The AVP Personal Lines Product will oversee product development, pricing strategy, profitability, and market growth for personal lines, managing teams, vendor relationships, and strategic initiatives to enhance business performance.
The Assistant Vice President will provide the strategic vision for the Personal Lines products and partner with key stakeholders to drive the product development, pricing strategy, profitability and growth of the Personal Lines business. Oversight of complex, large-scale, strategic, and highly specialized projects, initiative tracking, revenue and expense planning/monitoring, communications, vendor management and customer segment development. Evaluate business processes, recommend efficiencies and improvements and changes. Manage complex data gathering, reporting and analysis. Oversee Product department of highly analytic and experienced managers, and individual analysts that provide competitor analysis, filings, testing and analytics. This candidate will have a proven track record of building, leading and retaining high performing teams.
- Assist in the formulation and thought leadership around important aspects of the PL business that affect the firms’ ability to grow and be profitable. Outline potential enhancements to strategy to take advantage of marketplace opportunities.
- Primary product management responsibilities of Auto, Home, Dwelling Fire, and Umbrella Product rate setting, forms, and competitive position. Oversight of strategy and evolution of rating algorithms for all products. Manage filings and negotiates with the Department of Insurance to gain approval.
- Monitors marketplace trends, and works with agent partners, marketing and other internal teams to devise effective product and ease of doing business improvements aimed at creating a competitive advantage for Arbella. Works with IT to manage projects, create requirements, collaborates on implementation and tests outcomes.
- Monitoring PL results and trends to identify strengths and weaknesses in the business. Outline areas of opportunity to improve business performance and lead initiatives to research and outline potential initiatives to drive improvements in retention, account rounding and other additional selling opportunities. Additionally, analyze and drive customer segment strategies.
- Lead the development of revenue and profit forecasts for business planning purposes in terms of exposures, premium, and retention. Consults on monitoring of revenue and profit performance against objectives and variance analyses to explain deviations in performance against plan and prior. Assists in the formation of the strategic investments and priorities with I/T for annual and 3-year plans. Advocates for those same priorities.
- Partners with PL Underwriting on appetite, guidelines, desired customer profile, profit improvement activities and general underwriting direction. Provides PL Underwriting with needed reports to effectively manage agents and books of business. Regularly partners with other departments such as Actuarial, Claims, and Finance to identify trends that impact profitability.
- Oversees and leads critical vendor relationships for PL, while developing leaders to manage the relationships day to day. Looks for opportunities to partner with other internal departments to leverage and enhance contractual agreements and costs with vendors across the organization.
- Product rollout strategy – partner with underwriting, product, Marketing and Corporate Communications to craft product roll out strategies to maximize market impact.
- Responds to regulator inquiry with needed analysis and fact finding. Acts as SME for the rest of the organization to finalize our response in concert with Office of General Counsel staff.
- Competitive intelligence – research on a macro level what our direct competitors’ strengths and weaknesses on a quarterly basis, outline how we can adjust our approach to capture more business. Lead research efforts when Arbella is considering entering a new state. Research potential joint ventures and partnerships to further our business.
- Lead, coach, and develop a high achieving team of leaders and individual contributors. Develops management staff to achieve a strong, flexible, and pro-active team. Leads and nurtures an environment that promotes employee engagement. Expands resource sharing and career opportunities
Requirements:
- Intimate working knowledge of the Personal Lines Property and Casualty insurance industry including pricing, product, underwriting practices and competitive analysis.
- Experience working in complex states. Intimate experience working DOI relationships.
- Experience working in a financial capacity including budget and expense management.
- Skilled in project management
- In depth experience developing, leading, and managing a team of leaders and analysts.
- Experience working with technology teams to execute product, pricing, and system changes.
- Independent Agency and Captive Agency experience preferred
- Bachelor's Degree plus 10 years experience with Personal Lines Product, Pricing and Underwriting Management. Master's Degree preferred.
Our current reasonable and good faith estimate of the annual salary for this position is approximately $200,000 - $240,000 based on a variety of factors including, but not limited to, relevant skills and experience, educational background and certifications, performance and qualifications, market demand for the role and other organizational needs.
Please note: The advertised pay range is not a guarantee or promise of a specific wage.
#LI-CL1
Top Skills
Competitive Analysis
Data Analysis
Financial Planning
Insurance Pricing
Product Management
Project Management
Vendor Management
Arbella Insurance Group Quincy, Massachusetts, USA Office
1100 Crown Colony Drive, Quincy, MA, United States, 02269-9103
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