Responsible for the ownership and execution of the overall product vision for commercial and specialty lines of business
Working in close collaboration with the business units, responsible for leading the development and implementation of complex product strategies for product lines across the commercial and specialty business.
Manages insurance product strategy and oversees the development process, regulatory approval, and deployment of products to the market. Works with other functions or entities (e.g., underwriting, actuary, claims, legal, marketing, sales channels, etc.) in managing products, and in conjunction with the business units, has accountability for financial performance of products in applicable lines of business.
Recommends policies to support the development and management of products, services, and/or new programs
Utilizes market research data to identify, analyze, and evaluate markets, products, or services and their impact on Hanover
Provides country-wide analysis, tracking and refinement of post-implementation product launches.
Develops and manages Commercial and Specialty Lines product line to optimize profit and meet marketing, financial, and corporate growth objectives
Monitor sales trends in each product line to evaluate the products relative competitiveness and assist in decisions involving product replacement, modification or re-launch.
Sponsors, leads and manages delivery and administration system development efforts – includes direction of business process management, support of Technology partners, support of staff support (training assets, Claims, etc.) and support of other internal and external constituencies/vendors.
Prioritizes (by consensus and through escalation processes) active and pending project inventory and communicates these priorities to internal constituents
Collaborates with Commercial and Specialty Lines Leadership in determining strategic direction, evaluating tactical situations and formulating action plans in response to both.
Manages communication and training efforts to ensure the successful implementation of new products and services.
Supports the broad Business Insurance organization with product-related information and training.
Manages key Product vendor relationships
Working with Hanover Technology Group, Develop, implements and maintains competitive product platform. Identifies system needs to support short and long-term product strategy. Develops system requirements and ROI.
Ownership of the development of short and long term strategic product plans in support of market, sales and profitability objectives.
Participate in all aspects relating to developing and managing an assigned product line.
Participates in and leads research and analysis of new product ideas and interprets results in support of business objectives.
Works with senior management to evaluate the cost/benefit of market opportunities and new initiatives.
Other duties as assigned.
Strategic Technology Planning – Knowledge of architecture/technology needs of the organization based on business priorities, strategies, goals, and economic viability. Critical analysis of business issues in the context of product design, delivery and performance.
Strategic Partnering – Creates collaborative, productive partnerships with key stakeholders such as Business leaders, State Management, IT, Underwriting, Operations, Claims, Actuarial, Legal, Compliance, vendors and other key functions to establish strategies that will achieve overall company goals. Ability to integrate critical analysis with other functional leaders to plan for and help achieve Product strategies. Ability to work in a heavily matrixed organization to build consensus for business strategies.
Process Management – Figures out the processes necessary to get things done; knows how to organize people and activities; understands how to separate and combine tasks into efficient work flow; knows what to measure and how to measure it; can see opportunities for synergy and integration where others can’t; simplifies complex processes; gets more out of fewer resources.
Product and Service Knowledge – Must be able to consistently demonstrate exceptional business acumen and functional knowledge of product offerings, technologies, distributionchannels and service strategies, as appropriate. Successfully apply this knowledge and experience to understand and resolve issues within a business unit and/or across the enterprise. Must demonstrate a high level of competitive intelligence and ability to easily articulate this insight.
Bachelor's/Master's degree in related field, 10 years plus insurance, financial services, underwriting or project management experience
Experience with projects in multiple insurance lines of business
Ability to understand and establish corporate strategic thinking and programs
Excellent oral and written communication skills
Strong Influencing and Decision-Making Skills
Superior interpersonal skills
Superior analytical skills
High level of strategic thinking
Ability to influence key stakeholders
Demonstrated In Depth product knowledge
Excellent Vendor management skills
Ability to foster high performance teams
Self-directed with the ability to prioritize multiple projects and work efficiently against deadlines. Must be able to support multiple assignments while remaining focused and organized.