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BMO Financial Group Product Manager, Life Insurance in Toronto, Ontario

Description:

The Product Manager, Life Insurance plays a key role in designing and launching Individual Life products and enhancements, as well as ensuring the inforce book of business is managed properly. The individual will work closely with Product Actuarial, Technology, and Client Services to ensure end-to-end business processes are established to support Life Insurance products. As the primary driver of the product development process for Life Insurance, the individual will be accountable for new product design, business cases, detailed product specifications, marketing campaigns, and sales training.

This position requires subject matter expertise with Life Insurance, particularly Whole Life and Universal Life solutions. The individual has in-depth knowledge of product structure, IT architecture, distribution, underwriting, compliance, and taxation. With this expertise, this individual will ensure that BMO Insurance continues to gain market share with competitive and quality products distributed by independent insurance and financial advisors across Canada.

While this position principally supports permanent Life Insurance, the incumbent may also support the Term and Critical Illness product lines.

Key Accountabilities:

  • Play a key role on multi-disciplinary product development teams to champion and develop product specifications and requirements and the end to end business process to support the introduction of new products and product enhancements

  • Review and together with the Senior Product Manager sign off on detailed business requirements for Technology and Operations, Policyholder Services and illustration system development

  • Manage internal relationships (Actuarial, Policyholder Services, Tax, and Sales) to support products and services, and daily inquiries needing resolution

  • Work with Legal & Compliance to develop necessary regulatory structure and filings, commission schedules and marketing collateral required to support new products, product revisions and current products

  • Ensure content for product materials such as product overviews, guides, case studies, email broadcasts and sales presentations are developed and up to date

  • Develop client focused financial concepts / solutions that position Life Insurance solutions for the benefit of advisors and their clients

  • Lead cross-functional team meetings for product related initiatives; manage deliverables such as project schedules, issue identification and escalation

  • Circulate all product specifications, policy wording, product marketing and sales presentation material to business stakeholders and risk managers (compliance, legal, tax, other) for review and approval; retain record of all approvals for audit purposes

  • Respond to and where needed co-ordinate and see through to resolution frequent product related inquiries from the field and policyholder services

  • Chair regular touchpoint meetings with internal stakeholders to proactively address product related and process issues ensuring processes are well documented and promulgated

  • Working with the Director, Sales Technology to monitor and make recommendations to keep illustration software user friendly and CLHIA compliant; review, make recommendations and implement e-app and e-delivery solutions

Qualifications:

Knowledge and Skills

Knowledge

  • Post-secondary degree or diploma in business, actuarial science, marketing or related discipline

  • Industry experience with 5 years or more in insurance product or sales management role

  • Strong working knowledge of Life Insurance, including Whole Life and Universal Life

  • Working knowledge of life insurance taxation and life insurance administration systems

  • Good working knowledge of marketing and promotion to independent distribution networks

Skills

  • Project Management (Working)

  • Analytical Thinking (Working)

  • Communication skills (In-depth)

  • Problem Solving skills (In-depth)

  • Business Numeracy (Working)

  • Influence Skills (In-depth)

  • Business acumen (Working)

We’re here to help

At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://bmocareers.com .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Job Field:

Insurance Solutions

Job Schedule:

full-time

Primary Location:

Canada-Ontario-Toronto

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