Product Manager, Ancillary Products

HMSA • Honolulu, HI

3d • Hybrid

About The Position

This role is responsible for owning the end-to-end product strategy for assigned ancillary products. This includes benefit design, competitive positioning, rate considerations, and portfolio optimization. The Product Manager will establish short and long-term product goals in partnership with leadership, translating strategy into actionable initiatives. They will develop and manage project plans, timelines, and deliverables for product initiatives, benefit changes, vendor implementations, and program enhancements. The role involves conducting regular portfolio and market assessments, monitoring product performance, and identifying opportunities for improvement. The Product Manager will serve as the organizational subject matter expert for their products and benefits, evaluating and responding to custom benefit requests. They will provide subject matter expertise throughout the product lifecycle and coordinate cross-functional teams to ensure operational readiness and successful launches. Additionally, the role includes leading vendor management and governance activities, managing contracts, and facilitating vendor reviews. Performance monitoring and reporting are key, involving tracking financial information, developing executive-level summaries, and monitoring vendor performance against KPIs and SLAs. Operational execution and project management are also crucial, ensuring day-to-day product management activities support ongoing maintenance, enhancements, and implementations. This includes coordinating project tasks, monitoring progress, resolving issues, and ensuring stakeholder alignment. Risk, compliance, and controls are managed by identifying vendor risks and developing mitigation strategies. The role may also involve leading or working with other departments on miscellaneous projects.

Requirements

• Bachelor's degree and five years of related work experience; or an equivalent combination of education, training, and work experience.
• Strong oral and written communication skills.
• Demonstrated project management skills, including the ability to plan, organize, prioritize, track, and execute cross-functional initiatives from concept through implementation.
• Intermediate working knowledge in Microsoft Excel, Word and PowerPoint

Responsibilities

• Own the end to end product strategy for the assigned ancillary products, including benefit design, competitive positioning, rate considerations, and portfolio optimization.
• Establish short and long term product goals in partnership with leadership; translate strategy into actionable initiatives and recommendations.
• Develop and manage project plans, timelines, milestones, dependencies, risks, and deliverables to support successful product initiatives, benefit changes, vendor implementations, and program enhancements.
• Conduct regular portfolio and market assessments, including competitive analysis, pricing position, and performance benchmarking.
• Monitor and communicate product performance across membership, financial results, utilization trends, and customer impact; prepare executive level insights and recommendations.
• Identify opportunities to improve performance through benefit design changes, program enhancements, operational improvements, or vendor collaboration.
• Serve as the organizational subject matter expert for products and benefits for assigned segment.
• Evaluate and respond to custom or ad hoc benefit requests from Account Management Services (AMS), executive leadership and external clients.
• Provide subject matter expertise throughout the product lifecycle, from concept through implementation and post launch evaluation.
• Coordinate cross functional teams (vendors, Actuarial, Finance, Operations, IT, Legal, Compliance, Marketing, AMS) to ensure operational readiness and successful launches.
• Lead vendor management and governance activities for assigned vendors.
• Manage contract execution, renewals, amendments, statements of work, and related vendor agreements.
• Coordinate internal review of vendor contract language, support sourcing events and negotiations, and provide business impact analysis and recommendations to leadership.
• Facilitate recurring vendor reviews, maintain vendor documentation, and ensure vendor activities align with organizational goals and business strategy.
• Drive vendor corrective actions, service recovery efforts, and continuous improvement initiatives.
• Track key contract and financial information, including membership by segment, expenses, income, margin, vendor payments, incentives, and year-over-year performance.
• Develop executive-level summaries, scorecards, dashboards, financial tracking, and written recommendations.
• Monitor vendor performance against contractual obligations, KPIs, and SLAs; identify trends, risks, value leakage, and improvement opportunities.
• Review and validate vendor reporting and translate data into actionable insights, corrective action plans, and leadership recommendations.
• Partner with operational areas and internal departments to resolve escalated sales, service, risk, compliance, audit, and issue-resolution needs.
• Provide regular briefings to leadership on vendor changes, issues, performance, and required escalations.
• Execute day to day product management activities to support ongoing maintenance, enhancements, and implementation of products and benefits.
• Manage implementation activities by coordinating project tasks, monitoring progress against timelines, resolving issues, and ensuring operational and stakeholder readiness.
• Lead cross-functional project meetings, track action items, communicate status updates, escalate risks and barriers, and ensure stakeholders remain aligned on scope, timelines, decisions, and implementation readiness.
• Coordinate with internal partners to ensure accurate benefit configuration, system readiness, and operational execution.
• Draft, review, and approve product related documentation and internal materials.
• Provide timely, practical recommendations in response to emerging issues, operational needs, and custom requests.
• Identify vendor risks, gaps, and compliance issues; develop and track mitigation strategies.
• Maintain audit-ready documentation and support vendor risk assessments and mitigation plans.
• Lead or work with other departments on miscellaneous projects related to products, benefits, and programs.
• Performs all other miscellaneous responsibilities and duties as assigned or directed.

What This Job Offers

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