Product Development Manager – Insurance Job Description [Updated for 2025]

In the ever-evolving landscape of insurance, the role of a Product Development Manager has never been more crucial.

As the industry continues to grow and innovate, there is a mounting demand for skilled professionals who can create, enhance, and protect our insurance products and services.

But what exactly does a Product Development Manager in insurance do?

Whether you are:

• A job applicant trying to understand the nuances of this position,
• An employer outlining the perfect candidate,
• Or just curious about the intricacies of product development in the insurance sector,

You’ve come to the right place.

Today, we present a flexible Product Development Manager – Insurance job description template, devised for effortless posting on job boards or career websites.

Let’s dive right into it.

Product Development Manager – Insurance Duties and Responsibilities

Product Development Managers in the insurance sector are responsible for the development and management of insurance products, ensuring that these products meet the needs of their customers and align with the company’s strategic goals.

Their key duties and responsibilities include:

• Conducting market research to identify new product opportunities and customer needs
• Developing and implementing product strategies consistent with the company’s vision and objectives
• Collaborating with cross-functional teams to design, develop, and launch new insurance products
• Evaluating the performance of existing products and making necessary modifications
• Ensuring compliance with insurance regulations and standards during product development
• Working with the sales and marketing team to promote and sell the products
• Maintaining up-to-date knowledge of industry trends and competitor offerings
• Preparing and presenting reports on product performance and future product development plans to senior management
• Coordinating with underwriters, actuaries, and legal experts to set pricing and legal aspects of the insurance product

 

Product Development Manager – Insurance Job Description Template

Job Brief

We are looking for a detail-oriented and innovative Product Development Manager to lead our Insurance department.

Your responsibilities will include developing and implementing product strategies, coordinating with cross-functional teams, and ensuring that our insurance products meet customer expectations and regulatory requirements.

Our ideal candidate is familiar with the complete product development lifecycle and has a proven track record in the insurance industry.

Ultimately, the role of the Product Development Manager is to develop high-quality, innovative insurance products that comply with industry regulations and meet the needs of our clients.

 

Responsibilities

• Lead the entire product development life cycle for insurance products
• Analyze market trends, customer needs, and competitive offerings
• Develop product strategies and roadmaps
• Coordinate with cross-functional teams to implement product strategies
• Ensure that insurance products comply with regulatory requirements
• Collaborate with the sales and marketing team to launch new products
• Evaluate product performance and suggest improvements
• Manage and mentor a team of product developers
• Establish timelines and budgets for product development
• Stay up-to-date with insurance industry trends and developments

 

Qualifications

• Proven work experience as a Product Development Manager in the insurance industry
• Strong knowledge of insurance products and regulations
• Experience in product development and product lifecycle management
• Excellent leadership and project management skills
• Ability to collaborate with cross-functional teams
• Strong analytical and problem-solving skills
• Excellent communication and presentation skills
• BSc degree in Business, Marketing, Insurance, or relevant field

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Product Development Manager – Insurance
• Work Environment: Office setting with options for remote work. Some travel may be required for industry conferences and client meetings.
• Reporting Structure: Reports to the Director of Product Development.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $95,000 minimum to $150,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Product Development Manager – Insurance Do?

Product Development Managers in the insurance sector work for insurance companies, brokerages, or other relevant financial institutions.

They can also operate as independent consultants.

They work collaboratively with teams across the organization, including underwriting, actuarial, legal, marketing, and sales to develop new insurance products or refine existing ones to meet evolving market needs and regulatory changes.

The job of a Product Development Manager – Insurance involves researching market trends, competitor offerings, and customer needs to design insurance products that are competitive, profitable, and compliant with all relevant laws and regulations.

They are also responsible for creating product documentation, developing pricing strategies, and coordinating with marketing teams to ensure effective launch and promotion of new products.

In addition, they may oversee training initiatives to ensure that sales and customer service teams are well-informed about the features and benefits of new insurance products.

They continually monitor the performance of the insurance products in the market and make adjustments as necessary to enhance customer satisfaction and profitability.

 

Product Development Manager – Insurance Qualifications and Skills

A Product Development Manager in the insurance industry should have a mix of technical knowledge, industry expertise, and soft skills, such as:

• Strong understanding of insurance products, regulations and industry trends to be able to create competitive and profitable insurance products.
• Exceptional analytical skills to evaluate the potential and performance of insurance products and make data-driven decisions.
• Effective communication and presentation skills to articulate the value proposition of new products to internal stakeholders and external clients.
• Project management skills to oversee the entire product development process, from concept to launch, and coordinate cross-functional teams.
• Problem-solving skills to troubleshoot issues that arise during the product development process and find effective solutions.
• Leadership skills to guide and motivate team members and ensure alignment with company objectives.
• Negotiation skills to work with vendors, partners, and clients on terms and conditions for product offerings.
• Ability to stay updated with insurance industry trends and customer needs to ensure the creation of relevant and innovative products.

 

Product Development Manager – Insurance Experience Requirements

For entry-level positions in product development within the insurance industry, candidates are generally expected to have at least 2 to 3 years of experience, often gained through internships, part-time roles, or full-time positions in insurance, finance, or related fields.

Candidates may have gained this experience in roles such as Underwriter, Claims Adjuster, or Insurance Agent.

This experience provides a foundation for understanding the insurance industry, policies, risk assessments, and customer relations, which are all crucial for product development.

Candidates aspiring to become a Product Development Manager in insurance should ideally possess more than 5 years of experience.

They should have exposure to roles that involved product development, product management, or strategic planning.

Experience in project management can be advantageous as this role often involves coordinating several teams and departments to launch a new product.

For those with over 10 years of experience, they may have already held senior roles in product development or management in the insurance industry.

Such candidates often have experience in leading teams, managing complex projects, and developing and executing strategic plans.

This level of experience could make them suitable for senior managerial or director-level positions within product development.

In addition to industry-specific experience, a Product Development Manager in insurance needs a good understanding of market trends, customer needs, and regulatory requirements, which is usually gained through years of hands-on experience.

 

Product Development Manager – Insurance Education and Training Requirements

Product Development Managers in the insurance industry typically need a bachelor’s degree in business, finance, economics, or a related field.

They are expected to have an in-depth understanding of the insurance sector and the specific type of insurance products they will be working on.

In addition to this, they must also have a strong background in project management, risk management, and policy development.

This knowledge can be obtained through work experience or through specialized insurance or risk management courses.

Many employers prefer candidates with a master’s degree in business administration (MBA) or a related field, especially for senior-level positions.

This advanced degree provides a more comprehensive understanding of business operations, strategy, and management.

Product Development Managers in insurance should also have familiarity with regulatory standards and compliance requirements, which can be gained through professional certifications such as the Associate in Insurance Services (AIS), Certified Insurance Counselor (CIC) or Chartered Property Casualty Underwriter (CPCU).

Continuing education and professional development are crucial in this role due to the ever-changing nature of the insurance industry.

This might involve attending industry seminars, workshops, or courses that provide updates on new insurance products, regulatory changes, or advancements in risk assessment technologies.

Finally, skills in data analysis and knowledge of software related to insurance product management and development are highly desirable.

This can be achieved through on-the-job training or specialized software courses.

 

Product Development Manager – Insurance Salary Expectations

The average salary for a Product Development Manager in the insurance sector is approximately $114,789 (USD) per year.

The actual earnings can differ significantly based on factors such as the individual’s level of experience, educational qualifications, the location of the job, and the size and reputation of the employing company.

 

Product Development Manager – Insurance Job Description FAQs

What skills does a Product Development Manager in Insurance need?

A Product Development Manager in Insurance should have strong analytical skills to assess market trends and customer needs.

They should also have excellent project management skills to oversee the development of new insurance products from conception to launch.

Communication and interpersonal skills are also important for working with different teams, including marketing, sales, and underwriting.

 

Do Product Development Managers in Insurance need a specific degree?

Product Development Managers in Insurance typically have a bachelor’s degree in business, finance, or a related field.

Many also have a master’s degree.

Additionally, experience in the insurance industry and knowledge of insurance products, laws, and regulations is typically required.

 

What should you look for in a Product Development Manager – Insurance resume?

You should look for a strong background in insurance, including experience in product development, underwriting, or marketing.

A good candidate will also have project management experience and may have certifications like the Chartered Property Casualty Underwriter (CPCU) designation.

Skills in data analysis, problem-solving, and strategic planning are also key.

 

What qualities make a good Product Development Manager in Insurance?

A good Product Development Manager in Insurance is innovative, constantly looking for new product ideas to meet customer needs and stay ahead of market trends.

They’re also analytical, using data to drive decision-making.

Strong leadership skills are important for managing and motivating the development team.

Good Product Development Managers are also detail-oriented, ensuring that new products comply with all relevant laws and regulations.

 

Is it difficult to hire Product Development Managers in Insurance?

Hiring a Product Development Manager in Insurance can be challenging due to the specific combination of skills required.

You need someone with a deep understanding of insurance, strong project management skills, and the ability to lead a team.

Finding a candidate with all these qualities can take time.

It can be helpful to work with a recruiting firm that specializes in the insurance industry.

 

Conclusion

And there you have it.

Today, we’ve unpacked the reality of being a Product Development Manager in the insurance industry.

Surprise, surprise!

It’s not just about creating new insurance products.

It’s about shaping the future of the insurance industry, one innovative product at a time.

With our reliable Product Development Manager – Insurance job description template and practical examples, you’re fully equipped to make your next move.

But why stop at that?

Dig deeper with our job description generator. It’s your ultimate tool for crafting impeccable job listings or perfecting your resume to the tee.

Keep in mind:

Every product developed is a piece of the larger industry puzzle.

Let’s shape that future. Together.