Senior Product Manager
About The Position
The Senior Product Manager partners with key stakeholders to drive the strategic direction of a portfolio of insurance product lines across distribution channels and brands. The role defines product strategy and roadmaps, champions those strategies throughout the product life cycle, and monitors and influences product performance to meet company revenue and performance targets. The position develops business initiatives, product strategies, and action plans; analyzes product, market, and financial data; and leads cross-functional work to improve growth, profitability, retention, pricing, underwriting, and distribution. It also guides strategic product development, pricing and program structures, rate plans, state-level enhancements, underwriting guideline changes, and product implementation. As a product leader and subject matter expert, the role supports maintenance of current products, filed product changes, and delivery of new products. It works with internal partners including Marketing, Legal, Compliance, Underwriting, and Actuarial to coordinate filings, rules, forms, coverage changes, and regulatory responses. The position has no supervisory responsibilities, but may mentor and train junior team members.
Requirements
- Bachelor's degree in Business, Computer Science, Math, or a related field, or an equivalent combination of education and experience.
- At least 6 years of insurance product management experience.
- Insurance industry knowledge and demonstrated work experience.
- Exposure to an industry-recognized product management curriculum or demonstrated experience.
- Extensive insurance industry knowledge; workers' compensation or commercial lines knowledge is required depending on role designation.
- Ability to research industry topics and develop knowledge of internal systems and constraints to manage state compliance.
- Highly developed quantitative analysis, decision-making, and project management skills.
- Ability to solve complex business problems and understand the business's strategic direction.
- Deep knowledge of the insurance product life cycle, financial drivers of profitability, insurance regulations, and insurance operations and business processes.
- Ability to synthesize analytical results to guide business decisions.
- Strong leadership, written and oral communication, teamwork, and organizational skills.
- Ability to run effective meetings, including setting agendas and attendees, managing time, and documenting outcomes.
Nice To Haves
- MBA.
- Experience managing complex, large-scale, high-risk product development projects.
- Knowledge of actuarial practice.
- Chartered Property Casualty Underwriter (CPCU) designation.
Responsibilities
- Ideate and develop business initiatives using product knowledge and results.
- Partner with product line underwriting leaders to develop product strategies and action plans that support growth and profit objectives.
- Own inputs to biannual premium and exposure projections for budgeting and pro forma processes.
- Provide insights on profitability, retention, and growth by integrating perspectives across underwriting, marketing, policyholder services, distribution, claims, actuarial, analytics, customer, and digital experience functions.
- Coordinate cross-functional delivery timelines, implementation of product strategies, and engagement on initiatives supporting product objectives.
- Develop and maintain templates for competitive research and analyses.
- Use internal analytical tools and train others to use tools covering underwriting, marketing, customer behavior, and claims.
- Analyze loss patterns, market forces, risk distributions, and agency management to evaluate strategies and recommend changes to production, pricing, underwriting, contracts, or agencies.
- Assess the impact of changes on the in-force book, new business production, and agency force.
- Execute strategic product initiatives and monitor marketplace changes that may affect product effectiveness or compliance.
- Partner with Actuarial to determine pricing and program structure, and design and execute rate plans and state-level enhancements; communicate changes to affected teams.
- Partner with Underwriting on process and system changes, questions, and communications to affected parties.
- Analyze existing product performance and lead business cases for product changes or new products.
- Select appropriate internal and external data sources and organize product definitions to support downstream reporting.
- Direct implementation of underwriting guideline changes and collaborate on enterprise system solutions for the product roadmap.
- Lead maintenance of current products, filed product changes, and design and delivery of new products.
- Collaborate with Marketing, Legal, Compliance, Underwriting, and Actuarial on bureau rules, forms, coverage changes, company-initiated changes, and coordination with rate filing analysts.
- Track distribution channel needs and report on direct-to-market strategies in the industry.
- Maintain and document knowledge of bureau underwriting manuals, company exception rules, state regulations, and historical filings; research issues and recommend changes or training.
- Work with Underwriting and Legal to ensure policy provisions comply with state law, and with Compliance to identify and remediate rule gaps across systems, processes, and reporting.
- Participate in regulatory filing approvals, market conduct exams, and responses to state filing objections.
- May mentor and train junior team members.
Benefits
- Medical, dental, and vision plans.
- 401(k) retirement plan with company match.
- Bonus potential for all positions.
- Paid time off.
- Paid holidays.
- Support for continued learning.
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What This Job Offers
Job Type
Full-time
Career Level
Senior
