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VP, Product – Property

St. Paul, MN, USA | Travelers

  • Industry:
    Insurance - General
  • Position Type:
  • Functions:
    General Management
  • Experience:
    10-12 years
Job Description:
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Responsible and accountable for the strategic and operations functions of the Business Insurance Property product portfolio. Assures product currency and the overall health of the line of business (profitability, growth, retention) for each of the products/coverages within the product portfolio. Coordinates all initiatives with business partners and market leadership.

Primary Job Duties & Responsibilities

Provides expert opinion in and expanded enterprise or business position review when product proposals are presented to EUP or LOB. This includes an analysis of pros and cons; findings and investigations conducted; analysis of corporate exposure and the identification of enterprise or business opportunity.

Works collaboratively with business unit heads CUOs to determine product line strategy in business and/or Business Insurance.

Establishes and recommends underwriting policies and standards which support the development of assigned product and services such as researching and identifying target business, competitor information, industry and economic factors across business and/or Business Insurance.

Responsible for the development and execution of corporate underwriting policies/standards on topics of broad interest or national exposure such as catastrophes, terrorism, pandemics, climate change, etc.

Coordinates with actuarial to ensure there is a consistent approach to assigned product with in LOB and across the business and/or Business Insurance.

Coordinates with Claim to ensure that claim initiatives are aligned with product line strategy.

Develops and implements monitoring standards to assess product results such as profitability analysis, quarterly loss trends, payout and claims management strategies etc., and recommends corrective actions.

Represents the company’s position on assigned product line issues at the state and national level on regulatory issues, rates, filings, and political questions.

Directs the maintenance of forms and rate filings for product line and related products. This includes initial form and rate filings (proprietary pricing and NCCI) as well as subsequent responses to insurance departments.

Directs the analysis of information to support the development of product, services and/or new programs that may be appropriate for business and/or Enterprise development.

May conduct training for UDPs or other employees on the product of expertise. May provide counsel and guidance to field staff on product specific issues.

Minimum Qualifications

Bachelor’s degree required.

5 years leadership and management of others experience required.

10 years insurance experience with advanced understanding of products, underwriting coverage, rules, forms, regulatory environment, risk management, pricing/filing processes, underwriting processes, and insurance financials required.

Intermediate knowledge of Microsoft office products (Excel, Word, PowerPoint) required. 

Education, Work Experience, & Knowledge

Master’s Degree

10 years of Business Insurance product (non-rate) experience.

10 years of Business Insurance in the areas of policy and/or non-policy form work or similar type work.

Business insurance forms/product development, claims or legal experience.

Master (expert) understanding of property and casualty insurance products, systems, underwriting, claims, distribution channels, regulatory

Comprehensive knowledge of Microsoft Office Visio

Comprehensive knowledge of Impromptu or similar query tool.

Licensing or Certificates

Preferred: CPCU, IIA or other recognized insurance designations (Examples: ARM, CIC)

Job Specific Technical Skills & Competencies

Strong Large Property experience a must.

Leading the Business:

Strong, expert (master) leadership, collaboration, influencing and change management communication skills.

Strategic thinking and planning skills.

Results driven with a focus on priority results over activity.

Customer-focused orientation (agent and consumer).

Demonstrates expert (master) understanding of Business Insurance.

Leading Self:Expert (master) oral and written communication skills with ability to influence at all levels of the organization. Includes the ability to communicate intent of contract and non-policy form language to all levels of the organization. Includes creating and drafting forms. Expert presentation skills.

Expert organization and time management skills. Attention to detail.

Master (expert) ability to comprehend and communicate intent of state product strategies, underwriting strategies, and inter-relationships with coverage. Ability to mentor, coach and train others to develop this skill.

Master (expert) critical thinking and analysis skills to understand state specific results, underwriting results, and competitor actions in order to recommend state specific actions. Advanced ability to assess quality of state specific underwriting and financial results.

Master (expert) problem solving skills with ability to ensure alignment of team with PI product strategies, philosophies and vision.

Actively invests in improving own capabilities.

Leading Others:

Coaching and talent development skills (expert/master) including ability to mentor and motivate others

Advanced ability to maximize individual and organizational performance. Resource and capacity management skills.

Holds others accountable.

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