Head of Product Development reports to the CEO. Works with the CEO and the senior
leadership team to help identify and manage product opportunities and
offerings. The incumbent drives an
integrated product strategy that includes maintaining adequate pricing and
profitability across the organization, while partnering closely with relevant
departments to develop new or improved product offerings to strengthen or expand
company markets. The Head of Product Development directs projects for
new and existing lines of business, monitors compliance mandates and oversees
responses to regulatory and industry trade organizations.
Principal Duties and Responsibilities:
Provides leadership and executes vision to all relevant areas of the company related to product design and management.
Makes recommendations to senior leadership based on industry trends and functional knowledge providing opportunities for improvement. Identifies opportunities for new product innovations and extended feature-sets which help drive the company strategy.
Leads regional market analysis efforts and product reviews by state and line of business. Researches competing products and trends within industry. Shares competitor information with appropriate departments and coordinates responses to competitive opportunities.
Functions as an expert on internal and external factors that influence the product line's results.
Partners with Underwriting, Claims, IT and Marketing to develop models, guidelines and pricing strategies to achieve financial performance objectives and promote profitable growth in the marketplace.
Synchronizes corporate strategy and resources to drive rate review and rate change process. Directs action plans to improve and/or maintain product performance. Analyzes and recommends changes to the base rates and rating plan structure to include design changes and modeling. Accountable for the quality and effectiveness of rate change and system enhancement implementations.
Coordinates the implementation and updating of pricing or tiering models adapted to state statutory and regulatory requirements taking into consideration market conditions.
Takes an active role in the regulatory approval process and maintains a deep understanding of the regulatory environment and requirements in each state in which the company does business.
Oversees the exploration, sponsoring, and evaluation process of new product performance tools and technology enhancements. Drives process change improvements.
Other duties as needed or required.
The product analyst, actuary analyst and data analytics specialist report to this position.
Maintains staff by recruiting, selecting, orienting, and training employees; maintains a safe, secure, and legally compliant work environment; works with staff for their professional development. Fosters engagement across the team.
Accomplishes staff results by communicating job expectations; planning, monitoring, and appraising job results; coaching, counseling, and providing performance management; developing, coordinating, and enforcing systems, policies, procedures, and productivity standards.
Qualifications & Skills:
Eight years’ experience in personal lines/commercial lines insurance including four years previous product management, and associate management experience.
Bachelor’s degree in a rigorous course of study, preference given to quantitative disciplines.
In-depth knowledge of analytical tools, expert level knowledge of core business functions, underwriting policies and best practices, performance and profit measurement techniques, and systems required. In-depth knowledge of related pricing, marketing, and insurance models/contracts.
Deep understanding of the regulatory environment and requirements in each state in which the company does business.
Excellent verbal and written communications necessary to effectively influence, train others, present information, communicate with management, agents and other business partners.
Must be skilled in the use of related systems and analytical tools.
Ability to envision and drive for results, deal with ambiguity, solve problems, and learn on the fly.
Demonstrated decision making skills, ability to identify trends/patterns within our region
Excellent project management skills necessary.
Managerial courage and command skills are essential.
Deals with confidential information and/or issues using discretion and judgment.
Master’s in a quantitative field or MBA preferred.
Multiline product experience preferred.
Significant insurance education, such as INS, AU, CPCU or actuarial exams or the demonstrated willingness to pursue insurance education is strongly recommended
Previous predictive analytics experience is preferred
Experience with the formation of new companies, subsidiaries.