Director, Product & Underwriting Innovation

Definity Financial • $134K — $184K *
Toronto, ON M3C 0E3In-Person
Finance & Insurance
8 - 10 years of experience
Today
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Job Overview by Ladders

Qualifications

  • Bachelor's degree in Business, Economics, or related field; MBA or Actuarial background is a plus.
  • 10+ years in the property and casualty insurance sector, focusing on personal lines; 5+ years in product management or underwriting.
  • 3+ years of leadership experience with a proven track record of team development.
  • Chartered Insurance Professional (CIP) or Fellow Chartered Insurance Professional (FCIP) designation preferred.
  • Deep understanding of the Canadian personal insurance market, especially Ontario and Quebec.

Responsibilities

  • Lead the end-to-end lifecycle for new products and underwriting mechanisms, from ideation to market launch.
  • Continuously scan the P&C landscape for trends and develop a strategic innovation roadmap.
  • Champion customer experience initiatives for successful rollout and adoption of innovations.
  • Collaborate across departments to align and support innovation initiatives and communicate their value.
  • Oversee operational and technical integration for market launches.

Benefits

  • Hybrid work schedule for most roles.
  • Company share ownership program.
  • Incentive Program linked to individual and company performance.
  • Company-matched RRSP contributions within pension and savings programs.
  • Paid volunteer days and matching on charitable donations.
Full Job Description
Job Description

The Opportunity

The Director, Product & Underwriting Innovation is a forward-thinking leader responsible for identifying, developing, and launching new products, services, and underwriting methodologies that will help define the future of our business. The Director will own the product & underwriting innovation pipeline from strategic planning and roadmap development to launch, ongoing management, and profitability. Drive increased and optimized underwriting sophistication through an innovation lens, leveraging advanced analytics and third-party vendors to enhance risk segmentation and decisioning, enabling more efficient execution and scalable, profitable growth. The Director will lead a small, agile team to build a robust innovation pipeline, taking novel ideas from concept through to market launch. This individual will be the central force driving a culture of innovation, ensuring our product & underwriting portfolio remains relevant, competitive, and positioned for future growth, including the targeting of new or emerging growth markets.

What to Expect
  • New Product & Underwriting Development & Incubation: Lead the end-to-end development lifecycle for new products and underwriting mechanisms, from initial ideation and concept validation to pilot program design and execution. Champion a "test and learn" approach, using pilot results and data to iterate on product design and go-to-market strategy. Oversee the operational and technical integration required to successfully launch new products into the market.
  • Product & Underwriting Innovation & Optimization: Continuously scan the P&C landscape to identify and analyze emerging trends, Insurtech advancements, and new business models. Develop and maintain a strategic innovation roadmap and a pipeline of new product & underwriting concepts for Personal Insurance. Build compelling business cases for new product & underwriting investments, securing buy-in and resources from senior leadership.
  • Customer Experience & Retention Initatives: Champion appropriate CX-led initiatives, including mobile app campaigns and proactive customer and employee education to ensure successful rollout and adoption of new innovation concepts. Analyze customer feedback and behavioral data to identify and implement key levers to improve retention and customer lifetime value.
  • Cross-Functional Leadership & Collaboration: Partner with leaders across multiple areas, including Underwriting, Pricing, Technology, CX, Claims, and Marketing to ensure alignment and support for innovation initiatives. Act as the primary evangelist for new product & underwriting concepts within the organization, effectively communicating their value and strategic importance.


What You Bring
  • Bachelor's degree in Business, Economics, or a related field. An MBA or Actuarial background is considered an asset.
  • 10+ years of experience in the property and casualty insurance industry, with a significant focus on personal lines. 5+ years of direct experience in product management, product development, or underwriting. 3+ years of formal people leadership experience, with proven success in leading and developing high-performing teams. Proven experience in developing and launching successful insurance products, with a track record of driving key metrics like acquisition and retention.
  • Chartered Insurance Professional (CIP) or Fellow Chartered Insurance Professional (FCIP) designation is preferred.
  • Deep understanding of the Canadian personal insurance market, including both broker and direct channels, with specific knowledge of the Ontario and Quebec market dynamics.
  • Strong knowledge of underwriting principles, product pricing, and customer segmentation.
  • Deep curiosity and knowledge of emerging trends, technologies, and business models impacting the P&C industry.
  • Excellent analytical and problem-solving skills, with the ability to translate insights into actionable strategy
  • Demonstrated ability to manage complex projects and pilot programs from conception to implementation.
  • The ability to work effectively and influence across product, pricing, data management, analytics, claims, distribution, and technology teams by translating underwriting risk insights into pragmatic product design decisions that balance growth, profitability, and customer value.


Salary Range: $134,300 - $184,300

What's in it for you?
  • Hybrid work schedule for most roles
  • Company share ownership program
  • Incentive Program - Eligible employees may participate in various incentive plans which are paid out at the discretion of the company and subject to individual and company performance.
  • Pension and savings programs, with company-matched RRSP contributions
  • Paid volunteer days and company matching on charitable donations
  • Educational resources, tuition assistance, and paid time off to study for exams
  • Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, access to programs for working parents
  • Wellness and recognition programs
  • Discounts on products and services

Go ahead and expect a lot - you deserve it.

#LI-Hybrid

About Definity Financial

Definity Financial Careers

Joining Definity Financial presents an unparalleled opportunity to become part of a leading team of professionals in the financial services industry. This is a prime time for candidates to explore the diverse job opportunities at Definity Financial, a company renowned for its commitment to innovation, leadership, and professional growth.

Explore Career Opportunities

Definity Financial is actively seeking talented individuals for various positions across the company. From entry-level roles to senior leadership positions, Definity Financial offers a dynamic work environment where career growth is encouraged and supported by comprehensive benefits and diversity training programs.

Innovation and Professional Growth

At Definity Financial, innovation isn't just a buzzword; it's the cornerstone of the company's operations. Employees are encouraged to bring fresh ideas and perspectives to the table, driving the company forward in the competitive financial sector. Professional growth is facilitated through targeted training programs, leadership development opportunities, and active networking events that connect employees with industry leaders.

Cultivating a Diverse and Inclusive Culture

Definity Financial is committed to fostering a diverse and inclusive culture where all team members feel valued and respected. The company believes that diversity fuels innovation and enhances the team's ability to address client needs effectively. Through comprehensive diversity training and inclusive hiring practices, Definity Financial ensures that all employees have the opportunity to succeed.

Internship Programs and Entry-Level Positions

For those starting their careers, Definity Financial offers robust internship and entry-level positions that provide hands-on experience in the financial sector. Interns at Definity Financial gain invaluable insights into the industry, working alongside seasoned professionals and participating in projects that have real-world impact.

Benefits and Employee Well-being

Employees at Definity Financial enjoy a range of benefits designed to support their health, well-being, and financial security. The company's benefits package includes health insurance, retirement plans, and flexible working arrangements, ensuring that employees can balance professional and personal commitments effectively.

Join the Definity Financial Team

Definity Financial is hiring! Explore open positions that match your skills and interests. The company is looking for passionate, curious, and solution-driven team players. Whether you are refining your resume, preparing for an interview, or seeking to advance your career, Definity Financial offers a supportive environment where your ambitions can take flight.

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Embark on a journey with Definity Financial, where employment is not just about a job but about building a career with a company that values innovation, leadership, and diversity.
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