Insurance Product Manager Job Description [Updated for 2025]

In today’s ever-evolving marketplace, the focus on Insurance Product Managers has never been more critical.

As the insurance industry progresses, the demand for skilled professionals who can develop, enhance, and manage insurance products grows stronger.

But let’s delve deeper: What are the true expectations for an Insurance Product Manager?

Whether you are:

• A job seeker trying to understand the core responsibilities of this role,
• A hiring manager shaping the perfect candidate profile,
• Or simply interested in the intricacies of insurance product management,

You’ve come to the right place.

Today, we introduce a customizable Insurance Product Manager job description template, designed for effortless posting on job boards or career sites.

Let’s dive in without further ado.

Insurance Product Manager Duties and Responsibilities

Insurance Product Managers are responsible for developing, managing, and marketing insurance products.

They work in close collaboration with various departments to ensure the product aligns with company strategy and goals.

The daily duties and responsibilities of an Insurance Product Manager include:

• Conducting market research to identify opportunities for new or enhanced insurance products
• Developing and implementing product strategies and roadmaps
• Collaborating with underwriting, claims, marketing, and finance departments to design and develop product features
• Establishing pricing and profit projections for each product
• Ensuring all insurance products comply with regulatory requirements
• Developing training materials and conducting product training sessions for sales and customer service teams
• Monitoring the performance of existing products, making adjustments as needed to meet profitability and sales targets
• Working with marketing and communications teams to promote products to customers
• Providing detailed reports on product performance to senior management

 

Insurance Product Manager Job Description Template

Job Brief

We are seeking a highly skilled and analytical Insurance Product Manager to join our team.

The successful candidate will be responsible for developing insurance products, overseeing the implementation of product changes, and driving product performance to achieve our company’s strategic goals.

The ideal candidate should have a thorough understanding of insurance products, market dynamics, and consumer insights.

They should also have excellent problem-solving skills and a strong ability to think strategically and analytically about business, product, and technical challenges.

 

Responsibilities

• Develop and manage the entire product lifecycle from strategic planning to tactical execution.
• Conduct market and competitive analysis to define product direction and go-to-market strategy.
• Work closely with cross-functional teams to deliver with optimal resources.
• Proactively identify and resolve product issues that impair the team’s ability to meet strategic goals.
• Define, track and improve key product metrics.
• Drive profitability, growth, and other key performance indicators.
• Create and deliver product training to internal teams and partners.
• Ensure compliance with insurance regulations and company policies.

 

Qualifications

• Proven experience as an Insurance Product Manager or similar role in Insurance industry
• Knowledge of insurance products, underwriting, pricing and product development
• Familiarity with insurance legislation and regulation
• Strong problem-solving skills and willingness to think outside the box and roll up one’s sleeves to get the job done
• Excellent written and verbal communication skills
• Strong project management and time-management skills
• BSc/BA in Business Administration, Insurance or relevant field; MBA preferred

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Insurance Product Manager
• Work Environment: Office setting with options for remote work. Some travel may be required for meetings or consultations.
• Reporting Structure: Reports to the Director of Product Management or Head of Products.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $70,000 minimum to $120,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does an Insurance Product Manager Do?

Insurance Product Managers work for insurance companies and their primary responsibility is to design, manage and implement insurance products that meet the needs of their customers.

They often work closely with underwriters, actuaries, and marketing teams to ensure that the insurance products are competitive in the market, profitable for the company, and compliant with laws and regulations.

Insurance Product Managers conduct market research to understand customer needs and preferences.

They use this information to develop new products or modify existing ones.

They are also responsible for monitoring the performance of the insurance products in the market.

They analyze sales data and feedback from customers to identify areas for improvement.

Insurance Product Managers often collaborate with the marketing team to develop strategies for promoting the insurance products.

They may also work with the sales team to provide training on the features and benefits of the products.

In addition to designing and managing insurance products, Insurance Product Managers often play a role in setting pricing strategies.

They use actuarial data to determine the risks associated with different types of insurance policies and set prices accordingly.

They also ensure that the insurance products comply with industry regulations and standards.

This may involve working with legal and compliance teams to understand regulatory requirements and implement necessary changes.

 

Insurance Product Manager Qualifications and Skills

An Insurance Product Manager should possess a blend of industry-specific knowledge, technical abilities, and soft skills to effectively manage and develop insurance products.

The skills and qualifications necessary include:

• Strong analytical skills to evaluate the performance of existing insurance products and identify areas of improvement.
• Knowledge of insurance principles, practices, policies and industry regulations to develop suitable and compliant insurance products.
• Excellent communication and interpersonal skills to present product ideas to stakeholders, train sales teams, and address inquiries regarding the product.
• Project management skills to oversee the product development process, ensuring that timelines, budgets, and quality standards are met.
• Risk management skills to identify potential risks associated with new or existing products, and devise strategies to mitigate these risks.
• Proficiency in using insurance software systems for product modeling, pricing, and administration.
• Problem-solving skills to troubleshoot issues that arise during the product development and launch process.
• Ability to collaborate with various teams such as underwriting, claims, marketing, and legal to ensure the success of the product.

 

Insurance Product Manager Experience Requirements

Insurance Product Managers typically need a minimum of 3 to 5 years of experience in the insurance industry, often in roles like Claims Adjuster, Underwriter, or Sales Representative.

This on-the-job experience is crucial for understanding the intricacies of various insurance products, policy structures, and customer requirements.

Entry-level candidates may have experience through internships or part-time roles within insurance companies, working in departments such as product development, risk assessment, or policy servicing.

Candidates with more than 5 years of experience usually have a solid understanding of insurance product management, pricing strategies, and regulatory compliance.

They may also have experience in leading teams or managing projects, which is beneficial for the role of an Insurance Product Manager.

Furthermore, those with over 7-10 years of experience are often considered for senior or executive roles, where they will be responsible for the development and management of strategic product lines, market research, and competitive analysis.

They may also have a history of successfully launching and managing profitable insurance products.

Additional qualifications can include a strong background in data analysis and proficiency in industry-specific software tools.

A higher degree or certification in Insurance, Business Management, or a related field can provide an advantage.

 

Insurance Product Manager Education and Training Requirements

Insurance Product Managers typically hold a bachelor’s degree in business, finance, economics, or a related field.

Strong knowledge of the insurance industry, including understanding of various insurance products, regulatory requirements, and market trends is essential.

They also require proficiency in business analytics, financial modelling, project management, and software applications pertinent to the role such as Microsoft Office Suite and database management systems.

A Master’s degree in business administration (MBA) or a related field can be advantageous for higher-level positions.

In addition, professional certifications like the Associate in Insurance Product Management (AIPM), Chartered Property Casualty Underwriter (CPCU), or Certified Insurance Counselor (CIC) can be beneficial and may set candidates apart from others.

Continuous professional development through industry courses, seminars, or workshops is often encouraged to keep up with the evolving insurance landscape.

Most companies also require several years of experience in insurance product development, management, or a related area.

 

Insurance Product Manager Salary Expectations

The average salary for an Insurance Product Manager is $106,079 (USD) per year.

However, the exact earnings can vary greatly based on factors such as industry experience, specific skills, the size and location of the company, and the complexity of the insurance products managed.

 

Insurance Product Manager Job Description FAQs

What skills does an Insurance Product Manager need?

Insurance Product Managers need to have strong analytical skills to analyze market trends and customer needs.

They should possess excellent communication and presentation skills to communicate their product’s benefits to stakeholders and clients effectively.

They should also have a solid understanding of insurance regulations and policies.

Problem-solving skills are also crucial as they must be able to find solutions to any issues that may arise during the product development process.

 

Do Insurance Product Managers need a degree?

Yes, Insurance Product Managers often require a bachelor’s degree in business, finance, or a related field.

Some companies may prefer candidates with a Master’s degree in Business Administration (MBA) or a similar field.

Additionally, experience in the insurance industry or product management can be beneficial.

 

What should you look for in an Insurance Product Manager resume?

A strong Insurance Product Manager resume should highlight experience in product development and management, specifically within the insurance industry.

It should also showcase their knowledge of market analysis, project management, and strategic planning.

Look for candidates with a strong understanding of insurance regulations and policies.

Additionally, certifications in product management or insurance can be advantageous.

 

What qualities make a good Insurance Product Manager?

A good Insurance Product Manager should have strong leadership skills and the ability to manage multiple projects at once.

They should be strategic thinkers, able to anticipate market trends and customer needs.

They should also have excellent communication skills to effectively convey their product’s benefits to various stakeholders.

Additionally, they should be detail-oriented to ensure their product aligns with insurance regulations and policies.

 

Is it difficult to hire Insurance Product Managers?

The difficulty in hiring Insurance Product Managers can depend on the specific requirements and expectations of the role.

If the role requires extensive experience or specialized knowledge in a particular area of insurance, it may be more challenging to find qualified candidates.

However, by offering competitive salaries, growth opportunities, and a positive work environment, companies can attract high-quality candidates for this role.

 

Conclusion

And there you have it.

Today, we’ve illuminated the complex role of an insurance product manager.

Surprised?

It’s not just about managing policies.

It’s about orchestrating the future of insurance, one product at a time.

With our expertly crafted insurance product manager job description template and real-world examples, you’re ready to take that leap.

But why not dig further?

Explore more with our job description generator. It’s your ultimate guide to creating precision-crafted listings or polishing your resume to perfection.

Keep in mind:

Every product policy is a piece of the larger puzzle.

Let’s shape the future of insurance. Together.

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