Farmers Insurance is seeking a Head of Business Insurance Product Development to lead the strategic development and execution for our Commercial lines of business. In this role, you will be responsible for achieving profit and growth objectives through a comprehensive strategy encompassing product roadmap, coverage depth, innovation, rate structure, and competitor analysis. You will also manage catastrophe exposure and represent Business Insurance at the enterprise level.
What You'll Do
- Drive strategic product development for casualty, Commercial Multi-Peril (CMP), and property lines, aligning appetite, eligibility, and product structure.
- Monitor product performance by market and develop action plans to enable profitable growth.
- Develop product enhancements and new product offerings.
- Manage the agile process from a business perspective to build minimum viable products for agents and underwriters.
- Analyze book and industry trends to make corrective changes that maintain growth and profit positions.
- Analyze product mix and design to gain competitive advantage and drive product growth.
- Serve as the line of business expert for commercial auto, workers compensation, umbrella, CMP, and Property product inquiries.
- Define sub-limits and monitoring points for major peril regions, proposing risk mitigation strategies.
- Maintain the framework to manage risk exposure on a gross of reinsurance basis.
- Coordinate exposure activities across business units and functions.
- Resolve capacity disputes and escalate unresolved issues as needed.
- Develop and deliver change management efforts for new or enhanced products, including training and communication.
- Ensure products meet the needs of customers and agents.
- Manage budget through expense control.
- Collaborate with sales, marketing, underwriting, service operations, and Agile teams to develop and implement new products.
- Act as project sponsor for innovation efforts related to business insurance product lines.
- Develop future leaders for Business Insurance and the broader organization.
- Establish an environment that promotes teamwork, camaraderie, and employee retention.
What We're Looking For
- Bachelor's degree or equivalent experience.
- 5+ years of leadership experience with large operations.
- 10+ years of Business Insurance industry experience, preferably with underwriting and/or field management.
- Experience managing and developing a senior group of managers, underwriters, and operations personnel.
- Thorough comprehension of business insurance key disciplines: products, coverages, underwriting guidelines, and servicing needs.
- Skilled in relationship management and communication with key business executives.
- Ability to interact effectively with all levels of internal and external partners.
- Ability to deal with ambiguous situations and resolve unique business problems creatively.
- Ability to take a proactive, long-term view to achieve business goals.
- Strong critical thinking skills.
- Ability to understand actuarial disciplines.
- Understanding of contracts.
- Excellent verbal and written communication skills.
- Ability to negotiate with field sales force and departments of insurance.
- Public speaking ability.
- Ability to develop strategic long-term plans and implement tactical moves to execute them.
Nice to Have
- Insurance education such as CPCU or related courses.
Benefits & Compensation
- Compensation: $181,800 - $250,500
- Medical, Dental, and Vision insurance
- Health Savings and Flexible Spending Accounts
- Life Insurance
- Paid Time Off
Work Mode
This role offers a hybrid work mode, with the option to work virtually or from a Farmers office.
Farmers is an Equal Opportunity Employer and does not discriminate in any employer/employee relations based on race, color, religion, gender, sexual orientation, gender expression, genetic information, national origin, age, disability, marital status, military and veteran's status, or any other basis protected by applicable discrimination laws.
