Specialty Lines Portfolio Lead in Remote - The Commonwell Mutual Insurance Group

Job Title: Specialty Lines Portfolio Lead

Job Location: Remote

Join our team!

The Commonwell Mutual Insurance Group is not just another insurance company; we are a P&C Mutual company with solid grass roots within our community. We’re proud to be a leader within the P&C industry offering a Mutual experience rich with history, opportunity and exceptional customer service. We are committed to profitable growth, team development, ingenuity, while having fun at work. We encourage a work-life balance and we are serious about what we do.

This Specialty Lines Portfolio Lead is a key role accountable for the enhancement of our member protection, client experience, and client intimacy through the development of new and enhancement of existing core P&C Specialty Lines products and pursuit of non-P&C product and service offerings through third parties, including Insurtech and Fintech firms.

The role is accountable for driving profitable growth through leading pricing reviews/changes and partnering in segmentation analysis of our portfolio to identify areas of profitable growth and potential re-underwriting opportunities. The role also supports profitable growth through the development and communication of underwriting guidelines within the organization.

What you will do as a part of the team:

• Investigate market opportunities to identify and develop new products and enhance existing products across specialty lines business

• Support the review of new products and enhancement of existing products across personal lines business

• Investigate, and lead where required, market opportunities for innovative business partnerships to support enhancement of our member protection, client experience, and client intimacy through P&C products, non- P&C products and other experience enhancement solutions

• Lead the development and execution of segmentation-based rating methodologies across specialty lines, in partnership with actuarial partners

• Collaborates with Legal in wording interpretation issues and understanding precedent cases impacting current and proposed products

• Monitor portfolio mix of business results of specialty lines and provides summary reports and recommendations on action plans to applicable operational units

• Support OMIA/FMRP product development where required

• Provide wording expertise and interpretation to Underwriting Operations and Claims

• Development and maintenance of Underwriting rate and rule manuals for new and existing products across specialty lines

• Develop and deliver training materials supporting the ‘Train the Trainer’ concept to Underwriting Operations & Claims staff

• Determine market segmentation/differentiation and define the relevant market of the organization

• Support reinsurance treaty administration, adherence monitoring, facultative and quota share maintenance and new product treaty verification

• Assist with the configuration and design of the data capture to support automation, rate and rule automation, connectivity/workflow automation and administration system data configuration elements

• Provide product mapping and conversion instructions during organization amalgamations and other organizational alignments/partnerships

What you will need to succeed:

• Expert knowledge in developing net new and enhancement of existing policy wordings across specialty lines business (Commercial and Farm)

• Strong knowledge in developing net new and enhancement of existing policy wordings across personal lines business (Residential and Automobile, including IRCA and miscellaneous vehicles)

• Expert knowledge in application and interpretation of policy wordings, including an understanding of insurance case law decisions

• Working knowledge of pricing strategies and methodologies across specialty lines business

• Strong understanding of demographic shifts and changing consumer needs and ability to identify and implement innovative solutions to respond proactively to those needs

• A full understanding on reinsurance products available in the marketplace and specifically those available to CMIG

• Significant knowledge of broker and agent process flows, both as they intersect with insurer systems and impact to product development

• Ability to work with, analyze and support the development of portfolio reporting and provide recommendations on findings

• Expert knowledge of the competitive insurance marketplace as well as external forces specific to product offerings and appetite, with the ability to identify where threats and opportunities may exist

• Working knowledge of the financial statements and the correlation of the underwriting results through the Balance Sheet Impact

• Post-Secondary Education in a related field is required

• Completion of CIP/FCIP designation is considered an asset

• Proven experience in product and policy wording development

• Expert knowledge of specialty lines (Farm and Commercial) insurance gained through a minimum of 5 years of industry experience

• Thorough knowledge of personal lines (Residential and Automobile, including IRCA and miscellaneous vehicles) insurance considered an asset

• Knowledge of reinsurance considered an asset

• Must be able to communicate ideas, make recommendations and maintain excellent interpersonal relationships with all internal and external partners

• Computer application knowledge including Microsoft Excel, Power Point, and Outlook is required. Knowledge and experience with Guidewire Platform is required. Knowledge of Power BI is an asset

• Excellent communication skills are required: verbal, non-verbal and written, to make recommendations and maintain excellent interpersonal relationships with internal and external contacts

• Basic understanding of project management methodology

• Advanced time management, organizational, analytical, and evaluative skills

• Ability to be creative and innovative in the thinking process

If after reading this, you are excited about the opportunity to join our team then please submit your application by July 7th, 2023.

JOIN THE #Commonwell Crew! We saved you a spot!

Accommodations: The Commonwell is an equal opportunity employer committed to ensuring barrier free employment practices. Should you require workplace accommodation, please let us know, and we will work with you to meet your needs.