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Vice President, Product Development and Management, Voluntary Worksite Products
In January 2012, Chartis and SunAmerica Financial Group formed a significant new player in the benefits market by combining American General Life Companies’ Benefit Solutions division with the Medical Excess and @Work groups from Chartis Corporate Benefits division. The combined entity, AIG Benefit Solutions, targets the employee and affinity group markets, and will serve as a one-stop solution for today’s changing benefits marketplace for groups of all sizes. The product suite includes life/AD&D, BTA/accident, universal and term life, dental, vision, limited healthcare, medical reimbursement, stop-loss, organ transplant, group hospital, group and personal disability, critical illness, accident and cancer insurance. This broad and diverse portfolio provides limitless opportunities to create flexible benefit offerings suitable for all sizes and budgets, and the combined underwriting, distribution and sales strengths of American General and Chartis will provide further strength and differentiation in the marketplace.
In this new role reporting to the Head of Product, the Vice President, Product Development and Management will be focused on strategic development of voluntary worksite products for employer and affinity markets. This position has profit and loss responsibilities for the voluntary worksite product portfolio, including Universal Life, Whole Life, Disability Income, Accident, Hospital Indemnity, Cancer and Critical Illness; and responsibility for informing the Company’s enrollment strategy. The position will act as the general manager for the portfolio, developing strategy and making decisions, including active review of pricing and strong partnership with legal, compliance, underwriting and claims organizations to influence all aspects of the product. This individual will establish new product development priorities for the voluntary worksite portfolio and serve as the thought leader on voluntary worksite.
The Vice President, Product Development and Management reports to the Head of Product, and leads the following primary responsibilities.
Immediate Performance Objectives:
Profit and loss accountability for voluntary worksite products:
*Assess gaps in voluntary worksite product offerings
*Review voluntary worksite product performance, and drive strategic direction of the portfolio and achievement of sales and profitability targets
*Partner with voluntary pricing actuaries to ensure strategic pricing of the products and strong understanding of profitability drivers and metrics, including IRR and VoNB
*Establish strong understanding of product performance and implement systematic, on-going performance reviews
*Partner with Legal and Compliance on legislative and regulatory topics impacting the product portfolio
*Provide direction for sales, claims and underwriting teams relating to the product portfolio
Drive innovation for voluntary products:
*Develop voluntary worksite product development strategy and priorities
*Develop solutions-oriented products and capabilities informed by
-Field, market and consumer research
-On-going market performance monitoring
*Develop strategies to maximize solutions-based sales across the full spectrum of AIG Benefit Solutions products in partnership with product management peers
*Maximize competitiveness while ensuring product standardization and administrative consistency
*Provide leadership to make AIG Benefit Solutions the recognized industry leader by maintaining competitive, innovative voluntary worksite product solutions
*Establish process for systematic, on-going market and field inputs
Manage all aspects of the product life cycle:
*Ensure product integration with marketing, sales, underwriting and operations
*Maintain strong understanding of changing legislative, regulatory, market and competitive landscape to drive profitable growth of new and existing products
*Ensure continued compliance with all applicable rules and regulations
*Develop business cases for new products and product enhancements and prioritize voluntary worksite product development and filing initiatives
Inform AIG Benefit Solutions enrollment strategy as a complementary and integral component of the voluntary worksite product strategy
*Partner with Sales, Marketing and Operations to understand enrollment capabilities and ensure alignment with voluntary worksite product strategy
Build, develop and retain a high performing team.
Provide input on optimal organizational design to meet voluntary worksite product objectives.
Recruit high potential talent.
Lead and develop team to meet and exceed voluntary worksite and overall company objectives.
Supporting Performance Objectives:
*Achieve sales and profitability goals for each product line
*Develop and deliver cross-selling initiatives between the product line heads to support delivery of benefit solutions
*Develop strong relationships with functional area business partners, including Legal, Compliance, Sales, Marketing, Underwriting and Operations
*Develop a strong understanding of the interdependencies of the AIG corporate functions and business units
*Achieve in-depth knowledge of AIG Benefit Solutions products, processes and technology
*Keep up-to-date with financial services and insurance industry trends, with a keen focus on the consumer
*Perform regular and comprehensive competitive analysis, using all available data sources, including but not limited to customer research, industry data sources; field, broker and industry contacts; and publicly available competitor information
*Support the sales force in meeting their objectives by providing competitive products, product positioning, and market and competitive trend analysis
*Provide leadership to help build product organization and instill high-performance culture
•Demonstrated achievements in managing profitable products within the employee benefits (group and voluntary worksite products) and the affinity benefits (life and A&H) segments
•Established track record of product innovation and execution in the employee and affinity benefits markets
•10+ years of experience in employee benefits, either in product development or management, actuarial, underwriting or related discipline, and at least five years in voluntary worksite benefits. Additional experience in internal financial planning and analysis for a similarly sized, complex financial organization is desirable.
•Demonstrated ability to influence and work effectively and collaboratively within a highly-matrix organization and with employees at all levels
•Well organized, with a high degree of initiative and endurance in order to prioritize, multi-task, maintain flexibility and ultimately to meet and exceed deadlines in fast-paced, changing environment
•Strong analytic, problem-solving and project management skills
•Excellent written, verbal and presentation skills
•Strong collaboration and relationship building skills; demonstrated organizational savvy
•Demonstrated success in leading major change and transformation initiatives
•Bachelor’s degree required
•Advanced degree strongly preferred
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