Essential Job Functions:
- Plans organize, staff, and/or lead by assigning and checking work, conducting on-the-job training, and providing input to performance appraisals. Works with management in areas involved in the product process to ensure that clear lines of authority and accountability are established for all associates. Aligns business objectives and manages these objectives using measurements as a tool.
- Identifies and defines the scope of new product development initiatives and product enhancements needed to meet market demands and support strategic initiatives. Leads the product development process for new product or product enhancement initiatives from conception through final product design acting as an advocate for the needs of sales and the consumer. Proposes product line and portfolio strategies to management.
- Completes opportunity assessments for new product or product enhancement initiatives. Identifies key policy provisions, service requirements, pricing considerations, and reporting requirements. Completes strategic fit assessments to ensure product initiatives fit within the IFS strategic objectives including corporate and division directives, target market objectives, growth opportunities, distribution strategies, legal and compliance issues, E-commerce strategies/capabilities, pricing considerations, product or market diversification strategies, and system strategies. Determines the life cycle of the product and completes a risk assessment including implications for customers, existing products, other distributions, key producers, legal or compliance issues, competitive environments, exit strategy, and other operational projects.
- Completes the research and analysis of the competitive environment in order to create the business case for the product development initiative and determines all aspects of product design. Completes an impact assessment including implications for sales and distribution, marketing, underwriting, financial reporting, benefits administration, compliance, actuarial, investments, technology, and contingency plans for expanding or exiting a product line. Provides the product specification, which may include illustration format/solve specifications, and intent to supporting areas (but less complicated than some product lines). Coordinates application & form development, marketing specifications for illustrations, financial projections for sales and profitability. Develops a cost/benefit analysis for product development initiatives.
- Works with support areas (i.e. Brand, Marketing, etc.) to execute marketing strategies for product introduction and determines impacts to sales channels, employers, participants, producers, etc. Provides support areas with the technical product information necessary for materials for producers, employers, and employees. Reviews, evaluates, and approves marketing materials for the accuracy of the technical text. Coordinates the training strategy and provides direction and information for the development of training plans and materials. Conducts internal and external product training.
- Leads the product/project team in order to develop and deliver work product based on negotiated timelines within the stage gate process, which they are responsible for. Monitors the progress of the product/project and is accountable for reporting and correcting any stage gate issues with the Project Manager. Provides direction to the Product Development Analyst in order to support the product lines.
- Supports the Product Line Officer in monitoring the sales performance of the work product (i.e. difference in sales, expense allowables, pricing assumptions, etc.) on an ongoing and timely manner to Management. Proposes recommendations as necessary to contribute to the growth and profitability of the product line (i.e. corrective actions.)
- May assist in identifying, developing, and recommending competitive compensation programs for key producers to meet market demands and achieve corporate and division strategic initiatives within expense guidelines.
- Less than 10% travel required.
- This position requires sitting over 66% of the time.
- This position requires Visual Acuity at 20 inches (or less) over 66% of the time.
This job requires a background that demonstrates the following minimum knowledge, skills, talents and traits:
- Strategic skills
- Understanding of the insurance product line being supported and the financial services industry
- Knowledge and expertise related to product development
- Strong financial aptitude for evaluating and predicting results
- Thorough understanding of industry marketing philosophies, distributions, and competition
- Excellent analytical, writing and organizational skills
- Excellent oral and written communication, human relations, and leadership skills (i.e. ability to lead and foster a team environment to meet customer expectations)
- Ability to analyze, synthesize and retain an extensive volume of information on a large number of issues
- Demonstrated ability to meet aggressive deadlines