Business Insurance - Senior Product Director

Farmers Insurance Careers

81d • $162,640 - $289,875

About The Position

This position manages a product line portfolio within a business unit to ensure it remains competitive and relevant. The role directs strategy development and lifecycle processes to support long-term product line health and profitability. The position evaluates financial performance and adjusts strategies to achieve revenue, profit, and growth targets. It collaborates cross-functionally to deliver competitive, compliant, and customer-focused insurance products. The position leads direct reports who are individual contributors or people leaders to ensure effective product line management and alignment with state product goals.

Requirements

• Minimum ten years of experience required in product line management or similar role.
• Experience in a people leader or management role required.
• Insurance industry experience required.
• Bachelors degree required.
• Masters degree preferred.
• Strong verbal communication and listening skills.
• Demonstrated written communication skills.
• Develops and delivers effective presentations.
• Effective interpersonal skills.
• Able to influence business partners and stakeholders at all levels of the organization.
• Ability to analyze and interpret financial data.
• Advanced ability to analyze data and trends to make informed decisions and recommendations.
• Possesses strong product knowledge.
• Deep knowledge of insurance products including commercial lines, property & casualty (P&C) lines, specialty lines, and other relevant types.
• Advanced proficiency with all stages of product lifecycle including ideation, development, launch, and post-launch evaluation.
• Demonstrated P&L management experience.
• Possesses strong technical aptitude.
• Proficient in Microsoft Office suite.
• Strong proficiency with product management tools, data analysis software, and reporting systems.
• Working knowledge of SaaS, SQL preferred.
• Demonstrated project management skills.
• Effective leadership skills.
• Excellent collaboration and team building skills.
• Strong ability to inspire and develop staff.
• Effectively coaches and delivers constructive feedback.

Responsibilities

• Directs competitor analysis to shape and refine product strategies and identify opportunities for innovation and growth.
• Analyzes competitor earning reports, market positioning and trends, and countrywide rating curves to guide product development, rate strategies, and alignment with broader business objectives.
• Leverages insights from market analysis, customer feedback, and benchmarking to influence product initiatives and pricing decisions.
• Partners with cross-functional teams and product leadership to develop product line strategies and operating standards that drive profitable growth.
• Uses deep business knowledge to lead strategic planning for rating approaches, performance metrics, and rating optimization by analyzing losses, coverage types, and industry trends.
• Conducts advanced trend analyses such as retention analysis and new money trends to inform product planning and decisions.
• Serves as a subject matter expert while ensuring alignment with business objectives and overseeing rate methodology, segmentation, and market intelligence.
• Drives product line strategy by leveraging deep understanding of P&L drivers across the portfolio, business unit, and enterprise levels.
• Oversees cross-functional collaboration to evaluate and implement countrywide non-rate or underwriting actions.
• Guides processes to assess the impact of changes in policy terms and coverage options, analyzes their effectiveness, and recommends adjustments to enhance outcomes.
• Sets product performance metrics to identify trends, ensure compliance and assess alignment with business objectives.
• Prepares and presents detailed reports for stakeholders and senior leadership.
• Owns maintenance of systems to monitor financial results, product outcomes, and post-project performances.
• Translates data insights into actionable business plans and secures stakeholder support.
• Leads product line teams while being accountable for their performance and outcomes.
• Guides and supervises efforts of direct reports to execute product line strategies aligned with business objectives.
• Provides vision, feedback, and performance management to foster team development and a high-performance culture.
• Performs other duties as assigned.

Benefits

• Competitive salary commensurate with experience, qualifications and location.
• Bonus Opportunity (based on Company and Individual Performance)
• 401(k)
• Medical
• Dental
• Vision
• Health Savings and Flexible Spending Accounts
• Life Insurance
• Paid Time Off
• Paid Parental Leave
• Tuition Assistance

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: Bachelor's degree
• Number of Employees: 5,001-10,000 employees