Hastings Insurance is currently looking for a Commercial Product Manager to join our Product Development team! This is a great opportunity for an experienced Property & Casualty Insurance professional to provide sound analysis and recommendations regarding new and existing product offerings.
The Commercial Product Manager analyzes and recommends rates, rules, forms, and guidelines for existing products as well as new ones for assigned product areas. This position also ensures all existing products comply with state statutes and current court decisions.
This position is flexible in its location! Candidates residing within the greater Hastings, Michigan, will be able to work a hybrid (combination of on-site and work-from-home) schedule as an alternative. Preference will also be given to candidates who reside within our six-state territory (Michigan, Indiana, Illinois, Wisconsin, Iowa, or Illinois). Hastings Insurance may consider candidates in other states to work remotely if elements of their application are strong. Generally, this role will work within our standard office hours of Monday - Friday, 8:00 am - 4:30 pm.
- Understands the assigned markets and develops specific strategies related to price, product, and underwriting.
- Identifies opportunities to enhance existing products and services to improve financial performance and to better align with competitive markets.
- Designs, develops, and manages new and existing products from initial conception through service delivery.
- Reviews product performance and outcomes based on cost and benefit analyses and recommends product improvements.
- Directs the implementation of product revisions, including coordination with other departments on a timely basis.
- Monitors market trends to identify new product opportunities and enhancements to existing products.
- Ensures required action for timely regulatory review and approval of products and activities, including form design and overseeing insurance department submissions.
- Researches, develops, and recommends formal product proposals consisting of rating variable analysis, coverage comparisons, and rate indications, to support specific business segment and product objectives.
- Work with the Actuarial team to develop and recommend pricing strategies and analyze the impacts of those strategies.
- Gains approval of the cross-functional team for the proposed changes.
- Plans and approves communications regarding changes.
- Implements ongoing internal and external product training to improve product outcomes.
- Coordinates the development of and changes to underwriting guidelines, product eligibility rules, and underwriting manuals.
- Consults with Legal to ensure compliance with state laws and regulations relative to rate, rules, and forms.
- Prepares rate, rule, and form filings using SERFF (System of Electronic Rate and Form Filing).
- Responds to insurance department objections along with the actuarial team.
- Initiates and approves requirements for changes to necessary databases and systems within Hastings policy administration systems for newly developed rates and algorithms.
- Reviews tests of rates and algorithms to ensure accuracy.
- Serves as subject matter expert and consultant for other departments relative to programming, statistical reporting, claims, and underwriting for assigned products.
- Performs periodic audits on assigned products.
- Maintains form indexes for assigned product lines.
- Serves on interdepartmental special project committees.
- Actively participates in professional development, i.e. continuing education or self-improvement.
- Other duties as assigned by leadership, either verbally or in writing.
- Bachelor’s or advanced degree in Business, Mathematics, Statistics, or Insurance, or a related degree, or equivalent work experience required.
- Five years minimum experience in property and casualty insurance with a background in underwriting, claims, product development, or marketing.
- Demonstrated understanding of the pricing and product management process, including exposure to rating and coverage forms, is required.
- CPCU designation or other insurance-related coursework, or actuarial exams are preferred.
- Demonstrated math and statistical aptitude.
- Demonstrated effective verbal and written communication ability.
- Demonstrated PC skills, including proficient use of Microsoft Office products.
- Effective organization and teamwork skills.
At Hastings Insurance, our balanced corporate strategy focuses on implementing emerging technologies, cultivating strong independent agency relationships, and providing the right products to our policyholders.
We seek to strategically grow our product lines and continue to expand geographically while maintaining our financial stability and innovative nature.
Our talented employees are dedicated to providing excellent customer service to our agent partners and policyholders. Many of our employees have been identified as industry experts and we value the knowledge and skill that they contribute to our success.
For more than 135 years, Hastings has helped our customers protect their valued assets and rebuild after devastating losses. We are proud to be rated an A (Excellent) insurance carrier by A.M. Best Company.