Summary
Wataniya Insurance is hiring a Products Manager in Jeddah to lead the development and oversight of commercial insurance products for SME and Retail across Property, Engineering, Liability, and Marine. The role covers product documentation, pricing, system configuration, digital journeys, user testing, performance analysis, and regulatory submissions. It also provides technical support to underwriting and works with teams across operations, digital, compliance, and sales. A bachelor’s degree in a relevant discipline and 6–8 years of commercial or retail/SME underwriting or insurance product development experience are required; CII, ACII, or equivalent qualifications are preferred.
The posting
As published on wataniya.com.sa. Pulled from the employer's site and shown as they wrote it.
JobPurpose:
To lead the development, enhancement, and oversight of corporate insurance products within the Commercial department. The role ensures product offerings are technically sound, competitively positioned, and aligned with SME and Retail placement strategies and regulatory requirements. The manager will drive product innovation and performance optimization across key commercial lines including Property, Engineering, Liability, and Marine for SME and Retail.
Key Responsibilities:
Product Development & Enhancement
- Design and launch new Retail, SME insurance products Retail, SME (Property, Engineering, Liability, Marine, etc.) aligned with strategic placement priorities.
- Regularly review and enhance existing products to maintain competitiveness, technical adequacy, and alignment with market needs.
- Draft and maintain product documentation, including underwriting guidelines, wordings, and pricing models.
Digital Product Enablement (System Journey Development)
- Lead the end-to-end development of system journeys for new products in collaboration with IT, operations, and digital transformation teams.
- Ensure new products are properly configured and implemented within the policy administration system (PAS), pricing engine, underwriting platform, and digital portals.
- Identify gaps or inefficiencies in the system journey of existing products and drive improvements to enhance automation, ease of use, and operational efficiency.
Coordinate user acceptance testing (UAT) with end-user consumers, validate business requirements, and support deployment of product changes within core systems.
Adhere to the Product Development Committee (PDC) charter’s SOP, SLA, and Product Checklists and provide UAT results prior to product approval.
Product journeys must be reviewed and approved by the Marketing Department to ensure alignment with brand and consumer experience standards.
Performance Oversight & Underwriting Support
- Monitor and analyze product performance, including profitability, loss ratios, and placement trends.
- Recommend corrective actions for underperforming products or client segments.
- Provide technical guidance to underwriting teams regarding product structure, exclusions, and customizations.
Market Intelligence & Positioning
- Conduct competitor and market analysis to identify new product opportunities or enhancements.
- Maintain awareness of industry trends and regulatory changes that may impact product development.
- Gather and analyze broker and client feedback to inform product strategy and positioning.
Regulatory Compliance
- Ensure all product features, wordings, and pricing are in full compliance with Insurance Authority regulations.
- Prepare and manage regulatory submissions for new or amended products, including product approvals and endorsements.
- Maintain organized and up-to-date records of approved products and technical documents.
Product follow-up should be coordinated with the Compliance Department, and products must be reviewed and approved by the Product Development Committee (PDC) before being submitted to the Insurance Authority for final review and approval.
Cross-Functional Collaboration
- Collaborate with internal stakeholders across underwriting, reinsurance, actuarial, claims, operations, digital, and compliance teams to ensure seamless product delivery.
- Support sales and business development teams by providing product clarifications and technical material.
- Represent the Commercial department in system enhancement meetings and strategic digital transformation projects.
Key Performance Indicators (KPIs):
- Timely delivery and successful launch of new products and system journeys.
- Product performance: GWP growth, underwriting profit, and loss ratio.
- Reduction in processing time and manual interventions for product-related transactions.
- Stakeholder satisfaction with system usability and product availability.
- Regulatory approval turnaround and compliance accuracy.
Qualifications & Experience:
- Bachelor’s degree in Insurance, Business, Risk Management, or related discipline.
- CII, ACII, or other relevant professional qualifications preferred.
- 6–8 years of experience in commercial/ Retail, SME underwriting or insurance product development.
- Strong understanding of insurance system platforms and digital product enablement.
- Experience working on system configurations, product setup, and user testing is highly desirable.