Insurance Product Development Specialist Job Vacancy in Mthatha, South Africa – Insurance

Job Description

Position: Insurance Product Development Specialist

Company: Old Mutual

Location: Mthatha, South Africa

Experience: 5+ years in insurance product lifecycle management

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

Employment Type: Full-time

Industry: Insurance

Department: Product Development

Salary: SSP 350,000 – SSP 500,000 per annum

Vacancies:1

Company Overview

Old Mutual is a leading financial services group with a heritage spanning more than a century. Operating across Africa, the United Kingdom, and Asia, the company offers a broad portfolio of insurance, investment, and wealth management solutions. With a commitment to responsible business practices, Old Mutual invests heavily in community development, digital innovation, and sustainable growth. The organization’s strong brand reputation and extensive market reach make it an attractive employer for professionals seeking long‑term career progression in the insurance sector.

Headquartered in Cape Town, Old Mutual maintains regional hubs throughout South Africa, including Johannesburg, Durban, and Pretoria, to support its nationwide operations. The company’s culture emphasizes collaboration, integrity, and continuous learning, encouraging employees to contribute ideas that shape the future of insurance. As part of its strategic vision, Old Mutual is expanding its product suite to meet evolving customer needs, focusing on digital platforms, personalized coverage, and data‑driven decision making.

For job seekers looking for dynamic opportunities, Old Mutual offers a stable yet innovative environment where talent is recognized and rewarded. The firm’s commitment to diversity and inclusion ensures that all employees can thrive, regardless of background. This dedication to a supportive workplace aligns with the broader goal of delivering exceptional value to policyholders across South Africa and beyond.

Job Overview

The Insurance Product Development Specialist will play a pivotal role in designing, launching, and managing new insurance products that address market gaps and customer demands. Reporting to the Head of Product Development, the specialist will collaborate with actuarial, underwriting, marketing, and technology teams to translate market insights into profitable product offerings. This position is central to Old Mutual’s growth strategy, driving innovation while ensuring regulatory compliance and financial viability.

As part of the role, you will conduct competitive analysis, develop business cases, and oversee the end‑to‑end product lifecycle from concept to market launch. You will also monitor product performance, gather feedback, and implement enhancements to maintain relevance in a rapidly changing insurance landscape. For more information about Old Mutual’s career opportunities, visit South Africa Job Search.

Key Responsibilities

• Lead the ideation, design, and development of new insurance products tailored to South African market segments.
• Conduct market research, competitor benchmarking, and customer needs assessments to inform product strategy.
• Develop detailed business cases, pricing models, and profitability forecasts in collaboration with actuarial teams.
• Coordinate cross‑functional project teams, ensuring timely delivery of product milestones and regulatory approvals.
• Prepare product documentation, policy wordings, and marketing collateral in line with compliance standards.
• Monitor product performance post‑launch, analyze key metrics, and recommend enhancements or retirements as needed.
• Stay abreast of industry trends, regulatory changes, and emerging technologies that impact product development.
• Support senior leadership with strategic recommendations for portfolio optimization and growth.

Required Skills

• Strong analytical and quantitative abilities with proficiency in financial modeling.
• Excellent communication and stakeholder management skills.
• Deep understanding of insurance principles, underwriting processes, and regulatory environment in South Africa.
• Proficiency in data analysis tools (e.g., Excel, Power BI, Tableau) and familiarity with product management software.
• Ability to work collaboratively in multidisciplinary teams and drive projects to completion.
• Creative problem‑solving mindset with a focus on customer‑centric solutions.

Education

A Bachelor’s degree in Business, Finance, Actuarial Science, Economics, or a related discipline is required. Professional certifications such as the Chartered Insurance Institute (CII) qualifications or an actuarial credential are advantageous but not mandatory.

Experience

Minimum of five years of experience in insurance product development, product management, or a related role within the insurance industry. Demonstrated success in launching new products and managing their lifecycle is essential. Experience working in a regulated environment and familiarity with South African insurance legislation will be highly valued.

Salary

The compensation package ranges from SSP 350,000 to SSP 500,000 per annum, commensurate with experience and qualifications. The package includes performance‑based bonuses, pension contributions, and a comprehensive benefits suite.

Benefits

• Competitive base salary with annual performance bonus.
• Medical aid and life insurance coverage.
• Pension fund with employer matching contributions.
• Generous paid leave, including annual, sick, and parental leave.
• Employee assistance program and wellness initiatives.

Training

• Access to Old Mutual’s internal learning platform for continuous professional development.
• Support for external certifications and industry conferences.
• Mentorship programs pairing junior staff with senior leaders.
• Regular workshops on emerging insurance technologies and regulatory updates.

Working Environment

The role is based in Old Mutual’s Mthatha office, offering a modern, collaborative workspace equipped with the latest technology. Flexible working arrangements, including hybrid remote options, are available to promote work‑life balance. The company fosters an inclusive culture where ideas are welcomed and diversity is celebrated.

Application Process

Interested candidates should submit their updated CV and a cover letter outlining their relevant experience through the online application portal on the Old Mutual careers page. Applications will be reviewed on a rolling basis, and shortlisted candidates will be contacted for a virtual interview followed by an on‑site assessment.

Equal Opportunity Statement

Old Mutual is an equal opportunity employer. We welcome applicants of all genders, races, ages, disabilities, sexual orientations, and religious backgrounds. Our recruitment process is based solely on merit, qualifications, and business needs, ensuring a fair and inclusive hiring environment for all.