Insurance P&C Product Manager - Commercial Lines
Chicago, IL, United States
Job Description Job Description First Chicago Insurance Company, an Illinois-based Property and Casualty insurer, is seeking a key member of its Product and Actuarial Analysis Department to provide expertise in a variety of initiatives. The Product and Actuarial Analysis Department designs, develops, and launches new products and product enhancements that drive profitable growth, improve product efficiencies, and deliver return on investment through our distribution channels.
As the Insurance P&C Product Manager - Commercial Lines, you will act as a key member of the department by providing expertise in the areas of product development, pricing, and analytics. In this role, you will be accountable for managing the development and design of new products, and the implementation of changes to our existing products, in the commercial auto and general liability lines of business across all of our states.
The ideal candidate is an experienced Product Manager, or Senior Product Analyst, with a strong command of insurance pricing and product concepts for commercial auto and general liability.
DUTIES & RESPONSIBILITIES:
Lead in managing the entire lifecycle of a product revision or creation from initial planning to implementation, ensuring project controls are met throughout the lifecycle of the project
Manage compliance projects with a thorough understanding of state laws and regulations which impact the business and implement changes to operations to ensure statutory compliance
Analyze and monitor insurance product performance along with competitor trends in the marketplace to make data-based decisions regarding underwriting, coverage, and pricing to drive improvement
Research, develop, and maintain coverage forms and endorsements needed to support new and existing products
Proactively identify emerging issues and present strategic recommendations to improve results while seeking out areas for growth and profit
Champion new ideas and initiatives by identifying innovative business opportunities and make them a reality by fostering innovation and taking calculated risks
Make strategic recommendations to executive management and execute on the implementation of product strategies and objectives across multiple business units
Produce thorough competitive analyses by examining the competitors' products and services to identify potential product offerings
Develop and implement product, underwriting and pricing recommendations to support profitability and growth goals
Actively participate in building strong relationships among team members and across the organization to ensure cooperation on project objectives
Create, submit, and manage regulatory rate, rule, and form filings, and assure proper execution of regulatory and legislative practices
Provide support for various ad hoc requests as needed
Potential to oversee direct report(s)
Reports to the Product & Actuarial Director
The Insurance P&C Product Manager - Commercial Lines will have responsibility for existing commercial lines products. This currently includes Commercial Auto, Public Transportation (including Paratransit) and General Liability.
QUALIFICATIONS:
5 to 10 years of progressively more responsible work experience in insurance product management (experience in commercial lines preferred)
Bachelor's degree, preferably in an analytical field of study such as Insurance, Economics, Finance, Math, and Statistics
Strong interpersonal, written, and oral communication skills, with ability to collaborate with others and communicate effectively
Ability to prioritize, plan, implement, manage, and/or sponsor projects and key initiatives using developed project management standards
Strong technical, quantitative, and analytical skills with demonstrated understanding of pricing concepts
Extensive knowledge and understanding of P&C Insurance product design and underwriting concepts
Background in legal or regulatory research a plus
Excellent organizational, project management, and time management skills
Ability to work independently, execute quickly, and drive results
Strong attention to detail
Ability to adapt to different or changing situations, requirements, or priorities
Proficient in Microsoft Excel and Word
Experience with software/programming languages and tools with key analytic applications (SAS, MySQL, PL/SQL, Oracle, UNIX, OLAP, Tableau, Hadoop, Hive, Impala) a plus
First Chicago Insurance Company provides a competitive benefits package to all full- time employees. Following are some of the perks First Chicago employees receive:
Competitive Salaries
Flexible Work Schedules
Remote and Hybrid
Commitment to your Training & Development
Medical and Dental
Telemedicine Benefit
401k with a generous company match
Paid Time Off and Paid Holidays
Tuition Reimbursement Training Programs
Wellness Program
Fun company sponsored events
And so much more!
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