Corporate VP, Product Manager, Life Products within Insurance (7557BR) New York, New York
Corporate VP, Product Manager role will report directly to the VP and Actuary of Product Centers of Life Products within Insurance Organization of NY Life. The CVP, Product Manager will be responsible for developing and implementing initiatives/strategies related to our inforce/ current blocks of business for life insurance, with the goal of improving earnings and the customer/agent experience.
This role is located in the corporate headquarters of New York City.
Primary Essential Accountabilities /Product Manager:
• Proactively identifies and solves the most complex problems and opportunities that impact the management and direction of our inforce life insurance business.
• Lead projects and initiatives that have the potential to significantly impact the earnings and management of our life insurance business.
• Communicate and negotiate with the most senior levels of management to influence buy-in on inforce initiatives.
• Lead and coordinate the implementation of inforce initiatives.
• Engage with the underwriters and pricing actuaries to dig into mortality/underwriting issues and underwriting processes.
• Liaise with life product managers responsible for inforce management of specific product lines to find synergies.
• Analyze inforce policy experience to identify trends, concerns, or where to prioritize efforts.
Secondary Accountabilities/ Project Management
• Work on Life Product Management ad hoc requests, the likes of which will vary, but may include some forecasting and spreadsheet modeling, leading special project working groups, research and support of agent inquiries, and coordinating and consolidating information among the life product managers.
• Other ad hoc projects in conjunction with other areas of the company, such as quality control enhancements, customer analytics, and customer experience project.
Essential Requirements and Experience:
• Five plus years of relevant experience in Product Management/Development or actuarial capacities within Insurance /Finance Industry preferred
• Bachelors degree required, MBA preferred
• Requires in-depth and/or breadth of expertise in Product Management or Risk Management, as well as mathematical and spreadsheet skills to help develop the solutions for current/future client needs.
• Basic understanding of the Insurance Organization businesses and the products sold within Life Insurance Industry.
• Analytical/ Strategic thinkers with a deep understanding of financial systems. Analyzing data, evaluating financial risks of current/future Products Development Needs.
• Ability to think outside the box - to find innovative and creative solutions to complex business problems
• Ability to work both independently and as part of a broader leadership team
• Leads highly visible multidisciplinary project teams, initiatives, processes or manage vendors; provides thought leadership for team
• Collaborative Team Player who has demonstrated ability to work well across organizations
• Strong organization skills, strong interpersonal and communication skills
Decision Making/Nature of Impact
• Responsibility for making and driving significant decisions that impact the strategy and performance within Life Products of the Insurance Organization.
• Communicates complex ideas, persuades and negotiates with others, often at senior levels to adopt to a different point of view
Life Products - Insurance
The Life Products team is responsible for identifying market opportunities, developing new products and managing our inforce block of business growth. The Life Products Team is structured around the life cycle of a product with groups focused on market-segmented product strategies, product development, distribution support, and life products administrative support. At the center of this team are the product centers with the product managers, who are responsible for product line P&L and the day-to-day management and conservation of each of our life product lines.
Founded in 1845 and headquartered in New York City, New York Life Insurance Company is a Fortune 100 Company and the oldest and one of the largest mutual life insurance companies in America. New York Life maintains operations in all 50 states, as well as Mexico and Taiwan, through a network of more than 17,000 agents and more than 10,000 employees. The Company holds the highest financial strength ratings currently awarded to any life insurer from the four principal rating agencies A.M. Best, Fitch, Moody’s and Standard & Poor’s. In 2011, New York Insurance Company led the industry in new individual life insurance sales for the third year in a row, with a market share of 10.7%.
The company serves its customers through its two major business units: the Insurance Group and the Investments Group. On a consolidated basis, total insurance sales reached $1.3 billion in 2011, a company record. Investment sales, also on a consolidated basis, totaled more than $51 billion. Total assets under management at year end rose to a record $338 billion. The company paid out more than $7.6 billion in benefits and dividends to policyholders in 2011. Surplus and asset valuation reserve increased by $1 billion, or 6.4%, to a record $17.9 billion.