The Product Lead – Surety Insurance is a specialist product and analytics role embedded within the Underwriting function.
The incumbent will own end-to-end product development, portfolio analytics, pricing model governance, and KPI management for the Surety line, working at the intersection of underwriting, technology, and business strategy.
1. Product Development & Governance
- Own the Surety product roadmap — define product constructs, bond types, coverage terms, sub-limits, and endorsements
- Draft and maintain Product Notes, Product Filing documents, and internal Product Manuals
- Lead BRD (Business Requirement Document) creation for pricing engines, underwriting platforms, and workflow automation
- Translate regulatory changes (IRDAI circulars, NMCE guidelines) into product updates and operationalise them with tech and ops teams
- Drive pilot launches for new bond categories or distribution channels; define acceptance criteria and evaluate outcomes
2. Data Analysis & Portfolio Intelligence
- Build and maintain portfolio dashboards tracking premium, exposure, loss ratios, claim frequency, and segment-level profitability
- Conduct deep-dive analyses on contractor segments, bond types, tenors, and geographic concentration
- Identify loss drivers and emerging risk concentrations; translate findings into actionable product or underwriting changes
- Own the data layer for the Surety line — define data capture requirements, ensure data quality, and partner with tech on instrumentation
- Perform ad hoc portfolio interrogations to support pricing reviews, reinsurance negotiations, and regulatory submissions
3. Risk Modelling & Pricing Engine Ownership
- Own the risk and rule-based pricing framework for Surety bonds — including BG rate derivation, financial factor (FF1/FF2/FF3) computation, ME%, CD2%, and collateral discount logic
- Maintain and version-control the pricing engine (Python / Excel); coordinate model updates with the tech team using structured BRDs with cell-level traceability
- Develop and calibrate credit scoring models for contractor financial assessment — integrating Probe scores, JAVIN table parameters, auditor flags, and legal signals
- Monitor model performance post-deployment; identify drift, recalibrate parameters, and document rationale for all changes
- Support reinsurance treaty structuring by providing exposure summaries, modelled loss scenarios, and pricing adequacy assessments
4. KPI Management & Business Reporting
- Define, own, and report the KPI framework for the Surety line: GWP, active policies, quote-to-bind ratio, average premium size, NTU rate, claim incidence, and net loss ratio
- Prepare monthly and quarterly business reviews with structured variance analysis against plan
- Maintain STP / NSTP / Declined rate tracking and root-cause analysis for referral volumes
- Partner with the Power BI / MIS team to build automated dashboards; define data definitions and sign off on reporting logic
- Track leading indicators (onboarding pipeline, quote volumes, pending underwriting decisions) and flag deviations proactively
5. Underwriting Support & Decision Framework
- Design underwriting guidelines, referral matrices, and rule engines governing STP, NSTP, and Decline decisions
- Develop and maintain the Underwriter Reference Framework (RRF) — the insight register that benchmarks financial health, exposure limits, and contractor risk profiles
- Define per bond limits, NFB (Non-Fund Based) aggregate limits, and collateral discount schedules based on portfolio performance data
- Support complex or large-ticket underwriting cases with financial analysis and model outputs; act as the technical backstop for underwriters
- Maintain underwriting authority matrices and ensure all limit changes are documented, versioned, and system-updated before release to sales
6. Cross-functional Coordination & Stakeholder Management
- Act as the primary interface between Underwriting, Technology, Operations, Actuarial, Finance, and Reinsurance for all Surety product matters
- Work closely with the tech team to define system requirements for the underwriting platform (Digit Care / Digit Plus portals), review UAT outputs, and sign off on go-live readiness
- Coordinate with brokers, partners, and IMDs on product understanding, documentation requirements, and workflow queries — at a product and process level, not a sales level
- Represent the Surety product in internal committees, product governance forums, and regulator interactions as required
Functional / Technical
- Quantitative risk modelling — financial ratio analysis, credit scoring, loss modelling
- Pricing engine design and maintenance (Python / Excel / VBA)
- Portfolio analytics and data visualisation (Power BI / Python / Tableau)
- BRD writing and product documentation with developer-level precision
- Working knowledge of surety / guarantee / financial lines insurance constructs
- Familiarity with contractor financial assessment frameworks (balance sheet analysis, DSCR, leverage ratios, probe scores)
- Advanced MS Excel — financial modelling, pivot analysis, solver-based optimisation
Behavioural
- Structured, outcome-driven problem-solving with high attention to detail
- Ability to synthesise quantitative outputs into clear business narratives
- Comfort operating in an evolving, fast-moving product environment with incomplete information
- Strong written communication — able to produce precise, traceable documentation
- High ownership; proactive identification of issues before they surface in operations
Qualification
- Graduate / Postgraduate in: Engineering, Mathematics / Statistics, Finance, Economics, or MBA (Finance / Risk)
Experience - 4+ Years
- Product, underwriting analytics, or risk modelling roles in Surety / Credit / Financial Lines / Engineering Insurance (preferred)
- Pricing engine development or actuarial support in a General Insurance context
- Portfolio analytics, loss triangulation, or underwriting performance management
- Candidates from BFSI analytics, credit risk modelling, or structured finance backgrounds with a demonstrable transition into insurance product roles will also be considered
Preferred Exposure
- Surety and Financial Lines with Insurers or Banks
- Financial Modelling and Risk analysis frameworks
