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Specialty Insurance Product Manager/Assistant Product Manager

Ready to innovate and direct GEICO’s profitable growth? If so, Read on!Drive GEICO’s profitable growth and innovate its products by joining our Insurance Product Management team. We are looking for an experienced Product Manager with the ability to strategically analyze potential opportunities and risks, and lead efforts to solve complicated business problems and effect positive change. You will be on the front line of driving GEICO’s long-term profitable growth, with responsibility for delivering results in one or more states.Job Duties And ResponsibilitiesThe Insurance Product Management team has an opening for an experienced Product Manager who will build product strategy and drive pricing and non-pricing decisions leading to profitable growth. This role will be at the Product Manager to Sr Product Manager level, based on experience, and will have Senior Management visibility.• Manage your assigned state(s) to meet profitability targets and grow as fast as possible• Create a strategic vision and roadmap for your areas of ownership and apply skills in leadership and persuasion to achieve it.• Understand the assigned markets and develop specific strategies related to price, product and underwriting• Utilize analytical problem solving and leadership skills to execute and deliver product initiatives• Collaborate with subject matter experts and other company leaders to implement changes that enhance the customer experience• Research the competition to develop opportunity and threat assessments• Review and make recommendations on process and governance from a country-wide state management perspective• Direct end-to-end lifecycle of department and corporate initiatives• Advocate on behalf of the company with regulators and consultants and in legal and compliance matters• Manage rate filings through approval, reviewing and approving text for rate reviews, filings and internal communications• Implement product changes effectively and in compliance with laws and regulationsRequired Qualifications:• Demonstrated deep understanding of pricing and product management strategy and tactics with a proven track record of success• Minimum of 7 years in P&C insurance industry with an understanding of the current environment• Working knowledge of insurance regulation and related business constraints• Prior experience managing and developing state teams• Capable of managing states with little/minimal oversight• Bachelor’s degree with relevant academic background required• Must be a self-motivated, goal oriented individual with curiosity• Demonstrated ability to exchange ideas and convey complex information clearly, both verbally and in writing• Strong analytical abilities with solid understanding of pricing techniques and insurance operations including underwriting• Must have good planning, organizational, decision-making and communication skills• High level knowledge of data sources, tools, and modeling techniques• Ability to adapt to a fast-paced and changing environment and get work done through othersPreferred Qualifications:• Master’s degree in business or related field• Other industry designations: FCAS, ACAS, or CPCULocation: This position is a hybrid role, on-site 2 days per week at one of the following office locations: Virginia Beach, VA, Chevy Chase, MD, Cleveland, OHAt this time, GEICO will not sponsor a new applicant for employment authorization for this position.Benefits:As an Associate, you’ll enjoy our Total Rewards Program* to help secure your financial future and preserve your health and well-being, including:• Premier Medical, Dental and Vision Insurance with no waiting period**• Paid Vacation, Sick and Parental Leave• 401(k) Plan• Tuition Reimbursement• Paid Training and Licensures• Benefits may be different by location. Benefit eligibility requirements vary and may include length of service.• Coverage begins on the date of hire. Must enroll in New Hire Benefits within 30 days of the date of hire for coverage to take effect.The equal employment opportunity policy of the GEICO Companies provides for a fair and equal employment opportunity for all associates and job applicants regardless of race, color, religious creed, national origin, ancestry, age, gender, pregnancy, sexual orientation, gender identity, marital status, familial status, disability or genetic information, in compliance with applicable federal, state and local law. GEICO hires and promotes individuals solely on the basis of their qualifications for the job to be filled.GEICO reasonably accommodates qualified individuals with disabilities to enable them to receive equal employment opportunity and/or perform the essential functions of the job, unless the accommodation would impose an undue hardship to the Company. This applies to all applicants and associates. GEICO also provides a work environment in which each associate is able to be productive and work to the best of their ability. We do not condone or tolerate an atmosphere of intimidation or harassment. We expect and require the cooperation of all associates in maintaining an atmosphere free from discrimination and harassment with mutual respect by and for all associates and applicants.
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What You Should Know About Specialty Insurance Product Manager/Assistant Product Manager, GEICO

Are you ready to drive innovative strategies and manage profitable growth? At GEICO, we’re on the lookout for a Specialty Insurance Product Manager in Cleveland, OH, who can help us innovate our insurance offerings and ensure our long-term success. As part of our dynamic Insurance Product Management team, you’ll dive headfirst into the complexities of pricing and product management for the Property & Casualty insurance sector. You’ll be at the forefront of developing a strategic vision, collaborating with various experts, and implementing transformative changes to enhance our customer experience. Your responsibilities will include managing your assigned states to meet profitability targets effectively, utilizing your analytical prowess to solve complicated business challenges, and advocating for GEICO with regulators. If you have a minimum of 7 years of experience in the P&C insurance industry and a proven track record of success in a similar role, we’d love to meet you! At GEICO, you’ll not only manage day-to-day operations but also contribute to the overarching strategy that shapes our future. Join us and become part of a company that truly values innovation and team collaboration, making a difference in the lives of our customers on a grand scale!

Frequently Asked Questions (FAQs) for Specialty Insurance Product Manager/Assistant Product Manager Role at GEICO
What responsibilities does the Specialty Insurance Product Manager at GEICO have?

The Specialty Insurance Product Manager role at GEICO involves crafting and implementing product strategies that drive profitable growth. Key responsibilities include analyzing pricing and product management tactics, managing assigned states to meet profitability targets, and collaborating with subject matter experts to enhance customer experience. You'll also be responsible for overseeing the end-to-end lifecycle of initiatives, advocating for the company in regulatory matters, and managing rate filings.

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What qualifications are needed for the Specialty Insurance Product Manager position at GEICO?

To qualify for the Specialty Insurance Product Manager position at GEICO, candidates should have a Bachelor’s degree, along with a minimum of 7 years in the Property & Casualty insurance industry. A deep understanding of pricing strategies, insurance regulations, and the ability to manage teams is essential. Preferred qualifications include a Master’s degree or industry designations like FCAS, ACAS, or CPCU.

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How does the Specialty Insurance Product Manager at GEICO contribute to company growth?

At GEICO, the Specialty Insurance Product Manager plays a pivotal role in driving profitable growth by developing a strategic vision and roadmap for product management. This includes thorough market understanding, devising pricing strategies, and implementing innovative product changes that align with company goals and enhance the customer experience.

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What does the hybrid work model look like for the Specialty Insurance Product Manager at GEICO?

The Specialty Insurance Product Manager at GEICO operates under a hybrid work model. This means you will be on-site two days a week at one of the office locations, including Virginia Beach, Chevy Chase, or Cleveland. This flexible setup promotes work-life balance while enabling effective team collaboration.

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What benefits does GEICO offer to employees in the Specialty Insurance Product Manager role?

GEICO offers a comprehensive Total Rewards Program for its Specialty Insurance Product Manager position, which includes premier medical, dental, and vision insurance with no waiting period, paid vacation and sick leave, a 401(k) plan, tuition reimbursement, and paid training. Benefits may vary based on location and staff eligibility.

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Common Interview Questions for Specialty Insurance Product Manager/Assistant Product Manager
Can you explain your approach to developing a product strategy?

When answering this question, focus on a systematic approach that includes market analysis, competitive review, and addressing customer needs. Emphasize how you've previously gathered data to establish clear goals and a roadmap for product initiatives.

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How do you manage and motivate your team in a hybrid work environment?

Discuss your strategies for maintaining open communication, setting clear expectations, and fostering a culture of accountability in a hybrid setup. Highlight your experience with project management tools and how you tailor your management style for remote and in-office team members.

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Describe a time you faced a significant challenge in product management. What was the outcome?

Provide a specific example where you encountered a roadblock. Detail the steps you took to address the issue, the data you relied on to inform your decisions, and how your actions positively impacted the product or team.

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How do you ensure compliance with insurance regulations when introducing a new product?

Highlight your understanding of regulatory requirements and detail your process for reviewing policies and collaborating with legal teams to ensure that new products meet all necessary standards before launch.

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What metrics do you use to measure the success of a product?

Discuss the importance of key performance indicators (KPIs) such as sales growth, market share, and customer feedback. Explain how you gather and analyze data to inform your product decisions and adjustments.

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How do you prioritize product features when balancing customer requests and business objectives?

Explain your method for balancing customer feedback with company goals. Stress the importance of impact assessment and collaboration with stakeholders to prioritize features that align with strategic objectives and customer satisfaction.

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What role does data analysis play in your product development process?

Discuss how you leverage data analysis throughout the product lifecycle, from market research to performance evaluation. Give examples of specific tools or methodologies you utilize to gain insights and make data-driven decisions.

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Can you provide an example of when you successfully launched a product?

Share a detailed success story that outlines your role in the product launch, the team dynamics, the challenges you overcame, and the results achieved. This showcases your project management skills and ability to lead effectively.

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How do you keep abreast of industry trends and changes in the insurance market?

Talk about your commitment to continuous learning, including resources you utilize like industry publications, networking events, and professional organizations. This demonstrates your proactive approach to understanding market dynamics.

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How would you handle disagreement among stakeholders about a product direction?

Describe your listening and resolution strategies when faced with differing opinions. Highlight your ability to mediate discussions, encourage collaboration, and seek compromise solutions that consider the input of all parties involved.

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GEICO's seven operating principles help create a workplace in which their associates can thrive. 1. Respect, support and provide opportunity for all associates. 2. Be fanatics for outstanding customer service. 3. Be the low-cost provider. 4. ...

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Full-time, hybrid
DATE POSTED
December 8, 2024

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