Job Description

AB Sun Life Insurance Co Ltd


Associate Vice President


Location: Vaman Centre, Mumbai, Maharashtra



1. Product Ideation & Market Research
Lead end-to-end product conceptualization based on market trends, customer needs, competitor analysis, and regulatory outlook.


Conduct primary and secondary research to identify gaps in the existing product portfolio and assess demand for new offerings


Work closely with sales (including banca, broking, web aggregators and individual agent), marketing, training, actuarial, underwriting and analytics teams to identify opportunities for differentiated and customer-centric products.


Evaluate product ideas i.e. profitability, persistency and claims outlook.


Bring innovation in Product Development i.e. Industry First or Company first design to bring disruption in the market and gain mind share of Intermediary, Partner and Agents




2. Product Design & Pricing Strategy
Define product structure, including benefits, riders, premium payment terms, sum assured options, and bonus mechanisms (for participating products).


Collaborate with actuarial teams to design robust pricing strategies aligned with IRDAI's guidelines and company's risk appetite.


Ensure product design supports long-term view


Oversee pricing frameworks for different channels to see Margins/ OPAT




3. Internal Approvals & Governance
Present product proposals and financial impact assessments to internal stakeholders including:
Product Committee


Risk & Compliance Team


CFO & CEO/Executive Management


Align with operations, underwriting, claims, legal, IT, and servicing teams to ensure readiness for product implementation.


Manage approval workflows, meeting documentation standards set by the company's Product Governance Framework.




4. Regulatory Filing - IRDAI Coordination
Prepare comprehensive product filing documents including:
Sales Literature


Policy Document


Benefit Illustration Format


Proposal Form


Customer Information Sheet etc.


Ensure that the product complies with IRDAI (Life Insurance) Regulations, 2024, and subsequent circulars/guidelines.


Liaise with IRDAI throughout the filing process -- respond to queries, submit clarifications, and ensure prompt turnaround.


Maintain records of regulatory communication and track approval timelines to ensure on-time product launches.




5. Pre-Launch Preparation & Testing
Develop training content, FAQs, brochures, and sales tools for internal and external distribution teams.


Coordinate User Acceptance Testing (UAT) for system readiness


Ensure integration with digital platforms and APIs for smooth onboarding and servicing workflows.


Define and implement Product Launch Calendar, in sync with marketing, sales, and training departments.


Conduct PMC and obtain necessary approvals




6. Go-to-Market strategies
Effective go to market planning with Sales, Marketing, Training and other stakeholders


Collaborate with bancassurance, broking, agency, direct sales and digital teams to execute scalable sales strategies.


Drive channel performance via analytic input and benchmarking




7. Product Launch & Monitoring
Drive multi-channel product roll-out through agency, bancassurance, digital, and third-party partnerships.


Monitor product performance using metrics such as:
PPT, PT, ATS, Avg. SA, Plan options


Age, Gender, Smoking status etc.


Rider attachments, if any


Persistency


Conduct Post-Launch Review within 30 to 90 days to assess product success.


Recommend tweaks or future product variants based on actual data and market feedback.




8. Regulatory & Risk Management Post-Launch
Continuously track changes in IRDAI regulations and align future filings accordingly.


Ensure product compliance audits and internal risk assessments are performed periodically.


Coordinate with legal/compliance for customer grievances or regulatory escalations related to the product.




9. Stakeholder Reporting
Present insights, business plans, and performance metrics to senior leadership and board.


Strong market intelligence and understanding of competition landscape and share valuable insight to plan strategies




10. Team Leadership & Stakeholder Engagement
Lead a team of product managers, Mentor, supervise and coach the team. Provide for on the job as well as classroom training for skill enhancement and ensure periodic work rotation.


Manage relationships with internal stakeholder for constant process improvements.




.

Engagement Frequency with Stakeholders

Internal Frequency Nature

All Functions

Marketing & Communications

Sales/ Training

Regular

Ongoing

Ongoing

Product Working Group responsible for implementation of product initiatives.

Effective go to market communication with sales, marketing and training for launch readiness
Marketing Content, Sales Pitches and Marketing Material etc.

External Frequency Nature

Distributors/ Agents

Regular

For product suggestions / feedback / identify white space for new business opportunities

Peer Reviews / Auditors

Product Initiative

Conduct peer review, share information & respond to queries


Minimum Experience Level


10 - 14 years
Job Qualifications


MBA,Other Degree