Manager, Product Development - Boiler and Machinery

Travelers • Hartford, CT

1d • $101,300 - $167,000 • Onsite

About The Position

Product Development teams play a critical role in the achievement of Travelers financial objectives (growth, profit & retention) for one or more insurance products through the development, implementation and monitoring of product strategies and corresponding actions. As a Manager, Product Development, you will implement rigorous analysis and evaluation of market and product opportunities. You will deliver product development and product enhancements to the marketplace. In this role you will develop and implement new and existing products and solutions including monitoring and evaluating product performance and action plans. This role sits within Travelers’ Boiler & Machinery (B&M) product line and supports BoilerRe, our equipment breakdown reinsurance operation. The successful candidate will own the development, maintenance, and enhancement of reinsurance agreements, equipment breakdown endorsements and coverage forms, and related product documentation for BoilerRe’s portfolio of facultative and treaty reinsurance clients.

Requirements

• Bachelor's Degree or equivalent combination of education and experience.
• Three years of relevant experience with understanding and knowledge of products, underwriting, coverage, rules, compliance/regulatory environment, and insurance financials.

Nice To Haves

• Bachelor's Degree.
• Four years of product development experience preferably in the property & casualty insurance or reinsurance industry.
• Insurance experience with understanding of insurance products, coverage forms, endorsements, reinsurance agreements, regulatory filing processes, and insurance financials.
• Experience with equipment breakdown/boiler & machinery coverage is strongly preferred.
• Ability to think strategically and use judgment to resolve issues as they arise.
• Has deep understanding of Travelers' business strategy and plan objectives to align with enterprise goals.
• Excellent analytical skills with the ability to evaluate and understand current data and systems, find deficiencies/opportunities, recommend changes, and translate into business impacts.
• Experience drafting, reviewing, or negotiating reinsurance agreements, addenda, and related contractual documents.
• Familiarity with facultative and treaty reinsurance structures.
• Ability to serve as a subject matter expert and consultative resource to underwriting, legal, and client-facing teams on coverage and product questions.
• Have strong innovation skills including thinking critically about multiple perspectives and approaches to solving problems.
• Excellent communication and presentation skills with the ability to interact and influence management.
• Coach and lead cross functional team(s) on growth strategies, products, and objectives.
• Demonstrated ability to interact and influence across levels and organizations, including consensus and team building.

Responsibilities

• Develop, execute, and enhance product strategies and actions including business scope, go-to-market strategies, and agile methodologies to achieve financial objectives. For this role, this includes developing and maintaining reinsurance agreements, addenda, and equipment breakdown endorsements for BoilerRe’s client companies.
• Collaborate and influence strategies and associated action plans with key stakeholders and related initiatives to gain consensus for recommendations.
• Lead detailed market, competitor, and consumer research analysis to identify and recommend new products, markets and services or enhance existing ones.
• Identify opportunities of existing and future products through root-cause analysis and recommend solutions while ensuring key stakeholders are aligned on the strategy.
• Design, develop and implement system and process solutions that align with the product’s strategy.
• Actively collaborate with stakeholders and other entities and vendors (Product Management teams, Customer Experience, Sales/Marketing and other business unit teams) to identify and test new products or markets or enhance existing ones and develop strategic partnership opportunities.
• Support BoilerRe client companies to customize coverage endorsements, embed equipment breakdown coverage into their policy forms, and develop tailored reinsurance agreement terms. This includes participating in RFP responses for prospective reinsurance clients and supporting stewardship meetings with existing client companies.
• Independently analyze and drive recommendations for new or existing products by accessing and utilizing data to update. When appropriate, partner with data analytic teams to support recommendations.
• Lead product enhancement work including launch and rollout plans related to product strategies and action plans.
• Ensure strategies and plans address compliance needs and regulatory requirements.
• Support state Department of Insurance filing objections on behalf of BoilerRe client companies and manage form filing processes for reinsured coverage endorsements.
• Develop communication, training, and marketing materials in support of new or enhanced products and initiatives and deliver training to stakeholders when appropriate.
• Develop and deliver training to BoilerRe underwriters and analysts on reinsurance certificates, quote templates, and coverage form updates.
• Outline post implementation monitoring and measurement mechanisms for product strategies and initiatives in support of outlined success criteria and present findings and recommendations to leadership.
• Perform other duties as assigned.

Benefits

• Health Insurance: Employees and their eligible family members – including spouses, domestic partners, and children – are eligible for coverage from the first day of employment.
• Retirement: Travelers matches your 401(k) contributions dollar-for-dollar up to your first 5% of eligible pay, subject to an annual maximum. If you have student loan debt, you can enroll in the Paying it Forward Savings Program. When you make a payment toward your student loan, Travelers will make an annual contribution into your 401(k) account. You are also eligible for a Pension Plan that is 100% funded by Travelers.
• Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
• Wellness Program: The Travelers wellness program is comprised of tools, discounts and resources that empower you to achieve your wellness goals and caregiving needs. In addition, our mental health program provides access to free professional counseling services, health coaching and other resources to support your daily life needs.
• Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards program that enables you to give back to the charity of your choice.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager