Product Manager: Homeowners Insurance

Absa is seeking a seasoned Product Manager to take the reins of their Homeowners Insurance portfolio. This is a pivotal role for an individual with a deep understanding of the short-term insurance landscape and a proven track record in product strategy and development within South Africa. The position, based in Johannesburg, offers the opportunity to significantly influence the future of homeowners' insurance products for a leading African financial institution.

About the Role

As the Product Manager for Homeowners Insurance, you will be instrumental in shaping and executing the product strategy. This involves managing the entire lifecycle of homeowners' insurance products, from conception and design through to development, enhancement, and ongoing maintenance. Your primary objective will be to drive the growth and profitability of the product portfolio, ensuring its competitiveness in the market while fostering strong customer retention. This role requires a proactive approach to market analysis, identifying new opportunities and staying ahead of industry trends and customer needs.

The responsibilities of this multifaceted role are broad and demanding, requiring a strategic thinker with excellent execution capabilities. Key duties include:

• **Product Strategy and Execution:** Develop and implement a comprehensive product strategy specifically for the Homeowners Insurance offering.
• **Product Lifecycle Management:** Oversee all aspects of the product lifecycle, ensuring that products are designed, developed, and maintained to meet market demands and business objectives.
• **Portfolio Growth and Performance:** Actively manage the product portfolio to achieve growth targets, enhance profitability, and improve market share and customer retention.
• **Market and Customer Insights:** Conduct in-depth market research, competitor analysis, and customer insight reviews to inform product development and strategic decisions.
• **Cross-Functional Collaboration:** Work closely with a diverse range of internal teams, including Underwriting, Actuarial, Claims, Distribution, Marketing, Compliance, Operations, and Technology, to ensure seamless product delivery and integration.
• **Risk Management and Compliance:** Continuously review product processes to identify and mitigate potential risks, ensuring adherence to all relevant regulatory requirements and governance frameworks.
• **Innovation and Enhancement:** Identify opportunities for product optimisation and innovation, proposing enhancements and new product initiatives through well-prepared business cases.
• **Stakeholder Engagement:** Build and maintain strong relationships with key stakeholders across the organisation to facilitate effective product delivery and strategic alignment.

What They're Looking For

To be successful in this role, candidates will need a substantial foundation of experience and a specific skill set. Absa is looking for an individual with:

• **Extensive Insurance Experience:** A minimum of 7 to 10 years of experience within the short-term insurance industry is essential.
• **Product Management Expertise:** At least 5 years of dedicated experience in product management, product development, portfolio management, or product strategy.
• **Specialised Product Knowledge:** Proven experience with Personal Lines, specifically Homeowners, Household Contents, or Property Insurance products.
• **Commercial Acumen:** A demonstrated history of successfully managing product portfolios and driving commercial performance.
• **Strategic Leadership:** Experience in leading strategic initiatives and collaborating effectively with cross-functional stakeholders.
• **Regulatory Understanding:** A strong grasp of insurance regulations, governance frameworks, and current market trends within the South African context.
• **Educational Background:** A Bachelor's Degree in a relevant field such as Business Management, Commerce, Finance, Insurance, Economics, Marketing, or Actuarial Science is required. Relevant short-term insurance qualifications, postgraduate qualifications (Honours, MBA, MCom), and the FAIS RE5 regulatory examination are considered advantageous.

This role offers a significant opportunity within a dynamic financial services environment. In South Africa, Product Manager roles in insurance, particularly with a focus on personal lines, can range widely in remuneration depending on the organisation's size, the complexity of the portfolio, and the candidate's specific experience and qualifications. Typically, such senior roles command competitive salaries, often including performance-based bonuses. Major banks and established insurance providers are the primary employers for these specialised positions, offering clear pathways for career advancement into broader strategic management or executive leadership.

Minimum Requirements

Qualifications

• Bachelor's Degree in:

  • Business Management
  • Commerce
  • Finance
  • Insurance
  • Economics
  • Marketing
  • Actuarial Science
  • or a related field

• Relevant Short-Term Insurance qualifications will be advantageous.

• Postgraduate qualification (Honours, MBA, MCom, or equivalent) is advantageous.

• FAIS Regulatory Examination (RE5) is advantageous.

Experience

• Minimum 7 to 10 years' experience within the Short-Term Insurance industry.
• Minimum 5 years' experience in Product Management, Product Development, Portfolio Management, or Product Strategy.
• Proven experience within Personal Lines, Homeowners, Household Contents, or Property Insurance products.
• Demonstrated success in managing product portfolios and driving commercial performance.
• Experience working with cross-functional stakeholders and leading strategic initiatives.
• Strong understanding of insurance regulations, governance frameworks, and market trends.

Key Competencies

• Product Strategy and Portfolio Management
• Commercial and Financial Acumen
• Customer-Centric Thinking
• Product Development and Innovation
• Market Analysis and Competitive Intelligence
• Stakeholder Management and Influence
• Strategic Problem Solving
• Project Management
• Excellent Communication and Presentation Skills