Commercial Product Manager - Hastings, United States - Hastings Mutual Insurance Company

Description

Hastings Mutual 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.

Position Overview

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.

Position Location & Work Format

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 Mutual 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.

Position Duties & Responsibilities

• 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 makes recommendations for 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 development 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 HMIC 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 forms 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.

Candidate Requirements & Qualifications

• 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.

Our Commitment as an Employer

We value the strength of a diverse and inclusive workforce. Hastings Mutual is committed to providing equal opportunity for all employees and candidates in a work environment that does not tolerate any form of discrimination or harassment. Decisions related to employment are based on business needs, position requirements, and individual characteristics without regard to appearance, nationality, origin, race, color, religion, gender, sexual orientation, age, body, disability, veteran, family, marital status, or any legally protected class.

Hastings Mutual seeks to provide reasonable accommodation to disabled individuals in the hiring process in compliance with federal, state, and local law. Candidates requiring an accommodation to complete their job application or participate in the interviewing process are asked to notify the Talent Acquisition Specialist or contact us at

About Hastings Mutual Insurance Company

From our humble roots in 1885, providing coverage for windstorm damage, Hastings Mutual has evolved into a leading regional property and casualty insurance carrier, offering innovative products for businesses, farm owners, and individuals. We work with customers in six Midwestern states (Illinois, Indiana, Iowa, Michigan, Ohio, and Wisconsin). Hastings Mutual is known for its financial strength, high ethical standards, and culture of service and responsiveness.

The core of our ongoing success is our employees. Whether at the corporate offices in Hastings, Michigan, to our remote team members throughout the Midwest, Hastings Mutual is made up of talented professionals across multiple divisions and functional areas. Our commitment to our employees and work culture has been confirmed with our inclusion in the "Best and Brightest Companies to Work for in West Michigan" each year since 2011.

Hastings Mutual offers a friendly, family-like environment that values transparency and approachability. We recognize the hard work of our employees with many benefits, including fully paid certification training, a cafeteria, and fitness center at our corporate offices, ongoing professional development opportunities, and financial stability backed by our "A" rating from A.M. Best. We also have a long-term commitment to the communities in which we live and work, either through partnerships with local charitable organizations or through our own Hastings Mutual Charitable Foundation.

At Hastings Mutual, we're always looking for professionals of all experience and education levels to help us continue our more than 130-year history of successful, stable growth.