Director of Product - Workers' Compensation

Job Summary

• This position manages the Workers’ Compensation line of business within Farmers Business Insurance to ensure that it remains 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 countrywide product goals.

Essential Job Functions

• Accountable for achieving/exceeding profit and growth targets in assigned line of business.
• Develops strategic vision and supporting roadmap that will profitably expand market share within assigned line of business. 
• Uses broad business knowledge to contribute to strategic planning for rating approaches, rating variables, and performance metrics.
• Evaluates models, rating variables, and market segments to recommend strategic adjustments that improve competitive positioning.
• Performs advanced trend analyses such as retention analysis and new money trends to support product planning and inform decisions.
• Leverages data to deliver actionable insights and recommendations. 
• Optimizes rating structures by analyzing losses, coverage types, and industry trends. 
• Leads competitor analysis to inform product strategies.
• 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.
• Leads processes to assess the impact of changes in policy terms and coverage options, analyzes their effectiveness, and recommends adjustments to enhance outcomes. 
• Collaborates with cross-functional teams to design and implement product strategies and operating standards that facilitate profitable growth. 
• 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.
• Tracks product performance metrics to identify trends, ensure compliance, and assess alignment with business objectives.
• Monitors performance and communicate product, pricing, underwriting philosophies, strategies, and financial results to internal/external partners, leadership, as well as team members. 
• Prepares reports for stakeholders and senior leadership. 
• Maintains processes and reporting to monitor financial results, product outcomes, and post-project performance. 
• 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.

Education Requirements

• High School Diploma or equivalent required.
• Bachelors’ degree required. 
• Insurance designations or certifications preferred (CPCU, AINS, ARM, etc.)

Experience Requirements

• Minimum seven years of experience required in product line management or similar role.
• Workers’ Compensation product, pricing, and/or analytics experience required. 
• Experience in a people leader or management role preferred

Additional Qualification

• 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, with an in-depth knowledge of commercial lines insurance products. 
• 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, by effectively coaching and delivering 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.

Physical Actions

• Job is performed in-person at a Farmers office or virtually at an approved alternative work location.

• The physical work environment is indoors and climate-controlled with adequate lighting and ventilation.
• Normal and customary distractions include background noise produced by office equipment and chatter among people, as well as interruptions.
• Frequently sits for prolonged periods of time, up to a full shift.
• Occasionally moves about the workplace including, navigating stairs, ramps, and level or uneven surfaces.
• Occasionally moves, pushes, pulls, lifts, carries, and/or places objects or materials weighing up to 25 pounds without assistance.
• Frequently uses shoulders, arms, hands, and fingers to manipulate equipment, tools, and objects necessary to perform job duties.
• Frequently performs fine motor tasks such as typing, mousing, or writing, up to a full shift.
• Rarely performs movements such as bending, stooping, crouching, kneeling, twisting, and reaching overhead or below the knees.
• Possesses clear vision, with or without correction, to visually read and verify information.
• Relies on depth perception and peripheral vision to navigate the work environment visually by identifying barriers, changes in terrain and locating objects.
• Possesses adequate hearing, with or without correction, to communicate with co-workers, respond promptly to auditory signals or alarms, and discern sounds essential for maintaining safety and productivity in the workplace.
• Jobs in this category require rare, if any, travel.