Product Manager

This job is with Canada Life UK, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

12 Month Fixed Term Contract

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose

The Product Manager is responsible for the ongoing management of the open and closed Bond product range provided by the Wealth division across the UK and International business (IOM and Dublin). This includes day to day management, carrying out regular product and customer journey reviews and fair value assessments to ensure that good customer outcomes are being achieved, maintaining advisor and customer facing literature so it is clear, fair and not misleading, leading on any changes required to the products from a regulatory perspective, and implementing any other changes required/identified to support the business.

Duties/Responsibilities

Manage all open and closed bond products on a day to day basis, using appropriate information, including being the first point of escalation for any queries or issues for all bond products, ensuring that product specifications are kept up to date.

Understand the customer segmentation model and customer journey for open and closed bonds and the impact of behavioural biases on customer decision making ensuring appropriate measures are in place to support the delivery of good outcomes.

• Lead the product management groups for open and closed bond products as part of the day to day management using appropriate product and operational information and customer/adviser insight to prevent causing foreseeable harm and ensure good customer outcomes are being delivered and regulatory requirements are being met. Support to the operation of the Wealth Platform and Proposition Committee (e.g. scheduling, agenda, papers, minutes and actions).
• Carry out regular product reviews of open and closed bond products in line with an agreed schedule and in compliance with regulatory requirements to:

Assess whether the product meets the identified needs, characteristics and objectives of the target market, including vulnerability; and whether the intended distribution strategy remains appropriate and the product is being distributed to the target market.Assess whether the customer journey continues to deliver good customer outcomes.Ensure that the products provide fair value to customers within the identified target market.

• Where issues are identified from the product reviews, customer journey reviews and/or fair value assessments that have caused foreseeable harm and/or may adversely affect customer outcomes appropriate ensure robust and timely action is taken to mitigate the situation and prevent any further harm.
• Maintain the customer facing literature for open and closed bond products, including policy provisions, key features documents, key information documents, product adviser and client guides, adviser suitability reports, the format of new business illustrations and other relevant product related sales aids, ongoing valuation statements, including all updates required to support business growth and regulatory change.
• Produce and maintain documentation for open and closed bond products for use by advisors that provides target market information, product characteristics, distribution strategy and the outcome of fair value assessments.
• Provide expert product support for marketing/customer servicing literature.
• To use knowledge of the market and regulations to evaluate the impact on Canada Life business plans and implement changes to ensure compliance and regulatory needs are met.
• Lead the impact assessment and development for any regulatory changes required to open and closed bond products, and support the proposition development team by actively leading product input to requirements, testing, market launch, sales campaigns etc. for strategic developments.
• In conjunction with Sales and Marketing teams, responsible for securing and maintaining product panel positions with those adviser firms operating under a restricted panel basis, and providing accurate product information to any Request For Proposals (RFP) requested of Canada Life.

Skills, Knowledge and Experience

• Good understanding of the advised Wealth Management market
• Deep understanding of the UK and International Bonds market and surrounding legislation and regulatory requirements
• Ability to influence at all levels of the organisation
• High level of accuracy and excellent attention to detail
• Strong communication and interpersonal skills
• Creative and flexible in their approach to work
• Able to deliver a high standard of service and output
• Strong analytical skills - ability to use, interpret and develop meaningful data
• Ability to balance tactical and strategic demands
• Collaboration and facilitation skills
• Client value - understands and is able to tailor and meet the 'added value' needs of the adviser and end customer.
• Technical ability - demonstrates commitment to develop and extend technical knowledge and skills
• Familiarity with product governance framework and process and associated regulatory requirements

Qualifications (For the job and not the person)

Essential
Certificate or Diploma in Insurance (from the CII - Chartered Insurance Institute) or equivalent

Desirable
Degree or other higher education qualification

Benefits of working at Canada Life

We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life

Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion

Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.

"At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.

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