Senior Insurance Product Specialist

We're Hiring: Senior Insurance Product Specialist

Location: United Arab Emirates (Remote)

Employment Type: Full-Time

Experience Level: Senior

Work Arrangement: Fully Remote

About Us

We are a globally focused organization committed to developing innovative, customer-centric insurance products and services that provide meaningful protection across diverse markets.

Our multidisciplinary teams collaborate across Product, Underwriting, Actuarial, Claims, Distribution, Risk, Compliance, Technology, Finance, Marketing, Operations, and external insurance partners to design sustainable insurance solutions that balance customer needs, commercial objectives, risk appetite, and regulatory requirements.

The Role

We are seeking an experienced Senior Insurance Product Specialist to lead the development, enhancement, management, and performance optimization of insurance products across their full lifecycle.

The ideal candidate will combine strong insurance-market knowledge with product-management, commercial, analytical, and stakeholder-management capabilities. The role will translate customer and market needs into viable insurance products, coordinate product development across technical and business functions, monitor product performance, and ensure products remain competitive, compliant, profitable, and aligned with the organization's risk appetite.

Key Responsibilities

• Develop and implement insurance product strategies aligned with organizational objectives and market opportunities.
• Manage the end-to-end lifecycle of insurance products from concept and design through launch, optimization, and retirement.
• Conduct market research to identify customer needs, emerging risks, competitive developments, and insurance-market opportunities.
• Analyze customer segments, behaviors, demographics, distribution channels, and purchasing patterns.
• Identify gaps in existing insurance offerings and develop opportunities for new products or product enhancements.
• Define product propositions, target markets, customer segments, coverage structures, and value propositions.
• Develop product concepts covering policy benefits, coverage options, exclusions, limits, deductibles, eligibility criteria, and customer requirements.
• Work closely with Underwriting and Actuarial teams to ensure product structures are technically sound and aligned with risk appetite.
• Coordinate product pricing development with Actuarial, Pricing, Finance, and Underwriting teams.
• Evaluate product profitability, expected loss ratios, expenses, commissions, acquisition costs, and overall product economics.
• Develop business cases for new insurance products, product enhancements, partnerships, and market expansion initiatives.
• Assess expected revenue, profitability, capital requirements, operational costs, and return on investment.
• Develop and maintain insurance product roadmaps and strategic priorities.
• Establish product objectives, milestones, delivery plans, budgets, and performance targets.
• Translate customer, market, regulatory, and business requirements into clear product specifications.
• Prepare product requirement documents, product specifications, business rules, process maps, and implementation documentation.
• Coordinate with Technology and Operations teams to configure and implement insurance products on relevant systems.
• Support product configuration within policy administration, underwriting, billing, claims, CRM, and distribution platforms.
• Coordinate user acceptance testing, product testing, system validation, and operational readiness activities.
• Ensure product rules, rates, benefits, exclusions, eligibility criteria, and documentation are accurately implemented.
• Coordinate product launches across underwriting, claims, operations, distribution, customer service, marketing, finance, and technology teams.
• Develop launch plans covering product readiness, training, communications, operational procedures, and distribution requirements.
• Ensure all product documentation is accurate, complete, approved, and ready for market release.
• Develop and maintain policy wording, product brochures, customer communications, product disclosures, and supporting materials in collaboration with relevant specialists.
• Work with Legal and Compliance teams to ensure product structures and documentation meet applicable regulatory requirements.
• Monitor changes in insurance regulations, consumer-protection requirements, market conduct standards, and supervisory expectations.
• Incorporate regulatory and compliance requirements into product design and lifecycle management.
• Coordinate product governance, approval processes, documentation, and regulatory submissions where applicable.
• Monitor product performance across revenue, premium growth, retention, claims, loss ratios, profitability, and customer experience.
• Analyze product-level performance and identify trends, deviations, risks, and improvement opportunities.
• Monitor gross written premium, earned premium, policy volumes, average premium, renewal rates, cancellation rates, and product profitability.
• Track claims frequency, severity, loss ratios, combined ratios, and other relevant insurance performance indicators.
• Work with Actuarial and Underwriting teams to identify pricing or risk-selection issues affecting product performance.
• Review product performance by customer segment, geography, channel, broker, partner, and distribution model.
• Identify opportunities to improve product pricing, benefits, coverage structures, underwriting rules, and customer journeys.
• Monitor competitor products, pricing, coverage, distribution models, and market positioning.
• Benchmark product competitiveness and identify opportunities for differentiation.
• Coordinate product reviews and recommend changes based on market intelligence, customer feedback, profitability, and regulatory developments.
• Conduct customer and distributor research to understand product satisfaction, purchasing barriers, coverage needs, and emerging expectations.
• Analyze customer complaints, claims feedback, service issues, and distribution feedback to identify product improvements.
• Work closely with Distribution, Sales, Brokers, Bancassurance, Partnerships, and Digital teams to support product adoption and growth.
• Develop product training materials and support training for underwriters, brokers, sales teams, customer-service teams, and distribution partners.
• Provide product expertise to internal stakeholders and external distribution partners.
• Support product positioning, go-to-market strategies, sales materials, campaigns, and customer communications.
• Coordinate with Marketing teams to ensure product messaging accurately reflects coverage, benefits, exclusions, and customer value.
• Monitor distribution performance and identify opportunities to improve product conversion and market penetration.
• Evaluate opportunities for digital distribution, embedded insurance, affinity products, partnerships, and alternative distribution models.
• Support the development of digital insurance journeys, self-service capabilities, and automated product experiences.
• Identify opportunities to simplify insurance products, reduce customer friction, and improve policyholder understanding.
• Work with Claims teams to ensure product design supports efficient, fair, and customer-focused claims handling.
• Review claims trends and customer outcomes to identify product design or wording issues.
• Monitor product-related operational risks and coordinate appropriate mitigation measures.
• Work with Risk Management to assess product risks, concentration, accumulation, conduct risks, and emerging exposures.
• Support product-level risk assessments and ensure products remain within approved risk appetite.
• Coordinate with Reinsurance teams where product structures require reinsurance support or capacity.

Key Performance Indicators

• Gross written premium
• Earned premium
• Policy volume
• New business growth
• Renewal rate
• Customer retention rate
• Policy cancellation rate
• Product profitability
• Product margin
• Loss ratio
• Claims frequency
• Claims severity
• Combined ratio
• Expense ratio
• Average premium
• Premium growth rate
• Customer acquisition rate
• Customer acquisition cost
• Product conversion rate
• Quote-to-bind ratio
• Product adoption rate
• Market share
• Distribution performance
• Broker and partner production
• Digital sales conversion
• Customer satisfaction
• Customer retention
• Customer complaint rate
• Complaint resolution time
• Claims satisfaction
• Product-related claims outcomes
• Product launch delivery
• Product development cycle time
• Time to market
• Product roadmap delivery
• Product change implementation accuracy
• Product documentation accuracy
• Regulatory approval timeliness
• Compliance exception rate
• Product governance compliance
• Pricing adequacy
• Underwriting performance
• Risk-adjusted profitability
• Customer lifetime value
• Product ROI
• Business-case accuracy
• Product operating cost
• Distribution cost efficiency
• Partner SLA performance
• Product innovation delivery
• Product improvement completion
• Stakeholder satisfaction
• Customer experience improvement

Ideal Candidate

The successful candidate should have strong experience in insurance product management, insurance product development, underwriting, insurance operations, pricing, actuarial, distribution, or insurance strategy, preferably within a general insurance, life insurance, health insurance, specialty insurance, bancassurance, insurtech, or multinational insurance environment.

The candidate should demonstrate:

• Strong understanding of insurance products, policy structures, coverage, exclusions, limits, deductibles, and eligibility criteria.
• Proven experience managing insurance products throughout their lifecycle.
• Strong understanding of insurance markets, customer segments, distribution models, and competitive dynamics.