AVP, Annuity Product Development

Job Summary

For an assigned product portfolio, this position is accountable for managing the development of products from ideation through implementation, along with maintaining a competitive product portfolio that supports the execution of the strategic plan for the assigned business segment.

This position will report to the VP, Retirement Product Officer and may have supervisory responsibilities.

Duties and Responsibilities

• Collaborate with the Retirement Management Committee and Business Segment liaisons to identify innovative product concepts to be considered for the product pipeline.
• Ensure robust due diligence process is utilized to conduct in-depth analysis along with appropriate concept testing.
• Effectively communicate value proposition of product concepts prior to moving through the product development process.
• Maintain strong working relationships with internal business partners to collaboratively manage workflow between functional areas in order to more effectively achieve strategic objectives
• Develop close working relationships with key external distribution partners and an understanding of their business models, product needs and partnership opportunities.
• Facilitate governance processes in place to:
  • Recommend product strategy and relevant concepts in support of the strategic plan for the business segment
  • Work closely with cross-functional stakeholders to ensure objectives for each product development stage are met and are aligned with both product and enterprise goals. This is inclusive of deliverables from pricing, sales and distribution, marketing, underwriting, illustration development, legal & compliance, operations, IT, and other impacted business capabilities needed to design and implement product
  • Oversee product development from ideation through market launch. Successfully partner with implementation throughout the life cycle of the product, or table development activity if deemed appropriate by segment leadership. Ensure communications around development timelines, hurdles, or milestones are effectively distributed among project stakeholders, senior leaders and any external partners.
• In coordination with subject matter experts, develop business cases, product concepts, strategic roadmaps, and go-to-market strategies that are comprehensive, and precise in order to facilitate informed decision-making and lead to successful product launch
• In partnership with Segment leadership, monitor health of product portfolio and success of product launch activity
• Collaborate with Retail Portfolio Management team to advocate for business segment priorities, advise on current and upcoming development efforts
• Address and respond to regulatory issues by establishing task force team to design project plan and execute any necessary product or operational changes to adhere to regulatory requirements
• Maintain active participation in industry committees and study groups to be aware of market forces and trends that will influence the company’s product strategy and portfolio

Experience and Education Requirements

• Bachelor’s degree or commensurate experience required
• 10+ years progressively more responsible experience in the financial services industry with a concentration on annuity products
• Strong understanding of product functionalities and various distribution models for life insurance and annuities required
• Experience with developing Business Case/Cost-Benefit Analysis and Go-To Market Plans is required
• Strong understanding of the various business functions within a life insurance and annuity manufacturer required
• Working knowledge of the annuity marketplace required

Knowledge, Skills & Abilities

• Demonstrated leadership abilities, including requisite communications skills (verbal, written, and presentation)
• Strong interpersonal skills – the ability to collaborate with a wide range of teams and individuals to achieve a common goal
• Demonstrated understanding of various life insurance and/or annuity markets, distribution partners, products and product categories, and insurance operations along with the ability to address the various stakeholder needs within a compelling Business Case
• Inclined to seek and analyze data/information from a variety of sources to arrive at the best decisions and to align others with the organization’s overall strategy
• Ability to demonstrate creative problem-solving skills and strong business acumen
• Ability to lead and excel in a fast-paced production environment while addressing multiple projects and responsibilities
• Unconditional integrity and commitment to delivering accurate information on schedule
• Appropriate priority setting, resource assessment, and delivery management

Other Requirements

• Perform other functions, duties and projects as assigned
• Regular and punctual attendance
• Ability to travel up to 10%

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