Job Title: Commercial Lines Product Mgmt Manager (Specialty & Liability)
Job ID: 03453
Division : Product Management
Work Location(s): United States-Wisconsin-Madison
Full/Part Time: Full-Time
There are two positions available.
The Commercial Lines Product Management Manager provides input and establishes short-term and long term commercial lines product strategies in accordance with line accountability to meet corporate and divisional objectives, profit and growth goals, and combined ratio targets. Collaborates with functional divisions (Commercial Lines, Actuarial, Marketing, Sales, Claims, I/S, Controller) to design, implement, and direct American Family's commercial lines product strategy, portfolio planning, design, and product development to achieve sustained profitable growth. Leads the profit & growth planning efforts for all commercial lines products. Oversees integration efforts with each functional division's strategies into the overall product strategy at the corporate, regional and state levels to support the profit and growth plan. Maintains awareness of industry best practices and competitor products to maximize commercial lines product strategy. Monitors product line performance and makes recommendations for product enhancements.
- Commercial Lines Product Management (40%)
- Provide input into commercial lines product strategy to Product Management leadership based on external industry and economic trends, and internal capabilities and business performance.
- Establish and review short-term and long-term product strategies through the integration of the sales, services, underwriting and pricing functions.
- Manage the product strategy execution; works with regional Product Management leadership to implement product strategies and the state and regional levels to achieve and exceed the profit and growth plan.
- Develop strong knowledge of industry and competitor activities, sales projections and actual results, product performance, and customer satisfaction measures.
- Make fact based strategic decisions based upon a knowledge of the commercial lines market, which includes competitors, regulatory and legal environment, claims handling trends, marketing trends, etc.
- Leverage best practices and shared services across the functional and operational divisions in support of product initiatives and to impact financial results.
- Maintain active awareness of marketing research, design, and innovation initiatives for commercial lines products.
- Line Performance Monitoring and P&G Planning (30%)
- Manage the monitoring and analysis of profit and growth performance of the commercial lines book of business and provides insights and recommendations to Product Management leadership based on performance analyses.
- Monitor information from business partners regarding, but not limited to, market trends, economic conditions, legal and regulatory developments, and competitor strategies and actions; leads analysis based on this information and provides insights to Product Management leadership based on findings.
- Lead profit & growth planning efforts of commercial lines products, including unit, premium, loss, and expense forecasts, as well as initiative impact forecasts.
- Lead the development and maintenance of product strategy execution reporting to determine effectiveness of implementation efforts and accuracy of the strategic hypotheses and assumptions that the strategy is based on.
- Based on line performance, develops gap analysis to review actual results compared against profit and growth plan. Recommends initiatives and changes to impact product performance and close the gap.
- Integration of Product Strategies (20%)
- Manage the integration of a national product strategy with the planning and operational efforts of the functional divisions (Actuarial, Marketing, Commercial Lines, Sales, Claims, Controller).
- Makes recommendations to modify the initial product forecasts when implementing initiatives that could have an impact on profit and growth.
- Collaborate with business partners to identify strategic fit of products, develop recommendations, and determine product retirements as needed to meet profit and growth objectives.
- Partner with the field Sales team to develop state profit and growth strategies including product positioning and marketing approach.
- Partner with Actuarial and participates in rate revision process; responsible for product level rate decision making and gaining VP and Director approval.
- In collaboration with Actuarial, guides the development and implementation of mathematical models and predictive modeling techniques used to identify possible rating solutions and long term profitability; monitors product performance and recommends changes to the rating plans.
- Collaborate with Marketing Division to formulate product portfolio strategies in line with corporate commercial lines product strategies.
- Partner with Commercial Lines division to review on-going analysis of underwriting profit/loss results & trends and risk selection parameters to support the overall product strategy.
- Collaborate with Commercial Lines leadership on new product development and product enhancements.
- Manage product concept development including building a business case, legislative/compliance review, business system impacts, and operational, data and metric requirements/analysis.
- Strategies Linked to the Division's Business Goals/Results (5%)
- Establishes, communicates, and implements departmental plans, objectives, and strategies.
- Participates as a member of the Management Team.
- Maintains an active awareness of American Family's business environments, corporate culture, and structure to support key decision-making.
- Management/Leadership for Department or Unit (5%)
- Manages direct reports, systems, and projects to achieve department/unit goals in accordance with Company policies and practices.
- Prepares and analyzes department/unit plans and reports.
- Provides leadership by exhibiting influence and expertise, thus affecting the results of the operating area.
- Creates an effective work environment by developing a common vision, setting clear objectives, expecting teamwork, recognizing outstanding performance, and maintaining open communications.
- Develops staff through coaching, providing performance feedback, providing effective performance assessments, and establishing performance & development plans.
Specialized Knowledge and Skills Requirements
- Achieve Results
- Be Accountable
- Lead Change
- Lead Corp Vision & Strategy
- Lead People
- Maximize Customer Experience
- Analytical Thinking
- Business Acumen
- Demonstrated experience developing insurance product strategies.
- Demonstrated leadership experience in Product Management with a focus on P&L.
- Solid knowledge and understanding of Property and Casualty Insurance product design and product management.
- Solid knowledge and understanding of advanced financial and data analysis techniques.
- Solid knowledge of industry, market, and regulatory trends in Commercial Lines coverage.
- This position requires travel up to 15% of the time.
Offer to selected candidate will be made contingent on the results of background checks.
A career move to join American Family Insurance may also mean a physical move for you. If you are selected for an interview, information will be provided on the level of relocation assistance available during the interview.
We offer a comprehensive benefits package that includes health, life and dental insurance, a 401(K) plan, paid holidays, vacation and sick leave and the opportunity for career development. If you would like to put your career in motion apply online today!
At American Family Insurance, a company rich in tradition and success, we're always looking for bright ideas, dedication and people ready to fulfill their dreams. To get started on your dream, visit: www.americanfamilyinsurance.jobs
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Please review the job requirements.
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