Director of Product - Workers' Compensation

Farmers Insurance Careers

3d•$137,775 - $262,000•Hybrid

About The Position

This position manages the Workers’ Compensation line of business within Farmers Business Insurance to ensure that it remains remain competitive and relevant. The role leads strategy development and execution to support long-term product line health and profitability. The position evaluates financial performance and implements adjustments to achieve revenue, profit, and growth targets. It collaborates cross-functionally to deliver competitive, compliant, and customer-focused insurance products. The position manages direct reports who are individual contributors or people leaders to ensure effective product line management and alignment with countrywide product goals.

Requirements

High School Diploma or equivalent required.
Bachelors’ degree required.
Minimum seven years of experience required in product line management or similar role.
Workers’ Compensation product, pricing, and/or analytics experience required.
Strong verbal communication and listening skills.
Demonstrated written communication skills.
Effective interpersonal skills; able to interact effectively with business partners and stakeholders.
Demonstrated analytical skills; strong ability to analyze data and trends to make informed decisions and recommendations.
Possesses strong product knowledge, with an in-depth knowledge of commercial lines insurance products.
Proficient with all stages of product lifecycle including ideation, development, launch, and post-launch evaluation.
Demonstrated P&L management experience.
Demonstrated project management skills.
Effective leadership skills.
Strong collaboration and team building skills.
Proven ability to inspire and develop staff, by effectively coaching and delivering constructive feedback.
Possesses strong technical aptitude.
Proficient in Microsoft Office suite.
Proficiency with product management tools, data analysis software, and reporting systems.

Nice To Haves

Insurance designations or certifications preferred (CPCU, AINS, ARM, etc.)
Experience in a people leader or management role preferred
Working knowledge of SaaS, SQL preferred.

Responsibilities

Accountable for achieving/exceeding profit and growth targets in assigned line of business.
Develops strategic vision and supporting roadmap that will profitably expand market share within assigned line of business.
Uses broad business knowledge to contribute to strategic planning for rating approaches, rating variables, and performance metrics.
Evaluates models, rating variables, and market segments to recommend strategic adjustments that improve competitive positioning.
Performs advanced trend analyses such as retention analysis and new money trends to support product planning and inform decisions.
Leverages data to deliver actionable insights and recommendations.
Optimizes rating structures by analyzing losses, coverage types, and industry trends.
Leads competitor analysis to inform product strategies.
Analyzes competitor earning reports, market positioning, and countrywide rating curves to guide product development and rate strategies.
Leverages insights from market analysis, customer feedback, and benchmarking to drive product initiatives and pricing decisions.
Leads processes to assess the impact of changes in policy terms and coverage options, analyzes their effectiveness, and recommends adjustments to enhance outcomes.
Collaborates with cross-functional teams to design and implement product strategies and operating standards that facilitate profitable growth.
Leads P&L driven projects to adjust rating factors, refine pricing models, and enhance profitability through targeted rating initiatives.
Collaborates cross-functionally to evaluate and implement countrywide non-rate or underwriting actions.
Tracks product performance metrics to identify trends, ensure compliance, and assess alignment with business objectives.
Monitors performance and communicate product, pricing, underwriting philosophies, strategies, and financial results to internal/external partners, leadership, as well as team members.
Prepares reports for stakeholders and senior leadership.
Maintains processes and reporting to monitor financial results, product outcomes, and post-project performance.
Manages teams while being responsible for their performance and outcomes.
Guides and supervises efforts of direct reports to execute product line strategies aligned with business objectives.
Provides direction, feedback and performance management to foster team development and a high-performance culture.
Performs other duties as assigned.