Farmers Insurance Commercial Product Manager in Independence, Ohio
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- Responsible for top line growth and bottom line profit for the product they are accountable for in an assigned geographical territory or industry group.
- Works with informational inputs from inside and outside the organization and business partners to create strategies and to direct the development of product pricing, underwriting and contract changes to achieve goals.
- Approves underwriting guideline changes and additions including form and coverage changes in assigned states or industry groups.
- Works with multiple business partners maintaining open lines of communication with the Agency Management, Claims and the Commercial Service Center organizations to obtain critical market and loss trend information.
- Travels to meet with business partners which may include large groups of agents to communicate strategies.
Essential Job Functions
- Creates long and short-term growth and profit strategies in assigned states or industries that align with company wide strategies.
- Reviews statistical analysis of data concerning loss patterns, market forces, agency management, etc. to evaluate the success of current strategies and tactics to either modify or create new ones.
- Approves underwriting guideline changes and additions for assigned states or industry groups.
- Manages policy forms for assigned states or industry groups.
- Approves changes to broaden or restrict coverage.
- Responsible for ensuring changes are communicated to field services, operations, underwriting, marketing and system technology teams.
- Participates in rate review process. Leads rate review discussions with Zone Marketing Managers, State Executives and Commercial Wholesalers.
- Coordinates rate reviews and changes with Actuarial. Makes pricing decisions including a rate change implementation plan.
- Assesses the impact on the in force book, new business production and agency force.
- Manages the development and review of recommendations concerning new coverages and contracts or revisions to existing contracts and endorsements.
- Evaluates the impact of product revisions on established operating standards including the effect proposed policies, procedures, and program changes have on profit and production prior to adoption.
- Takes leadership role in special projects for assigned states or industry groups. Directs development of product line introduction and provides input on the underwriting training and marketing materials in coordination with Home Office Marketing.
- Aids the Underwriting Execution Office in Commercial Center audits measuring underwriting, documentation, decision-making quality and adherence to published procedures; the introduction of new and/or revised policies, procedures and programs; collaboration in the development, maintenance, and implementation of underwriting tools that reflect underwriting philosophy and strategy.
- Conducts field travel to roll out new products and enhancements. Meets with business partners which may include large groups of agents in order to communicate strategies.
- Reports the results of assigned states and industry to senior management.
- Performs other duties as assigned.
Required job duties include sedentary work as well as some or all of the following physical activities; lifting and/or carrying 40-lbs (suitcases, projectors, handouts, laptop computer, etc.), seeing, speaking, hearing, and occasional operation of a motor vehicle.
Required job duties are normally performed in a climate controlled office environment with occasional job duties performed in company car, airplane, hotels and various physical sites dictated by travel that are not always in a climate controlled environment.
High school diploma or equivalent required. Bachelor’s degree preferred. CPCU or MBA/Advanced Degree preferred.
- Seven years of Commercial Lines Underwriting and/or Product Management experience required.
- Prior commercial management experience preferred.
- Workers Compensation experience is highly preferred.
Special Skill Requirement
- Demonstrated successful performance in insurance product management or commercial underwriting.
- Technical expertise in commercial risk selection and pricing, knowledge of management information and business systems (Word, Excel, PowerPoint, Access).
- Ability to read and interpret policy contract language.
- Excellent verbal, written and interpersonal skills, with demonstrated presentation skills.
- Analytical thinking skills to make timely, appropriate decisions and recommendations after reviewing all relevant information.
- Ability to successfully interact with the agency force to grow business while at the same time maintaining underwriting discipline.
- Working broad-based knowledge of: relevant insurance laws/statutes and insurance contract language, the contract issue process, computer systems, competitor’s products and marketing practices.
- Understanding of Commercial Lines product offering.
- Knowledge of SAS, SQL, or VBA skills preferred but not required.
Farmers is an equal opportunity employer, committed to the strength of a diverse workforce.
Job: *Strategic Management & Administration
Organization: *Farmers Insurance
Title: Commercial Product Manager
Requisition ID: 19000115