Product Manager (Workers Comp)

Integrated Specialty Coverages, LLC (ISC) is a growth stage technology and data-driven commercial MGA and insurance wholesaler leading innovation in the market. The Workers Compensation Product Manager (WCPM) will optimize MGA gross margin for assigned insurance programs by working closely with underwriting, technology, and executive management to enhance operational efficiency and manage premium production and loss ratios.

Responsibilities:

• Develop and maintain product scorecards to monitor key product performance indicators (conversion, mix, rate adequacy, etc). Evaluate scorecards to identify trends in program performance, opportunities, and actionable recommendations and compile results to share with Business Unit leaders and company management
• Report premiums, losses and loss triangles. Prepare data for external actuaries and rate filings. Monitor loss development. Analyze premiums and losses for trends and segmentation opportunities with appropriate considerations for statistical credibility and loss development maturity
• Subject Matter Expertise on insured policy and claim data acquired by ISC and partner systems, including data retention and storage and reportability and visualization using ISC data warehouse and reporting tools. Working knowledge of statutory reporting requirements for policies and claims. Use SQL, Python or other analytical applications to acquire, summarize and report policy, premium and loss data. Use data and information for reporting and analysis to develop insights and unearth opportunities. Use platform data to improve process efficiency and automation
• Subject Matter Expert on W/C state laws and regulations affecting policy and claims operations and compliance reporting
• W/C domain subject matter expert involved with policy admin systems installation and configuration
• Work with underwriting business unit leaders to manage the rating plans, including bureau rates loss costs and multipliers/modifiers. Monitor rating bureaus for promulgated changes. Monitor and summarize premium and exposure trends and underwriter discretionary rating activity at the portfolio level. Analyze program metrics, underwriting insights and market environment to identify price segmentation opportunities. Lead the implementation efforts in conjunction with the Tech team
• Work with underwriting business unit leaders to manage the policy forms kits, including bureau, carrier-specific and proprietary policy forms and applications. Lead the implementation efforts in conjunction with the Tech team
• Work with underwriting business unit leaders and tech team to identify and describe requirements to streamline, structure and automate new and renewal underwriting and policy issuance processes applicable to agents or underwriters. Evaluate third-party data sources which may improve process efficiency or risk assessment
• Work with ISC tech team to ensure loss runs from claims TPAs are properly ingested, archived and reported
• Develop a detailed understanding of key competitors and market segments. Evaluate ISC competitive advantages and identify opportunities to exploit them. Expose competitive gaps and work to close them through product enhancements
• Work with underwriting business unit leaders to optimize financial results by balancing production, loss ratio, and agency commission and fees

Requirements:

• 5+ years P&C insurance product management experience including responsibility for workers compensation
• Familiarity with P&C insurance policy and claims work processes and P&C insurance data and relevant metrics
• Experience with Workers Comp bureaus and rating organizations including NCCI and state-specific bureaus. Familiar with Workers Comp rating calculations and processes. Experience with state insurance department rate and forms filings and compliance policy & claim reporting
• Demonstrated process analysis and automation competency
• Strong analytical and data skills. Excel power user. Experience with SQL, Python or other data extraction and reporting tools to acquire policy and premium data from data warehouse tables. Experience with Microsoft Power BI a plus
• Working knowledge of actuarial fundamentals including loss development triangles, rate level indications, premium and loss trends, credibility
• Exceptional communication and interpersonal skills are required to collaborate with underwriters and other domain experts, brief executives and external partners and develop actionable recommendations for product and process innovations
• BA/BS college graduate - Quantitative discipline preferred
• Master's degree is a plus
• CPCU or some actuarial exams are a plus