Executive Director of Products - Insurance (Kenya)

SUMMARY:
The Executive Director of Products will be responsible for leading the product strategy, development, and management within the insurance division. This executive role is critical in driving innovation, ensuring competitive positioning, and delivering products that meet market demands and regulatory requirements.

POSITION INFO:
Role's Purpose:
The ideal candidate will have deep expertise in the insurance industry, strong leadership capabilities, and a strategic mindset to oversee the product lifecycle from concept to market launch and beyond.

Key Responsibilities:

- Strategic Leadership:

• Develop and execute the overall product strategy in alignment with the company’s business goals and objectives.
• Provide thought leadership and insights on emerging trends in the insurance sector, especially in the Kenyan and broader East African market.
• Collaborate with senior management to align product development with the company’s strategic vision.

• Lead the end-to-end product development process, including ideation, design, development, and market introduction.
• Oversee the entire product lifecycle, from market research and concept development to product launch, maintenance, and retirement.
• Ensure products meet customer needs, are competitive in the market, and comply with local regulatory standards.

• Conduct thorough market research and competitive analysis to identify opportunities and threats in the insurance landscape.
• Analyze customer needs, market trends, and competitor offerings to inform product development and innovation.
• Maintain a strong understanding of the regulatory environment and ensure all products comply with local and international standards.

• Lead, mentor, and develop a high-performing product management team.
• Foster a culture of innovation, collaboration, and continuous improvement within the product development team.
• Set clear goals and expectations for the team, providing regular feedback and performance evaluations.

• Work closely with other departments, including Sales, Marketing, Underwriting, Operations, and IT, to ensure successful product launches and ongoing product management.
• Collaborate with the actuarial team to ensure product pricing and profitability align with business objectives.
• Partner with the technology team to drive digital transformation and innovation in product offerings.

• Oversee the product budget, ensuring effective resource allocation and cost management.
• Monitor product performance, including sales, profitability, and customer satisfaction, and make data-driven decisions to optimize product offerings.
• Provide regular reports to the CEO and board on product performance, market conditions, and strategic initiatives.

• Engage with key stakeholders, including customers, brokers, agents, and regulators, to gather feedback and ensure product relevance and satisfaction.
• Represent the company at industry conferences, seminars, and events to promote the company’s product portfolio and thought leadership.

• Bachelor’s degree in Business, Finance, Insurance, or a related field. An MBA or relevant master’s degree is preferred.

• At least 10 years of experience in the insurance industry, with a strong background in product development and management.
• Proven track record in a senior leadership role, preferably as a Director or VP of Product in a reputable insurance company.
• In-depth knowledge of the Kenyan insurance market, including regulatory requirements and market dynamics.
• Strong financial acumen and experience with P&L management.
• Excellent leadership, communication, and interpersonal skills.
• Ability to think strategically and translate business goals into actionable product strategies.

• Strategic thinking and business acumen.
• Strong leadership and team management skills.
• Market research and analytical skills.
• Customer-focused mindset with a strong sense of market demands.
• Ability to innovate and drive change.
• Excellent communication and stakeholder management skills.