience.
  • Strong in financial planning process.
  • Experience in product development cycle from business case to implementation to marketing strategy.
  • Ability to translate data and performance results into actionable plans that will lead to results.
  • Strong understanding and familiarity with emerging Asian markets, consumer needs, distribution channels, competitors and regulators - from a Product and distribution perspective.
  • Astute commercial awareness - have a track record of successful product creation, development to launch.
  • Proven success in both strategy and execution.
  • Eagerness to take personal accountability for goals and responsibilities.
  • Dynamic and collaborative people leader.
  • Innovative and creative, with a natural inclination constantly to seek new opportunity and improvement.
  • Highly skilled in building teams and driving real results through collaboration.
  • Able to take a constructive approach, contributing positively to robust debate while maintaining the pursuit of common goals.
  • Good interpersonal skills; a forthright communicator able to build and maintain enthusiasm; fluency in English.
  • Proven track record in establishing and managing cross-business and external partnership.
  • Strong negotiation and influencing skills.