What are the responsibilities and job description for the Functional Lead/Product Owner - Policy Administration position at Vertex Solutions Inc.?
Our insurance industry client is seeking Functional Lead/ Product Owner on a 6 month contract to hire basis to be located 4 days a week hybrid in either Farmington CT, NYC downtown or Iselin, NJ.
The Functional Lead/Product Owner must have Property & Casualty experience, PAS experience (Insurance Policy Administration systems such as Duck Creek, Guidewire, OneShield or Majesco). Strong communication skills and stakeholders' management. Someone who can run projects, work with the Underwriters and U/W teams, Product owners etc. Capture requirements, User stories, Run Product Functional Design and Understand Transformation elements,
Job Summary:
A Functional Lead on an Insurance Policy Administration System (PAS) plays a crucial role in managing and optimizing the entire policy lifecycle. This role involves overseeing the automation of processes such as policy quoting, issuance, endorsements, renewals, and claims processing. The Functional Lead ensures that the PAS is configured to meet business needs, integrates seamlessly with other systems, and maintains regulatory compliance. They also focus on improving operational efficiency, reducing errors, and enhancing customer satisfaction through streamlined workflows and accurate data management. Effective leadership in this role is essential for the smooth operation and strategic success of the insurance company.
Duties & Responsibilities:
1. Operational Objectives: Determine operational objectives by understanding the business function, scope of the product or request, required changes, deliverables, and expected outcomes, working closely with business and operations stakeholders.
2. Impact Analysis: Define and quantify the impact of requests or changes on business metrics (cost, KPI, GWP, compliance), and help prioritize requests for development based on available capacity.
3. Functional Module Expertise: Experienced in supporting PAS platform. Prefer experience in PAS platforms, Duck Creek, Guidewire, OneShield or Majesco
4. Workflow Development: Construct business process flow diagrams, study system capabilities, write specifications, and prepare technical reports by collecting, analyzing, and summarizing information and trends.
5. Project Planning: Define project requirements by identifying project milestones, phases, and elements, form a project team, establish a project budget, and assist with project management for selected projects.
6. Stakeholder Management: Identifying, analyzing, engaging, and managing the expectations and requirements of individuals or user groups affected by or influencing a project. Developing a communication plan, and continuously monitoring and adapting the plan to ensure stakeholder satisfaction and project success.
7. Communication and Collaboration: Coordinate with various departmental teams to achieve better business outcomes, support testing on system changes to ensure they meet requirements and collaborate with the Product Manager on roadmap planning and prioritization.
8. Resource Management: Validate resource requirements and develop cost estimate models.
Job Requirements:
- Minimum 8 years of real-world experience in business requirement
- Minimum 3 years of experience in commercial insurance domain
- Five or more years of Business Analyst experience
- Practical experience with property & casualty insurance/reinsurance and multi-currency systems is an asset
- Strong understanding of commercial insurance products such as Professional Lines, Casualty and Property.
- Experienced in supporting PAS platform. Prefer experience in DXC platforms, Duck Creek or Evari
- Ability to analyze business and technical specifications and interact with our business users effectively
- Ability to work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations
- Excellent written and verbal communication skills
- Great analytical, critical thinking and problem-solving abilities
- Superior presentation and negotiation skills
- Strong management and organizational skills
- Adaptable and capable of working in fast-paced environments
- Must be a self-starter with a great attitude, not afraid to take the initiative, and work with little supervision
- Preferred experience working within an Agile – Scrum/Kanban environment
Education:
- Bachelor’s degree or higher in business analysis, business administration, finance or related field
- Preference given for holders of a University Degree or Diploma in Computer Science or related field.
Vertex Solutions Inc. is an Equal Opportunity Employer and does not discriminate on the basis of race, color, creed, national origin, ancestry, religion, age, citizenship, sex, marital or veteran status, disability or handicap, sexual orientation or any other basis prohibited by applicable law.
