Solid reputation, passionate people and endless opportunities. That’s Travelers. Our superior financial strength and consistent record of strong operating returns mean security for our customers – and opportunities for our employees. You will find Travelers to be full of energy and a workplace in which you truly can make a difference.
Job Description Summary
The VP of Business Development is responsible for the execution and management of the Small Commercial National Distribution channel. The role is accountable for the identification and development of new streams of revenue, growth and retention of existing relationships, and full life cycle management of the business development and sales process. The role will partner horizontally across the organization to ensure effective distribution of Small Commercial Insurance product and solution suite.
Primary Job Duties & Responsibilities
Develops and executes on both organic and inorganic growth strategies in line with Small Commercial business strategy.
Develops and maintains a Small Commercial pitch book of products, services, and capabilities, and brand value proposition.
Develops and maintains an end-to-end business development playbook to streamline the sales process.
Conducts and maintains market scans and research to generate inputs for strategy formation and deal origination.
Partners with Finance, Product, and other key internal functions to lead due diligence exercises on potential opportunities and priorities.
Develops and maintains intelligence of FinTech/InsureTech ecosystem, flow of new capital, and competitor deals and integrations.
Partners across the organization to cultivate growth expansion in existing relationships by developing cross-sell programs, service and solutions programs.
Cultivates national and corporate level distribution relationships.
Develops New Business and Renewal compensation/commission strategies and programs to maximize revenue and profit output.
Minimum of 10 years progressive experience in business development, sales, or related field is required.
Minimum of 10 years of management is required.
Education, Work Experience, & Knowledge
Significant work experience to show a track record of working independently across functions and business units.
Strong business and financial acumen, especially in Insurance.
Solid understanding of Technology, APIs, Agency Management Systems, integration solutions.
Solid understanding of insurance distribution structure such as eAgents, Brokers, MGAs, Producers, etc.
Job Specific Technical Skills & Competencies
Hunting for opportunities to integrate insurance in streams of commerce.
Discovering and analyzing innovation in FinTech and InsurTech fields of distribution.
Developing and implementing comprehensive inorganic growth strategies through Affinity Partnerships.
Business Development, including hands on valuation of potential growth and profitability of deals.
Strong negotiation skills, structuring/re-structuring, and closing of deals.
Strong leadership skills and has led cross functional teams to deliver results.
Strong ability to communicate (verbally, written, powerpoint) and translate complex issues into simple and executable tasks that support the overall strategy.
Strong attention to detail, methodical work approach and project planning, strong ownership of work assigned and outcome oriented.
Consistently sets clear direction by defining goals and priorities.
Demonstrated ability to consistently make sound business decisions.
Develops a high degree of trust through demonstrated personal integrity, ethics and a commitment to doing the right thing.
Energizes others to commit to achieving the highest standards.
Establishes and maintains an environment that encourages everyone to act in the best interest of the company.
Effectively coaches and mentors National Distribution leaders and team members.
Establishes strong coalitions and networks both within and outside of Small Commercial and the Company
Good working knowledge of the commercial insurance business.
Clearly demonstrates specific knowledge requirements as defined by Small Commercial.
Understands Small Commercial products, financials, objectives and service requirements.
Demonstrated ability and know how to get things done.
An outstanding coach and communicator.
Recognizes opportunities to penetrate new markets.
Takes advantage of all important opportunities to increase market share.
Takes intelligent risks.
Demonstrates specific marketing skills necessary to achieve established and stretch business goals.
Customer and Producer Focus:
Identifies customers and producer needs and takes appropriate action to meet those needs.
Works effectively with all levels and can easily build new relationships.
Acts with a sense of urgency.
Strong knowledge of competitive market conditions.
Equal Employment Opportunity Statement
Travelers is an equal opportunity employer.
Careers at Travelers
When you work at Travelers, life’s most important moments become your life’s work. That means helping families feel secure, businesses to prosper, knowing that you’ve made a difference, and feeling like you belong to something bigger. It also means being part of a team comprised of 30,000 + talented and passionate people that are evolving to meet changing needs – from customer service to data science and beyond. If that’s more than you imagined in an insurance career, it’s time to join us at Travelers.