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Itasca,
IL
(Click company name to view employer profile and all available
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Career Field |
Product Manager/Analyst
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| Insurance
Discipline |
Property & Casualty
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| Relocation
Assistance |
Available
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| Job
Duration |
Full Time |
| Salary
Offered |
Open |
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Product Manager - Inland Marine
The Hanover Insurance Group (an A rated Fortune 1000 P&C insurer) is seeking a Product Manager for our Inland Marine line of business. Preferred location is Itasca, IL, but we can be flexible for the right candidate.
Position Overview
This position is responsible for development of marine products that optimize profitable growth and meet corporate strategies and objectives. The focus of this position is on assisting in the development of long term strategy for marine program and product development. This is accomplished through application of broad based knowledge of marine products, pricing, and procedures to assure that Hanover marine products are developed which meet the needs of existing businesses as well as addressing the marine needs of emerging industries and niches.
This position will also assist the Director of Program and Product Development in analyzing product needs that support program opportunities and develop products or processes that will assist in attracting quality program business. This position will work closely with RVP’s to assess product needs and respond to those needs with quality marine products in a prompt and efficient manner. Also, the position will interface with marine staff as well as Legal, Claims, Loss Control, Strategic Marketing, HIG, and Commercial Lines Product Development.
Responsibilities include research and analysis of emerging industries to develop marine products and procedures to meet the needs of these new or developing industry groups. With responsibility for emerging industry trends, the individual must possess a broad business background and be able to recognize trends in business, social and demographic areas that would present an opportunity for products and services that Hanover can provide. In this capacity, the position will would closely with HO Strategic Marketing and Commercial Lines Product Development as well as strategic support services.
Essential Functions {approximate}
Research and product development strategy - 50%
Working with Strategic Marketing and Product Development - 30%
Program support - 20%
Core Responsibilities
Research new product ideas and make appropriate recommendations for implementation
Monitor trends and developments in industry, financial, demographic and socioeconomic areas and respond with appropriate recommendations for new products or product amendments to capitalize on any anticipated changes
Serve as a liaison with field on product development issues and recommend needed changes to Program and Product Development Director
Monitor competition closely and make needed recommendations so that Hanover stays on the leading edge of developing quality and innovative product offerings
Assist where needed in Region underwriting quality reviews
Provide priority recommendations to Program and Product Development Director to assure appropriate allocation of precious resources
In concert with Home Office develop special training materials on new or revised marine products or processes
Provide leadership and guidance to field on program and product issues, working in conjunction with Director of Program and Product Development.
Key Measures of Success
Developing industry trends are recognized and appropriate products are developed which capitalize on those trends
Development of new products and enhancements of existing products that support corporate strategies and initiatives.
Effective and efficient procedures are developed which are in compliance with state insurance department mandates and industry best practices
Favorable relationships are developed and maintained with RVP’s, HO Staff, Insurance Departments, Commercial Lines Product Development and others with whom this position interacts.
Appropriate level of support is provided to Program and Product Development Director to assure that profitable programs and products are provided which support corporate strategies and initiatives.
Requirements
5-8 years Property & Casualty experience; Inland Marine Product experience highly desirable
Strong technical knowledge with respect to policy forms, coverages and coverage language, ratings schemes, etc.
Market awareness of competitive conditions and legal and regulatory guidelines throughout the United States
Broad understanding of product, underwriting and distribution and how each impacts the other.
Exceptional interpersonal and communication skills
High degree of personal organization and time management skills
Bachelor’s degree or equivalent experience
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