Job Description
Position: Product Manager – Insurance
Organisation: CLIX Capital Services Pvt. Ltd.
Location: Gurgaon
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Role Overview
The Product Manager – Insurance will be responsible for end to end ownership of the insurance product function at CLIX Capital. This includes product strategy and management, business growth, regulatory compliance, audit coordination, and backend servicing, with a strong focus on embedded insurance across lending products.
The role requires close collaboration with internal stakeholders (Tech, Business, Ops, Finance, Marketing, QA) and external partners (Insurance Companies, Agents) to drive growth, compliance, and superior customer experience.
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Key Responsibilities
1. Product Management
- Strong understanding of both Group and Retail insurance products.
- Own the insurance product portfolio, including product features, roadmaps, enhancements, and go to market plans.
- Design and manage end to end product workflows, technical requirements, and product enhancements.
- Lead product strategy evolution based on customer research, data analysis, and industry trends.
- Drive digital product journey creation, including:
o Product structure and business requirements
o System sanity testing and UAT
o API integrations and technical developments
o Identification and closure of system gaps
- Own and continuously improve user experience across Android, iOS, and Web platforms for insurance products.
- Support lending businesses by enabling competitive pricing and coverage on embedded insurance products to mitigate portfolio risk.
- Mentor and coach teams on insurance product development and enhancements.
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2. Business Growth
- Conduct deep dive analysis of monthly business performance, including:
o Conversion metrics
o Risk parameters
o Policy re structuring and optimization
- Manage overall Embedded and Non Life Insurance P&L to achieve financial targets.
- Lead onboarding of insurance companies by understanding customer needs and product fit.
- Possess strong knowledge of insurance underwriting principles.
- Work closely with internal and external stakeholders to continuously improve the digital customer journey.
- Define project plans and ensure timely integration with insurance partners.
- Monitor product funnel conversions, identify bottlenecks, and implement corrective actions.
- Drive end to end process rollout and create SOPs for attaching insurance across all lending products.
- Liaise with insurance companies and internal teams (Tech, Business, QA, Marketing, Ops, Finance) to ensure smooth operations and growth of the insurance business.
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3. Compliance and Audit
- Coordinate with Product and Marketing teams to ensure all customer communications and marketing material comply with IRDAI regulations.
- Handle IRDAI filings and resolution of regulatory queries.
- Ensure continuous compliance with IRDAI guidelines, including tracking and implementing regulatory changes.
- Manage execution and review of agreements with insurance companies.
- Lead and manage audits conducted by insurance partners and IRDAI, including responses and closure.
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4. Back End Servicing & Operations
- Own business MIS and reporting, including ad hoc reporting requirements.
Strong proficiency in MS Excel is mandatory.
- Coordinate with Customer Support (CS) teams and handle escalations on a day to day basis to ensure prompt resolution.
- Address internal data requests, operational queries, and escalations.
- Manage the insurance claims adjudication process.
- Raise, validate, and manage insurance commission invoices.
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Key Competencies & Skills
- Strong insurance domain knowledge with ability to interpret insurance terminology.
- Proven program and product management skills.
- Experience in creating and managing digital workflows.
- Hands on experience in insurance operations and claims backend for:
o Life
o Accident & Health
o Disability Insurance
- Experience in audits and people facing / stakeholder management roles.
- Strong understanding of IRDAI rules and regulations.
- Experience working within large and complex financial institutions or insurance companies.
- Mandatory experience in retail insurance distribution.
- Strong communication, negotiation, and analytical skills.
- Understanding of GST implications on insurance products.
- Partner management capabilities.
- Ability to work effectively in an unstructured, fast paced environment.
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Desired Credentials
- Minimum 3 years of experience in insurance product management.
- Prior experience in NBFC / HFC / Fintech / Bank environments is preferred.
