Product Specialist

The Lafayette Life Insurance Company - Cincinnati, OH (30+ days ago)3.5


Participates in the development, testing, implementation and subsequent maintenance of Lafayette Life’s life insurance and annuity products on their administration and illustration system platforms. Works with the Product Implementation Team to promote the timely completion of new product implementation efforts. Activities will ensure that calculations are accurately performed and keep with the intended and approved product design. Assists in the development and execution of test plans. Assists in problem identification and problem solving. Coordinates programming change request process and conducts testing of revised code. This position is expected to be able to work independently and escalate issues appropriately.

Position Responsibilities:
Product and Market Research

Assists in the evaluation of existing product portfolio to ensure products are positioned competitively. Supports the development and maintenance of benchmarking for the current product portfolio. Periodically communicates benchmarking and portfolio analysis to supervisor.

Assists in the assembly, analysis and communication of industry and regulatory information on emerging products, services, illustrations and sales systems to be used in the product development process, business planning and determining opportunities for CBU growth.

Assists in the analysis of current selling systems and techniques, and evaluates how the current product portfolio does or does not meet the needs of those approaches.

Assists in the analysis of CBU illustration capabilities for prospective sales and inforce policies, and supports the evaluation of potential illustration opportunities for the CBU.

Supports the development and maintenance of tracking tools for measuring the effectiveness of cross-selling programs. Assists in the evaluation of future cross-selling opportunities for the CBU.

Product Development

Participates in CBU product development efforts for each project assigned, which potentially could include any aspect of the process from idea generation through full and complete implementation.

Assists in the development and presentation of detailed initial marketing requirements consistent with the agreed-upon product designs in a format that is compliant with the standards set forth by the Enterprise Product Committee (EPC).

Supports the evaluation and interpretation of Actuarial assumptions and product pricing to aid in strategic marketing decisions.

Assists in the determination of viable combinations of sales levels, product features, risk levels and profitability.

Represents the CBU on any assigned Product Assessment Team (PAT), and provides support in the preparation of thorough new product specification packages during the assessment phase of development.

Coordinates with supervisor to communicate and arrive at a decision on any items that arise out of any assigned PAT that requires CBU sign-off and relays those decisions to the PAT.

Participates in the preparation of presentations of new products to the Enterprise Risk Management Committee to gain approval to proceed with implementation.

Product Implementation

Represents the CBU on any assigned Product Implementation Team (PIT), and provides product, illustration, CBU procedural and product testing guidance during the project planning process.

Provides support for the development, filing and approval of all policy forms, marketing material and other collateral product materials in a timely manner, ensuring that contents are accurate and consistent with the product specification packages. Provides support for responses to state and compact reviewer objections, as assigned.

Provides support for the development, maintenance and testing of administration systems, illustration systems and operational procedures in a timely manner, ensuring that programming is accurate and consistent with the product specification packages.

Assists in development and maintenance of illustration training and documentation for CBU associates, producers and other interested parties.

Provides support for the development of illustration materials, transition and introduction plans, product training and educational materials and any other required support in a timely manner.

Participates in the logic and calculation testing of new product coding or updates to coding in both the illustration and administration systems.

Assists in the development of test plans for new products or product changes as they are reflected in the illustration and administration systems.

Coordinates with supervisor to communicate and arrive at a decision on any items that arise out of any assigned PIT that requires CBU sign-off and relays those decisions to the PIT.

Product Maintenance

Assists in the development and maintenance of a comprehensive listing of product issues that have not been fully implemented, communicating the remediation status, the quantity of issues and the economic and risk impact of the issues to supervisor.

Assists in the establishment of priorities for systems fixes among other competing programming projects.

Supports the testing of programming fixes using Enterprise testing methodologies, ensuring that the fixes are accurate and do not impact other programs already implemented.

Participates in the system change request process, and communicates directly with the vendors on specific changes related to self-performed tests. Coordinates efforts with Technical Services management and other areas as appropriate.

Product, Illustration and Marketing Support

Answers general inquiries and provides up-to-date product and illustration education to consumers, distributors, CBU associates, Enterprise associates and other interested parties.

Supports the development and maintenance of listings of state approvals for CBU products.

Supports the development and maintenance of detailed production reports for use in areas such as IMO reporting, awards and recognition programs and Regional Vice President compensation.

Provides assistance in the development and maintenance of both sales and inforce illustrations, ensuring responsiveness to the needs of producers and clients while maintaining illustration performance in compliance with the objectives of the CBU.

Coordinates rate change and renewal rate communications and implementation in the illustration system.

Assists in the development and maintenance of the technology used for sales and inforce illustrations including the technology for the distribution and updating of such illustrations.

Performs other duties as assigned by management.

Selection Criteria:
Demonstrated product knowledge of life insurance and annuity products and financial services industry experience.

Proven understanding of testing principles and techniques.

Proven strong analytical skills, including demonstrated experience identifying and quantifying problems, and providing effective resolutions for corporate objectives and product issues.

Proven understanding of testing principles and techniques.

Working knowledge of life insurance/annuity sales and compliance systems.

Cites examples from work experience of grasping new methods and concepts and determining creative and original solutions or problems.

Cites examples of self-motivation and experiences handling high volumes of work and deadlines with limited supervision.

Is able to cite examples using good judgment in dealing with multiple alternatives.

Demonstrated ability to effectively interact and communicate with all levels of staff and management.

Work Setting:
This position works in an office setting and remains in a continuous stationary position for long periods of time while working at a desk, on a computer or with other standard office equipment, or while in meetings. Position requires substantial movement of wrists, hands and fingers for continuous computer work.

Educational Requirements:
Bachelor's degree in math, systems or other technical field or commensurate selection criteria experience.

Computer Skills and Knowledge of Hardware & Software Required:

Experienced user of spreadsheet and database applications.

Familiarity with the use and requirements of illustration software such as COSS.

Familiarity with life and annuity administration systems, NOLAS in particular.

Certifications & Licenses (i.e., Series 6 & 63, CPA, etc.):
None required.

Position Demands:
Extended hours required during peak workloads or special projects.