Job Description

Roles & Responsibilities

The Product Owner – Bancassurance will own and drive the end-to-end product lifecycle for Life and Non‑Life insurance products distributed through banking partners. This role sits at the intersection of insurance, banking, digital channels, and distribution, ensuring products are customer-centric, compliant, commercially viable, and easy to sell through bank channels.

The Product Owner will work closely with bank stakeholders, underwriting, actuarial, operations, IT, digital, and compliance teams to define product vision, shape roadmaps, and deliver differentiated Bancassurance propositions across physical, digital, and hybrid channels.

What you will do

1. Product Vision & Strategy (Bancassurance)

• Define and articulate the product vision and roadmap for Life and Non‑Life Bancassurance offerings.

• Align product strategy with bank partner priorities, insurer growth objectives, and customer needs.

• Identify opportunities for cross-sell, upsell, bundling, and lifecycle-based propositions.

• Continuously assess market trends, regulatory changes, and competitor offerings in the Bancassurance space.

2. Product Ownership & Delivery

• Act as the Product Owner within agile or hybrid delivery teams, owning epics, features, and product backlog.

• Translate business needs into clear user stories, acceptance criteria, and prioritization decisions.

• Balance speed-to-market with risk, compliance, operational readiness, and quality.

• Own product releases end-to-end, from concept to launch and post-launch optimization.

3. Bank Partner & Stakeholder Management

• Serve as the primary product interface between the insurer and bank distribution teams.

• Work closely with bank sales, product, digital, and operations teams to ensure alignment.

• Incorporate bank feedback into product enhancements and roadmap prioritization.

• Support co-creation initiatives with strategic bank partners.

4. Life & Non‑Life Product Design

• Own product design across:

  • Life: credit life, protection, term, savings-linked, and group products

  • Non‑Life: motor, health, travel, home, and simplified SME products

• Ensure products are:

  • Simple to explain and sell

  • Digitally enabled and process-light

  • Priced appropriately and actuarially sound

• Collaborate with underwriting and actuarial teams on coverage, pricing, and risk controls.

5. Digital & Journey Enablement

• Drive digital-first Bancassurance journeys across bank channels (branch, RM tools, online, mobile).

• Partner with digital and IT teams to ensure smooth integration with bank systems and platforms.

• Optimize onboarding, straight-through processing, policy issuance, renewals, and claims journeys.

• Leverage APIs and reusable services to reduce customization per bank.

6. Compliance, Controls & Governance

• Ensure products and journeys are fully compliant with local regulations and bancassurance guidelines.

• Work closely with legal, compliance, risk, and finance teams during product approvals.

• Maintain clear documentation, product governance, and audit readiness.

7. Performance & Continuous Improvement

• Track product performance using KPIs such as conversion, attach rate, persistency, claims ratio, and NPS.

• Use insights from data, customer feedback, and bank inputs to continuously improve products.

• Support sales enablement with product training, sales materials, and clear propositions.

Desired Candidate Profile

Bachelor’s degree in Business, Finance, Insurance, or a related field. Professional insurance qualifications are a plus.

Experience 8–12+ years of experience in insurance product management or product ownership. Proven experience in Bancassurance distribution models. Strong exposure to both Life and Non‑Life insurance products. Hands-on experience working with agile delivery teams. Experience working closely with banks or financial institutions. What equips you for the role Skills & Knowledge Strong understanding of bancassurance business models and economics. Solid grasp of insurance product structures, pricing drivers, and underwriting concepts. Experience with digital onboarding, STP, and customer journeys. Excellent stakeholder management and communication skills. Ability to prioritize competing demands and make outcome-driven trade-offs. Desired Attributes Strong customer and banker empathy. Commercial mindset with a focus on growth and profitability. Structured thinker who can simplify complexity. Confident decision-maker comfortable operating in ambiguity. Collaborative, credible, and execution-focused. What Success Looks Like Strong adoption and growth of Life & Non‑Life products through bank channels. Simple, digital, and compliant products that are easy for banks to distribute. High partner satisfaction and strong long-term bank relationships. Measurable improvement in conversion, attachment, and customer experience. Product management seen as a value driver, not a bottleneck.