Reporting to the Vice President, Small Commercial Product Management, the Product Director is charged with designing and executing business plans that enable the long-term profitable growth of all small commercial products within the assigned territory (Central). This includes direct accountability for rates, pricing, local product needs with direct input to underwriting practices, commission strategies, sales strategy and other related actions to drive financial results in the assigned states/territories.
The Product Director takes accountability for top and bottom line financial results in their assigned territory. As part of the Product Director's role, he/she will develop the annual operating plan objectives (top and bottom line) and long-term strategic plan in the assigned states. He/she will also develop detailed knowledge about the business performance in the assigned territory at a local level (e.g., county) along different performance dimensions, inclusive of profitability, production, flow , competitive position, book mix, distribution dynamics, sales staff performance, etc.
Manage Small Commercial Offering
Responsible for managing profitable growth of all small commercial products within an assigned geographic territory
• Proactively manage P&L for your territory by developing business cases and action plans that directly impact both top and bottom line performance.
• Evaluates rate structures for assigned territory and products at local level and implement specific changes to achieve growth and profit objectives.
• Manages Customized Pricing factors in local territories to maximize ability to write new business at profitable levels
• Has a thorough understanding of the ratemaking process including loss development, reserving and expense management
• Influences the organization to make necessary territorial changes to achieve business plan objectives
• Works closely with various business partners to find and execute on market opportunities
• Develop strong working relationship with field, underwriting, and claim partners to identify areas of opportunity to maximize territorial profit and growth
Monitor and Analyze Business Performance
• Ongoing monitoring of loss trends at the state level for each LOB to draw conclusions about how to improve our product offerings in the assigned territory
• Partners closely with LOB, product development and Actuarial organizations to optimize product performance in territory
• Develop granular local market knowledge that is utilized in development of business plans
• Must have / develop an in depth knowledge of assigned territory, the key competitors, while maintaining a broad base of industry knowledge and current economic and business trends
• Takes a leadership role in business performance analysis on behalf of segment and field organization
• Conducts financial analysis in order to anticipate industry trends and seize strategic opportunities
Strategic and Operational Planning
• Responsible for development of Annual Profit Center Plans by state and line of business in assigned territories.
• Forecast flow metrics (submissions, issue rates, new policy counts, count retention, average premium), economic impacts (and impact to audits, cancellations and endorsements), rate and price plans and strategies to achieve plan metrics
• Responsible for the development and execution of State-level strategies for all assigned states.
Drive Financial Results
• Home Office accountability for top and bottom line results based on responsibilities above.
• Identify, analyze and take calculated risks to develop new business opportunities and extend current business in order to positively impact financial objectives.
• Proactively identify changes in states to identify trends in the book, recognize threats and create solutions and take advantage of identified opportunities to increase top and bottom line results.
• Develops productive internal relationships. Leverages best practices and shared services across P&C in support of enterprise initiatives to achieve results.
• Direct Directorial responsibility for Product Analysts that may be assigned to this territory, inclusive of coaching, staffing, and talent development.
• Participate on special projects to support the Small Commercial strategies and Operating objectives
• Territory experience strongly preferred
Bachelor's Degree in Business, Finance, Mathematics, Statistics, Economics or related emphasis required, advanced degree such as an MBA preferred
• 5 years of related professional experience preferred in product, underwriting and/or sales
• Entrepreneurial thinking skills with strong customer focus and team orientation. Efficient and effective communication skills. Experience and comfort level communicating with individuals at all levels.
• Demonstrated leadership capability and maturity
• Ability to manage multiple tasks and work independently
• Analytical and likes to work with data; has the ability to look at different data elements and formulate a business case
• Able to make sound assumptions and is comfortable working in situations where data is incomplete or limited (problem solving).
• Ability to analyze and take calculated risks.
Proven track record of setting goals and delivering results.
• Drive and commitment to do what is necessary to get the job done efficiently, thoroughly and professionally.
• Demonstrated ability to influence organization to drive business plans and achieve results, including an ability to work with cross functional teams to solve problems.
Behaviors at the Hartford
• Deliver Outcomes - Demonstrate a bias for speed and execution that serves our shareholders and customers.
• Operate as a Team Player - Work together to drive solutions for the good of The Hartford.
• Build Strong Partnerships - Demonstrate integrity and build trust with others.
• Strive for Excellence - Motivate yourself and others to achieve high standards and continuously improve.
The Hartford is an equal employment and affirmative action employer. All qualified applicants will receive consideration without regard to race, color, sex, religion, age, national origin, disability, veteran status, sexual orientation, gender identity or expression, marital status, ancestry or citizenship status, genetic information, pregnancy status or any other characteristic protected by law. The Hartford maintains a drug-free workplace and is committed to building inclusion and leveraging diversity.
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