Insurance Product Manager Jobs – What Does It Take?

Insurance product manager jobs are in high demand and the insurance and risk management recruiters at Questpro place many of these positions with client companies. In this post, we will explain the requirements for this important role.

Insurance product managers oversee and guide the creation of innovative insurance products, adhering to the product lifecycle policy and the overall insurance strategy. They also facilitate the coordination of marketing and sales efforts for specific insurance products within the company. Moreover, insurance product managers ensure effective communication with sales managers and sales departments, providing updates on newly developed insurance offerings.

Insurance Product Manager Responsibilities

The following are some of the responsibilities that are part of the insurance product manager role:

1. Assess and evaluate potential insurance products and determine their viability and profitability while minimizing risk.
2. Analyze current insurance products to identify areas for improvement, whether through additions or removals, to strike a balance between reduced risk and enhanced customer satisfaction.
3. Collaborate with market research experts, risk analysts, and data professionals to gather crucial information necessary for informed product decisions.
4. Coordinate with compliance specialists to ensure compliance with existing regulations and adapt existing products to meet requirements in new markets.
5. Identify market opportunities and potential threats, devising strategies to effectively address and overcome them.
6. Create supplementary insurance offerings, such as customer applications or internal systems, to enhance the company’s product portfolio.

In general, insurance product managers are responsible for the success of the products under their management.

Becoming an Insurance Product Manager

In order to secure one of these coveted jobs, having one of the following degrees will help a prospective candidate:

• Business degrees, such as operations management or general management
• Social science degrees, such as statistics, informatics, or economics
• Communications degrees, such as marketing and advertising
• Technical degrees, such as computer programming or analysis
• Finance degrees

Desired Skills for Insurance Product Managers

The following are some knowledge sets and skills that are desirable for insurance product managers:  

• Principles of Insurance: Comprehending the fundamental principles of insurance is very important.
• Types of Insurance: It is very important that an insurance product manager be very knowledgeable about all the various types of insurance policies and products that exist, how they operate and how they should be discussed and promoted to the company’s target audience verticals.
• Insurance Financial Products: A candidate for this position needs to understand the role of insurance financial products such as annuities and whole life products and how to present them to consumers.
• Insurance Market: Understanding the prevailing trends and key driving factors in the insurance market, including insurance methodologies and practices, as well as identifying major stakeholders within the insurance sector.
• Marketing Management: Insurance product managers should have a solid understanding of today’s most relevant marketing tools. This includes database marketing, e-mail marketing, search engine marketing, outdoor advertising, social media marketing and the full range of other marketing channels available to today’s marketer.
• Sales Strategies: Understanding the principles guiding customer behavior analysis and target market selection to effectively promote and sell a product or service.
• Insurance Law: It is important to understand the legal framework and legislation governing the transfer of risks or losses from one party (the insured) to another (the insurer) in exchange for periodic payments. This encompasses regulations related to insurance claims and the overall business of insurance.
• Leadership: Effective leadership skills are crucial in a managerial role. The decisions made by product managers have long-lasting implications for the company. Guiding and aligning other managers towards a common goal requires strong leadership abilities.
• Communication: A product manager’s success relies on excellent communication skills. Building interpersonal relationships helps to foster collaboration and manage potential resistance from managers of equal rank. It is vital to keep all key stakeholders well-informed and inspire effective teamwork.
• Research: While product managers receive information from various professionals, they must also possess research capabilities to validate and supplement the data provided. This empowers them to make well-informed decisions and maintain a comprehensive understanding of the industry.
• Analytical: Critical thinking and the ability to connect dots independently are integral to product management. By analyzing data shared by other insurance managers, product managers can make informed decisions that align with the company’s offerings and objectives.
• Technical: While coding skills may not be mandatory, possessing technical knowledge sets product managers apart. It enables them to collaborate effectively with designers, programmers, and software builders, ensuring the development of websites and applications that meet the company’s and customers’ needs.
• Creative: Product development and management necessitate creativity. Product managers who approach insurance product design and administration with innovative ideas can help companies tap into new markets and create unique opportunities to serve.
• Time Management: Product launches often have time-sensitive requirements. For example, a company introducing hurricane insurance would aim to offer the product to homeowners before the start of the hurricane season, rather than waiting until it has already begun. Effective time management is crucial in ensuring timely and successful product launches.

If you are a candidate looking for an insurance product manager opportunity, we would love to talk to you. If you are a company looking for this type of candidate, we would love to talk to you too!

Contact us today!