What are the responsibilities and job description for the Product Manager (Financial Lines) position at Old Republic Specialty Insurance Group?
Who We Are:
Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, we are a leader in underwriting and risk management services for business partners across the United States and Canada. Our specialized operating companies are experts in their fields, enabling us to provide tailored solutions that set us apart.
Position Overview:
The Product Manager participates in the execution of the product vision and leads cross-functional product development teams to ensure commercial insurance products are developed and delivered successfully in a timely manner. The Product Manager integrates project management oversight during the product development process and manages the entire product lifecycle from conceptual stage to implementation.
Essential Job Functions:
- Draft wordings for commercial insurance forms, including policies, coverage parts, endorsements, state amendatories, and applications.
- Develop project plans for use during the product development process to ensure roles and responsibilities are well defined and all functional areas complete their assigned tasks in a timely manner.
- Work with Business Units to revise policy forms, rating plans and usage rules.
- Research competitor insurance products and create product comparisons as necessary.
- Prepare and submit form, rate, rule filings to the State Departments of Insurance and draft responses to state objections.
- Analyze insurance laws, rules and regulations to ensure commercial insurance products comply with all applicable state and federal requirements.
- Participate in the implementation of policy forms and rates.
- Train and mentor employees as needed.
- Foster a culture of continuous improvement and innovation, encouraging collaboration and teamwork across departments.
Qualifications:
- Bachelor’s degree in Business Administration, Insurance or related field.
- 5 to 7 years prior experience in drafting language for commercial insurance forms. Experience with drafting policy wordings for one or more of the following commercial insurance products: Lawyers Liability, Miscellaneous E&O, Employment Practices Liability, Errors & Omissions Liability, Directors & Officers E&O, ISO Commercial Crime, Independent Mono Line Crime, Fiduciary, Excess Liability.
- Experience reviewing and analyzing ISO circulars and DOI bulletins.
- Prior experience in preparing and submitting SERFF form, rate, rule filings to the State Departments of Insurance.
- At least 5 years experience in reviewing, analyzing and summarizing insurance laws and regulations.
- Prior experience working with insurance related applications such as PK1Cloud (formerly statefilings.com) and ISO is a plus.
ORI is an Equal Opportunity Employer. ORI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.