Hybrid Business Insurance Product Director

at Farmers Insurance

• Job title: Business Insurance Product Director
• Job type: Full Time
• Experience level: Lead
• Salary: $137,775 - $262,000 per year
• Degree requirement: Bachelor's Degree
• Tech skills: SQL
• Location requirements: Hybrid, United States

About the role

• Director of Business Insurance Product Line at Farmers leading strategy development and execution for product health and profitability. Collaborating cross-functionally to deliver competitive insurance products.

Responsibilities

• Leads competitor analysis to inform product strategies.
• Evaluates models, rating variables, and market segments to recommend strategic adjustments that improve competitive positioning.
• Analyzes competitor earning reports, market positioning, and countrywide rating curves to guide product development and rate strategies.
• Leverages insights from market analysis, customer feedback, and benchmarking to drive product initiatives and pricing decisions.
• Accountable for achieving/exceeding profit and growth targets in assigned geography.
• Develops strategic vision and supporting roadmap that will profitably expand market share within assigned geography.
• Collaborates with cross-functional teams to design and implement product strategies and operating standards that facilitate profitable growth.
• Uses broad business knowledge to contribute to strategic planning for rating approaches, rating variables, and performance metrics.
• Optimizes rating structures by analyzing losses, coverage types, and industry trends.
• Performs advanced trend analyses such as retention analysis and new money trends to support product planning and inform decisions.
• Leads P&L driven projects to adjust rating factors, refine pricing models, and enhance profitability through targeted rating initiatives.
• Monitors performance and communicates product, pricing, underwriting philosophies, strategies, and financial results to internal/external partners, leadership, as well as team members.
• Tracks product performance metrics to identify trends, ensure compliance, and assess alignment with business objectives.
• Prepares reports for stakeholders and senior leadership.
• Maintains systems to monitor financial results, product outcomes, and post-project performance.
• Leverages data to deliver actionable insights and recommendations.
• Guides and supervises efforts of direct reports to execute product line strategies aligned with business objectives.

Requirements

• Minimum seven years of experience required in product line management or similar role.
• Experience in a people leader or management role preferred.
• Insurance industry experience required.
• Strong verbal communication and listening skills.
• Demonstrated written communication skills.
• Effective interpersonal skills.
• Demonstrated analytical skills.
• Strong ability to analyze data and trends to make informed decisions and recommendations.
• Proficient with all stages of product lifecycle including ideation, development, launch, and post-launch evaluation.
• Demonstrated P&L management experience.
• Demonstrated project management skills.
• Effective leadership skills.
• Proven ability to inspire and develop staff.
• Possesses strong technical aptitude.
• Proficient in Microsoft Office suite.
• Proficiency with product management tools, data analysis software, and reporting systems.
• Working knowledge of SaaS, SQL preferred.

Benefits

• Bonus Opportunity (based on Company and Individual Performance)
• 401(k)
• Medical
• Dental
• Vision
• Health Savings and Flexible Spending Accounts
• Life Insurance
• Paid Time Off
• Paid Parental Leave
• Tuition Assistance