What are the responsibilities and job description for the Director of Product Management - BOP position at Ohio Farmers Insurance Company?
Job Summary
The Director of Product Management - BOP, leading a team of Insurance Product Managers, will have country-wide Profit and Loss (P/L) accountability for a specific product line(s) and/or a specific geographic region. The role achieves underwriting profit and growth objectives in close partnerships with cross-functional team members to define and drive product and pricing strategy across the organization.
Job Responsibilities
- Profit and Loss accountability for multiple insurance product line(s) and/or geographies.
- Reports Profit and Loss growth performance results of assigned product(s) to key stakeholders.
- Achieves underwriting profit and growth objectives through product, pricing, underwriting, and other actions in close partnership with cross-functional team members.
- Collaborates with the senior leadership team and key stakeholders to develop a multi-year customer-centric product strategy for assigned product(s).
- Aggressively monitors product performance to ensure early identification, diagnosis and response to changing trendsAnalyzes and evaluates product performance metrics to form recommendations regarding market opportunities, risk appetite expansion, and innovative product enhancements.
- Acquires market and competitive intelligence and develops knowledge of emerging trends to effectively compete in a rapidly changing environment and shares that knowledge with the organization.
- Identifies market opportunities, defines product vision and strategy, and consistently delivers exceptional financial results.
- Develops business cases for new products and product enhancementsand works with business unit management to analyze capital project expenditures and other strategic initiatives including analysis of cost savings, return on investment and payback period.
- Ensures product integration with marketing, sales, underwriting and operations and maintains a strong understanding of changing legislative, regulatory, market and competitive landscape to drive profitable growth of new and existing products.
- Ensures product decisions and processes are in alignment with company policies and meet all legal and regulatory requirements.
- Demonstrates excellent problem-solving abilities, in a practical way, to balance between addressing root cause and introducing changes in fast order.
- Accountable for talent management and navigation of employee related issues that impact morale and work environment to ensure a high performing team.
- Responsibilities may include hiring and selection, succession planning, performance and compensation management, and employee development and career coaching.
- Manages priorities and workload distribution and removes barriers that impede progress.
Job Qualifications
- 12 years of industry experience in Insurance Product Management or a related field.
- Bachelor's degree.
- Master's degree preferred.
Behavioral Competencies
- Directs work
- Collaborates
- Develops talent
- Strategic mindset
- Customer focus
- Communicates effectively
- Ensures accountability
- Drives vision and purpose
- Decision quality
- Business insight
- Nimble learning
- Builds effective teams
- Manages complexity
- Certified Product Manager (CPM)
Technical Skills
- Insurance Product Management
- Market Research
- Change Management Planning
- Quality Assurance
- Insurance Operations
- Enterprise Application Software
- Product Strategy
- Agile Project Management
- Technology Solutions
- Product Roadmap
- Business Relationship Management
- Product Requirement Analysis
This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.
Founded in 1848, Westfield is a global leader in property and casualty insurance, delivering superior risk insights and innovative solutions to customers through a diverse portfolio of insurance products. Westfield underwrites commercial, personal, surety, and specialty lines of coverage through a network of leading independent agents and brokers in the United States and specialty products through Lloyd's of London Syndicate 1200. As a mutual insurance company with more than 3,000 employees, Westfield has revenues in excess of $4 billion and more than $10 billion in assets.
Westfield celebrates diversity and is committed to inclusion. All qualified applicants receive consideration for employment without regard to race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, or status as a protected veteran.
