Product Owner - Bancassurance (Life & Non Life Insurance)

Overview

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.