Assistant Product Manager
Job ID: 00086092
Location: OH - Independence
Relocation Provided: None
Education Required: Bachelors Degree
Experience Required: 3 - 5 Years
Position Description:
Creates product strategies with the assistance of more senior product managers for assigned geographical territory or industry group. Works with informational inputs coming from inside and outside of the organization and business partners to create strategies and to direct the development of product pricing, underwriting and contract changes to achieve goals. Assists in the approval of underwriting guideline changes and additions including form and coverage changes in the assigned states or industry groups. Works with multiple business partners maintaining open lines of communication with the Agency Management, Claims and the Commercial Service Center organizations to obtain critical market and loss trend information. Travels to meet with business partners which may include large groups of agents to communicate strategies.
Position Requirements:
• Assists in the creation of long and short-term growth and profit strategies in the assigned states or industries that align with company wide strategies. Reviews statistical analysis of data concerning loss patterns, market forces, agency management, etc. to evaluate the success of current strategies and tactics to either modify or create new ones.
• Recommends decisions concerning underwriting guideline changes and additions to assigned states or industry groups. Responsible for ensuring all changes are communicated to field services, operations, underwriting, marketing and system technology teams.
• Manages policy forms for assigned states or industry groups. Recommends changes to broaden or restrict coverage. Responsible for ensuring all changes are communicated to operations, underwriting, marketing and system technology teams.
• Participates in rate review process with Zone Marketing Managers, State Executives and Commercial Wholesalers. Coordinates rate reviews and changes with Actuarial. Makes pricing decisions including a rate change implementation plan. Assesses the impact on the in force book, new business production and agency force.
• Manages the development and review of recommendations concerning new coverages and contracts or revisions to existing contracts and endorsements. Evaluates the impact of product revisions on established operating standards including the effect proposed policies, procedures, and program changes have on profit and production prior to adoption.
• Takes leadership role in special projects for assigned states or industry groups. Provides input on the development of product line introduction, underwriting training and marketing materials in coordination with Home Office Marketing.
• Aids the Underwriting Execution Office in Commercial Center audits measuring underwriting, documentation, decision-making quality and adherence to published procedures; the introduction of new and/or revised policies, procedures and programs; collaboration in the development, maintenance, and implementation of underwriting tools that reflect underwriting philosophy and strategy.
• Conducts field travel to roll out new products and enhancements.
• Reports the results of assigned states and industry to senior management.
• Performs other duties as assigned.
Position Attributes:
• Analysis responsibility for all commercial lines (BOP, Auto, and WC) of growing Independent Agency and Exclusive Agency businesses.
• Successful candidate should have 3 to 5 years of commercial product experience (will consider personal lines) or other strong analytical experience.
• Strong understanding of insurance financials, including profit and loss key performance indicators
• Participation in developing financial plans for the insurance industry (preferred) or other industries.
.
