Product Management - Senior VP

Employer
Bankers Financial Corporation
Location
Saint Petersburg, Florida
Salary
Not Specified
Posted
Feb 16, 2021
Closes
Mar 28, 2021
Ref
6511911#GIJtoGJS.6
Industry
Insurance
Category
Insurance

Company Value Statements

In the performance of their respective tasks and duties, all employees are expected to demonstrate the following:

· Acting with the highest level of honesty, trust, character and transparency.

· Making a unified effort to achieve the goals of the organization; embracing accountability for exceptional performance every day.

· Commitment to excellence in reaching our full potential as individuals and as an organization, surpassing the ordinary and the expectations of our stakeholders.

· Approaching every challenge with creative energy, discovering unique solutions to maximize success; focus on creating and delivering compelling customer value.

· Belief in the power of a diverse workforce and in creating a positive impact on both the environment and our community.

Summary/Objective

As the Head of Product Management, you will have full P&L accountability and be responsible for establishing, monitoring and influencing all aspects of product development. That includes growth and performance; directing the analysis, and management of all pricing and underwriting strategies; identifying, tracking and responding to changes in the market, including regulatory issues, legislative issues and competitive practices; and coordinating activity between product, sales and operations teams. To achieve profitability and growth, the Senior Vice President, Product adapts the standard product design to conform to the state requirements and market conditions, defines eligibility and underwriting rules, sets adequate rates, and establishes a retention strategy within this context.

Essential Functions

· Responsible for all the components of Product Management for the assigned product.

· Will typically manage a team of 4-6 product managers and professional level staff.

· Understand and respond to the trends, competition and financial impact for the product portfolio within the state and regional assignment.

· Communicates and coordinates key profit metrics with Claims, Operations and Marketing.

· Establish objectives for the designated geographic region in terms of pricing, growth and profitability.

· Engage sales heads to ensure alignment and accountability regarding product business plan.

· Make fact-based strategic decisions based upon knowledge of the market, which includes competitors, regulatory and legal environment, claims handling trend, and distribution channel/agent relationships.

· Develop, review and implement marketing strategies through the integration of the pricing, sales, service, and underwriting functions.

· Monitor the market place and identify competitor and industry changes impacting effectiveness or compliance of current, pending and/or proposed programs.

· Directs the work of the Underwriters in order to enhance effectiveness of underwriting strategies and portfolio recommendations.

· Analyze complex reports and work with the team to implement appropriate changes in pricing position, underwriting standards, sales growth, and claims handling.

· Work with the field sales team to develop state profit and growth strategies, including product positioning and marketing approach.

· Lead a technical pricing team to direct the analysis process and make rate and trend selections to meet profitability goals. Coordinate the rate revision schedule with the systems integration team and field organization.

· Develop and implement strategies to manage the catastrophe exposure at an acceptable level for the product.

· Partners with Sales VP to make decisions regarding growth by distribution channels and deployment of sales representatives in the state to achieve new business volume, quality standards and objectives, and to monitor the quality of new business sales results.

· Review and monitor claims practices to maximize effectiveness while maintaining compliance with all applicable laws and regulations.

· Work with service to ensure that customer satisfaction goals are being met or exceeded cost effectively.

· Work with internal regulatory/filing unit to respond to the Department of Insurance for rate filings and market conduct exams and serves as a consultant on consumer complaints and other interactions.

· Articulate financial results and impact of strategy to senior management.

· Develop and maintain relationships with state regulators by attending regulatory meetings (i.e., IRES and SERA), insurance department visits and participation in industry group meetings as well as through daily phone contacts.

Supervisory Responsibility

Product Managers, Underwriting / Managers, Product Analysts

Required Education and Experience

· B.S./B.A. required.

· Highly developed analytical, pricing, decision-making, entrepreneurial and strategic thinking skills. Excellent written and oral communication, presentation, influencing, and leadership skills essential.

· 10-15+ years of progressively responsible and successful Property and Casualty experience in product management, pricing, underwriting, finance or related discipline.

Preferred Education and Experience

· M.B.A. and/or direct experience preferred. Insurance industry certification and participation (CPCU) desirable.

The preceding position description has been designed to indicate the general nature of the work performed; the level of knowledge and skills typically required; and usual working conditions of this position. It is not designed to contain, or be interpreted as a comprehensive, complete or exclusive list of the duties of the position. Additional and different duties may be assigned from time to time. We are an E-Verify company.

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