Principal Insurance Product Manager

Principal Insurance Product Manager

The Principal Insurance Product Manager is responsible for ensuring execution of the product vision for Insurance and MRM technology - defining and driving the member and employees facing system strategy. Develop and implement strategic plans for development, improvement, and distribution of product line(s) systems and technology for all ACE markets. This position creates and implements all strategic initiatives to ensure achievement of company goals for Insurance applications. This position leads the overall prioritization process, defining & setting business & user requirements, and analyzing business impact, such as sales growth, profitability, and service quality, to business stakeholders. The Principal Insurance Product Manager partners with all cross-product teams, including eBiz, IS, and MRM, to ensure all insurance applications are maintained and updated. Monitor profitability, productivity, and growth targets of assigned product lines and make recommendations/corrections to improve attainment of ACE's goals and objectives. The Principal Insurance Product Manager reports findings and recommendations to senior management. This position maintains a clear vision of priorities and deliverables required and identify gaps, risks, and issues as well as options and solutions to mitigate risks. Also, develop a strong team of product owners – focusing on recruiting, training, and ongoing coaching.

Job Duties

• Ensures execution of the product vision by defining and driving the product strategy. Direct the development, planning and implementation of product and process development for new products. Responsible for developing innovative and creative solutions that meet existing enterprise needs, increasing the value of current products and/or introducing new product/service opportunities. Utilizes trends, developments in the marketplace and customer research to shape product and service offerings. Activities include, but are not limited to, conducting thorough market analysis and research, defining product features and workflows, developing and implementing new product features, developing distribution plans, creating cost-benefit analysis, working with the assigned marketing team to create a marketing plan and appropriate support materials, and interfacing with both internal and external resources to implement programs. Responsible for managing timelines and internal and external resources to launch products.

• Provide strategic directions for all assigned product lines. Determine what products or features to add to the line, and the short-term and long-term product mix that will result in maximum growth of the product line (i.e. establishing product line direction for existing products, including product line extensions and additional target markets); marketing/promoting product line; devising sales and service channel strategies; tracking revenue and margins; product pricing; positioning products in local markets; initiating measures for product cost containment and cost reduction; tracking industry trends, product segment growth, and market share; ensuring cooperative approach, and proactive communication by team members to support overall product and Club objectives.

• Oversee the implementation of a strategic marketing plan for the assigned product line. Research market for business opportunities and ensure integration of product line with the Club’s MRM strategy. Directly responsible for managing product expense budget and provides direction and oversight for product advertising budget.

• Work with multiple areas of the organization (including the product distribution channels, sales, operations, finance, etc.) to ensure the development, execution, establishment of goals, and success of all product line initiatives. Monitor, evaluate, and communicate to all areas including senior managers the progress against targeted goals and make corrections to attain assigned objectives.

• Develop a strong team by focusing on recruiting, training, and ongoing coaching. Review and initiate appropriate salary increases, promotions, terminations, and other changes in employee status.

• Facilitate open communication between the Club and outside vendors/business partners on issues such as market research, development, complaints, advertising compliance, and service quality.

• Build and protect a product culture, ensuring that the team understands the importance of our core values, innovation, and collaboration.

• Position requires a high degree of independent decision making and problem-solving skills.

• Regularly makes decisions involving the direction of major initiatives. Implement plans that affect the strategic direction of digital product lines. Informs the development and im