Head of Small Business Product Management

About Us:

At Westfield Small Business, we are committed to leading innovation and excellence in the small business insurance sector. Our goal is to empower independent agents with a broad risk appetite and automated solutions to enable efficient growth and uncover new opportunities. By prioritizing superior customer service and disciplined underwriting, we ensure consistent and stable financial outcomes, making us a reliable partner in our customers' success. We utilize advanced technology and data analytics to streamline our processes and deliver exceptional value to our clients. Join us and be part of a team that is revolutionizing the small business insurance industry through strategic agency partnerships, innovative capabilities and cutting-edge automation.

The Opportunity:

The Head of Small Business Product Management is responsible for leading the insurance portfolio, shaping and executing product strategy, and overseeing product implementation and performance. This role also drives market research and collaborates closely with cross-functional teams to ensure alignment and impact across the business. Working closely with senior executives, the Head of Small Business Product Management makes strategic decisions and leads the product management lifecycle. The role ensures alignment with the Small Business segment's strategy, defines risk appetite and product strategies, ensures customer-centric product offerings, and enables profitable growth. The role leverages market intelligence, customer insights, and data-driven insights for product performance evaluation. The role executes in alignment with the governance required to ensure decision-making across actuarial, product management, product development, sales, and underwriting is well integrated and maintains a sense of independence wherever necessary. This role will lead the line of business and state product teams in managing the job responsibilities below.

What You'll Do:

• Financial Performance and Portfolio Management: Accountable for product performance, including renewal retention, new business growth, and loss ratios, to ensure profitability and sustainability. Collaborate with underwriting and actuarial teams to assess and execute initiatives related to product mix, rate adequacy, rate management, and market opportunities. Utilize data-driven insights to refine product offerings, improve risk selection, and maximize long-term profitability. Establish clear performance metrics for the product portfolio, tracking growth, retention, and profitability to ensure strategic alignment and market competitiveness. Works with the Finance function to set standards and execute an efficient and accurate business planning process.

• Product Strategy: Provide strategic leadership in defining and managing the Small Business product portfolio, ensuring alignment with market demands, organizational goals, and customer needs. Identify opportunities for growth in profitable segments, assess emerging risks, and address unique exposures, ensuring the portfolio aligns with the company's overall goals for financial performance and market competitiveness. Balance product design with pricing strategies and underwriting guidelines to deliver solutions that align with the company's risk appetite and financial goals.

• Product Roadmap Management: Develop and implement a product roadmap for Small Business, prioritizing innovation, competitiveness, and profitable growth. This role will drive innovation in the product design of policy features, pricing structures, coverage options, and writing company utilization, leveraging agent and customer feedback, market insights, and data analytics. Lead the end-to-end development of new insurance products and the enhancement of existing offerings, focusing on customer value, agent usability, and operational efficiency. Oversee the continuous improvement of pricing models to adapt to market dynamics. Collaborate with IT, Actuarial, and Compliance teams to ensure seamless implementation of product rates, rules, forms, and system capabilities, adhering to regulatory requirements and company standards. Partner with the IT team to prioritize and execute system enhancements, ensuring technology solutions align with product design and operational requirements.

• Data and Analytics: Leverage data analytics to drive product performance. Design and build a library of comprehensive reports to monitor key metrics, track business performance, and inform strategic decisions. Act as the business liaison to the enterprise data and analytics team on behalf of the Small Business segment. Utilize predictive modeling and other analytical tools to identify trends, assess risks, and uncover growth opportunities. Translate complex data into actionable insights to support product development and management.

• Market Insights and Competitive Positioning: Monitor industry trends, emerging risks, and regulatory changes to identify product differentiation and growth opportunities. Conduct competitive analysis to ensure the Small Business product portfolio remains market-leading in coverage, pricing, and customer value. Partner with sales, underwriting, and marketing teams to create product strategies that align with agent needs and customer expectations.

• Collaboration and Cross-Functional Leadership: Partner with Underwriting, IT, Distribution, and Operations teams to ensure product initiatives align with overall business objectives. Work closely with the Head of Small Business Underwriting to integrate product strategy with underwriting guidelines and automated processes. Act as a liaison with executive leadership to report on product performance and align on strategic priorities.

• Talent Development and Leadership: Responsible for talent management and navigating employee-related issues that impact morale and work environment to ensure a high-performing team, including hiring and selection, succession planning, performance and compensation management, and employee development and career coaching as required. Manages priorities and workload distribution and removes barriers that impede progress. Foster a culture of curiosity, creativity, collaboration, and accountability within the product team.

• Risk and Regulatory Management: Ensure all product designs and modifications comply with regulatory requirements and align with the company's risk management framework. Collaborate with legal and compliance teams to maintain adherence to state and federal insurance regulations. Anticipate and address emerging risks to maintain the relevance and resilience of product offerings.

• Change Management & Continuous Improvement: Spearhead initiatives to advance the Small Business product portfolio, including adopting new technologies, data analytics, automation, and operational improvements. Drive continuous improvement in product management practices, ensuring agility and responsiveness to market dynamics. Manage change effectively within the organization, fostering alignment and engagement among stakeholders.

Job Qualifications:

• 12+ years of Product Management experience
• 8+ years of Leadership experience.
• Bachelor's degree in Business or any relevant field and/or commensurate experience.
• MBA preferred
• Licenses and Certifications:
  
  
  
  • CPCU preferred
  
  

Technical Skills:

• Insurance ProductManagement
• New Product Development
• Product Roadmap
• Product Strategy
• Market Research
• Quality Assurance
• Agile Project Management
• Enterprise Application Software
• Technology Solutions
• Insurance Operations
• Business Relationship Management
• Change Management Planning
• Financial Analysis
• Underwriting Strategy
• Underwriting Operations
• Business Process Improvement
• Risk Management
• Compliance Management