What are the responsibilities and job description for the Assistant Vice President, Workers Compensation Product Leader - Blue Bell, PA position at PMA Companies?
Reporting to the VP, Casualty Product Management and Development, the Workers Compensation Product Leader, leads a team of Workers Compensation Underwriting Consultants responsible for the stewardship of the workers compensation line of business, including supporting the achievement of each Business Divisions short-term and long-term growth and profit objectives. Serving as the organization's foremost experts on technical matters related to workers compensation, this role will ensure that the rating systems are kept up to date and support the organization's IT transformation. Additionally, the Product Leader will have responsibility for the appropriate growth, profit, efficiency and compliance of the line of business.
Responsibilities
Leadership
- Cultivate a positive and collaborative relationship within Product Management and Development, as well as throughout the organization to drive optimal results for the workers compensation line of business
- Direct and develop the Workers Compensation Underwriting Consultants within PMD
- Assist in the development of the PMD business plan and ensure achievement of all workers compensation objectives
- Serve on the Workers Compensation and Casualty Priorities Task Force as requested for PMA and Old Republic
Technical Underwriting Support
Maximize the profitability of PMA's workers compensation portfolio and provide the organization with technical expertise on all workers compensation matters.
- Monitor and analyze PMA and industry loss ratios, loss trends, portfolio composition, evolving loss exposures, expenses and pricing
- Assist the Segments with the development, implementation and adjustment of strategies, underwriting and pricing guidelines, underwriting and pricing tools, and portfolio composition to achieve Segment profitability objectives
- Work closely with Actuarial, Underwritting and other internal business partners to ensure pricing models are appropriate, compliant and up to date
- Ensure PMA rates, rules, LCM's and forms are sufficient to achieve Business Division profitability objectives and comply with jurisdictional requirements
- Manage WC products (for example: Large Deductible, Retro, LARAO) to ensure compliance and ease of doing business
- Create and maintain Product Guides
- Develop and implement a Workers Compensation training curriculum in conjunction with the Casualty Product Leader
- Respond to internal inquiries regarding workers compensation products
- Assist with responses to market conduct exams, filings, bureau criticisms, and data calls
- Assist with overseeing the accuracy of Policy Decisions, specifying enhancements required to support new or amended products and identifying opportunities to optimize functionality
- Monitor company adherence to CAT and Terrorism underwriting guidelines, present findings and recommendations to the Senior Management team quarterly and respond to all inquiries regarding company guidelines
Product and Market Development
Maximize the growth of PMA's workers compensation portfolio, including industry diversification and geographic optimization.
- Monitor and analyze PMA and industry premium, opportunities in new and existing markets, and competitor products
- Assist the Underwriting Segments with the development, implementation and adjustment of strategies, underwriting and pricing guidelines, underwriting and pricing tools, and portfolio composition to achieve Segment growth objectives
- Identify opportunities to develop new or improved products, systematically evaluate those opportunities and develop products that offer the greatest return on investment
- Ensure PMA rates, rules, LCM's and forms are sufficient to achieve Segment growth objectives and comply with jurisdictional requirements
- Assist Corporate Marketing with the development of point of sale materials that illustrate the benefits of PMA workers compensation products
- Develop and deliver training related to new or expanded market offerings
Industry Analysis
Monitor industry changes and incorporate findings into the execution of Technical Underwriting Support and Product and Market Development.
- Engage with PMA Regional, Segment and Distribution leadership and staff
- Review information published by NCCI, Workers Compensation Research Institute, Independent Rating Bureaus, S&P Global Intelligence and A.M. Best
- Attend industry conferences
Policy Administrative Systems
- Represent workers compensation in our system transformation efforts. This could include Subject-Matter-Expert or Business Owner roles. Ensure that there is a smooth transition from legacy systems
- Participate in the development of the Underwriting Department technology and digital roadmap during 2025. Once complete, provide input on the prioritization of potential projects
- Advise CUO on Underwriting-related improvement and efficiency opportunities
- Demonstrate commitment to Company's Code of Business Conduct and Ethics, and apply knowledge of compliance policies and procedures, standards and laws applicable to job responsibilities in the performance of work
- Bachelor's degree or equivalent; at least 7 years of experience casualty underwriting experience with an insurance carrier required.
- 3 years management experience is desired however candidates with at least 5 years senior, professional product experience will also be considered
- Chartered Property Casualty Underwriter (CPCU); Associate in Risk Management designation or other professional designations are preferred
- Strong technical skills in Workers Compensation. Advanced skills in analysis, decision making/problem solving, planning and organizing; and mathematical proficiency
- Strong ability to effectively communicate, verbally and in writing, to uncover business needs
- Excellent presentation skills and strong oral and written communication skills
- Strong management, planning, organizational, and analytical skills
- Demonstrated ability to interact with various levels of management and support personnel
- Proven developer of Successful track record of mentoring and coaching for high performance
- Strong desire to work collaboratively and foster a "team oriented" environment (heavy interaction with Product Management and Underwriting Operations in particular)
- Willingness to travel for business purposes
