Product Manager - Workers' Compensation

Product Manager - Workers' Compensation

Merchants Insurance Group is a leading Property and Casualty Insurer in the Northeast and is looking for a Product Manager for our Corporate Product Management team to join our Corporate Headquarters located in Buffalo, New York.

The Product Manager will become part of a dedicated product management team focusing on the strategic vision for workers' compensation while managing the Growth and Profitability for the line. In addition, this role will also be responsible for identifying and understanding emerging trends in the market, the planning and forecasting of growth objectives and actions aimed at maintaining profitability.

As the Product Manager for workers' compensation, this role will also spearhead our product position. This will include our overall mix of business, geographic concentration, product enhancement strategy, and partnership with other lines of business to ensure holistic solutions for our clients and agents.

This role will also serve to identify and implement innovative solutions for our workers' compensation line of business. Partnerships with underwriting and loss control will be critical, as well as identifying other industry specific strategic partnerships.

Merchants Insurance Group, rated A- (Excellent) with a stable outlook by the A.M. Best Company, is proud to be one of Buffalo Business First's Best Places to Work in Western New York (2023-2025), a Fast Track company (2019-2024), and a Top Private Company (2019-2024). Merchants has been granted Ward's 50 designation as a top-performing property-casualty insurance company for four consecutive years. In October 2024, Newsweek and Statista included Merchants Insurance Group on their first-ever America's Most Reliable Companies list, which highlights organizations that other companies can feel confident doing business with in 2025. Of 1,500 B2B companies evaluated, Merchants was one of only 300 companies to make the list.

Merchants offers its colleagues a Hybrid work schedule. The Hybrid work schedule requires 8 full days per month in the office, with the option to work the remaining days at home or in the office. This exciting Hybrid Work benefit offers colleagues a flexible work schedule with the ability to remain connected with their Merchants team and colleagues.

Essential Duties and Responsibilities include, but are not limited to:

• Directs and manages the research, analysis and definition of new products and product enhancements including new segmentation, coverage/endorsement needs, exposure analysis, pricing changes, marketing opportunities, underwriting changes and training needs for the assigned lines of business.
• Achieves profitability goals in the assigned product lines of business.
• Achieves company production goals for the assigned product lines of business.
• Conducts analysis on every dimension of product performance and uses analysis to recommend and make changes to improve performance.
• Analyzes and develops new product opportunities, coverage enhancements and endorsements to improve our profit picture and our market penetration.
• Manages the state rate filing process for the assigned lines of business to assure compliance with all state requirements and adherence to company guidelines.
• Manages all staff reporting to position. Improves performance of subordinates sharing knowledge and expertise.

Qualifications & Skills:

• Qualified candidates will have a 4 year degree or equivalent work related experience.
• 3+ years workers' compensation product management experience is highly desired or workers' compensation experience within underwriting or actuarial positions within a property and casualty insurance company.
• Professional designations or working towards industry specific designations are a plus i.e. CPCU.
• Previous supervisory or management experience is desired.
• Knowledge of local industry developments and trends.
• Strong analytical and critical thinking skills are required.
• Microsoft Office knowledge as well as the ability to work with internal company systems (WINS, ImageRight etc.).
• Exceptional organization, verbal and written communication skills are highly desirable.

Merchants Insurance Group Pay information:

Merchants Insurance Group offers a competitive pay scale. The estimated salary for this role ranges from $97,000 - $130,000 based on leveling and geography, along with an equity component and a comprehensive benefits package. This range is merely an estimate; actual compensation may deviate from this range based on skills, experience and qualifications.

Merchants Insurance Group Benefits:

• Welcoming and positive work environment.
• Flexible work arrangements, including flex scheduling and summer hours.
• Hybrid work schedule. The Hybrid work schedule requires 8 full days per month in the office, with the option to work the remaining days per month at home or in the office.
• Colleague Appreciation Events.
• Competitive pay scale.
• Outstanding company bonus program.
• Generous paid time off package.
• Full Benefits: Health, Dental, Vision, Life Insurance, Short Term Disability, 401(k) employer match amount is 100% up to 6% of your annual contributions. You are immediately 100% vested in the employer match dollars.
• Tuition Reimbursement.

And many more exciting company benefits!! EOE