Commercial Lines Manager Commercial Multi-Peril, BOP

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 Commercial Multi-Peril, Business Owners Policy (BOP) Insurance Products is responsible for overseeing the development, management, and profitability of BOP insurance offerings and reports to the Head of Commercial Products. This role 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, including holding underwriting authority, and will possess deep knowledge of BOP products and small to mid-sized business insurance markets.

Key Responsibilities:
  • Product Strategy & Development:
    • Lead the strategic planning, development, and management of the product strategy for CMP insurance products with a current focus on Business Owners Policies 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.
    • Develop and implement innovative product strategies to drive growth, improve profitability, and maintain competitiveness.
    • Collaborate with underwriting and actuarial teams to ensure product designs align with risk appetite and profitability goals, specifically addressing CMP insurance for the small or lower middle market customer profile.
  • 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.
  • 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 BOP product line.
  • Ensure that underwriting authority thresholds and decision-making align with market conditions and risk appetite.
  • Product Lifecycle Management:
    • Manage the full lifecycle of CMP 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 CMP 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 and insights on product performance and opportunities for improvement.
  • Training & Support:
    • Provide product training and support to underwriting, sales, and marketing teams, ensuring they have a strong understanding of CMP product features, coverage options, and competitive advantages.
    • Act as a subject matter expert for BOP and other CMP products, offering guidance to internal teams and external partners on complex risks, coverage needs, and industry trends.
  • Market & Competitor Analysis:
    • Conduct ongoing market research to identify emerging trends, shifts in customer preferences, and competitor product strategies.
    • Use data and insights to inform decision-making and enhance the value proposition of BOP and related CMP products in the market.
  • Innovation & Product Enhancement:
  • Lead innovation efforts to modernize and improve BOP and related CMP products, considering technology advancements 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 CMP & BOP products comply with all relevant state and federal regulations, working closely with legal and compliance teams to manage filings and regulatory submissions.
    • Stay up-to-date on changes in insurance regulations and market conditions that may impact the BOP product line.

Qualifications:
  • Education & Experience:
    • Bachelor's degree in business, insurance, risk management, or a related field (MBA or advanced degree preferred).
    • Minimum of 5-7 years of experience in the insurance industry, with a strong focus on commercial lines and BOP insurance.
    • Experience holding underwriting authority and a deep understanding of underwriting principles, risk management, and small business insurance needs.
  • Skills & Competencies:
    • Strong knowledge of Business Owners Policy (BOP) products, including coverage options, target markets, and risk factors.
    • Proven ability to manage complex product portfolios and drive growth through innovative product development and management strategies.
    • Excellent analytical skills, with the ability to interpret data and market trends to guide product decisions.
    • Strong collaboration skills and the ability to work effectively across multiple departments, including underwriting, actuarial, claims, and sales.
    • Excellent verbal and written communication skills, with the ability to articulate product strategies and concepts to internal teams and external partners.
    • Ability to manage multiple priorities and deadlines in a fast-paced, dynamic environment.
  • Certifications:
    • CPCU (Chartered Property Casualty Underwriter), ARM (Associate in Risk Management), or equivalent professional designation (preferred).

Work Environment:
  • Ability to work in a hybrid environment, with some travel required for industry conferences, agent/broker meetings, and key client engagements.

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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