Insurance Senior Product Manager (Property & Inland Marine Coverages)

IAT Insurance Group•Jersey City, NJ

28d•$72,560 - $157,950•Hybrid

About The Position

IAT Insurance Group has an immediate opening for an Insurance Senior Product Manager focusing on Property & Inland Marine Coverages. Occasional travel is required. The Senior Product Manager position is responsible for maintaining product currency for existing products and for the development and implementation of new products such as coverage forms and endorsements, underwriting guidelines and strategies and rates and applicable rating rules. Additionally, the Product Manager will participate in the rate review process, develop new products and services, and maintain the profitability and growth of assigned lines of business. This role works a hybrid schedule from an IAT Office. The hybrid schedule requires working from the office Monday through Wednesday, with the option of working remotely on Thursday and Friday. Preferred IAT locations include Cheshire, CT; Alpharetta, GA; Raleigh, NC; Naperville, IL, or Scottsdale, AZ, Newark, New Jersey, Rolling Meadows, IL.

Requirements

Must Have: Bachelor’s degree and at least eight years of commercial product management or equivalent experience. Equivalent is defined as a minimum of 12 years of commercial product experience.
Possess 3 to 5 years of Commercial Property product development or management experience or 3-5 years of Property underwriting experience to include CAT management.
Strong knowledge of insurance policy contract structures.
Strong knowledge of actuarial concepts and pricing approaches.
Strong analytical skills.
Solid form drafting skills.
Good project management skills.
Good verbal and written communication skills.
Good presentation skills.
Ability to influence cross-functional teams without formal authority.
Ability to problem-solve and make recommendations.
To qualify, all applicants must be authorized to work in the United States and must not require, now or in the future, VISA sponsorship for employment purposes.

Nice To Haves

Preferred to Have: Property, Underwriting, or insurance product experience
Experience writing business requirements
CPCU, ARM, or AU industry designations

Responsibilities

Work closely with underwriting business leaders to keep their product suite current.
Develop and deliver training to underwriters and underwriter trainees as needed.
Assist in the review of key CAT exposures (Hurricane, Convective Storm, Wild Fire, Flood & Quake, etc.).
Help to maintain appropriate CAT pricing and concentration of risk.
Work to maintain/improve rates.
Work to review and improve coverage parts and endorsements for Property & Inland Marine lines of business.
Work with Compliance to ensure all rates, rules, and forms are up to date and filed with the State Insurance department where required.
Evaluate Insurance Services Office, Inc. (“ISO”) changes, asses any impact to supported businesses and communicate that impact to the appropriate areas of the organization.
Collaborate with appropriate business leaders to define strategy in response to ISO changes, state law changes and case law that may affect coverage.
Work closely with Legal to review and discuss drafted revisions of coverage parts and endorsements.
Relay revisions, including reasons for such revisions, to the applicable business unit.
Work collaboratively with IT and Regulatory to effectively implement agreed upon changes.
Maintain and improve the forms library, underwriting guidelines, and rating manuals for use by business units.
Understand drivers of line performance/profitability, including any necessary underwriting strategy changes based on performance.
Collaborate with Claim leaders to understand claim issues and trends.
Collaborate with Actuarial on base rate needs by line of business.
Lead the coordination of the base rate management decision-making process across the organization.
Collaborate with business units on an appropriate strategy based on the profitability of the line.
Utilize industry services such as A.M Best, Conning, etc. to monitor industry dynamics and trends.
Perform other duties as needed.

Benefits

26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off
7% 401(k) Company Match and additional Profit Sharing
Hybrid work environment
Numerous training and development opportunities to assist you in furthering your career
Healthcare and Wellness Programs
Opportunity to earn performance-based bonuses
College Loan Assistance Support Plan
Educational Assistance Program
Mentorship Program
Dress for Your Day Policy