Hybrid Business Insurance Product Director

at Farmers Insurance

• Job title: Business Insurance Product Director
• Job type: Full Time
• Experience level: Lead
• Salary: $143,360 - $255,500 per year
• Degree requirement: Bachelor's Degree
• Tech skills: SQL
• Location requirements: Hybrid, United States

About the role

• Manage product lines, lead strategy development, ensuring competitiveness and profitability for Farmers. Collaborate across teams to deliver compliant insurance products with accountability for revenue and growth targets.

Responsibilities

• This position manages designated product lines within a business unit to ensure they remain competitive and relevant
• The role leads strategy development and execution to support long-term product line health and profitability
• The position evaluates financial performance and implements adjustments to achieve revenue, profit, and growth targets
• It collaborates cross-functionally to deliver competitive, compliant, and customer-focused insurance products
• The position manages direct reports who are individual contributors or people leaders to ensure effective product line management and alignment with state product goals
• 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
• Collaborates cross-functionally to evaluate and implement countrywide non-rate or underwriting actions
• Leads processes to assess the impact of changes in policy terms and coverage options, analyzes their effectiveness, and recommends adjustments to enhance outcomes
• Monitors performance and communicate 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
• Manages teams while being responsible for their performance and outcomes
• Guides and supervises efforts of direct reports to execute product line strategies aligned with business objectives
• Provides direction, feedback and performance management to foster team development and a high-performance culture
• Performs other duties as assigned

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
• Able to interact effectively with business partners and stakeholders
• Demonstrated analytical skills
• Strong ability to analyze data and trends to make informed decisions and recommendations
• Possesses strong product knowledge
• In-depth knowledge of insurance products including commercial lines, property & casualty (P &C) lines, specialty lines, and other relevant types
• 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
• Strong collaboration and team building skills
• Proven ability to inspire and develop staff
• Effectively coaches and delivers constructive feedback
• 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