Director of Product Strategy and Management

Job Description

Job Description

Position Summary

The Director of Product Strategy will provide leadership and subject matter expertise of products in both new and existing markets. This role will report directly to the Chief Operating Officer and will provide leadership to the product management function. This individual is responsible for leading product strategies from early development through execution of the product roadmap. The Director of Product Strategy will serve as a cross-functional partner in the organization, working closely with leaders and stakeholders throughout the organization, including but not limited to Marketing, Sales, Account Management, Underwriting, Actuarial, Operations, and other departments as needed. Ultimately responsible for influencing, supporting, and executing the vision set by top Executive leadership, this role will be focused on identifying opportunities that lead to the growth of our products through innovation, while working within the fundamental business goals and priorities.

Essential Functions

• Define product requirements based on competitive analysis and market research and monitor competitive landscape.
• Review, design, and execute improvements to current and future product structure; find knowledge and skills gaps to administer and profit from these while managing risk.
• Conduct market research, risk analysis and other key data processes to obtain the information necessary to make product decisions.
• Provide leadership and support Executive Leadership in creating product initiative business cases, including sales forecasts, pricing, and success metrics.
• Work with Compliance to ensure new insurance products satisfy existing regulations.
• Identify opportunities and threats in the market and create strategies to help the company overcome them.
• Work with segment leaders/ SMEs to ensure effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
• Develops product policies and business rules.
• Performance monitoring of insurance products across loss ratios, profitability, sales metrics, report costs, commissions and general insurance reporting and take corrective action when necessary.
• Lead and develop business processes to navigate critical opportunities.
• Develop and execute strategies to increase product sales and distribution channels.
• Perform special projects and other duties as assigned.

Key Responsibilities

This position serves as a Business Segment Lead of product development for Delta Dental of Virginia. As a Business Segment Lead, this role involves a combination of strategic planning, operational management, and leadership. Business Segment Leads are accountable for several key responsibilities, including but not limited to:

• Strategic Planning: Develop and implement strategies for the assigned business segment to achieve financial goals, market growth, and customer satisfaction.
• Market Analysis: Conduct market research and analysis to identify opportunities, trends, and competition within the dental insurance industry.
• Product Development: Collaborate with product development teams to enhance or create insurance products tailored to the dental market.
• Financial Management: Monitor and manage the financial performance of the business segment, including budgeting, forecasting, and expense control.
• Sales and Marketing: Own the sales and work with marketing teams to promote dental insurance products and services and develop effective marketing campaigns.
• Customer Relationship Management: Build and maintain strong relationships with key clients, brokers, and dental care providers.
• Compliance: Ensure that the business segment complies with industry regulations, insurance laws, and company policies.
• Team Leadership: Lead and motivate a team of professionals within the business segment, fostering a collaborative and results-oriented work environment.
• Performance Metrics: Establish and monitor key performance indicators (KPIs) to evaluate the success and efficiency of the business segment.
• Collaboration: Collaborate with other departments such as underwriting, claims, and customer service to ensure seamless operations and customer satisfaction.
• Risk Management: Identify and manage risks associated with the business segment, including regulatory changes, market fluctuations, and operational challenges.

Qualifications/Education/Experience

• Minimum of 8 years’ experience in a Product Management leadership role within the insurance industry.
• Bachelor’s Degree or an appropriate combination of education and/or equivalent experience is preferred.
• Underwriting and pricing knowledge is a plus.
• Demonstrated experience leading projects and people with ability to get results through others.
• Strong performance leveraging critical skills including but not limited to data analysis, project-reporting, and budget management.
• Consulting experience is a plus.
• Excellent interpersonal communication skills are required, including ability to express oneself effectively and professionally through written and verbal communications.
• Must possess good organizational skills and be able to handle multiple tasks with varying priorities.
• Leadership qualifications to include developing, leading, mentoring, and setting goals or each member of the team.
• Ability to think and plan strategically for organizational success.

Physical Demands and Work Environment:

The physical demands and work environment characteristics described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Physical demands: While performing the duties of this job, the employee is occasionally required to walk; sit; use hands to finger, handle, or feel objects, tools or controls; reach with hands and arms; balance; stoop; talk or hear. Use of hands is required for such technological devices such as a computer, telephone and others. The employee must occasionally lift and/or move up to 15 pounds. Specific vision abilities required by the job include close vision, distance vision, color vision, peripheral vision, depth perception and the ability to adjust focus. The employee will be required to travel (sometimes long distances) to attend required meetings.
• Work environment: The work is limited to the office environment with occasional trips to other office facilities or locations necessitating walking outdoors or driving. The noise level in the work environment is usually minimal.

Total Rewards Philosophy

At Delta Dental of Virginia, we believe that More Smiles and Healthier People starts with our own team members. Our mission to create healthy smiles in the community is only possible when the people behind that mission feel supported, valued, and set up to thrive. We offer competitive base compensation and our robust benefits package is a true reflection of our values, because we believe everyone deserves a healthy smile, starting with our own team. The salary range for this role is $132,600 - $196,900 annually. This range reflects base salary only; additional bonus and incentive opportunities are available. Placement within the range is commensurate with the skills, experience, and contributions each candidate brings to the role.

Benefits that Matter

We believe investing in our people is central to fulfilling our mission. Here's how our Total Rewards Philosophy is reflected in the benefits and support we offer eligible team members in addition to base salary:

• Annual Incentive Plan opportunity available to all team members, empowering you to share in our success
• Comprehensive health coverage including Medical, Dental, Vision, Pharmacy, Life, and AD&D insurances
• 24/7 On-Demand TextCare: Fast, text-based access to board-certified medical providers for you and your loved ones. Available anytime, anywhere, with responses in under five minutes.
• A robust 401(k) program with company matching and annual discretionary Profit Sharing contributions
• Flexible hybrid/remote work options available for most roles
• Generous paid time off programs including holidays, Paid Time Off (PTO), Volunteer Time Off (VTO), and an extra day off to celebrate your birthday
• Employee Assistance and Health and Wellness programs, including an onsite fitness center for team members working onsite
• Voluntary Benefits such as Critical Illness and Accident coverage, Pet Insurance and Legal Resources
• Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) to support your financial wellbeing
• Professional development, Tuition Reimbursement, and Educational Assistance programs to fuel your growth
• A culture where your work contributes to healthier communities and more smiles every day