Product Manager is responsible for managing the complete product life cycle including product ideation, product development, filing and approval process with the regulator (Given IRDAI).
Below are some points which fall into the responsibility are of PM
Some of the key activities of PM
+Identification of business opportunities
+Handling sales/media queries, customer escalations, training sales on product features.
+New Product Development basis Market research & Employing both AGILE & WATERFALL
+Competition Activity Analysis on regular Basis
+Benchmarking with the International products
+Understanding and implementation of the regulatory & compliance framework (In case of Insurance as its driven by IRDAI)
+Understanding of company process, technology, stakeholder management
+Managing internal & external stakeholder queries/complaints
Critical Tasks/Competency Expected Contribution
Identification of business opportunities – Understanding market needs, opportunities which can be addressed either with current products or new products ideas
New Product Development – On the basis of business opportunities, structuring the product construct and pricing, preparation of documentation for regulatory filing
Competition Activity Analysis/Benchmarking with International Products –
Analysis of competitors activity and benchmarking company’s products & processing, suggesting new product/process ideas
Understanding and implementation of the regulatory & compliance framework – Audit of current process to ensure adherence to guidelines
Oversee IT platform development for Underwriting and new product launch – Work in close co-ordination with Business Analysts to create system specification documents and review user documents
Portfolio review – Reviewing product performance and suggesting corrective actions
- You will build products from existing ideas and help to develop new ideas based on your industry experience and your contact with customers and prospects.
- You must possess a unique blend of business and technical savvy; a big-picture vision, and the drive to make that vision a reality.
- You must enjoy spending time in the market to understand their problems and find innovative solutions for the broader market.
- You must be able to communicate with all areas of the company. You will work with an engineering counterpart to define product release requirements.
- You will work with marketing communications to define the go-to-market strategy, helping them understand the product positioning, key benefits, and target customer.
- You will also serve as the internal and external evangelist for your product offering, occasionally working with the sales channel and key customers.
- Utilize partner data to complement sales and business development knowledge around key account projects, timelines, needs, competitors and other data necessary to win new designs, dislodge competitors and improve customer’s success potential and satisfaction.
- You will work in conjunction with Avenues- Technology, Business, Marketing and R & D departments to build new customer focused products as well as manage the business development and sales activities with our Strategic Alliance Partners.
- You will be responsible for developing and growing our strategic partner business relationships, proactively developing joint value propositions and market offerings, generating qualified pipeline that leads to closed business and increased market share.
- Defining and driving the entire product line life cycle from strategic planning to tactical activities
- Generating new opportunities through the partner business units and leading business development, partner sales cycle management and marketing activities
- Developing the skills of our partner organizations and showing them how working with Avenues can create new streams of revenue and increase market share.