Commercial Lines Product Manager

Frankenmuth Insurance Company

30d

About The Position

Under general supervision and with independent judgment, responsible for coordinating the results of the line of business. Responsible for driving top and bottom line results while managing a portfolio of products. Supports the development and communication, in collaboration with the Regions, the product, pricing and underwriting strategies. Monitors and evaluates products in assigned product line, including growth, profitability, competition and regulation. Ensures compliance with regulation. Makes recommendations for on-going product management and product development efforts while coordinating with Underwriting, Actuarial and Claims on various product initiatives regarding product design, pricing, and new product development. Supports major corporate initiatives such as state expansion efforts. Contributes to marketing and sales planning with the Regions.

Requirements

Bachelor’s degree (B.A.) from four-year college or university; or four to six years related experience and/or training; or equivalent combination of education and experience.
A minimum requirement for this position is the ability to work legally in the United States.
No visa sponsorship/support is available for this position, including for any type of U.S. permanent residency (green card) process.

Nice To Haves

Insurance certifications preferred
Advanced insurance industry knowledge preferred.

Responsibilities

Accountable for P&L results of the assigned LOB by:
Prepares analysis and business recommendations based on in-depth reviews of new and renewal production, loss performance, and rate trends and reports to key stakeholders on LOB and product performance.
Measures performance of products compared to strategies, goals and metrics.
Monitors price competitiveness in the market and works with Actuarial on pricing and predictive modeling adjustments.
Collaborates with LOB underwriting representative on underwriting authority for the LOB.
Collaborates with Regions, Underwriting, Claims, Actuarial, Legal, and Regulatory to maintain the highest standards of product line profitability, marketability and regulatory compliance.
Develops key strategic approach to the LOB from an underwriting and product perspective, including:
Provides recommended direction to Senior Management to balance growth, risk, and profitability.
Drives product positioning and development efforts including segment expansions, coverage enhancements, underwriting strategies.
Identifies product growth opportunities and creates strong business cases for product and pricing changes, including:
Maintains communication with and solicits input from key stakeholders, including underwriting, marketing, agents and policyholders.
Monitors and evaluates insurance industry product developments and trends.
Develops business case to implement new initiatives.
Provides consultative and/or technical support regarding significant product issues affecting the LOB.
Leads product and segment development initiatives, including:
Works with key stakeholders to assess and prioritize product development projects.
Develops project plans and business requirements.
Leads product development and enhancement projects, including the development of coverage language.
Utilizes current methodologies to develop, launch, and retire products, including agile, waterfall and the product lifecycle process.
Assesses performance of product changes and new products against established goals and metrics.
Monitors, analyzes and evaluates state regulatory and legislative changes that may impact product performance, including:
Ensures that product rates, rules, forms and underwriting, and business practices are in compliance with state laws.
Coordinates rate, rule and form changes.
Communicates with regulatory agency representatives.
Leads corporate initiatives such as state expansions and others as needed.
Provide input and recommendations regarding marketing and sales strategy, plans and materials.
Performs other duties as assigned.