VP, Head of Product Development

Coaction Specialty Insurance Group

New York, NY

Full Time

Executive

197k-260k

15 days ago

Job Description

About the Role

At Coaction, we're a unique mix of leaders, achievers, thinkers, and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients. The Coaction mission is to constantly innovate and seek risk solutions for our clients within the programs we choose to support. The VP, Product Development role is instrumental in helping to translate program-based innovations into legal, defensible, and quantifiable coverage forms, endorsements, rules and rates targeted to our clients' needs.

Key Responsibilities

Lead the product development process by working with underwriting, claims, and coverage teams to develop and draft new products, as well as improve existing products
Review and provide legal advice in connection with developing and drafting new insurance products and improving existing products
Advise on market standard offerings and opportunities for Coaction's underwriting teams
Advise on specific implications of potential business decisions and initiatives to enhance opportunities and reduce business risk
Promote a consistent approach to coverage, coverage philosophy, coverage guidelines, and best practices
Provide counsel and strategic advice to business units and internal clients on all insurance product and regulatory related matters
Research, develop, and maintain policy forms and endorsements needed to support new and existing products
Monitor industry trends and changes in law impacting the relevant vertical markets
Liaise with regulatory and operations teams during the form filling process, lead response efforts to critiques and objections from regulators, and collaborate with underwriting, claims, and coverage teams as necessary to resolve any such issues
Collaborate with the reinsurance team, utilizing knowledge of the various products, to ensure that the company's interests are properly protected by our outwards reinsurance contract wording
Ensure successful implementation of key technical initiatives by consulting with executives and other company leaders and implementing plans to improve business effectiveness
Identify and analyze complex legal issues and make solution-oriented recommendations in resolving such issues

Requirements

At least 5 years of product development leadership experience or working in a position that requires exercise of leadership competencies
Comprehensive knowledge of ISO and Proprietary Commercial Lines Property and Casualty coverage, forms, rates and rules
Broad Commercial P&C industry knowledge and expertise
Expertise in targeted competitor filing searches and knowledge of resources and search methodologies
Experience with legal/contract language interpretation desirable
Strong communication and collaboration skills
Superior language and writing skills, including ability to convey and structure complex material in a clear and readable format
Intellectual curiosity and excellent analytical skills
Strategic thinker with exceptional ability to identify innovative opportunities
Strong command of management and professional lines products, including D&O, E&O, FI, Cyber, and their related lines of coverage
Highly organized, analytical, and detail-oriented
Ability to manage multiple projects in a dynamic environment
Strong interpersonal skills with a collaborative and energetic style
Desire to learn and gain exposure to new areas

Nice to Have

Experience with legal/contract language interpretation

Qualifications

At least 5 years of product development leadership experience or equivalent leadership competencies

Benefits & Perks

Salary range of $197,000 - $260,000 plus discretionary incentive bonus
Benefits including paid time off, medical, dental, and retirement
Standard benefits package

Working at Coaction Specialty Insurance Group

Coaction is committed to equal employment opportunity and prohibits discrimination and harassment based on protected categories. The company values diversity, inclusion, and a collaborative work environment.

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