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!
*** Please note: the information contained above the asterisks is specific to this particular opening, while the information below the asterisks is the general, corporate job description for this position. ***
This opening is for a new Product Manager opening within our dedicated Commercial Lines Middle Market Field Product Management team, to support an assigned region.
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Preferably, this individual will be based in one of our physical offices, though other locations will be considered, including remote/work-from-home (WFH) from anywhere in the country. Up to 20% travel may be required throughout the year, meeting with both internal business and external agency partners.
Given the unique nature of this role, acting as a bridge between Pricing and Business Development, the most ideal candidate will have a strong combination of the below skills and experience:
Actuarial Science; pricing, reserving, rate indications, etc.
Underwriting; preferably within, or working closely with, Commercial Middle Market accounts
Operational Finance; base knowledge of operational metrics including but not limited to DWP, retention, AY, CY, Loss Ratios, Prior Yr Development, etc.
Data Analytics; ability to recognize all kinds of data including but not limited to financial reports, DART, loss selection data, indication details, etc.
Key competencies that should also be exhibited by the selected candidate:
Self-starter
Relationship building
Dealing with ambiguity
Strategic orientation
Intellectual curiosity
Constantly striving for excellence
Ability to relay complex information in a simplified, yet effective, manner
Compensation Grade: G3
*Please note that this role may be filled at the G3 Product Manager or F3 Associate Product Manager level, depending on candidate skills and experience*
Colorado Residents: Email taproces@nationwide.com for salary information
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Job Description Summary
If you are driven to develop real business intelligence from data to inform business decision-making, and can communicate complex issues in an understandable and relevant way, we want to know more about you! Working on our team offers the opportunity to influence the products offered and help Nationwide meet and exceed the needs of our customers in the marketplace today and into the future.
As a Product Manager, you'll position products for profitable growth. We'll count on you to develop and implement multi-year strategic plans and implement processes related to financial planning, rate reviews, market development and communication. Your work will support regional and corporate objectives by providing ongoing analysis and results monitoring aligned with company objectives. To succeed, you'll need to communicate results with leaders, internal and external partners and share product performance and perspective.
Job Description
Key Responsibilities:
Gathers information from multiple sources, according to company guidelines, to perform analysis. Provides context and understanding of information to anticipate the multiple variables and complexities needed in research.
Analyzes product performance and finds improvement opportunities at state, line of business and agency level. Identifies and analyzes key product, performance and profitability drivers such as distribution, rate structure and rules performance to validate assumptions, identify adverse impacts, trends and solutions. Applies judgement and understanding to data and provides analysis considering multiple complexities to build fully developed solutions.
Analyzes and reviews financial results, product profitability, business mix and competitive information and forecasts performance.
Completes work within established time and service standards. May manage timelines and coordinate project work through others. Plans work to ensure rate review and other key processes are completed, ensuring speed to market.
Develops comprehensive product strategy for the state(s) for overall profitability using rate reviews, pricing, risk appetite, placement, timing, etc. Determines how to apply and implement strategic decisions aligned with market strategies (agents, tools, sales, etc.). Influences decisions that impact national plan and geographic responsibility.
Develops detailed product plan to achieve long and short-term financial objectives (one to three years) for assigned state(s) and product(s). Provides input into rate, loss, revenue, financial and other planning teams to contribute to regional and national strategy. Builds and implements communication plans to share key business changes. Initiates action plans to improve or maintain product performance.
Consults with leaders and internal partners about analysis, ideas and business performance, providing recommendations based on deep functional and regional knowledge. Supports partners with ongoing review and consultation on distribution and underwriting performance initiatives.
Provides tools and analysis to build understanding of sophisticated issues and focus attention on important concepts. Promotes collaboration among regional and staff partners. Participates on committees as a subject matter authority and provides regional perspective and expertise on research and development, pricing and training.
Shares information about products, pricing and organizational decisions with partners verbally and in writing. Translates complex data and strategic concepts into understandable communications to share with multiple audiences. Discerns the most relevant information and shapes and develops messages appropriate for the audience, instilling confidence, conveying the strategic vision and influencing subsequent actions.
Builds and strengthens relationships with peers and partners to support completion of assignments. May participate in cross-functional teams to complete projects or support the business. Provides strong leadership, is approachable and instills trust.
Participates in training, department and company meetings. Pursues additional education to increase personal, professional and technical knowledge and skills. May assist trainers by providing content or delivering information to educate regional underwriting and product partners. Mentors and provides education to others.
Supervises associate management including performance, salary planning and administration, training and development, workflow and organization planning, day-to-day management, hiring and placement and disciplinary actions.
May perform other responsibilties as assigned.
Reporting Relationships: Reports to Field Product Leader. Up to two direct reports.
Typical Skills and Experiences:
Education: Bachelor’s degree in insurance, actuarial science, mathematics, risk management, economics, finance, accounting, business administration or related field or MBA preferred.
License/Certification/Designation: Progress toward or completion of CPCU, AU CIC, INS ARM, Actuarial exams or similar designations preferred.
Experience: Eight years of experience in commercial lines underwriting or product preferred. Cross-functional experience from other areas and experience with data analysis preferred.
Knowledge, Abilities and Skills: Detailed knowledge of core business functions, and commercial lines insurance products and pricing architecture, state regulations, underwriting procedures and practices. Proven understanding of financials, trend analysis and competitor data. Proficiency in analytical tools, relational databases, data visualization techniques, query-based language and/or statistical software experience preferred. Excellent verbal and written communication skills to present information, communicate and influence internal and external partners at all levels. Skilled in the use of related systems and analytical tools. Ability to work toward results, deal with ambiguity, tackle problems, learn on the job, make quality decisions, see trends and patterns within data. Ability to lead projects, deal with competing priorities, timelines and resources. Strong organizational agility and political savvy preferred.
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: Exempt (Not Eligible)
Working Conditions: Normal office environment. Additional hours as required. Some overnight travel required.
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.