Hybrid Product Manager – Business Insurance

at Farmers Insurance

• Job title: Product Manager – Business Insurance
• Job type: Full Time
• Experience level: Mid level, Senior
• Salary: $108,375 - $196,130 per year
• Degree requirement: High School Diploma
• Tech skills: SQL
• Location requirements: Hybrid, Spokane, United States

About the role

• Product Manager managing Commercial Multi-Peril insurance product lines for Farmers. Ensuring competitiveness and relevance in insurance offerings while optimizing financial performance.

Responsibilities

• Manages designated product lines within a business unit to ensure they remain competitive and relevant.
• Supports strategy development and execution and manages lifecycle processes to achieve revenue, profit, and growth targets.
• Evaluates financial performance and implements adjustments to optimize product line results.
• Collaborates cross-functionally to deliver competitive, compliant, and customer-focused insurance products.
• Ensures effective product line management and alignment with state product goals.
• Conducts competitor analysis to inform product strategies.
• Evaluates models, rating variables, and market segments to recommend adjustments that improve competitive positioning.
• Analyzes competitor earning reports, market positioning, and countrywide rating curves to support product development and rate strategies.
• Applies research findings to support product initiatives and pricing decisions.
• Coordinates with cross-functional teams to implement product strategies and operating standards that facilitate profitable growth.
• Uses in-depth 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 trend analyses such as retention analysis and new money trends to support product planning and inform decisions.
• Provides data-driven recommendations for adjustments to product design, rules, rates, or underwriting.
• Coordinates cross-functionally to evaluate and execute countrywide non-rate or underwriting actions.
• Manages processes to assess the impact of changes in policy terms and coverage options, analyzes their effectiveness, and recommends adjustments to enhance outcomes.
• Monitors product performance metrics to identify trends, ensure compliance, and evaluate results.
• Prepares reports for stakeholders and maintains systems to monitor financial results, product outcomes, and post-project performance.

Requirements

• Minimum five years of experience required in product line management or similar role.
• Commercial Insurance experience preferred.
• Demonstrated analytical skills.
• Able to analyze data and trends to make informed decisions and recommendations.
• Possesses strong product knowledge.
• Working knowledge of insurance products including commercial lines, property & casualty (P&C) lines, and other relevant types.
• Demonstrated P&L management experience.
• Effective leadership skills.
• Demonstrated collaboration skills.
• Effectively coaches and delivers constructive feedback.
• Possesses strong technical aptitude.
• Proficient in Microsoft Office suite.
• Familiarity with product management tools, data analysis software, and reporting systems.
• Working knowledge of SQL preferred.

Benefits

• Medical
• Dental
• Vision
• Health Savings and Flexible Spending Accounts
• Life Insurance
• Paid Time Off