VP Product Development - Professional and Management Liability Insurance

As a leading provider of insurance and reinsurance with worldwide operations and employees in Bermuda, U.S., U.K., Continental Europe and Asia, we recognize that our success is derived directly from those who matter the most : our people .

At Sompo International, our values of integrity, collaboration, agility, execution and excellence underpin our culture and our commitment to providing an employee experience that attracts and engages the best talent in the industry.

As we continue to grow, we strive to find diverse, innovative and driven professionals to join our teams and offer a broad range of career and development opportunities at all levels, in multiple business areas, in each of our locations throughout the world.

Our compensation and benefits programs are market driven and competitive, with excellent family friendly policies and flexible working provisions.

Job Description

Are you looking for your next opportunity?

Sompo has a unique opportunity for a VP Product Development - Professional and Management Liability Insurance in our Product Development team.

The Product Development team is responsible for managing commercial property and casualty products for Sompo International.

This is a newly created position that includes involvement with both the Insurance and Reinsurance platforms with a primary focus on the execution of the Management Initiated Audit process across the North America Insurance platform.

In addition, this position has Technical Product Line Management responsibilities with a focus on Professional and Management Liability and Specialty lines of business.

Location : This position will be based out of our New York City, NY, Purchase, NY, Garden City, NY, or Morristown, NJ office.

We strive for collaboration which is why we offer a work environment where our employees thrive and develop long lasting careers.

Our business, your impact, our opportunity :

What you'll be doing :

• Management Initiated Audits
• Conduct underwriting audits across the North America Insurance Platform to ensure consistency and compliance with company standards;

each audit should be executed in a consistent and professional manner across Sompo Insurance.

• Responsibilities include logistics such as assembling the audit team, pre-audit preparation, lead and conduct the audit, completion, and distribution of the audit report.
• Provide feedback and transparency during the process as well as support for implementation and compliance with audit recommendations.

Monitor the status of audit recommendations and work with the business units to ensure completion on a timely basis.

• Provide updates on the audit activities and trends to Senior Leadership of Product Development, (Re) Insurance, and other Executives as required.
• Participate in the audit process across Sompo Reinsurance platform as needed.
• Participate as needed in the development of company responses to outside auditor or regulatory inquiries.
• Regular travel is required, most domestically with periodic international, depending upon the approved audit slate for each year.
• Product Development
• Key Lines of Business for the Technical Product Line responsibilities include Professional Liability, Management Liability, Directors and Officers, and Financial lines.

Other specialty lines of business and multi-national experience a plus.

• Take the lead in the manuscript endorsement process with designated underwriting teams ahead of Legal involvement.
• Lead development of approved new products as needed by specific business units. This includes collaboration with Legal, Claims, State Filing, and Actuarial functions to create appropriate coverage language and rating approaches.
• Operational / Underwriting Support
• Assist with the implementation of underwriting guidelines, resources and tools that contribute to company compliance, underwriting standards, and profitability.
• Assist in the development and sharing of best practices.
• Develop broad "industry" perspective on key issues, including emerging risks, ESG, etc...
• Additional Responsibilities
• Provide training and updates to underwriters, marketing staff and others as needed.
• Provide Line of Business input, as needed, to support development or enhancement of corporate systems.
• Report to senior management, as needed, on Line of Business issues and / or results.

What you'll bring :

• College degree and / or industry designation a plus (i.e. ARe, CPCU preferred).
• 7 + years' experience in underwriting commercial lines of business with emphasis on designated lines of business as noted above.

Multiline, specialty lines, and global experience would be helpful.

• Solid foundation in insurance underwriting and audit process.
• Strong verbal and written communications skills.
• Willing and able to travel for business.
• Ability to communicate effectively (written & verbal) with co-workers and other business colleagues.
• Ability to cross collaborate with other functions, teams and disciplines.
• Demonstrated analytical ability and good business judgment.
• Demonstrated positive attitude and works well within a Team environment.
• Experience using Windows, Microsoft Office Suite (Word, Excel, Power Point), Adobe / Nitro, SharePoint.
• Demonstrated ability to manage multiple priorities.
• Demonstrated focus and sense of urgency.

Salary Range : $165,000 - $235,000. Actual compensation for this role will depend on several factors including the cost of living associated with your work location, your qualifications, skills, competencies, and relevant experience.

At Sompo, we recognize that the talent, skills, and commitment of our employees drive our success. This is why we offer competitive, high-quality compensation and benefit programs to eligible employees.

Our compensation program is built on a foundation that promotes a pay-for-performance culture, resulting in higher incentive awards, on average, when the Company does well and lower incentive awards when the Company underperforms.

The total compensation opportunity for all regular, full-time employees is a combination of base salary and incentives that gets adjusted upfront based on overall Company performance with final awards based on individual performance.

We continuously evaluate and update our benefit programs to ensure that our plans remain competitive and meet the needs of our employees and their dependents.

Below is a summary of our current comprehensive U.S. benefit programs :

• Two medical plans to choose from, including a Traditional PPO & a Consumer Driven Health Plan with a Health Savings account providing a competitive employer contribution
• Pharmacy benefits with mail order options
• Dental benefits including orthodontia benefits for adults and children
• Vision benefits
• Health Care & Dependent Care Flexible Spending Accounts
• Company-paid Life & AD&D benefits, including the option to purchase Supplemental life coverage for employee, spouse & children
• Company-paid Disability benefits with very competitive salary continuation payments
• 401(k) Retirement Savings Plan with competitive employer contributions
• Competitive paid-time-off programs, including company-paid holidays
• Competitive Parental Leave Benefits & Adoption Assistance program
• Employee Assistance Program
• Tax-Free Commuter Benefit
• Tuition Reimbursement & Professional Qualification benefits

In today's world, what do we stand for?

Ethics and integrity are the foundation of delivering on our commitment to you. We believe that core values drive success, and that when relationships are held in the highest regard, there is nothing that cannot be accomplished.

At Sompo, our ring is more than a logo, it is a symbol of our promise. Click here to learn more about life at Sompo.

Sompo is an equal opportunity employer and we intentionally value inclusion and diversity. Above all, we want you to work in an environment that respects everyone's unique contributions - we are passionately committed to equal opportunities.

We do not discriminate based on race, color, religion, sex orientation, national origin, or age.