Product Development Manager

$99,160 - $189,530/Yr

USAA - Chesapeake, VA

Full-time - Mid Level

Chesapeake, VA

10,001+ employees

Credit Intermediation and Related Activities

About the position

As a dedicated Product Development Manager at USAA, you will be part of a team focused on developing new Property and Casualty (P&C) product opportunities. This role involves participating in the vetting of new product ideas through a structured decision framework process. You will support the end-to-end development of new products aimed at strategic markets, ensuring that product line initiatives align with compliance, operational improvements, claims management, vendor management, product documentation, fulfillment, and system releases. In this position, you will engage in the development of digital-first products that cater to the needs and risks of USAA members. Your responsibilities will include supporting the launch of innovative product offerings and enhancing existing products with auxiliary features and services. You will advise team members on the launch of new products and assist in evaluating whether to buy, build, or partner for product development. You will be responsible for generating creative product and coverage solutions to maintain a dynamic product development pipeline. This includes maintaining knowledge of business and underwriting performance for products in scope, analyzing internal and external data to support product strategy, and conducting ongoing monitoring of existing products based on performance metrics and market changes. Additionally, you will develop and communicate the value proposition for new product enhancements and guide Member Contact teams on effectively utilizing sales guides. Collaboration with control partners, including Legal, Compliance, and Risk Management, is essential to ensure that product offerings comply with all applicable laws and regulations. You will also be tasked with identifying, measuring, supervising, and controlling risks associated with business activities in accordance with risk and compliance policies.

Responsibilities

• Participates in the development of digital first products supporting the needs and risks of USAA Members.
• Supports efforts to develop and launch new innovative product offerings as well as auxiliary/enhanced features/services for existing products.
• Advises others in the launch of new products and in the evaluation and decision to buy/build or partner.
• Generates creative product and coverage solutions for member needs to ensure a dynamic product development pipeline exists.
• Responsible for maintaining knowledge of business and underwriting performance for products in scope (e.g. trends, results, etc.).
• Analyzes internal and external data and member information to support formulation of product strategy and enhance competitive intelligence.
• Conducts analysis of key data to support on-going monitoring, maintenance and underwriting of existing 'new in market' products based on product performance, member needs and driven changes in the market including but not limited to product rules, rates, and forms.
• Develops and communicates the new product value proposition for product enhancements/features.
• Guides Member Contact teams on how to effectively use sales guides and provides education on new products and services, including new offerings and improvements to existing features.
• Analyzes and evaluates new product performance metrics to recommend offering change, if necessary, prior to full launch.
• Coordinates with relevant control partners (to include Legal, Compliance, and Risk Management) to ensure product offerings are crafted and implemented in compliance with all applicable laws and regulations.
• Ensures risks associated with business activities are optimally identified, measured, supervised, and controlled in accordance with risk and compliance policies and procedures.

Requirements

• Bachelor's Degree in Business, Marketing, Supply Chain, Statistics, or related field; OR 4 years of related experience may be substituted in lieu of degree.
• 6 years proven experience in Actuary, Underwriting, Marketing, Operations, Financial Services or relevant military experience.
• Experience conducting research, compiling and analyzing data, and identifying trends that have supported product decisions.
• Proven experience in developing, deploying and supporting product and/or coordinated suite of products.
• Knowledge and understanding of Product Development Life Cycle (PDLC).

Nice-to-haves

• Experience in end-to-end development of new Property & Casualty products outside of auto and property.
• Experience in state management, pricing, underwriting, consumer insight/research or claims.
• Experience working with third party partners.
• Additional experience in project management, business case development, or strategy development is a plus.
• US military experience through military service or a military spouse/domestic partner.

Benefits

• Comprehensive medical, dental and vision plans
• 401(k)
• Pension
• Life insurance
• Parental benefits
• Adoption assistance
• Paid time off program with paid holidays plus 16 paid volunteer hours
• Various wellness programs
• Career path planning and continuing education assistance.