What are the responsibilities and job description for the Vice President - Strategic Growth position at Universal Insurance?
General Description:
The Vice President of Strategic Growth is an executive level role responsible for identifying, evaluating, and executing new business growth initiatives by analyzing market trends, developing strategic partnerships, and leading cross-functional teams to capitalize on emerging opportunities, ultimately driving significant revenue expansion for the company. This role plays a key role in shaping the organization's long-term growth strategy.
Key Responsibilities:
Market Analysis and Opportunity Identification:
- Conduct in-depth market research, customer segments, and emerging trends to identify potential new markets and/or evaluate growth opportunities presented to company from internal and external sources.
- Analyze competitive landscape to identify strategic gaps and potential partnerships.
- Evaluate new products and service concepts to assess their market viability and potential for growth.
- Collaborate with all stakeholders in developing the detail of information needed to complete a comprehensive cost-benefit analysis of potential opportunities including opportunity costs.
- In conjunction with the full Executive Team, develop a financial model (or models) that can be used to assess the impact of potential opportunities from GAAP, STAT and consolidated perspectives to assess the impact of new products across all companies. Financial models should also assess the impact to financial strength ratings across all ratings agencies.
- Financial modeling of prospective new products involves creating representations of the company's financial performance and business operations to predict future financial outcomes.
- The model should enable the company to align strategies with realistic projections, ensuring that goals are both ambitious and achievable. They should include the resources required to execute plans, highlight potential constraints, and offer a framework for measuring success.
- By creating structured representations of the company’s financial data, financial modeling will enable stakeholders to forecast future cash flows, evaluate investment opportunities, and strategize for revenue growth.
- The financial model should simplify complex scenarios to forecast a company's future performance, encompassing revenue forecasts, expense estimates, asset management, and market analysis.
- Establish assessment metrics to allow for comparison to established minimum thresholds as well as to compare multiple opportunities against each other for selection of the most impactful opportunities.
Strategic Planning and Development:
- Develop comprehensive growth strategies aligned with the company's overall strategic objectives.
- Create detailed business plans for new growth initiatives, including financial projections, market penetration strategies
- Establish and achieve Strategic Product Development Key Performance Indicators (KPI’s)
- Establish cross-functional teams to design and implement growth initiatives, including product development, system implementation, marketing, sales,
partnership collaborations, operational readiness and support and management of products post implementation.
Partnership and Alliance Building:
- Identify and cultivate strategic partnerships with key industry participants, including potential managing general agencies, outsourcing partners, distributors, and data and technology providers.
- Negotiate partnership agreements and manage relationships to maximize mutual benefits.
- Explore potential merger and acquisition opportunities to accelerate growth
Execution and Performance Monitoring:
- Oversee the implementation of growth initiatives, ensuring timely execution and alignment with strategic goals.
- Monitor performance metrics and make adjustments as needed to optimize growth trajectory.
- Regularly report on growth progress to senior leadership, highlighting key achievements and areas for improvement.
Leadership and Team Development:
- Lead a high-performing team of professionals across various disciplines.
- Mentor and develop team members to enhance their strategic thinking and execution capabilities.
- Foster a culture of innovation and entrepreneurial thinking within the team.
Required Skills and Qualifications:
- Proven track record of driving significant revenue growth in a complex business environment
- Strong financial acumen and budget management skills.
- Expertise in financial analysis, including P&L management and budgeting
- Deep understanding of market dynamics, competitive landscape, and industry trends
- Strong strategic vision, thinking and analytical skills with the ability to develop comprehensive growth plans
- Excellent communication and presentation skills to effectively communicate complex ideas to senior leadership
- Proven and successful negotiation skills
- Creative and productive problem-solving skills
- Proven leadership abilities in managing cross-functional teams and building collaborative partnerships
- MBA or equivalent business degree preferred
Supplementary Information:
This job description has been prepared to indicate the general nature and level of the work that the employees perform within their classification. This description is not to be interpreted as an inventory of all the duties, tasks, responsibilities and qualifications required for the employees assigned to this job.
Education and / or Experience:
- Minimum bachelor’s degree in related field.
- MBA and/or CPCU preferred.
- Minimum 10 years of Property and Casualty carrier experience with progressively increasing responsibility.
- Minimum 5 years management experience including budgeting, performance and salary management.
- Minimum 5 years’ experience developing new P&C programs and developing systems to support these programs.
- Experience managing vendor relationships.
- Demonstrated ability to conduct in depth financial analysis and develop projections, forecasts and models across multiple scenarios.
- Comprehensive understanding of regulatory environments/requirements across all states and P&C product lines.
- Superior communication skills and proven ability to work in a team environment to accomplish goals.
- Ability to successfully collaborate on cross functional teams.
- Proven ability to handle multiple and potentially conflicting responsibilities in a fast-paced environment.
- Experience with developing and presenting executive level presentations.
- Ability to travel as needed.
Licenses and / or certifications:
CPCU preferred
