Manager, Product Development - Boiler and Machinery

About the role

Who Are We? Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 170 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it. Job Category Product Compensation Overview The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards. Salary Range $101,300.00 - $167,000.00 Target Openings 1 What Is the Opportunity? Product Development teams play a critical role in the achievement of Travelers financial objectives (growth, profit & retention) for one or more insurance products through the development, implementation and monitoring of product strategies and corresponding actions. As a Manager, Product Development, you will implement rigorous analysis and evaluation of market and product opportunities. You will deliver product development and product enhancements to the marketplace. In this role you will develop and implement new and existing products and solutions including monitoring and evaluating product performance and action plans. This role sits within Travelers' Boiler & Machinery (B&M) product line and supports BoilerRe, our equipment breakdown reinsurance operation. The successful candidate will own the development, maintenance, and enhancement of reinsurance agreements, equipment breakdown endorsements and coverage forms, and related product documentation for BoilerRe's portfolio of facultative and treaty reinsurance clients. What Will You Do? Develop, execute, and enhance product strategies and actions including business scope, go-to-market strategies, and agile methodologies to achieve financial objectives. For this role, this includes developing and maintaining reinsurance agreements, addenda, and equipment breakdown endorsements for BoilerRe's client companies. Collaborate and influence strategies and associated action plans with key stakeholders and related initiatives to gain consensus for recommendations. Lead detailed market, competitor, and consumer research analysis to identify and recommend new products, markets and services or enhance existing ones. Identify opportunities of existing and future products through root-cause analysis and recommend solutions while ensuring key stakeholders are aligned on the strategy. Design, develop and implement system and process solutions that align with the product's strategy. Actively collaborate with stakeholders and other entities and vendors (Product Management teams, Customer Experience, Sales/Marketing and other business unit teams) to identify and test new products or markets or enhance existing ones and develop strategic partnership opportunities. Support BoilerRe client companies to customize coverage endorsements, embed equipment breakdown coverage into their policy forms, and develop tailored reinsurance agreement terms. This includes participating in RFP responses for prospective reinsurance clients and supporting stewardship meetings with existing client companies. Independently analyze and drive recommendations for new or existing products by accessing and utilizing data to update. When appropriate, partner with data analytic teams to support recommendations. Lead product enhancement work including launch and rollout plans related to product strategies and action plans. Ensure strategies and plans address compliance needs and regulatory requirements. Support state Department of Insurance filing objections on behalf of BoilerRe client companies and manage form filing processes for reinsured coverage endorsements. Develop communication, training, and marketing materials in support of new or enhanced products and initiatives and deliver training to stakeholders when appropriate. Develop and deliver training to BoilerRe underwriters and analysts on reinsurance certificates, quote templates, and coverage form updates. Outline post implementation monitoring and measurement mechanisms for product strategies and initiatives in support of outlined success criteria and present findings and recommendations to leadership. Perform other duties as assigned. What Will Our Ideal Candidate Have? Bachelor's Degree. Four years of product development experience preferably in the property & casualty insurance or reinsurance industry. Insurance experience with understanding of insurance products, coverage forms, endorsements, re