Product Innovation Director
As the Director / VP, Product Development focus will be to work with our de-centralized businesses to develop innovative new or enhanced insurance products, services, that resonate with customers in the specialty market segment, across P&C and A&H. Responsible for the overall management of TMHCC's Product and Services Innovation approach and supports Business Innovation Officer in establishing and progressing such centralized function for TMHCC, that directly aims on enhancing customer satisfaction and employee experiences. Responsible for organizing, prioritizing, managing, executing, and measuring successful completion of projects. Partners with all levels of the organization across TMHCC and other Tokio Marine Group companies, identifying appropriate resources needed, and developing schedules to ensure timely completion of projects. Coordinates with the enterprise Digital Enablement & Collaboration (DEC) team, Product Filing CoE to evaluate new and emerging trends that can be incorporated into the current landscape, and help drive business innovation agenda, to design and shepherd implementation of projects focused on innovative products, services, distribution, etc.
Relying on broad experience and judgment, this role is accountable for carrying out the following responsibilities and has substantial latitude for actions or decisions.
Strategic Framework and process
- Formalizes a consistent strategic framework and approach for Product and services Innovation through which all ideas and opportunities are evaluated
- Facilitates and shepherds the process of gathering and prioritizing innovative ideas
- Collaborates with cross-functional business partners to assess new product ideas.
- Develop a portfolio and roadmap that supports all aspects of product innovation and business units’ goals.
Research and Emerging trends
- Leads the identification, understanding and evaluation of potential opportunities and emerging trends that seem promising to create competitive advantages for the enterprise
- Utilize market research data to identify, analyze, and evaluate market segments, products, or services and vet the concepts for attractiveness for the company .
- Monitors the competition and regulatory environment, identifying and analyzing major changes in the industry and looking for possible new partners for the introduction of new services and product features
Product/services ideation, validation, incubation, and testing
- Support the businesses working across functions to ideate, design, build, test validate new ideas.
- Assists in the development of business cases, competitive analysis, portfolio analysis, customer validation, product roadmap definition and go-to-market requirements.
- Works with actuarial, data scientists as well as underwriting teams to support new, predictive pricing models and integration of ML / AI in support of new and existing products
- Works with other areas in Innovation to brainstorm ideas and holistic solutions that leverage technology.
Governance and Go / No go decisions
- Help build out a light governance steering funding resources and business case and manage key related activities and tasks
- Determines success metrics for products and follow-up with post-mortem analysis of product misses, based on customer, and other stakeholder feedback.
- Coordinate with businesses to present to steering committee at appropriate timeframes / phases
Post prototyping phase
- Working with business units, Corporate Legal, actuarial and marketing teams, to support the go-to-market phase and provide limited help with commercialization
- Bachelor Degree in a related field
- 10-15 years of experience in Project Management and Project Leadership
- Proven track record for delivering complex business change meeting critical success factors, within budget and timeline
- P&C and A&H insurance industry experience
- Work effectively with cross-functional teams to formulate and deliver complex improvement programs which yield results in line with strategic aims and targets
- Use an open leadership style to engage stakeholders, motivate individuals, and build, train, and develop effective, winning interdisciplinary teams
- Knowledgeable of industry changes, legal updates, and technological developments related to applicable area of the company’s services to proactively respond to changing business environment
- Identify and gather the critical resources needed and skilled in facilitating group consensus to satisfy a project or business need
- Assess and formulate the implications of a specific solution across processes, e.g. costs, risk, service
- Ability to capture issues / risks when identified by the team and facilitate the next steps to reduce or eliminate the issue
- Exceptional interpersonal, presentation and communications skills
- Demonstrated project management skills and the ability to partner and consult with all levels of management
- Energetic, self-starter with the ability to manage multiple priorities in a complex fast-paced environment
- Entrepreneurial spirit and consummate team player
- Proficiency in Microsoft Office – PowerPoint, Excel, Access, Visio, and other modeling tools