Director, Product - Not specified, United States - Nationwide Mutual Insurance Company

Description

If you're passionate about helping people protect what matters most to them, as well as innovating and simplifying processes and operations to provide the best customer value, then Nationwide's Property and Casualty team could be the place for you At Nationwide, "on your side" goes beyond just words. Our customers are at the center of everything we do and we're looking for associates who are passionate about delivering extraordinary care.

Our Product Management team is focused on delivering and maintaining best in class insurance products for our business partners that are compliant with state regulations, support strategic goals of the planning units, and are approved by state departments of insurance with the fewest objections as possible.

As a Product director, you will be responsible for all product management activities for the Commercial Auto line of business, including Auto Liability, Physical Damage, and Motor Truck Cargo. This role will support Commercial and ESS products and knowledge of admitted and non-admitted product requirements is essential.

A minimum of three years of experience leading a team of product associates is needed.

The leader of a line of business team will ensure the team members remain focused on regulatory compliance, continuous improvement of filed products, and enable seamless implementation of products in various systems. To ensure that deliverables are met on time and with the expected level of quality, the leader will be responsible for establishing team level KPIs and appropriate SLAs to meet business partner's needs.

Development of the team members line of business expertise is essential as the team should reliably provide product expertise for the assigned lines of business and/or products. A minimum of 7 years experience in the assigned line of business is preferred, but product specific leadership experience may be acceptable.

Compensation Grade: H4

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Job Description Summary
Working on our team, designing and managing excess and surplus insurance products and programs, offers new opportunities and challenges every day. Continuous learning and growing is crucial, as is innovation and creativity. If you have all that and the ability to deliver successful programs and projects, we want to know more about you

As a Director, you'll establish the strategic direction of an assigned line of business and drive implementation of related plans. We'll count on you for product/program development, premium growth, success and profitability. You'll have opportunities to create and implement recommendations on the design, pricing, underwriting, distribution and other processes related to managing the product/program life cycle. In addition, you'll establish and grow relationships with Underwriting, Claims, Actuarial, Reinsurance, Legal and Operations. You will be accountable for the success of products/programs and for contributing line of business expertise across the enterprise.

Job Description
Key Responsibilities:

• Develops, designs, and monitors short and long term strategy, vision and pricing/underwriting philosophy behind the assigned line(s) of business. Directs the implementation of the plan.
• Plans and develops strategies to take advantages of opportunities. Implements the strategies and measures results; adjusts tactics as necessary to ensure objectives are met.
• Directs the analysis of product/program design, pricing and associated processes such as distribution, and underwriting practices.
• Evaluates new program/product opportunities from general agents, brokers and program managers. Makes recommendations to senior management based on acquired line of business knowledge and opportunities for improvement.
• Directs key initiatives on product/program strategy and profitability. Leads the development of strategies related to multiple product/program profitability objectives.
• Functions as an authority on internal and external factors that influence the product line results.
• Develops and implements plans to solve business problems. Uses subject matter knowledge to make recommendations to senior leadership in the development of line of business objectives.
• Finds opportunities to increase profitability through new programs and/or opportunities to restrict or exit programs to maintain profitability.
• Identifies and directs the analysis of trends for product lines within regions.
• Drives the development, delivery and implementation of training on products/programs. Conducts internal audits of underwriting practices to ensure consistency.
• Develops, designs and monitors short and long-term strategy, vision and pricing/underwriting philosophy behind the assigned line(s) of business.
• Designs financial objectives and strategies for communicating financial results.
• Builds and maintains close working relationships with other departments, e.g., Actuary, Claims, by engaging them in the product/program management process.
• Designs regional or national strategy, integration and communication plan, and implements across contract and brokerage.
• Leads associates, including performance management, salary planning and administration, training and development, workflow and organizational planning, hiring and placement and disciplinary actions.

May perform other responsibilities as assigned.

Reporting Relationships: Reports to Associate Vice President or Vice President, Underwriting. May have direct reports.

Typical skills and Experiences:

Education: Undergraduate studies in insurance, actuarial science, mathematics, risk management, economics, finance, accounting, business administration or related field preferred. Bachelor's degree or graduate studies preferred.

License/Certification/Designation: Insurance licenses or designations such as CPCU, ARM, ASLI, AU, etc. preferred.

Experience: Ten years of experience in multiple excess and surplus lines insurance underwriting, marketing, or comparable area, including four years previous product management and associate management experience preferred. Multiple-line product experience preferred.

Knowledge, Abilities and Skills: In-depth knowledge of analytical tools, expert level knowledge of core business functions, underwriting policies and practices, performance measurement techniques and systems required. Expert knowledge of related pricing, marketing, insurance models/contracts, and financial analysis necessary. Evidence of growing levels of responsibility and exposure to research, analysis and development as well as standards and practices for the selection, evaluation and pricing of products/programs. Excellent verbal and written communications necessary to effectively influence, train, present information, communicate with management, agents, brokers and policy holders. Must be skilled in the use of related systems and analytical tools. Ability to envision and drive for results, deal with ambiguity, solve problems and learn on the job. Demonstrated decision making skills, identify trends/patterns within regions necessary. Excellent project management skills necessary. Ability to interact with senior management and present critical information to them required.

Other criteria, including leadership skills, competencies and experiences may take precedence.

Staffing exceptions to the above must be approved by the hiring manager's leader and Human Resources Business Partner.

Values: Regularly and consistently demonstrates the Nationwide Values.

Job Conditions:

Overtime Eligibility: Not Eligible (Exempt)

Working Conditions: Normal office environment. May require some travel within region.

ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.

We currently anticipate accepting applications until 05/24/2024. However, we encourage early submissions, as the posting may close sooner if a strong candidate slate is identified before the deadline.

Benefits

We have an array of benefits to fit your needs, including: medical/dental/vision, life insurance, short and long term disability coverage, paid time off with newly hired associates receiving a minimum of 18 days paid time off each full calendar year pro-rated quarterly based on hire date, nine paid holidays, 8 hours of Lifetime paid time off, 8 hours of Unity Day paid time off, 401(k) with company match, company-paid pension plan, business casual attire, and more. To learn more about the benefits we offer, click here.

Nationwide is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive culture where everyone feels challenged, appreciated, respected and engaged. Nationwide prohibits discrimination and harassment and affords equal employment opportunities to employees and applicants without regard to any characteristic (or classification) protected by applicable law.

This position could be filled within any of the lower 48 U.S. states.

Smoke-Free Iowa Statement: Nationwide Mutual Insurance Company, its affiliates and subsidiaries comply with the Iowa Smokefree Air Act. Smoking is prohibited in all enclosed areas on or around company premises as well as company issued vehicles. The company offers designated smoking areas in which smoking is permitted at each individual location. The Act prohibits retaliation for reporting complaints or violations. For more information on the Iowa Smokefree Air Act, individuals may contact the Smokefree Air Act Helpline at

For NY residents please review the following state law information: Notice of Employee Rights, Protections, and Obligations LS740 )

Nationwide pays on a geographic-specific salary structure and placement within the actual starting salary range for this position will be determined by a number of factors including the skills, education, training, credentials and experience of the candidate; the scope, complexity and location of the role as well as the cost of labor in the market; and other conditions of employment. If a Sales job, Sales Incentives, based on performance goals are possible in addition to this range.

The national salary range for Director, Product - E&S/Specialty : $121,000.00-$233,000.00

The expected starting salary range for Director, Product - E&S/Specialty : $131, $197,000.00