Insurance Product Manager for Inland Marine

1 month ago

St Petersburg, United States Bankers Financial Corporation Full time
Founded in 1976, Bankers Insurance Group has grown from a small local company to a diverse corporation known for its innovative insurance products and superior customer service. Bankers Insurance offers a variety of property and casualty products and services. Among the company's products are business owners, builder's risk, personal and commercial flood, as well as specialized coverages. Insurance and financial services remain at the core of our business, and we're proud of our more than 45+ year track record of expertise and service. We recognize the changes taking place in our domestic and global economy, as well as our society. We strive to respond to those changes with a spirit of understanding, growth, innovation, and entrepreneurship, developing new products, services, and partnerships.

Our Core Values Include

Collaboration: working together is critical to achieving organizational goals.

Innovation: growth happens when we can absorb and implement new ideas that provide unique solutions and superior customer service.

Performance: we believe in providing our employees with the tools and support they need to grow, succeed, and make an impact.

Social Responsibility: we place charity and volunteer work at the core of our organization.

Trust: we build and maintain trust with our employees and clients by embodying integrity, transparency, and 'doing the right thing.'

Company Value Statements

In the performance of their respective tasks and duties, all employees are expected to demonstrate the following:
  • Acting with the highest level of honesty, trust, character, and transparency.
  • Making a unified effort to achieve the goals of the organization; embracing accountability for exceptional performance every day.
  • Commitment to excellence in reaching our full potential as individuals and as an organization, surpassing the ordinary and the expectations of our stakeholders.
  • Approaching every challenge with creative energy, discovering unique solutions to maximize success; focusing on creating and delivering compelling customer value.
  • Belief in the power of a diverse workforce and in creating a positive impact on both the environment and our community.

Job Summary:
The Product Manager for Inland Marine Insurance with an emphasis on Builders Risk is responsible for the strategic development, management, and profitability of Inland Marine insurance products and reports to the Head of Commercial Products. This role focuses on Builders Risk insurance while managing other Inland Marine products and involves product lifecycle management, market analysis, and close collaboration with the Portfolio Analytics Manager, Underwriting, Claims, Actuarial, Marketing, and Distribution teams to drive growth and ensure competitive positioning. The ideal candidate will have 5-7 years of experience in the insurance industry, with underwriting authority and expertise in Inland Marine products, including Builders Risk coverage for construction projects.

Key Responsibilities:
  • Product Strategy & Development:
    • Lead the strategic planning, development, and management of the product strategy for Inland Marine insurance products, with a primary focus on Builders Risk to ensure alignment with business objectives and market demands.
    • Analyze market trends, competitor products, and customer needs to identify opportunities for product enhancements and new product development.
    • Collaborate with underwriting and actuarial teams to ensure product designs align with risk appetite and profitability goals, specifically addressing Builders Risk policies for new construction, renovation projects, and associated risks.
    • Develop and implement innovative product strategies to drive growth, improve profitability, and maintain competitiveness.
  • Underwriting Expertise:
    • Leverage prior underwriting experience and continued education to shape underwriting guidelines and ensure product offerings are designed with the proper risk selection, pricing, and policy terms that promote profitable growth.
    • Provide support to and take referrals from the underwriting teams on complex risks and assist in developing best practices for assessing and pricing Builders Risk projects.
    • Collaborate with underwriting teams to refine product eligibility, coverage, and pricing, ensuring alignment with overall risk appetite and market conditions.
    • Provide guidance and insight into underwriting authority thresholds and best practices for the Inland Marine product line(s).
  • Ensure that underwriting authority thresholds and decision-making align with market conditions and risk appetite.
  • Product Lifecycle Management:
    • Manage the full lifecycle of Inland Marine products including product design, launch, ongoing management, and sunset/withdrawal as necessary.
    • Monitor product performance metrics, including loss ratios, retention, and new business production, and make recommendations to improve profitability and market competitiveness.
    • Work closely with cross-functional teams to ensure all product filings and changes regulatory requirements are implemented effectively across relevant systems and processes.
  • Cross-Functional Collaboration:
    • Partner with Portfolio Analytics Manager, actuarial, claims, and finance teams to develop pricing models and profitability analyses and projections for Inland Marine products
    • Collaborate with sales, marketing, and distribution teams to develop effective go-to-market strategies, product positioning, and promotional materials that align with target markets and distribution channels.
    • Engage with agents, brokers, and distribution partners to gather feedback on product performance, client needs, and areas for improvement.
  • Training & Support:
    • Provide product training and support to underwriting, sales, and marketing teams, ensuring they have a deep understanding of the Builders Risk product line and related Inland Marine coverages.
    • Act as the subject matter expert for Builders Risk, offering guidance to internal teams and external partners on complex risks, coverage needs, and industry trends.
  • Market & Competitor Analysis:
    • Conduct ongoing market analysis to understand the competitive landscape and identify emerging trends, such as advances in construction practices, project management, and risk exposures in Builders Risk.
    • Use data insights and market intelligence to enhance the value proposition of product offerings Builders Risk and related Inland Marine products in the market.
  • Innovation & Product Enhancement:
    • Lead innovation efforts to modernize and improve Builders Risk and related Inland Marine products, considering technology advancements in construction, project management tools, and evolving risk factors.
    • Evaluate customer and agent feedback to implement product enhancements that address coverage gaps or inefficiencies, ensuring products remain competitive and relevant.
  • Compliance & Regulatory Oversight:
    • Ensure all Builders Risk and Inland Marine products comply with applicable insurance regulations, coordinating with legal and compliance teams to manage filings, updates, and approvals.
  • Stay informed on regulatory changes that could impact product offerings, and ensure the company remains compliant across all jurisdictions.

Qualifications:
  • Education & Experience:
    • Bachelor's degree in insurance, business, risk management, or a related field (MBA or advanced degree preferred).
    • Minimum of 5-7 years of experience in the insurance industry, with a focus on Builders Risk and other Inland Marine insurance.
    • Experience holding underwriting authority, with strong expertise in assessing and managing construction-related risks and other Inland Marine exposures.
  • Skills & Competencies:
    • Deep understanding of Builders Risk insurance products, including coverage for new construction, renovations, and associated project risks.
    • Strong knowledge of Inland Marine insurance, with the ability to manage product lines covering equipment and related floaters.
    • Proven ability to develop, launch, and manage successful insurance products, with a focus on profitability, market fit, and risk management.
    • Analytical skills to interpret performance metrics and make data-driven decisions.
    • Excellent communication skills, with the ability to present ideas clearly and collaborate effectively with cross-functional teams.
    • Proficiency with underwriting and product management tools, and knowledge of emerging technologies in the construction and insurance sectors.
  • Certifications:
    • CPCU (Chartered Property Casualty Underwriter), Associate in Marine Insurance Management, ARM (Associate in Risk Management), or equivalent professional designation (preferred)

Work Environment:
  • Ability to work in a hybrid setting, with some travel required for industry events, client meetings, and on-site visits to construction projects or key broker partners.

The preceding position description has been designed to indicate the general nature of the work performed; the level of knowledge and skills typically required; and the usual working conditions of this position. It is not designed to contain or be interpreted as a comprehensive, complete, or exclusive list of the duties of the position. Additional and different duties may be assigned from time to time. We are an E-Verify company.

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