Are you passionate about being part of a team that delivers extraordinary care to help individuals and businesses prepare for and protect their retirement? If so, then Nationwide Financial could be the place for you!
Job Description Summary
Overall business leader for Nationwide's Accident & Health (A&H) portfolio including Stop loss, Travel, Limited medical and Gap medical. Includes Profit & Loss responsibility, business strategy, sales, operations, relationships management, contracts and audit oversight, leading internal team and managing external business partners including managing general underwriters (MGUs), third party administrators (TPAs), reinsurers and others.
Also serve as the leader of product filing and compliance, underwriting, and other shared services for Nationwide Specialty Insurance (NSI) including agent appointments, commission payment and statutory reporting. Responsibilities include leadership of product development and implementation, rate and form filing, compliance with federal and state statutes, underwriting and P&L support, agent appointments, and statutory reporting.
Work cross functionally within Nationwide and with outside vendors and consultants to provide direction, ensure results, and build capability as an A&H carrier. Interface with regulators, MGUs, TPAS, Reinsurers and industry experts.
A key aspect of this role will be identifying M&A opportunities, leading valuation and M&A due diligence, participating in negotiations, integrating the businesses post acquisition and realizing the synergies.
Reporting Relationships: Reports to VP, Chief Specialty Ins Offr.
Role has 6-8 direct reports overseeing P&L, sales, business development, underwriting, product filing, pricing and relationship management. With indirect reports leads a team of 25-30 associates.
Act as business owner, P&L owner, and thought leader in strategically and tactically designing and implementing A&H products, business strategy, business partnerships, operational approach, sales & marketing approach and results.
Financial Management: Manage overall profit/loss.
Lead annual operational planning process. Achieve targets including Net premium growth, Policy / premium persistency, Loss ratio Premium-related expense ratio. Operating expenses.
Own relationships, contracts, and results of business partners. Provide insight into the A&H market from a competitive standpoint including but not limited to products offered and marketing.
Business Operations: build and strengthen capabilities around underwriting, claims and service.
Business Expansion / Growth Strategy: Develop and implement long-term business expansion and growth strategies.
Business partnership and sales approach: Deepen partnerships in support of One Nationwide.
Strengthen current business partner relationship and build relationships with National brokers by partnering with Nationwide's P&C agency channels, NW Retirement Plans, NW Agribusiness, NW National Partners, Sponsor Relations, etc. Develop compelling value proposition for cross-sell, including aligned sales team and broker incentives. Implement operational changes required to deliver seamless customer experience.
M&A leadership: Work with Nationwide Corp. M&A team to identify potential M&A targets, build strategic fit and valuation models, engage in negotiations, lead integration efforts and realize synergies.
Industry leadership: Provide thought leadership to build credibility in industry and with top national brokers as a key stop loss player.
Includes the design of new products, partnering with actuarial team on pricing as well as ensuring compliance with actuarial guidelines and state regulations. Manage product update throughout product life cycle including product and rate filing. Take appropriate action to update the pricing and filing of existing products to ensure compliance with state minimum loss ratio requirements and state/regulation standards.
Underwriting leadership: Direct the establishment of program underwriting strategy and guidelines that meet profitability and growth objectives, make recommendations for partner underwriting authority levels.
Approve facultative cases that fall outside of our business partners authority. Provide audit and oversight to program partners to ensure that underwriting guidelines are being adhered to. Partner with actuarial and finance functional partners and external stakeholders (regulators, reinsurers, business partners).
People Leadership: Provide direction, coaching, development, performance evaluation for direct reports.
Support and provide development opportunities for broader team. Develop talent and implement succession planning process. Focus on engagement to grow a high performing team.
Performs other duties as assigned.
Typical Skills and Experiences:
Education: Undergraduate Studies in business or related field. MBA preferred.
Experience: Over 10+ years of experience in the insurance industry.
Strong background in strategy development, P&L management, product development and pricing, sales, client management, regulatory and compliance management. Past experience in leading large teams and change management efforts.
Other criteria, including leadership skills, competencies and experiences may take precedence.
Staffing exceptions to the above must be approved by the hiring manager's leader and HR Business Partner.
Values: Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors.
Overtime Eligibility: Exempt
Working Conditions: Normal office environment. Some travel may be required.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
Evaluation Activity: CSB 2/12/20