Product Manager, BMO Insurance

10/09/2024

Address:

250 Yonge Street

Customer Solutions

Defines and implements the product development, sales and marketing strategy for an insurance product or product portfolio, with P&L (profit and loss) accountability. This includes market research, forecasting, pricing and competitive analysis. Innovates to develop new products and enhancements to existing ones, to improve the customer experience. Collaborates with internal and external partners across the organization to take products to market, and manages all risks associated with products to ensure compliance, including risk reporting as required.

• Resolves internal, more complex or higher risk customer escalations or policy exceptions.
• May include interactions with clients and sales.
• Reviews analysis of issues and identifies gaps and solutions.
• Recommends and implements solutions based on analysis of issues and implications for the business.
• Assists in the development of strategic plans.
• Identifies emerging issues and trends to inform decision-making.
• Provides recommendations on product lifecycle.
• Provides input to the marketing strategy for the product portfolio.
• Conducts independent analysis and assessment to resolve strategic issues.
• Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
• Builds effective relationships with internal/external stakeholders.
• Ensures alignment between stakeholders.
• Provides competitive analysis and benchmarking to identify product strengths and gaps, and extract insights.
• Designs and produces regular and ad-hoc reports, and dashboards.
• Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
• Monitors and tracks performance and addresses any issues.
• Supports change management of varying scope and type; tasks typically focused on execution and sustainment activities.
• Leads/oversees the management of vendor relationships and external partnerships and provides guidelines for execution; ensures that all agreements are met as per requirements.
• Completes internal and regulatory reporting, and attestations.
• Identifies existing and potential risks and develops risk management controls and processes.
• Develops and maintain directives and policies for products.
• Manages the development, testing and implementation of sales illustration software.
• Leads/participates in the design, implementation and management of core business/group processes.
• Defines and implements product strategy for an individual product or product portfolio.
• Drives the business case and strategic roadmap for products and services, including accountability for project and budget approval.
• Optimizes the financial performance and customer value of the product portfolio.
• Continuously improves processes to identify issues and deliver optimal customer experience.
• Works with internal stakeholders to develop materials and training for salesforce, and manages change as needed.
• May support the sales team in development of specific deals for customers and in client presentations.
• Develops and maintains relationships with external partners and vendors.
• Sets and/or operates within the risk parameters and metrics for the product(s).
• Conducts risk/reward and other analyses, and drafts product policies and related documents.
• Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.
• Provides specialized consulting, analytical and technical support.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works independently and regularly handles non-routine situations.
• Broader work or accountabilities may be assigned as needed.

Qualifications:

• Typically, between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Established track record of effective risk management.
• Prior experience with membership, loyalty or points programs would be an asset.
• Advanced understanding of business line and a growing understanding of the overall firm and the competitive environment.
• Advanced understanding of specialized discipline and gaining understanding of other disciplines.
• Deep knowledge and technical proficiency gained through extensive education and business experience.
• Verbal & written communication skills - In-depth.
• Collaboration & team skills - In-depth.
• Analytical and problem-solving skills - In-depth.
• Influence skills - In-depth.
• Data driven decision making - In-depth.

$68,000.00 - $126,000.00

Salaried

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

We’re here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.