Warranty Product Development Manager

Main Goals and Objectives
The Extended Warranty Program/Product Manager will be tasked with the development, analysis, and management of the entire lifecycle of Vehicle Group Technology Extended Warranty products. This role requires close collaboration with cross-functional teams, including finance, legal, new car sales, financial services, and global after-sales, to ensure the products meet market demands, comply with regulations, and align with company objectives. The ideal candidate will possess strong analytical capabilities (preferably with actuarial knowledge), deep expertise in insurance products, and a passion for innovation in financial products.

Main Tasks (related to products, services, etc.)

1. Develop an internal Extended Warranty program for Vehicle Group Technology New Car and After-Sales businesses
   • Conduct market research and analyze competitive products to provide actionable insights.
   • Assess the business case for the program, considering scenarios with and without acquiring obligations from the existing insurer.
   • Define product offerings and pricing, ranging from mandatory 2+2 and 2+3 plans to optional 5-10 year coverage.
   • Set the scale for necessary provisions.
   • Define processes for sales, promotions, and claims handling.
   • Monitor and report on industry changes, regulatory updates, and competitor products to guide product positioning and strategy.

2. Manage existing Extended Warranty business
   • Collaborate with brands and financial services to ensure smooth operations with minimal disruption.
   • Manage pricing, terms, and coverage to meet targeted penetration rates.
   • Develop and execute effective campaigns with suppliers/dealers.
   • Provide support for financial services in the creation of marketing materials.
   • Assist dealers in working with financial services and service providers to process claims efficiently, ensuring resolution of customer disputes for maximum satisfaction.
   • Ensure accurate and timely quotations from financial services for new models as necessary.
   • Analyze campaign performance, monitor penetration rates, and stay informed on industry trends and best practices to ensure timely reporting of key performance indicators.

3. Maximize loyalty, profitability, and market penetration for the Extended Warranty business
   • Regularly analyze Extended Warranty penetration rates to identify opportunities for expanding the product portfolio and uncovering new growth opportunities.
   • Negotiate with the insurance company to secure the most competitive pricing.
   • Manage vendor relationships and establish operation standards and procedures.
   • Track sales budget performance and review claim loss ratios, providing solutions as needed.

4. Warranty auditing
   • Work closely with the Global After-Sales Technology team to ensure warranty audit processes are feasible and align with business needs and Group guidelines.

Education
• A Bachelor’s degree in Business, Insurance, Finance, Economics, or a related field.

Knowledge and Skills
• Strong analytical abilities with the capacity to interpret data and make well-informed decisions.
• Exceptional communication skills, both written and verbal, with the ability to engage and educate both internal stakeholders and external business partners.
• Detail-oriented and well-organized, with the ability to manage multiple tasks and meet deadlines.
• Proficiency in Microsoft Office and familiarity with customer relationship management or product management tools (e.g., Salesforce) is a plus.

Professional Experience
• 5+ years of experience in insurance/warranty product management, underwriting, or a related field within the insurance industry.
• Experience in customer service, sales support, or operations in the insurance sector is advantageous.
• Experience in automotive-related roles is a bonus.

Personal Skills
• Customer-focused, with the ability to understand and address customer needs.
• Proactive and results-oriented, with a strong sense of ownership and accountability.
• Strong team player with the ability to collaborate effectively across different functions.
• A problem solver with a solutions-driven mindset, comfortable managing complex product issues.

 

Qualified and interested parties please apply with your CV to Wendy.Yu@morganphilips.com

Please note, that while Morgan Philips Group welcomes and appreciates all candidate response, volume of replies allows us to respond to short-listed candidates only. Resumes are collected for recruitment purposes only.