Reporting to the Assistant Vice President, Spectrum line of business, the Product Director is charged with top and bottom line financial results of the Spectrum line of business ($1.2B TWP). He/she will develop detailed knowledge about the line of business performance along different performance dimensions, inclusive of profitability, production, flow, competitive position, book mix, and distribution dynamics to create strategies that enable the long-term profitable growth of the Spectrum product.
This role will be responsible for working with an extended team of business partners consisting of product, actuarial, state product managers, sales, underwriting, marketing, etc. to accomplish the business goals for the line. RESPONSIBILITIES:
The primary responsibilities for the position include the following: Manage Spectrum Offering
Monitor and Analyze Business Performance
- Responsible for managing countrywide profitable growth of the Spectrum product
- Proactively manage P&L for the Spectrum line by developing business cases and action plans that directly impact both top and bottom line performance.
- Responsible for achievement of CW rate/price targets
- Actively monitor/manage performance of Spectrum class plans (e.g. projected profitability, renewal reprice strategies, framework for state base rate reviews, discretionary pricing strategies)
- Influences the organization to make necessary 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 profit and growth
Drive Financial Results
- Ongoing monitoring of top line production trends and bottom line loss trends to draw conclusions about how to improve our product offering
- Partners closely with state product management, product development and Actuarial organizations to optimize product performance
- Develop detailed understanding of book profile along a variety of attributes (e.g. coverage mix, optional coverage penetration, limit profile); identify trends, strategies to improve top/bottom line growth
- Develop an in depth knowledge of key competitors 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
- 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, 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.
- Participate on special projects to support the Small Commercial strategies and Operating objectives
Behaviors at the Hartford
- Bachelor's degree in Business, Finance, Mathematics, Statistics, Economics or related emphasis or equivalent, advanced degree such as an MBA preferred
- 7-10 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
- Excellent written, verbal communication skills; able to create, present business cases in an executized format
- 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.
- Has a thorough understanding of the ratemaking process including loss development, reserving and expense management
- 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.
A little about us:
HIRING VETERANS IS A PRIORITY FOR THE HARTFORD