Product Development Manager

Ryan Specialty • Chicago, IL

23h • $112,000 - $140,000

About The Position

The Product Development Manager is responsible for developing and implementing the new product development strategy and prioritizing niche markets within specialty insurance. The role drives innovation, establishes KPIs, provides regular updates to senior management, engages with clients, and partners, and develops training materials on new specialty insurance products. They lead a collaborative team of product development professionals overseeing design, risk analysis, pricing, and end-to-end product management. What will your job entail?

Requirements

• Bachelor’s degree; Product Management, Business Administration, Engineering or related field.
• 3+ years of experience in Insurance Product Management.
• Deep understanding of Managing General Underwriter (MGU) business.
• Strong background in project management, change management, and business case development.
• Expertise in both Agile and Waterfall SDLC Methodologies.

Nice To Haves

• Master's degree
• Certified Professional in Insurance Regulation (CPIR), Certified Professional in Product Management (CPM), or Certified New Product Development Professional (NPDP).
• Experience with AI-driven business solutions.
• Background in acquisition integration and operational excellence.
• Familiarity with digital modernization strategies and tools.

Responsibilities

• Leads and manages a team of product development professionals—including product managers, analysts, and specialists—while fostering a collaborative and innovative culture that drives the successful delivery of new insurance product initiatives.
• Partners with Project Management, Product Management, Process Engineering and IT to ensure alignment and execution of business priorities.
• Follows project management best practices across both Agile and Waterfall methodologies.
• Develops and executes the overall product development strategy, ensuring alignment with company goals, market trends, financial performance expectations, and specialty insurance growth priorities.
• Leverages underwriting and MGU operational knowledge to guide product design, ensuring alignment with the full policy lifecycle—including submission intake, quoting, binding, endorsements, cancellations, renewals, and compliance considerations.
• Collaborates with underwriting teams, actuaries, and finance partners to assess risk, set pricing strategies, evaluate profitability, and ensure products are financially viable across their lifecycle.
• Leads the development and management of AI‑driven underwriting platforms, including evaluating system outputs, optimizing underwriting rules, and partnering with technology teams to refine automation and decision-support tools.
• Oversees the end‑to-end lifecycle of product development and enhancement projects, ensuring timelines, budgets, resource allocations, and cross-functional deliverables are met.
• Monitors and report on project performance, risks, and outcomes to executive leadership.
• Drives innovation and differentiation within specialty insurance, introducing new product features, underwriting capabilities, and technology integrations that enhance competitiveness.
• Defines KPIs and monitors product performance, leveraging data analytics, financial insights, and underwriting trends to identify opportunities for improvement and drive continuous optimization.
• Creates training materials and provides education to internal teams, agents, and customers, ensuring effective understanding of new products, underwriting workflows, and AI‑driven tools.
• Serves as a subject-matter expert on underwriting operations, offering guidance on submission workflows, routing, risk selection, documentation standards, and policy lifecycle management.

Benefits

• Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them — and their family members — achieve their physical, financial, and emotional well-being goals.
• In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.
• The target salary range for this position is $112,000.00 - $140,000.00 annually.
• Full-time roles are eligible for bonuses and benefits.
• For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.
• We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law.

What This Job Offers

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