Product Manager - Business Insurance

Farmers Insurance Careers

50d•$108,375 - $205,750•Hybrid

About The Position

We are Farmers! We are… more than just your favorite commercials.  At Farmers, we strive to deliver peace of mind to our customers by providing protection and comprehensive advice and delivering in the moments of truth. That means having people who can help us meet changing customer and business needs. Farmers high-performance culture is focused on results and the people who achieve them. We hold ourselves and others accountable for sustainably growing the business and each other. We seek solutions, own our actions, and grow through discomfort. We see setbacks as opportunities while continuously asking ourselves how we impact our customers. Farmers is an award winning, equal opportunity employer, committed to the strength of an inclusive workforce. We are dedicated to supporting the well-being of our people through our extensive suite of benefits, as well as the well-being of the communities we serve through employee volunteer programs and nonprofit partnerships. Helping others in their time of need isn’t just our business – it’s our culture!  To learn more about our high-performance culture and open opportunities, check out www.Farmers.com/careers/corporate and be sure to follow us on Instagram, LinkedIn, and TikTok. Workplace: Hybrid ( #LI-Hybrid ), Remote ( #LI-Remote ) Farmers believes in a culture of collaboration, creativity, and innovation, which thrives when we have the ability to work flexibly in a virtual setting as well as the opportunity to be together in person. Our hybrid work environment combines the best of both worlds with at least three (3) days in office and up to two (2) days virtual for employees who live within fifty (50) miles of a Farmers corporate office. Applicants beyond fifty (50) miles may still be considered.Job Summary This position manages designated product lines within a business unit to ensure they remain competitive and relevant. This will be focused on Commercial Multi-Peril (i.e. BOP, Commercial Property, General Liability, Umbrella). The role supports strategy development and execution and manages lifecycle processes to achieve revenue, profit, and growth targets. The position evaluates financial performance and implements adjustments to optimize product line results. Collaborates cross-functionally to deliver competitive, compliant, and customer-focused insurance products. The position ensures effective product line management and alignment with state product goals.

Requirements

High School Diploma or equivalent required.
Bachelors degree preferred.
Minimum five years of experience required in product line management or similar role.
Commercial Insurance experience preferred.
Demonstrated analytical skills. Able to analyze data and trends to make informed decisions and recommendations.
Possesses strong product knowledge. Working knowledge of insurance products including commercial lines, property & casualty (P&C) lines, and other relevant types.
Demonstrated P&L management experience.
Effective leadership skills.
Demonstrated collaboration skills.
Effectively coaches and delivers constructive feedback.
Possesses strong technical aptitude. Proficient in Microsoft Office suite.
Familiarity with product management tools, data analysis software, and reporting systems.
Working knowledge of SQL preferred.
Strong verbal and written communication skills.
Demonstrated ability to secure 'buy-in' and convince others regarding best approach.
Goal oriented team player with a positive attitude.
Excellent time management skills.
Strong relationship building.

Responsibilities

Conducts competitor analysis to inform product strategies.
Evaluates models, rating variables, and market segments to recommend adjustments that improve competitive positioning.
Analyzes competitor earning reports, market positioning, and countrywide rating curves to support product development and rate strategies.
Applies research findings to support product initiatives and pricing decisions.
Coordinates with cross-functional teams to implement product strategies and operating standards that facilitate profitable growth.
Uses in-depth business knowledge to contribute to strategic planning for rating approaches, rating variables, and performance metrics.
Optimizes rating structures by analyzing losses, coverage types, and industry trends.
Performs trend analyses such as retention analysis and new money trends to support product planning and inform decisions.
Provides data-driven recommendations for adjustments to product design, rules, rates, or underwriting.
Coordinates cross-functionally to evaluate and execute countrywide non-rate or underwriting actions.
Manages processes to assess the impact of changes in policy terms and coverage options, analyzes their effectiveness, and recommends adjustments to enhance outcomes.
Monitors product performance metrics to identify trends, ensure compliance, and evaluate results.
Prepares reports for stakeholders and maintains systems to monitor financial results, product outcomes, and post-project performance.
Leverages data to deliver actionable insights.
Uses data to provide actionable insights.
Performs other duties as assigned.