Director of Product & Propositions
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This is a new role established to spear head the development of a Digital P&C business line identified under the New Value Pools strategic pillar of Ascend 200 Corporate Strategy.
As regional Product and Propositions lead for Digital P&C, the position objective is to partner with the LBU Digital P&C team and local Executive Committee to implement and deliver an innovative product range for new customers.
Working closely with different partners and by using the platform of the tech partner, this role will drive the innovative design, development and pricing of Digital P&C products and propositions to address customers' pain points through delivering scenario-based insurance products efficiently.
Key to success includes developing building blocks of regionally replicable fractionalised propositions and product features covering different partner archetypes and scenarios enabling us to provide compelling digital solutions speedily
A core component of this role is to lead Digital P&C product and proposition strategic thinking and provide internal consultancy and expertise in order to drive value adding and organizationally impactful strategic transformation in our customer solutions to create and grow this new business line.
This role is also a hands-on leader working with local implementation teams to deliver the business case goals for Digital P&C; together with other Group Office (GO) functional teams using a fit for purpose governance and new ways of working approach.
Key to success will be to successfully conduct multi-market Digital P&C rollouts that become a sustainable / profitable business while delivering scale, and distinctive & positive customer experiences. Roles & Responsibilities
Financial & Non-Financial Measures Quantitative metrics:
- Lead, re-invent and change core strategies for Digital P&C product and propositions, ensuring connection with digital partners' platforms and their users and drive the integration with AIA systems as appropriate
- Jointly define product and propositions strategy / for and approach to partners together with GO and LBU Business Development / Partnership teams
- Price the scenario-based products and propositions, and manage the adjustment of the pricing in an agile way
- Measure customer lifetime value
- Drive product development process including formulating product proposition and go-to-market approach with particular focus on customer-centric design, including scenario-based offerings
- Actively participate in designing the end-to-end user experience and formulate the corresponding marketing and sales strategy
- Explore and participate in innovating ideas or special projects and see it through from idea incubation to market launch with willingness to challenge the status quo
- Liaise with various functions such as Strategy, Marketing, IT on product architecture, implementation, assumptions justification and risk assessment throughout the Product Development and Pricing Process
- Challenge the development approach for Digital P&C product and propositions development within the existing environment and governance structures to drive long-term superior and sustainable growth and the creation of a new business line in Digital distribution through partners and direct to customers
- Liaise closely with key stakeholders across functional areas, within LBUs and with digital distribution and technology partners to provide early support in developing long-term vision around introduction and development of Digital P & C propositions in our existing markets
- Analyse critical trends that will impact our new propositions development, including competitor activity, industry analysis, benchmarking and analysis (including scenario-based insurance provision, partnership digital ecosystems)
- Take a critical role in building a collaborative cross-Group approach to the development of the Digital P&C business line and leverage best practices across AIA businesses to improve and accelerate the deployment of strategies, reuse of ideas, and reuse/industrialization and standardization around best-in-class processes / methodologies
- Be a role model of positivity and, inspiration and with a can-do and motivational mindset
- Number of products launched
- Profitability of products and propositions v plan
- Speed to market SLA
- Number of active Digital partners in production supporting Digital P & C
- Number of marketable customers
- Number of new unique customers
- Customer experience (TNPS)
- ANP and conversion rates from Digital P&C customers
- Enrich customer data including behavioral patterns to nurture leads (to be further defined and measured)
- Implementation of new ways of working/agile, resulting in speed-to-market and ability to execute with nimble, empowered teams
- Quality of the Digital P&C product and propositions strategies, including both strategic initiatives and plans (including value added to LBUs, number of creative and innovative opportunities / ideas generated)
- Quality of execution, including pace of change, sustainability of implementation and resulting value creation - recognising that this role will support those accountable for execution at Group and local level, rather than be accountable for delivery itself.
Minimum Job Requirements
- Work across multi-functions within Group Office and the Business Units including all Strategy teams, Legal, Risk and Compliance, Finance, Actuarial, Operations, Partnership Distribution (PD), Agency, Customer Service (CS), HR, Technology, Marketing and LBU leadership.
- Strong interpersonal and communication skills, including the ability to communicate effectively and build trusted relationships with all levels of staff and external contacts
- Digital Distribution partners
- Technology Partners
- Business partners (at all levels)
- Advisors, both existing and potential, as appropriate and required
Reporting Structure / Managerial Responsibilities
- Minimum of 10 years' relevant experience gained in the customer propositions roles delivery in the insurance industry
- Strong business acumen, numerical sense and attention to detail
- Mature with excellent presentation and people management skills
- Fintech actuarial, consulting, or insurance product background
- Proven effective work delivery in dynamic, agile and/or complex multifunctional organizations
- Good knowledge in Insurance principles and cost-benefit analysis.
- Good communication, problem solving skills and coaching skills.
- Knowledge/experience in digital business models and IT is an advantage
- Strong intellect, intellectual curiosity and ability to deal with complex and ambiguous situations
- Ability to prioritise high, fast-changing workload and to work effectively under pressure
- Persuasiveness and Influencing Skills (oral and written)
- High energy with a strong business acumen and a global strategic vision
- Experience working across geographic boundaries and cultures and shows respect and sensitivity for cultural diversity, treats people with respect regardless of their position or status, exhibits high standard of integrity in decision making, and adheres to extremely high ethical codes of conduct
Part of an agile team with resource access to a broader pool of internal and internal SMEs across the Corporate Development and Transactions, Strategy Ventures and Group Strategy teams.
Build a career with us as we help our customers and the community live healthier, longer, better lives.
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