Manager, Product Management (Insurance Product)

San Diego, California

 

The growth here at ICW Group is booming! As our lines of business grow, so does our need for a Product Manager. If you'd like to utilize your knowledge in insurance product management, then this is the job for you! Our Actuarial Department is looking for a Product Manager to partner to stakeholders to establish direction of an insurance product line. If you enjoy managing complex, large-scale, high risk product development, then this opportunity is right up your alley!

PURPOSE OF THE JOB

The purpose of the position is to partner with key stakeholders to establish the strategic direction of an insurance product line across all distribution channels and brands. The position is responsible for monitoring, directing, and influencing all aspects of product performance to achieve Company revenue and performance targets.

ESSENTIAL DUTIES AND RESPONSIBILITIES

Conceptualizes and develops business initiatives using product knowledge and results.

  • Collaborates with the head of product line underwriting unit(s) to develop product strategy and action plan to achieve growth and profit objectives.
  • Owns inputs to bi-annual premium and exposure projections supporting financial budgeting and pro-forma processes and understand projection framework.
  • Leads discussions regarding retention and growth strategies through the integration of the underwriting, marketing, policyholder services, distribution, claims, actuarial, data analytics, customer and digital experience.
  • Collaborates with other functional departments to coordinate timelines for delivery, maximize the effectiveness of programs, direct implementation of product strategies, and drive cross-functional alignment and engagement for initiatives supporting product objectives.
  • Develops and maintains templates to perform competitive research and deliver competitive analyses
  • Performs data analyses concerning loss patterns, market forces, risk distributions, and agency management to evaluate the success of current strategies to either modify or create new strategies targeting production, product pricing, underwriting, contract changes, or agency changes.
  • Assesses the impact of changes on the in-force book, new business production, and agency force.

Drives initiatives for strategic product development.

  • Applies business content knowledge in identifying priorities and executing strategic product initiatives to achieve business objectives.
  • Monitors the market place to identify competitor and industry changes impacting effectiveness or compliance of current and proposed programs.
  • Partners with Actuarial team to determine and implement appropriate pricing and program structure to achieve product goals, and design and execute product rate plan and state level enhancements across jurisdictions ensuring all changes are communicated to field services, operations, underwriting, marketing, and system technology teams.
  • Partners with Underwriting team to facilitate changes to processes or systems, or respond to questions, and ensuring communication to affected parties.
  • Analyzes the performance of existing products and lead the creation of business cases for the development of changes to existing products or development of new products.
  • Maintains knowledge of available internal and external data sources, including accuracy and completeness, to select the proper data set(s) for evaluation, direct changes to data sets through Data Governance processes, or request additional data for evaluation.
  • Following proper Data Governance procedures, structures data and reports to monitor and enable ongoing product development research and assesses and implements appropriate changes in pricing position and underwriting standards.
  • Organizes and structures product definitions to ensure efficiencies in downstream reporting processes.
  • Develops proficiency in use of internal analytical tools (spanning underwriting, marketing, customer behavior, and claims). Evaluates changes to analytical tools to identify potential impacts to pricing, product design, testing, internal user experience, and distribution channels. Partners with Enterprise Learning Department to develop training tailored to internal audiences around internal analytical tools.
  • Maintains internal analytical tools owned within product management discipline.
  • Directs the implementation of underwriting guideline changes.
  • Collaborates with strategic planning groups to incorporate enterprise class system solutions supporting the future product roadmap.

Acts as subject matter expert in the maintenance of current products, filed product changes, and design and delivery of new products in development.

  • Collaborates with Enterprise Marketing, Legal, Compliance, Underwriting, and Actuarial Departments to manage the implementation of all ratemaking bureau rules, and coverage changes, including coordination with the rate filing analyst
  • Keeps abreast of distribution channel needs through involvement in agency facing initiatives, and regular reporting on direct to market strategies available in the industry.
  • Participates in validation and testing of features prior to end user acceptance.
  • Develops expert knowledge of ratemaking bureau underwriting manuals and company exception rules, and maintain knowledge of any changes. Documents and memorializes changes.
  • Researches issues or concerns around underwriting rules, including historical company filings in independent ratemaking bureaus to confirm adherence and direct changes.
  • Maintains knowledge of rules, regulations, nuances in states of operation and engage with product line underwriting unit(s) to invoke needed changes or identify training in support of a self-sustaining culture.
  • Ensures insurance policy provisions comply with state law.
  • Partners with Compliance Department to identify and close any gaps in rules, respond to changes in rules, and remediate across systems, processes, reporting.
  • Participates in regulatory approval of filings, market conduct exams, and internal responses to any state filing objections to facilitate modifications.

Develops and leads Product Management team and manages the Product Management Department.

  • Provides tactical direction to Product Management team. Communicates Mission, Values and other organization operating principles to direct reports.
  • Establishes and maintains the overall work cadence and, in partnership with Executive Management ensures performance and outcomes strive for excellence in delivery and customer experience. Ensures that the entire Product Management team is engaged and that leadership practices for the team encourage development, recognition and retention.
  • Establishes and adheres to hiring criteria, on-boarding and training requirements for incoming staff.
  • Oversees the performance management and development process for the Product Management team and performs performance management duties, development planning and coaching for direct reports.
  • Acts as a resource for Product Management team members to answer questions and solve complex problems.
  • Manages Product Management technology and other resources, workload and customer requests for Product Management services. Ensures adherence to all Company policies and procedures and Compliance responsibilities
  • Ensures data quality, adherence to IT security guidelines, profitability and other risk-related metrics for self and members of the team.

SUPERVISORY RESPONSIBILITIES

Directly supervise Product Management team members including Analysts. Directly supervises employees within the Product Management team including Analysts and carries out supervisory responsibilities in accordance with company policies and applicable laws. These responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; conducting performance and salary reviews; rewarding and disciplining employees; addressing complaints and resolving problems; coaching, mentoring, and developing team members to further their skills and knowledge; creating and monitoring development plans; setting performance expectations/goals; forecasting staffing needs and planning for peak times and absences; enforcing department policies and procedures.

EDUCATION AND EXPERIENCE

Bachelor's degree from a college or university required with a major or emphasis in Business, Computer Science, Math or related field. MBA is a plus. Insurance industry knowledge or demonstrated work experience required. Exposure to industry recognized product management curriculum, or demonstrated experience preferred. Minimum 5 years of experience in insurance product management or related field. Experience managing complex, large-scale, high risk product development projects required, or proven competence.

KNOWLEDGE AND SKILLS

Knowledge of actuarial practice area is a plus. Extensive knowledge of the insurance industry, commercial lines preferred. Resourcefulness to research industry topics and develop proficient knowledge of internal systems and constraints to aid in managing individual state compliance. Highly developed quantitative analysis, decision making, and project management skills. Demonstrated ability to solve complex business problems, consistent with a deep understanding of the strategic direction of the business. Strong leadership, written and oral communication, and teamwork skills required. Strong organizational skills. Ability to hold effective meetings, including setting agendas and attendees, time management, and documentation of meeting outcomes.

CERTIFICATES, LICENSES, REGISTRATIONS

CPCU Preferred

COMPETENCIES

This position maps to the Manager level. Additional competencies required: None.

PHYSICAL REQUIREMENTS

While performing the duties of this job, the employee is regularly required to sit or periodically stand and work on a computer for 80-90% of time. Will be viewing a video monitor 80-90% of time. The employee is occasionally required to reach with hands and arms and climb or balance. The employee must frequently lift and/or move up to 5 pounds and occasionally lift and/or move up to 25 pounds.

WORK ENVIRONMENT

This position operates in an office environment and requires the frequent use of a computer, telephone, copier, and other standard office equipment. The noise level in the work environment is usually moderate.

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