Job Summary: The Product Manager for Commercial Multi-Peril (CMP) and Business Owners Policy (BOP) Insurance is responsible for the strategy, development, and profitability of BOP products. Reporting to the Head of Commercial Products, this role involves lifecycle management, market analysis, and collaboration with cross-functional teams to drive growth and competitive positioning in the small to mid-sized business insurance market. The ideal candidate will have 5-7 years of experience in the insurance industry, including underwriting expertise.
Key Responsibilities:
Product Strategy & Development: Lead the development and management of CMP/BOP insurance strategies, ensuring alignment with business goals and market demands. Analyze trends and competitors to drive product enhancements and new offerings.
Underwriting Expertise: Apply underwriting experience to shape guidelines and ensure profitable product designs aligned with risk appetite. Collaborate with underwriting teams on complex risks and product pricing.
Product Lifecycle Management: Oversee the full product lifecycle from design to withdrawal, monitoring performance metrics such as loss ratios and retention to optimize profitability.
Cross-Functional Collaboration: Work with Portfolio Analytics, actuarial, claims, and marketing teams to develop pricing models and go-to-market strategies. Engage with agents and brokers for product feedback.
Training & Support: Provide training and support to internal teams and partners, ensuring strong understanding of CMP/BOP products.
Market & Competitor Analysis: Conduct ongoing research to track market trends, customer preferences, and competitor strategies to inform product decisions.
Innovation & Product Enhancement: Lead efforts to modernize CMP/BOP products, incorporating customer feedback and new technologies to improve competitiveness.
Compliance & Regulatory Oversight: Ensure compliance with state and federal regulations, collaborating with legal and compliance teams for necessary filings and submissions.
Qualifications:
Education & Experience: Bachelor's degree in business, insurance, or related field (MBA preferred). 5-7 years in the insurance industry, focusing on commercial lines and BOP insurance, with underwriting authority experience.
Skills & Competencies: Strong knowledge of BOP products, excellent analytical, collaboration, and communication skills. Ability to manage complex portfolios and drive product innovation.
Certifications: CPCU, ARM, or similar professional designation preferred.
Work Environment: Hybrid work environment with some travel for conferences, client engagements, and agent/broker meetings.