Compliance Manager, Commercial Lines
Position Overview:
The Compliance Manager, Commercial Lines will take charge of the development and management of new commercial insurance products. This role involves both strategic and technical responsibilities, ensuring that products are built to meet market needs, comply with state regulations, and align with business goals. The Senior Product Analyst will work closely with internal teams to design, implement, and refine product offerings throughout their lifecycle-from inception to rollout.
Key Responsibilities:
- Lead product development: Oversee the creation of new commercial insurance products, managing all aspects of product design including rate setting, coverage parameters, and compliance with state-specific regulations.
- Collaborate cross-functionally: Work with internal teams-such as Sales, Actuarial, Underwriting, and Claims-to ensure new products align with business objectives and meet the needs of the market.
- Manage regulatory submissions: Coordinate the development and submission of product filings to regulatory bodies, ensuring compliance with all state requirements and responding to inquiries promptly.
- Ensure smooth implementation: Provide clear product requirements to technical teams for integration into policy administration systems. Validate that product details are accurately reflected in the systems pre- and post-launch.
- Monitor product performance: Establish data reporting requirements to track key performance indicators, working with internal teams to gather data and ensure its accuracy for ongoing program evaluation.
- Support ongoing optimization: Use data analysis to assess the effectiveness of product initiatives, providing insights that lead to product enhancements and adjustments.
- Knowledge sharing and mentorship: Contribute to the development of junior staff, sharing insights about the insurance industry, market trends, and best practices in product management.
Required Skills & Experience:
- Bachelor’s degree in Business, Finance, or a related discipline.
- 5+ years of experience in product management for commercial insurance lines.
- Strong understanding of the P&C insurance industry, particularly in commercial lines.
- In-depth knowledge of regulatory filing processes, including ISO forms and rules.
- Proficient in data analysis and leveraging insights to drive product strategy and decision-making.
- Experience working with regulatory agencies, including knowledge of filing systems like SERFF and IRFS.
- Excellent communication skills with the ability to clearly present complex concepts to stakeholders at all levels.
- Ability to manage cross-functional teams, collaborating effectively with departments like Underwriting, Actuarial, Risk, and Claims.
- Advanced proficiency in Microsoft Office (Excel, Word, PowerPoint, Outlook) and other relevant software tools.
