VP, Head of Product Development

At Coaction, we’re a unique mix of leaders, achievers, thinkers, and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients.

The Coaction mission is to constantly innovate and seek risk solutions for our clients within the programs we choose to support. The VP, Product Development role is instrumental in helping to translate program-based innovations into legal, defensible, and quantifiable coverage forms, endorsements, rules and rates targeted to our clients’ needs.

As VP Product Development, you will support Coaction’s underwriting teams by drafting and developing products to support our professional lines, financial institutions, casualty and excess casualty, ocean marine, and excess property business and other Coaction verticals. You will work closely with underwriting leaders on coverage, policy language, related regulatory issues, and product innovation.  

Responsibilities:

• Lead the product development process by working with underwriting, claims, and coverage teams to develop and draft new products, as well as improve existing products
• Review and provide legal advice in connection with developing and drafting new insurance products and improving existing products
• Advise on market standard offerings and opportunities for Coaction’s underwriting teams. 
• Advise on specific implications of potential business decisions and initiatives to enhance opportunities and reduce business risk.  
• Promote a consistent approach to coverage, coverage philosophy, coverage guidelines, and best practices.
• Provide counsel and strategic advice to business units and internal clients on all insurance product and regulatory related matters.
• Research, develop, and maintain policy forms and endorsements needed to support new and existing products
• Monitor industry trends and changes in law impacting the relevant vertical markets.
• Liaise with regulatory and operations teams during the form filling process, lead response efforts to critiques and objections from regulators, and collaborate with underwriting, claims, and coverage teams as necessary to resolve any such issues.
• Collaborate with the reinsurance team, utilizing knowledge of the various products, to ensure that the company's interests are properly protected by our outwards reinsurance contract wording.
• Ensure successful implementation of key technical initiatives by consulting with executives and other company leaders and implementing plans to improve business effectiveness.  
• Identify and analyze complex legal issues and make solution-oriented recommendations in resolving such issues.  
    

Qualifications:

• At least 10 years experience in either a law firm or relevant in-house position, with a focus in product development
• Current leadership experience or working in a position that requires exercise of leadership competencies.
• Expertise in drafting policies from inception and policy wording
• Comprehensive knowledge of ISO and Proprietary Commercial Lines Property and Casualty coverage, forms, rates and rules
• Broad Commercial P&C industry knowledge and expertise
• Expertise in targeted competitor filing searches; high level of knowledge of resources and search methodologies to ensure successful and productive competitor analysis
• Strong communication and collaboration skills
• Superior language and writing skills, including ability to convey and structure complex material in a clear and readable format
• Intellectual curiosity and excellent analytical skills
• Strategic thinker with exceptional ability to identify innovative opportunities
• Strong command of management and professional lines products, including D&O, E&O, FI, Cyber, and their related lines of coverage. 
• Highly organized, analytical, and detail-oriented
• Ability to manage multiple projects in a dynamic environment
• Strong interpersonal skills with a collaborative and energetic style are essential
• Desire to learn and gain exposure to new areas

Salary range specific to this role : $197,000 - $260,000 + discretionary incentive bonus + benefits depends on various factors including, without limitation, individual and organizational performance. The offered rate of compensation will be based on individual education, experience, and qualifications.  In addition, employees are eligible for standard benefits package including paid time off, medical, dental and retirement

Equal Opportunity Employer

Coaction is an Equal Employment Opportunity employer. Coaction’s policy is not to discriminate against any applicant or employee based on race, color, religion, national origin, gender, age, sexual orientation, gender identity or expression, marital status, mental or physical disability, and genetic information, or any other basis protected by applicable law. Coaction also prohibits harassment of applicants or employees based on any of these protected categories.

If your application is selected, you will receive an email directly from the Coaction Recruiting Team at [email protected] asking you to contact a member of the Coaction Recruiting Team. Any other method of contact may be fraudulent.