Health Insurance Product Development Specialist (HIPDS)

Job Description

<strong>Position: </strong> Health Insurance Product Development Specialist (HIPDS)<p><br></p><strong> Sector: </strong> NEOM Health, Wellbeing &amp; Biotech<p><br></p><strong> Job Location: </strong> Sharma, NEOM<p><br></p><strong> Role Purpose: </strong><p><br></p>NEOM is a new vision of what the future could be. It’s an attempt to do something that’s never been done before and it’s coming at a time when the world needs fresh thinking and new solutions. Put simply, NEOM will not only be a destination, but a home for people who dream big and who want to be part of building a new model for sustainable living. NEOM will be a hub for innovation, where established global businesses and emerging players can research, incubate, and commercialize groundbreaking technologies to accelerate human progress.<p><br></p>We are seeking a highly motivated and experienced individual to join our Health Financing Department as a Health Insurance Product Development Specialist. In this role, you will be responsible for designing, developing, and launching innovative health insurance products that meet the needs of our clients and drive the growth of our organization. You will collaborate with cross-functional teams, including actuarial, underwriting, marketing, and operations, to ensure successful product development and implementation.<p><br></p><strong> Key Accountabilities &amp; Activities: </strong><p><br></p><ul><li> Identify Market Opportunities: Conduct thorough market research and analysis to identify gaps and opportunities in the health insurance industry across Middle East and globally. Stay updated with the latest trends, regulatory changes, and industry best practices. </li><li> Product Design: Develop and design innovative health insurance products/health benefits following HWB sector vision for development of the entire health sector that cater to the diverse needs of our target audience. Collaborate with actuarial and underwriting teams to ensure product feasibility and profitability. </li><li> Product Development: Lead the end-to-end product development process, including defining product features and benefits, pricing strategies, and policy terms and conditions. Ensure compliance with industry regulations and guidelines. </li><li> Competitive Analysis: Monitor and analyze products that other private health insurance companies offer in KSA, its pricing, and value propositions. Identify areas for differentiation and develop strategies to stay competitive in the market. </li><li> Stakeholder Management: Collaborate with internal stakeholders, such as sales, marketing, and operations teams, to gather valuable insights and feedback. Incorporate these inputs into the product development process to meet customer expectations. </li><li> Product Launch: Coordinate with the marketing and operations teams to plan and execute successful product launches. Develop product training materials and presentations to ensure a smooth transition from development to implementation. </li><li> Performance Monitoring: Monitor the performance of launched health insurance products. Analyze key performance indicators (KPIs) such as sales, customer satisfaction, and profitability. Identify areas for improvement and develop strategies to optimize product performance </li><li> Stay up to date with financial industry trends, regulations, and best practices, and make recommendations for improvement. </li><li> Structure ongoing problems and take action to solve them. </li><li> Synthesize clear takeaways from complex information into clear takeaways and recommendations using both qualitative and quantitative methods. </li><li> Develop your leadership style, leveraging your own passions, strengths, reflecting on NEOM values </li><li> Play an active role in the development and establishment of the NEOM health insurance program and related ecosystem. </li><li> Assist in development and rollout of the NEOM health insurance program. </li><li> Advise on future resource requirements, priorities for initiatives and projects; estimate timetables for accomplishing assigned activities </li><li> Support in the development of innovative finding mechanisms for the sector </li><li> Provide support and assistance in developing transitional insurance mechanisms </li><li> Identify short and long-term risks to the financing system </li><li> Ensure where appropriate, risks are allocated to the respective sources </li><li> Set risk mitigation and management plans </li><li> Gather and analyse information. </li><li> Formulate and test hypotheses against proposed health insurance products. </li><li> Develop and communicate recommendations with relevant stakeholders. </li><li> Present results to senior manager and implement recommendations in collaboration with other team members. </li></ul><p><br></p><strong> Background, Skills &amp; Qualifications: </strong><p><br></p><ul><li> Strong knowledge of health insurance industry trends, regulations, and best practices. </li><li> Demonstrated experience in successfully designing and launching health insurance products. </li><li> Excellent analytical skills with the ability to interpret complex data and make data-driven decisions. </li><li> Strong project management skills with the ability to manage multiple priorities and meet deadlines. </li><li> Excellent communication skills, both written and verbal, with the ability to effectively present complex concepts and ideas to diverse stakeholders. </li><li> Proficiency in Microsoft Office Suite and other relevant software applications. </li><li> Strong attention to detail and problem-solving abilities. </li><li> Bachelor’s degree in business administration, marketing, finance, or a related field. Master’s degree preferred. </li><li> Minimum of 5 years of experience in health insurance product development or a related field.</li></ul>