Senior Product Manager: Motor, Distribution Partnerships & Value-Added Solutions - Johannesburg

Job Summary

• 10+ years experience in short-term, non-life insurance, motor insurance, value-added products, bancassurance, Vehicle Asset Finance, dealer distribution or related financial services environments. 5+ years' leadership experience in product, portfolio or strategic partnership roles.
• Proven experience managing dealer distribution channels, OEM or dealer group relationships and senior external stakeholders.
• Proven track record in managing motor value-added products across the entire product lifecycle, incompassing market analysis, product development, launch execution, performance monitoring, and remedial interventions to achieve commercial objectives.
• Demonstrated experience in commercial deal structuring, financial modelling, partner economics and executive business case development. Experience with digital insurance ecosystems, EBO platforms, dealer journeys or embedded sales enablement is preferred. Proven ability to manage complex projects or workstreams across business, technology and partner environments, with strong governance, risk management and delivery discipline.
• The Senior Product Manager: Motor Value Added Products VAPS is accountable for strategic leadership, commercial growth, profitability, governance, distribution and full product lifecycle management of a suite of products under the VAPS portfolio. The role combines insurance product ownership and development with multi-channel distribution expertise, Vehicle Asset Finance integration, digital platform enablement, advanced commercial deal structuring and project delivery discipline to develop, manage and financially grow the VAPS portfolio.

Job Description

• Lead the end-to-end business strategy, design, product development, launch, growth, optimization and financial improvement of a suite of products in the VAPS portfolio across dealer, digital, Telesales and banking/branch channels.
• Drive profitable portfolio growth, non-interest revenue generation, customer penetration and retention through integrated Vehicle Asset Finance propositions.
• Act as the product and commercial owner for Absa Vehicle Asset partner dealers, OEM's, affinity, distribution and insurance partner arrangements, supported by robust Excel-based financial modelling and business cases.
• Ensure products remain commercially viable, market relevant, customer-centered, operationally executable and compliant with applicable insurance regulation, market conduct expectations and product governance standards.

Key Roles and Responsibilities Product Strategy and Ownership

• Lead and govern the end-to-end product lifecycle, encompassing ideation, design, launch, growth, optimization, performance management, and corrective interventions, driven through robust project management and prioritized execution of the product backlog.
• Define your motor vaps product vision and roadmap aligned to business strategy, customer needs, distribution priorities, partner expectations and regulatory constraints.
• Identify opportunities grow existing business, hunt for new or enhanced insurance products, including embedded offerings, add-ons, digital cover and value-added benefits.
• Ensure products contribute to profitability, customer retention, portfolio growth and customer lifetime value.
• Develop annual strategic plans, forecasts and business cases supporting product and channel expansion.

Commercial Strategy, Financial Modelling and Deal Structuring

• Lead commercial negotiations with dealer groups, franchise dealers, independent dealers, OEMs, Vehicle Asset Finance partners, insurance partners and strategic alliances.
• Structure referral fee agreements, volume-based incentives, profit-share models, intermediary agreements, cell captive opportunities, joint venture arrangements and revenue-sharing models.
• Build and maintain advanced Excel financial models to evaluate product profitability, dealer economics, partner remuneration, return on investment, customer lifetime value, channel economics and non-interest revenue contribution.
• Prepare executive-level commercial recommendations, investment proposals and business cases for approval forums.
• Balance commercial growth ambitions with underwriting profitability, conduct risk, customer value and operational sustainability.

Market, Customer and Competitive Analysis

• Conduct market research to understand customer segments, needs, affordability, channel behaviour and usage patterns.
• Analyse competitor offerings, pricing, cover limits, exclusions and value propositions.
• Translate customer insights into product requirements, benefit structures, sales journeys and proposition improvements.
• Monitor trends such as new energy vehicle insurance trends, embedded insurance, usage-based cover, digital claims, value-added services and changing vehicle ownership models.

Product Design and Development

• Design Motor VAPS insurance product features including coverage types, benefits, eligibility rules, exclusions, pricing logic, policy wording and terms and conditions.
• Collaborate with Actuarial on pricing, assumptions and portfolio profitability; Underwriting on risk appetite; Legal and Compliance on regulatory alignment; and IT/Digital on systems enablement.
• Drive product build, UAT, go-live readiness, change management, operational implementation and post-implementation reviews.
• Ensure Motor VASP product benefits, wording, disclosure and servicing journeys are clear, fair, customer-centric and operationally executable.

Vehicle Asset Finance Integration

• Partner with Vehicle Asset Finance teams to integrate Motor VAPS into finance application, credit approval, vehicle delivery and post-sale customer engagement journeys.
• Improve product take-up, strike rates, conversion rates, customer retention and penetration across financed vehicles.
• Identify and unlock opportunities to generate non-interest revenue through Vehicle Asset Finance customer relationships.
• Align VAPS campaigns and product strategies with Vehicle Asset Finance, dealer production, finance volumes and customer acquisition priorities.

Support Dealer Distribution and Business Development

• Develop and partner to execute dealer channel growth strategies across independent dealers, dealer groups, franchise networks and OEM partner networks.
• Build strategic relationships with dealer principals, F&I managers, regional sales teams, dealer group executives and automotive ecosystem partners.
• Drive dealer onboarding, productivity, product penetration, campaign execution and intermediary agreement expansion.
• Support sales enablement through training, compliant sales material, product positioning, incentive programmes and channel performance reviews.
• Lead end-to-end due diligence processes for prospective commercial arrangements.
• Assess commercial viability, profitability, capital requirements, and strategic fit of new opportunities.
• Facilitate client onboarding, including KYC, shareholder verification, Coupa onboarding, and segmentation processes.
• Lead product approval processes through internal governance forums, including Product Review Committee PRC.

Evaluate

• Product design and policy wordings
• Pricing adequacy and profitability
• Historical performance and claims trends
• Target market and distribution strategy
• Risk assessments and mitigation plans
• Reinsurance structures and adequacy
• Structure and negotiate commercial agreements and prepare recommendations for Deal Committee approval.

Digital and EBO Platform Enablement

• Act as the business lead for digital distribution enablement and dealer systems integration.
• Maintain working knowledge of EBO and dealer platforms such as Dealnet, Seriti, Signio, Bolt and relevant Dealer Management Systems.
• Drive digital sales capability, straight-through processing, API integration, dealer and Absa banking client user experience improvements and conversion optimisation.
• Partner with IT, digital, operations and