Senior Product Specialist: Development and Management at Old Mutual South Africa

Job Description

Old Mutual Alternative Risk Transfer Limited (OMART Life) is looking for a suitably qualified and self-motivated individual for a role as Senior Product Specialist operating in the cell captive environment. OMART Life is a separately managed insurance company with various internal and external clients. This position within OMART offers you the opportunity to form part of a diverse, growing life insurance business which provides unique innovative solutions to clients and entrepreneurs looking to share in the profits of life insurance business through the creation of cell structures (Cells). 

The Senior Product Specialist will contribute to the design and development, review and/or maintenance of innovative solutions (including product and distribution) and ensuring these are fit for purpose and that the OMART Market Conduct framework and guidelines are embedded into the business practices. Additionally, the incumbent will be involved in market conduct reporting and developing guidance for OMART Cells.

The Senior Product Specialist manages complex initiatives through engagement with business stakeholders across the value chain to ensure resolution.
Job Key Results Areas

• Build, review and document insurance solutions (including product, marketing and distribution) in collaboration with internal and external stakeholders for OMART Cells and other initiatives ensuring quality, commercial viability and market conduct compliance.
• Ensure effective communication and implementation of solutions across internal and external stakeholders
• Monitor internal and external environment for product and market conduct developments, trends and regulatory changes
• Continually looks for ways to improve Customer Experience and reporting deliverables by streamlining processes
• Manage changes to solutions to reflect business, strategy and regulatory changes
• Deliver product and customer related reporting including:
  • Conduct of Business Return (CBR) submissions including managing the process, defining timelines and reviewing quality of inputs
  • Define, produce and/or source metrics measuring customer outcomes for management reports, product monitoring and to identify market conduct trends
  • Co-ordinate product and market conduct meetings including setting the agenda, developing content and distributing packs
  • Produce and present content and reports for cell management meetings and to mature and embed market conduct practices with cells
• Maintain guidelines, process documents and manage changes to reporting templates
• Provide input into queries, complaints and claims where product design or market conduct outcomes are escalated
• Contribute to the preparation for meetings with internal and external stakeholders, including regulators, relating to CBR submissions and other product / market conduct topics

Job Requirements: Skills, Qualifications and Experience

• Matric
• Relevant degree (business/commerce)
• 5+ years relevant financial services/life insurance experience across a variety products and functional areas
• Highly numerate with sound Excel skills
• Ability to produce high quality written documentation and reports
• Ability to clearly articulate concepts in writing and verbally
• A professional and confident presenter

Additional qualifications /experience (preferred, not a requirement)

• Knowledge of the cell captive and local life insurance industry beneficial
• Knowledge of product development / implementation experience would be an advantage
• Project implementation and process management experience
• Be able to see the big picture and then devise a plan to ensure the end goal is achieved
• Good planning skills, being able to breakdown complex tasks/ processes into tangible steps (Logical and methodical)
• Ability to work under pressure to meet tight timeframes.
• The ability to act across multiple stakeholders and multiple levels in a structured and ordered way.
• Ability to explain complex insurance terms in layman’s terms
• Curiosity and a desire to learn.