Senior Product Manager - Workers Compensation Underwriting

$102,400 - $171,500/Yr

Af - Group - Minneapolis, MN

Full-time - Senior

Minneapolis, MN

Religious, Grantmaking, Civic, Professional, and Similar Organizations

About the position

The Senior Product Manager for Workers' Compensation Underwriting at AF Group is a pivotal role responsible for spearheading new market development, product innovation, and enhancements to existing products from a commercial property and casualty technical underwriting perspective. This position requires a deep understanding of commercial multi-line environments and serves as a technical underwriting expert, supporting the goals of various operating units and the enterprise as a whole. The role involves exercising broad discretion and judgment to ensure operational consistency, integrity, and oversight across multiple initiatives and lines of business. The Senior Product Manager will manage complex business processes and improvement efforts, collaborating with various departments to drive efficiency and effectiveness in underwriting practices. In this role, the Senior Product Manager will be tasked with aggressively identifying and managing problem markets, analyzing underwriting trends, and providing recommendations based on thorough research and reporting. The position also involves developing enterprise underwriting policies and procedures, implementing best practices, and ensuring quality control across the organization. The Senior Product Manager will participate in training and program development, serve as a technical consultant for corporate underwriting, and analyze accounts that exceed the authority limits of unit managers. Additionally, the role includes collaborating with enterprise operating units to support cost containment strategies and representing product management in various committees and events. The Senior Product Manager will lead the research and implementation of new product ideas and enhancements, ensuring alignment with the overall product strategy and business model innovation. This includes evaluating market opportunities, developing underwriting guidelines, and maintaining expert knowledge of state regulations and compliance requirements. The position requires a proactive approach to managing relationships with regulatory bodies and third-party vendors, ensuring that all product offerings meet compliance standards and operational needs. Overall, this role is critical in shaping the future of AF Group's product offerings and underwriting strategies, contributing to the company's business and profitability goals.

Responsibilities

• Assists in aggressively identifying, solving and managing/re-directing problem markets.
• Responsible for analyzing, researching and reporting on underwriting trends, issues, laws, rules, regulations and best practices, and provides recommendations as appropriate.
• Analyzes current and potential book of business and provides appropriate reports and recommendations.
• Assists in the development of enterprise underwriting policies, procedures and best practices.
• Assists in the implementation and monitoring of policies, practices, procedures and workflows.
• Identifies and establishes strategy for quality control to ensure consistency with best practices and workflows.
• Outlines improvement opportunities and coaches management on ways to improve.
• Participates in the identification, preparation and presentation of training and programs at an Operating Unit and Enterprise level.
• Serves as a technical expert and consultant in Corporate Underwriting on responses to questions and concerns for all operating units.
• Serves as an advisor on responses to questions and concerns from operating units and others on premium audit issues and Bureau inquiries.
• Analyzes and reviews accounts above the authority limits of Operation Unit managers and underwriters and makes determinations on pricing and programs, as needed.
• Collaborates with enterprise operating units and Corporate Underwriting in furtherance of enterprise cost containment strategies as necessary.
• Represents Product Management & Corporate Underwriting and the enterprise, on various committees and events as appropriate and approved.
• Conducts underwriting due diligence assignments, as needed.
• Performs special projects, as assigned. Provides evaluation and input regarding effectiveness of departmental programs and projects.
• Maintains confidentiality of all information processed.
• Leads the research, analysis and implementation of new or existing product ideas, market development, and product enhancements, including creating supporting business cases, designing solutions, and implementing innovative products for multiple commercial lines of insurance.
• Responsible for the ownership and execution of the overall product strategy, new product and business model innovation, including developing white papers, proposals for action or implementation plans.
• Evaluates the cost benefit of market opportunities and product initiatives and recommends actions based on evaluation, including identifying product improvements for complex product and policy construction considerations.
• Plays a key role in the development of short and long term strategic product & underwriting strategies in support of AF Group's business and profitability goals.
• Develop new product ideas, review existing and draft new coverage language, execute to the Product Development Life Cycle.
• Responsible for creating best practices, underwriting guidance and training to engage enterprise.
• Responsible for managing key compliance and regulatory relationships to include Product Objection Management.
• Serves as a key contact for developing and implementing new products or organizational practices specific to the product.
• Maintains expert knowledge including state regulations, compliance, coverages, operational processes, underwriting criteria and system application and tools.
• Supports complex ISO, NCCI based and proprietary changes. Coordinate with business partners to develop complete filing packages.
• Apply expert guidance and insight related to more highly regulated states/complex filings.
• Research and approve complex updates and changes to ISO, NCCI, Regulatory product updates, applying expert knowledge, problem solving skills and judgment. Recommend actions based on regulatory changes.
• Research, access and communicate risk of ISO, NCCI, Bureau, Regulatory non-compliance due to technical constraints and other operational issues. Collaborate with business partners and leadership to resolve non-compliance issues.
• Collaborates with and serves as liaison between Product Development, Innovation and Corporate Underwriting, with Enterprise Operating Units, including Accountability/Oversight for the Product delivery of Functional Specs.
• In collaboration with Corp UW Line of Business owner, develops underwriting guidelines and letters of authority, for new programs/products within the Workers' Compensation commercial lines arena.
• Works with third party vendors (ISO, NCCI, etc.), manages consultant relationships with our internal partners to integrate product needs based on market, product and technical requirements.
• Assists in new market development, including creating supporting business cases, drafting white papers and acting as a liaison to departments involved in new market development for multiple commercial lines of insurance.
• Analyzes new opportunity design, build, and implementation.
• Understands complex reinsurance structures, and critically evaluates complex clauses within proportional and non-proportional treaty and facultative reinsurance policies.
• Conduct full policy wording reviews for renewals to ensure compliance with underwriting guidelines.
• Collaborates with and serves as liaison between Corporate Underwriting, Product Management and Operating Units.
• Serves as owner for drafting, developing and implementing new products or organizational practices specific to the product.
• Develops underwriting guidelines and letters of authority, for new programs/products within the multi-line arena - including workers' compensation plus other commercial lines of insurance.
• Establishes enterprise quality control/governance standards.
• Assists with the Market Intelligence Initiative as needed.
• Maintains a clear understanding of all business requirements and applies expert product knowledge throughout the functional design process, including requirement documentation and technology liaising.

Requirements

• Bachelor's degree in Insurance, Business, Math, Finance, or a related field required.
• Minimum ten years of commercial property and casualty underwriting experience, with strong multi-line commercial property and casualty lines experience.
• Demonstrated technical knowledge with both small and large accounts, or equivalent experience that provides the necessary skills, knowledge and abilities.
• Experience with alternative market/specialty programs is a plus.
• Two years of experience with the Enterprise as a Corporate Underwriting Consultant or equivalent experience which provides the necessary skills, knowledge and abilities required.
• Workers' Compensation experience preferred.
• Progress towards, or completion of, industry-recognized professional designations (i.e., CIC, AU, CPCU) preferred.

Nice-to-haves

• Experience in insurance product development and product ideation.
• Ability to build out multi-line capabilities for the enterprise.
• Experience with insurance related regulatory and governing bodies.
• Experience in implementing new product offerings into a technology platform.

Benefits

• Competitive salary range between $102,400 and $171,500 based on experience and qualifications.
• Opportunities for continuous learning and professional development.
• Support for obtaining industry-recognized professional designations.
• Comprehensive health insurance coverage.
• 401k retirement savings plan with company matching contributions.