Insurance Product Development Manager Job Vacancy in George, South Africa – Insurance

Job Description

Position:Insurance Product Development Manager

Company:Old Mutual South Africa

Location:George, South Africa

Experience:5-7 years

Education:Bachelor’s degree in Business, Finance, or related field

Employment Type:Full-time

Industry:Insurance

Department:Product Development

Salary:R500,000 – R800,000 per annum

Vacancies:1

Company Overview

Old Mutual South Africa is a leading financial services provider with a heritage spanning over 175 years. Operating across the continent, the company offers a comprehensive suite of insurance, investment, and retirement solutions tailored to individuals, families, and businesses. With a strong commitment to innovation, customer centricity, and sustainable growth, Old Mutual has consistently been recognized as a top employer in South Africa. The George branch serves a vibrant community, delivering personalized service and contributing to regional economic development. As part of its strategic expansion, Old Mutual is investing heavily in product innovation to meet evolving market demands, making it an exciting place for professionals seeking impactful careers in the insurance sector.

Job Overview

The Insurance Product Development Manager will lead the design, development, and launch of new insurance products that address emerging customer needs and market trends. Reporting to the Head of Product Development, you will collaborate with actuarial, underwriting, marketing, and distribution teams to create competitive, compliant, and profitable solutions. This role is pivotal in driving Old Mutual’s growth strategy and enhancing its product portfolio across life, health, and general insurance lines. For more information about our career opportunities, visit our portal at https://southafricajobsearch.com/. The position offers a unique blend of strategic thinking, analytical rigor, and creative problem‑solving, making it ideal for professionals passionate about shaping the future of insurance in South Africa.

Key Responsibilities

• Conduct market research and competitor analysis to identify gaps and opportunities for new insurance products.
• Develop comprehensive business cases, including pricing models, risk assessments, and profitability forecasts.
• Collaborate with actuarial and underwriting teams to define product specifications, underwriting guidelines, and risk parameters.
• Lead cross‑functional project teams through the product development lifecycle, ensuring timely delivery and adherence to regulatory requirements.
• Design product documentation, policy wordings, and marketing collateral in alignment with brand standards.
• Monitor product performance post‑launch, analyze key metrics, and implement enhancements to improve market uptake.
• Stay abreast of industry trends, regulatory changes, and technological advancements to drive continuous innovation.

Required Skills

• Strong analytical and quantitative skills with proficiency in financial modeling.
• Excellent communication and stakeholder management abilities.
• Deep understanding of insurance principles, underwriting processes, and regulatory frameworks.
• Project management expertise with a track record of delivering complex initiatives.
• Creative mindset with the ability to translate customer insights into viable product concepts.
• Proficiency in data analysis tools such as Excel, PowerBI, or similar platforms.

Education

A Bachelor’s degree in Business, Finance, Economics, Actuarial Science, or a related discipline is required. A professional qualification such as the Chartered Insurance Institute (CII) designation or an MBA is highly desirable and will be considered an advantage during the selection process.

Experience

The ideal candidate will have 5 to 7 years of experience in insurance product development, product management, or a related role within the financial services industry. Demonstrated experience in leading cross‑functional teams and launching successful insurance products to market is essential.

Salary

The compensation package ranges from R500,000 to R800,000 per annum, commensurate with experience and qualifications. The package includes performance‑based bonuses, pension contributions, and other statutory benefits.

Benefits

• Comprehensive medical and dental cover for you and your dependents.
• Retirement savings plan with employer matching contributions.
• Generous paid leave, including annual, sick, and parental leave.
• Professional development allowance and support for certifications.
• Employee assistance program and wellness initiatives.

Training

• Onboarding program covering company culture, systems, and compliance.
• Continuous learning opportunities through internal workshops and external courses.
• Mentorship from senior leaders in the Product Development division.
• Access to industry conferences and seminars to stay current with market trends.

Working Environment

Based in the modern Old Mutual office in George, you will work in a collaborative, inclusive environment that encourages innovation and knowledge sharing. Flexible working arrangements, including hybrid remote options, are available to support work‑life balance. The office is equipped with state‑of‑the‑art technology and meeting spaces designed to foster teamwork and creativity.

Application Process

Interested candidates should submit their updated CV and a cover letter outlining their relevant experience through our online application portal. Applications will be reviewed on a rolling basis, and shortlisted candidates will be invited for a virtual interview followed by an on‑site assessment at our George office.

Equal Opportunity Statement

Old Mutual South Africa is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. All qualified applicants will receive consideration for employment without regard to race, colour, religion, gender, sexual orientation, gender identity, age, disability, or any other protected characteristic. Join us and be part of a team that values your unique perspective and contributions.