Our client, a global insurance company, is seeking an experienced product consultant to support the development and localisation of a new Index Universal Life (IUL) insurance product for the Indonesian market. The consultant will adapt existing regional product concepts to local market requirements, ensuring the product is commercially viable, appropriately priced, and aligned with Indonesian regulatory requirements.

Key Responsibilities

• Product development and localisation: Develop or adapt an existing IUL product for Indonesia, drawing on regional product designs and international market experience.
• Product pricing and design: Support product pricing, benefit structure, policy features, index-linked crediting mechanisms, and commercial considerations.
• Actuarial analysis: Assess product economics, profitability, key assumptions, and relevant risks to support product sustainability.
• Regulatory readiness: Work with internal teams to ensure product design and documentation address applicable Indonesian regulatory requirements and support submission for approval.
• Stakeholder collaboration: Partner with local and regional actuarial, product, finance, risk, legal, and compliance teams to align on product design and approval requirements.

Expected Deliverables

• A fully designed and localised IUL product proposal suitable for regulatory submission.
• Product pricing analysis, assumptions, and supporting actuarial assessments.
• Product specifications and relevant supporting documentation for regulatory review.
• Recommendations on product positioning, commercial viability, and implementation considerations.

The engagement focuses on product design and regulatory submission readiness, rather than responsibility for the actual product launch or post-launch execution.

Ideal Profile

• Typically 10–20 years of relevant experience in life insurance product development, actuarial pricing, or product management.
• Demonstrated hands-on experience building, or managing Index Universal Life (IUL) products.
• Strong understanding of life insurance product pricing, product economics, and actuarial assumptions.
• Experience adapting life insurance products across multiple markets, ideally within Southeast Asia or other comparable Asian markets.
• Familiarity with Indonesian life insurance regulations and regulatory submissions is highly advantageous.
• Qualified actuary preferred, but not mandatory if the candidate demonstrates the required technical expertise and relevant product experience.
• Able to work collaboratively with local and regional stakeholders and operate effectively in a hybrid consulting arrangement.