What are the responsibilities and job description for the Insurance Product Development Manager position at Selby Jennings?
Job Title: Insurance Product Development Manager
About Our Client
Our client is a prominent MGA focused on delivering cutting-edge P&C insurance products to the market. As part of a financially stable and reputable organization, they offer comprehensive services and support. Their approach utilizes technology to enhance distribution, underwriting, service, and claims management.
The Role
Our client is looking for a seasoned Insurance Product Development Manager to spearhead the creation, development, and management of innovative insurance products that cater to market demands and drive business growth. The ideal candidate will possess extensive experience in insurance product development, a keen understanding of market dynamics, and the ability to collaborate across various departments to deliver top-tier products that align with company objectives.
Key Responsibilities:
- Lead the creation and development of new property & casualty insurance products tailored to diverse insurance programs.
- Perform thorough market research to uncover emerging trends, customer preferences, and competitive gaps.
- Utilize data-driven insights to shape product strategy, identify innovation opportunities, and refine existing offerings.
- Continuously monitor industry trends and propose product enhancements.
- Collaborate closely with internal teams including marketing, sales, claims, underwriting, actuarial, and IT to ensure smooth product development and delivery.
- Foster relationships with external stakeholders, such as brokers, agents, and reinsurers, to ensure market alignment and gather feedback.
- Ensure all products adhere to industry regulations and legal standards.
- Work with legal and compliance teams to manage product updates in response to regulatory changes.
- Track product performance and customer feedback to evaluate product success and profitability.
- Identify areas for improvement and implement product adjustments to enhance performance.
- Lead product review meetings and provide updates to senior management.
Qualifications:
- Education: Bachelor's degree in Business, Finance, Insurance, or a related field. A Master's degree or professional certifications are preferred.
- Experience: At least 10 years of experience in insurance product development, management, or a related field, with a proven track record in product design and execution.
- Industry Knowledge: In-depth understanding of the insurance industry, including market trends, customer needs, and regulatory requirements.
- Project Management: Excellent organizational and project management skills to handle multiple product initiatives and deadlines.
- Problem-Solving: Innovative thinker with the ability to develop creative solutions to complex challenges.
- Analytical Skills: Expertise in market analysis, data interpretation, and financial modeling.
- Communication: Strong communication, presentation, and interpersonal skills to effectively work with internal teams and external stakeholders.
What They Offer:
- Attractive salary and bonus structure
- Comprehensive benefits package including health, dental, vision, disability, and life insurance
- 401(k) plan with up to 4% employer match after 90 days of employment
