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Join a team of diverse professionals at Farmers to acquire skills on the job and apply your learned knowledge to future roles at Farmers. Farmers Insurance also offers extensive training opportunities through the award winning University of Farmers named by Training magazine amongst top 10 corporate training units in the world. Start your career at Farmers today! Job Summary
Product Manager for the Product Development Group. Responsible for product innovation, development, design and pricing strategies countrywide, performance monitoring, and general guidance to Geo Product Managers on pricing strategies at state level. Responsible for top line growth and bottom line profit for the product line they are accountable for. Works with informational inputs and stakeholders from inside and outside the organization to create strategies. Directs the development and implementation of product design, pricing, underwriting, and contract changes to achieve goals. Works with multiple business partners maintaining open lines of communication with the Agency Management, Claims and the Commercial Service Center organizations to obtain critical market and loss trend information. May travel to meet with business partners which may include large groups of agents to communicate strategies.
Essential Job Functions
- Develops and coaches team of analysts.
- Fixes, enhances, and creates new products, coverage, forms.
- Responsible for monitoring of pricing levels and strategies countrywide.
- Coordinates and works with Actuarial on predictive analytics
- Fully understands and works together with R&D on new predictive models.
- Review competitive filings and general market to make recommendations on new products and pricing strategies.
- Directs development of product line introduction and provides input on the underwriting training and marketing materials in coordination with Home Office Marketing.
- Responsible for ensuring changes are communicated to field services, operations, underwriting, marketing and system technology teams.
- Participates in rate review process for major states.
- Creates long and short-term growth and profit strategies in assigned states or industries that align with companywide strategies.
- Reviews statistical analysis of data concerning loss patterns, market forces, agency management, etc. to evaluate the success of current strategies and tactics to either modify or create new ones.
- Approves underwriting guideline changes and additions for assigned states or industry groups.
- Manages policy forms for assigned states or industry groups.
- Approves changes to broaden or restrict coverage.
- Makes pricing decisions including a rate change implementation plan.
- Assesses the impact on the in force book, new business production and agency force. Manages the development and review of recommendations concerning new coverages and contracts or revisions to existing contracts and endorsements.
- Evaluates the impact of product revisions on established operating standards including the effect proposed policies, procedures, and program changes have on profit and production prior to adoption.
- Directs and oversees the technical implementation of new product releases and enhancements. Responsible for the customer-facing design of new product releases and changes.
- Aids the Underwriting Execution Office in Commercial Center audits measuring underwriting, documentation, decision-making quality and adherence to published procedures; the introduction of new and/or revised policies, procedures and programs; collaboration in the development, maintenance, and implementation of underwriting tools that reflect underwriting philosophy and strategy.
- Conducts field travel to roll out new products and enhancements.
- Meets with business partners which may include large groups of agents in order to communicate strategies.
- Reports the results of assigned states and industry to senior management.
- Performs other duties as assigned.
Required job duties include sedentary work as well as some or all of the following physical activities; lifting and/or carrying 40-lbs (suitcases, projectors, handouts, laptop computer, etc.), seeing, speaking, hearing, and occasional operation of a motor vehicle.
Required job duties are normally performed in a climate controlled office environment with occasional job duties performed in company car, airplane, hotels and various physical sites dictated by travel that are not always in a climate controlled environment.
Four-year college degree required, CPCU or MBA/Advanced Degree preferred.
Seven years of Commercial Lines Underwriting and/or Product Management experience required, particularly in Workers Comp.
Prior commercial management experience preferred.
Some analytical and/or project management knowledge preferred.
Special Skill Requirement
Demonstrated successful performance as a commercial underwriting and or product manager with the ability to take on higher premium and policy counts if called upon.
Farmers is an equal opportunity employer, committed to the strength of a diverse workforce.