Product Manager I

Brookfield Wealth Solutions, Ltd•Chicago, IL

20h•$75,000 - $115,000•Onsite

About The Position

The Product Manager I is responsible for the growth and profitability for either the LOB or Region they are assigned with minimal oversight from the Leader of Product Management. They work closely with the regional team and internal business partners to identify and execute growth & profitability initiatives. This position will work closely with the Senior Product Manager and/or leader of Product Management to develop and execute that strategy. They are seen as the primary decision maker and are considered a valuable member of the organization. This is a 100% in-office position. Candidates must be able to work on-site at a designated company office during standard business hours.

Requirements

Bachelor's degree.
Four to six years industry experience.
One year of previous Product Management experience or minimum of four years underwriting, actuarial, or other industry experience.
Basic understanding of Property and Casualty Insurance Products
Understanding of the operational nature of product implementation and the product life cycle.
Ability to work independently with excellent organization skills and initiative.
Excellent analytical and critical thinking skills.
Ability to travel on behalf of the company.
Ability to negotiate effectively with agents, underwriting and actuarial.
Ability to effectively manage high pressure situations.
Strong negotiating skills.

Nice To Haves

Professional insurance designation preferred.

Responsibilities

Accountable for the growth and profitability for assigned LOB or Region, including YoY growth targets, achieving our rate plan, and proactively identifying and addressing key concerns. Provides monitoring and surveillance of key initiatives and to monitors progress and success. Elevates concerns and proposed solutions to Director/AVP of Product.
Works with leadership to identify potential vendors that could offer value-added services to the organization.
Responsible for identifying new focus markets and works collaboratively to develop a comprehensive strategy to profitably grow our markets. This position will work closely with Underwriting and Marketing to better understand our client needs and is a valuable resource on market and product knowledge.
Helps develop product management team by cultivating a culture where ideas are welcomed and shared. Actively engages team and assists other product managers when needed.
Reviews pricing, design features, and associated critical success factors such as distribution, marketing, underwriting and claims to make recommendations on all the above. Works collaboratively across divisions to incorporate expertise and knowledge into a holistic strategy for achieving company success.
Works closely with other areas and IT to determine project prioritization and implementation.
Provides guidance to all functional areas as related to product design and management. Makes recommendations based on in-depth functional and regional knowledge and opportunities for improvement.
Utilizes industry reporting tools to provide competitor insight, market share and performance within a region or line of business to senior leadership team.
Works closely with Business Intelligence team, develops standardized monthly reports for specified region and/or line of business to measure and monitor performance of growth and profitability and product development initiatives.
Makes recommendations for development of product enhancements based on competitor, field, and client feedback.
Works with marketing to identify areas of focus and opportunity. Develops plan, inclusive of market research and analysis, to assist in prospecting initiatives, marketing campaigns, and branding. Supports marketing in the development of marketing collateral (both agent and client facing).
Manages strategies related to multiple product profitability objectives. Work cross-functionally with Underwriting, Claims, and agencies to identify loss drivers and implement mitigation strategies.
Works collaboratively on coordination and implementation of new products and product changes. Spearheads product related internal and external training and education.
Guides the process implementing new tools and technology to enhance product performance with a focus on Innovation. Validates and confirms effective execution of pricing and product initiatives.
Leads and coordinates critical internal processes including Growth and Profitability calls and Operational Reviews.
Leads and coordinates the Product Development process.
Leads cross-functional strategy teams and works closely with the Regional Field Executives to execute that strategy.
Solid understanding of all Property and Casualty lines of business offered. Specific expertise based on assigned LOB or Region.
Works closely with Project Management Organization to build project charters and develop execution plans for product enhancements and new product offerings.
Works with Regional Field Executives and Actuarial to develop annual growth plans by agent, MLGA, state, region, and line of business.
Works closely with Project Management Organization, CTS Management, and Business Analysts to build annual line of business maintenance schedules for rate and regulatory changes.
Works closely with Project Management Organization and CTS Management to identify and implement technology enhancements within the annual business plan.
Develops annual business plan for assigned lines of business or Region including product development projects, Growth & Profitability actions, and regulatory changes.