Director, Property Product Management - Corporate Underwriting – Commercial Insurance

SUMMARY:

This position will provide leadership in building and maintaining a culture of commercial property underwriting excellence along with leading product and market development strategies. The Director will provide technical direction to each operating unit’s underwriting departments by providing clear guidelines on operating unit risk appetite, establishing quality standards, controls and audit capabilities. In addition, the Director will assist in developing and monitoring metrics in new and existing markets. The position is responsible for leading a team of technical professional(s) engaged in research, analysis and auditing within the underwriting discipline. The Director is responsible for product development and project leadership for property products. Product development includes building the product offering, filing, establishing underwriting guidelines, building training materials and giving the training sessions. Project leadership includes team assembly, creating objectives, coaching and mentoring the team to a successful resolution in a timely manner.

RESPONSIBILITIES/TASKS:

• Leads the development and implementation of complex product strategies for commercial property business.
• Determines and prioritizes the core functions and features of existing and new products.
• Develops and introduces strategies to improve retention and profitability.
• Works in collaboration with cross functional teams to identify technology needs in support of short and long-term company product strategies.
• Responsible for researching and addressing internal and external emerging trends in support of business cases for opportunities to improve workflow, mitigate risks, and improve customer satisfaction with the product management process.
• Leads ongoing monitoring of key metrics and programs to drive performance and owns key process including systems prioritization and planning for commercial property business.
• Maintain risk appetite throughout the commercial multiline enterprise.
• Work with each operating unit to ensure their risk appetite is appropriate based on their skills and consistent with the holding company appetite.
• Create a process to share and implement best practices throughout the enterprise.
• Implement underwriting standards and monitor results via establishing a quality assurance function at the holding company level.
• Assess new underwriting and market opportunities.
• Evaluate rate reviews.
• Develops solutions that balance rate need and market conditions in order to support the Company’s targets for profitable growth and retention.
• Ensure the achievement of continued profitability, growth and/or operational efficiencies through assessment of risk tolerance, market appetite and emerging risk issues.
• Drive adherence to underwriting authority delegation, audit criteria and catastrophe management.
• Collaborate with Loss Control, Actuarial, Claims, Compliance and other Operating Units to address governance and compliance issues related to underwriting practices.
• Provide guidance and direction in the development of underwriting and training tools.
• Develop underwriting strategies and position papers for emerging issues when needed.
• Identify and track leading indicators of external conditions.
• Design and execute analysis covering industry conditions and insights from operating units.
• Identify changes in industry conditions and recommend specific actions to key stakeholders.
• Help identify risks with current strategies or markets.
• Contribute to corporate profitability goals through review of product results by operating unit. Communicate findings, concerns and trends, as needed, with operating unit’s management. Monitor implementation plans and results. Review product and pricing tier usage, communicate findings, concerns and trends, as needed with operating unit management discussing possible solutions and monitoring outcome.
• Coach and provide technical advice and counsel within and outside operating unit.
• Collaborate with Multiline Product Filings team with regards to licensing and state filings.
• Consults with reinsurance team to manage overall risk of portfolio.

DIRECTION EXERCISED:

Directly supervises exempt staff in accordance with company policies and applicable federal and state laws. Responsibilities include but are not limited to effectively interviewing, hiring, terminating and training employees; planning, assigning and directing work; appraising performance; rewarding and counseling employees; addressing complaints and resolving problems; supporting and encouraging the engagement process.

This position description identifies the responsibilities and tasks typically associated with the performance of the position. Other relevant essential functions may be required.

EMPLOYMENT QUALIFICATIONS:

EDUCATION:

Bachelor’s degree in business, finance or related field required. Progress towards, or completion of, industry-recognized professional designations (i.e., IIA, AIU, CPCU, ARM) highly preferred. Continuous learning, as defined by the Company’s learning philosophy, is required. Certification or progress toward certification is highly preferred and encouraged.

EXPERIENCE:

Ten years of progressively more responsible work experience in commercial multiline insurance which can include but not limited to property, general liability, automobile and umbrella/excess product lines, with a strong focus on underwriting, product management and regulatory issues. Five years of increasing managerial responsibilities with demonstrated leadership abilities.

ADDITIONAL EXPERIENCE:

• Influenced company’s processes and procedures for determining and implementing pricing.
• Determined prices for various products.
• Negotiated and priced large, complex accounts.
• Developed unique policy features for a customized product. Compared features of many competitors to improve the products offerings. Contributed to development of new product; and led projects through product development cycles, deliverables and time frames working with related departments and work groups.
• Defined when to purchase facultative reinsurance. Describe treaties used and any exclusion. Worked with facultative and treaty reinsurance processes for responding on a loss. Documented policies to reflect reinsurance transactions. Reviewed facultative reinsurance certificates for completion.
• Field and home office experience.
• Experience in training employees, setting clear standards of performance, tracking, evaluating and effectively communicating feedback.

SKILLS, KNOWLEDGE AND ABILITIES:

• Expert knowledge of the underwriting discipline and evaluation of underwriting performance based on financial analysis including rate, reserve adequacy, operational, planning and product reviews.
• Excellent analytical, organizational and problem-solving skills, and managerial level skills in managing ambiguous situations and issues. Ability to diagnose and develop recommendations to solve unique business unit and customer problems.
• Knowledge of the commercial multiline industry and practices with respects to legal, regulatory and administrative procedures; tools and techniques for assessing exposure, risks, trends, pricing, and portfolio analysis at various levels.
• Knowledge of finance, accounting and actuarial concepts and practices as applied to commercial multiline insurance; understands financial and actuarial tools and standards; can access and understand major corporate financial reports; can describe key issues of various financial units; and is aware of financial goals and measures of key competitors.
• Knowledge of effective rate reviews/rate changes. Effective analysis of state rate needs, recommendations, ability to gain consensus and implementation within responsible departments and operating units.
• Knowledge of practices, tools and techniques to attract, retain and service target customers, maximizing company profit objectives.
• Knowledge of policy language and endorsements to tailor new or manuscript coverage’s to meet customer’s needs.
• Knowledge of reinsurance activities, processes, tools and considerations.
• Excellent verbal and written communication skills.
• Demonstrated drive, determination, and persistence to achieve annual revenue targets.
• Presentation skills and confidence to present company and product in one-on-one settings or to large gatherings.
• Strong project management skills.
• Action-oriented approach to solving business problems.
• Demonstrate a high degree of trust through demonstrated personal integrity, ethics and a commitment to doing the right thing.
• Ability to proactively recognize opportunities to achieve the best results.
• Ability to create a positive working environment within unit. Seek out opportunities that further develop, track, evaluate and effectively communicate feedback to others.
• Ability to work independently.
• Solid strength in research leadership skills. Ability to look at things in new and innovative ways to benefit the business and positively impact profitability and sales results.

WORKING CONDITIONS:

Work is performed in an office setting with no unusual hazards. Minimal travel required.

The qualifications listed above are intended to represent the minimum education, experience, skills, knowledge and ability levels associated with performing the duties and responsibilities contained in this job description.

Pay Range - Actual compensation decision relies on the consideration of internal equity, candidate’s skills and professional experience, geographic location, market, and other potential factors. It is not standard practice for an offer to be at or near the top of the range, and therefore a reasonable estimate for this role is between $145,600 and $243,800 (M3C).

We are an Equal Opportunity Employer. Diversity is valued and we will not tolerate discrimination or harassment in any form. Candidates for the position stated above are hired on an "at will" basis. Nothing herein is intended to create a contract.

Salary : $145,600 - $243,800