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Senior Director, Life and Annuity Products Job

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Senior Director, Life and Annuity Products
Job# 2759
Location:  IL or AZ
Education Requirements:  Bachelor's degree from a four-year college or university. MBA, advanced degree or certification strongly preferred.
Other Requirements:  Include:

  • 10 to 15 years of experience in insurance product development, product strategy or product management.
  • 5+ years of experience in leading life insurance or annuity product development.
  • Life insurance industry experience with detailed and broad knowledge of life and annuity products, as well as expertise with products sold through a variety of distribution channels such as agency and direct.
  • Experience managing and developing professional level teams.
  • Experience in product development, Life (mostly) and Annuities (fixed, 3-4).
  • Led product development process from Ideation to launch.
  • Project management.
  • Predictive Modeling and Accelerated UW experience.
  • Facilitation of Executive Steering Committee.
  • Entry, Basic, Mid, and Advanced-Level LOMA course levels will be required upon acceptance of position.
  • Strong skill sets in the areas of presentation, facilitation, consultative, written and verbal communications.
  • Strong analytical skills with the ability to lead actuarial work and make pricing decisions.
  • Financially minded with a high degree of financial and business acumen.
  • Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
  • Ability to write reports, business correspondence, and procedure manuals.
  • Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
  • Solid understanding of insurance company financials, including product pricing, risk management, statutory accounting, reinsurance and regulatory issues.
  • Success in effective management of internal and external relationships.
  • Excellent communication skills, both verbal and written, and an ability to simplify complex concepts and communicate to all levels of the organization.
  • Ability to create compelling rationale for ideas and develop thorough and thoughtful business cases.
  • Demonstrated success in the design and delivery of new initiatives and ideas.
  • Strong hands-on leadership and people management skills.
  • Knowledge of Microsoft Word, Excel, Outlook and PowerPoint.

Salary Range:  Non-FSA $160k to $165k (FSA $180k to $190k) + 25% bonus + LTI 12%
Description:  The Senior Director, Life and Annuity Products job has profit and loss responsibility for our Client’s insurance and annuity product portfolios and direct responsibility for product management, product development, product marketing and pricing.  This job manages the entire product life-cycle for life insurance and annuity products, leads the innovation and product development efforts for all of our Client’s insurance product offerings, overseeing the design and execution of complex new products and features that meet the organization’s profitability, risk and sales objectives, and maintains a deep understanding of member and distribution needs.  This role monitors the competitive, regulatory, distribution and economic environments for new product opportunities.  This job produces, communicates and champions data-driven business cases and delivers business results through cross-functional teams.  Job duties and responsibilities include:

  • Responsible for the overall direction, coordination and evaluation of a team of product managers, pricing actuaries and other product professionals.
  • Recruits, leads and develops a high performing team to achieve its full potential.
  • Carries out supervisory responsibilities in accordance with the organization's policies and applicable laws.
  • Responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints; and resolving problems.
  • Defines and articulates the product strategy and delivers value as both a strategic leader and a hands-on implementer.
  • Leads continuous product ideation through on-going synthesis of customer research, distribution needs, in-force data and market trends and ensures that product development initiatives meet business goals and objectives.
  • Owns the product development process and identifies and implements methodologies and approaches to accelerate the development cycle.
  • Responsible for the financial and operational performance of our Client’s life insurance and annuity products, both active and closed block.
  • Utilizes predictive modeling and emerging analytic tools to develop new products for target customer segments and distribution channels.
  • Responsible for building and presenting business cases for new product ideas, both underwritten products and those delivered through strategic partnerships, and for prioritizing product opportunities based on defined criteria.
  • Manages pricing actuaries to price new and re-price existing products and to support product management activities.
  • Accountable for implementing product management discipline and managing on-going performance of product lines, including monitoring and analyzing sales, profitability and operational metrics and preparing strategic reviews.
  • Leverages in-force and external data sources to identify product marketing opportunities.
  • Leads development of product positioning and marketing initiatives around target market segments and distribution channels to drive profitable growth.
  • Implements the product governance structure and leads the executive-level Product Steering Committee to make strategic product decisions.
  • Effectively frames and articulates trade-offs and drives to swift, effective product-related decisions.
  • Partners with Finance in the development of financial models and projections, risk assessments and asset management strategies.
  • Builds strong relationships with Distribution, Operations and Legal as well as other functional areas to deliver business results.
  • Some travel is expected.

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