Company Overview
Our client, a leading insurance carrier, is seeking an experienced State Product Management Leader to serve as an Associate State Manager. This position plays a pivotal role in developing and executing product strategies that align with both state-specific market conditions and the company's overall growth objectives. The ideal candidate will bring deep insurance industry knowledge and a proven track record of successful product management in a regulated environment.
Job Overview
The State Product Management Leader will oversee the development, implementation, and performance of insurance products within assigned state(s). This role requires a strategic thinker who can navigate the complex regulatory landscape while driving profitable growth through competitive product offerings. The position serves as the primary product authority for the designated territory, collaborating across functions to ensure market-responsive products that meet customer needs and regulatory requirements.
Key Responsibilities
Strategic Product Management
- Develop comprehensive product strategies for assigned state(s) based on thorough market analysis, competitive intelligence, and regulatory considerations
- Lead the full product lifecycle from conception through implementation, including product design, pricing strategy, and filing processes
- Establish clear product performance metrics and regularly evaluate product results against business objectives
- Identify opportunities for product enhancements, new product development, or strategic withdrawals based on performance data and market trends
- Partner with actuarial teams to ensure appropriate risk assessment and profitable pricing models
Regulatory Compliance & Filing Management
- Maintain expert knowledge of state-specific insurance regulations and market requirements
- Oversee the preparation and submission of rate and form filings to state regulatory authorities
- Develop effective strategies for navigating complex regulatory environments and securing timely approvals
- Build and maintain productive relationships with state insurance departments and regulatory bodies
- Ensure all products remain compliant with evolving state and federal requirements
Cross-Functional Leadership
- Collaborate with underwriting, claims, actuarial, marketing, and sales teams to ensure successful product implementation
- Lead cross-functional project teams through product development and deployment initiatives
- Communicate product features, benefits, and guidelines to internal stakeholders and distribution channels
- Work closely with IT and operations teams to ensure systems support product requirements
- Coordinate with legal and compliance departments to address regulatory concerns and mitigate risks
Market Intelligence & Competitive Analysis
- Conduct ongoing research on market conditions, customer needs, and competitor activities within assigned territory
- Analyze industry trends and consumer behavior patterns to identify emerging opportunities
- Develop comprehensive competitive intelligence programs to benchmark product offerings
- Translate market insights into actionable product strategies and recommendations
- Monitor product performance against key competitors and adjust strategies accordingly
Distribution Channel Support
- Serve as the product subject matter expert for sales teams and distribution channels
- Develop effective training materials and product education resources for agents and brokers
- Gather feedback from distribution partners to inform product enhancements
- Support sales initiatives through product positioning and value proposition development
- Assist in resolving complex product-related questions from distribution partners
Business Planning & Financial Management
- Contribute to annual business planning processes for assigned territory
- Develop forecasts for product performance and growth projections
- Monitor and report on key performance indicators related to product profitability
- Recommend pricing adjustments and product modifications to optimize financial results
- Collaborate with finance teams to establish appropriate expense and loss ratio targets
Required Qualifications
- Bachelor's degree in Business, Finance, Insurance, or related field; MBA or advanced degree preferred
- 7+ years of experience in insurance product management, underwriting, or related functions
- Demonstrated understanding of property & casualty insurance products and pricing methodologies
- Proven experience with state filing processes and regulatory requirements
- Strong analytical skills with the ability to translate data insights into strategic actions
- Excellent project management capabilities with a track record of successful implementation
- Superior communication and presentation skills, with the ability to influence at all levels
- Proficiency with product management tools, financial analysis, and reporting systems
Preferred Qualifications
- Industry designations such as CPCU, ARM, AU, or similar credentials
- Experience managing multiple states or regions in a product management capacity
- Background in both personal and commercial lines product management
- Familiarity with product rating systems and policy administration platforms
- Experience with product innovation and new product development
- Knowledge of relevant state-specific insurance markets and competitive landscapes
Travel Requirements
- Regular travel (approximately 25-30%) to regional offices, corporate headquarters, and industry events may be required
Benefits
- Competitive salary and performance-based bonus structure
- Comprehensive benefits package including health, dental, and vision insurance
- Retirement savings plan with employer match
- Professional development and continuing education support
- Hybrid work arrangement with flexibility options
- Career advancement opportunities within a growing organization