Head of In-Plan Retirement Income
IN - Investment
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: Yes
American General Life Insurance Company
The Head of In-Plan Retirement Income, Group Retirement will be responsible for building and executing a business plan on the creation, delivery and significant growth of in-plan retirement income solutions for AIG/VALIC existing clients and for distribution in the broader defined contribution market. S/He will be the strategic business leader with strong financial acumen responsible for developing, managing and leading In-Plan retirement income product solutions for AIG/VALIC within its suite of Group Retirement products and services - through product research and design, development, product strategy, management and championing, pricing and implementation to bring ongoing profitability and client retention.
The Head of In-Plan Retirement Income , Group Retirement will be responsible for creating new and innovative products and managing a current portfolio of services and solutions that provide financial security beyond accumulation and protection to include income. This proven product executive will work to drive initiatives which increase assets under management in retirement income accounts by assuring that Group Retirement has the right In-Plan retirement income products. S/He will work closely with our Group Retirement Product and Solutions and Individual Retirement Product teams to leverage strategic expertise in the creation, modeling and implementation of new In-Plan retirement income suite of products.
Provide thought leadership and expertise in the development of In-Plan retirement income products. Work closely with and leverage the expertise resident at AIG in both our Individual and Group Retirement product teams to develop state of the art, industry leading In-Plan retirement income solutions.
Product Design &Development
Provide leadership in identifying and driving forward innovative In-Plan retirement income solutions opportunities as well as tactical product plans and execution. S/He will operate by leveraging inputs from Group Acquisition, Relationship Management, Market Management, Field sales, Marketing, Operations, IT, Pricing, Risk Management, Market research, Legal and Government relations and Strategy teams. Work cross functionally to examine current In-Plan retirement income solutions and products, and the way these products are promoted, sold and compete in the market, thereby recommending changes or innovations for product extensions, adaptations, or new products to meet evolving market needs.
- Drive development of value-added and income oriented thought leadership content for Group Retirement. Work with Marketing and Market Management to customize and work with the sales teams, distributors, customer care, consultants, plan sponsors and participants.
- Take the initiative to work with Group Acquisition, Relationship Management, Market Management, Field sales, Marketing, Operations, IT, Pricing, Risk Management, Market research, Legal and Government relations, Strategy teams and senior management to drive research, develop and prioritize product concepts.
- Interface with marketing on the development of collateral and sales materials for Group Retirement products. Analyze and design the right public relations, advertising, marketing focus for the core group of retirement products, both internally to the Group Acquisition, Relationship Management, Field sales force as well as to the external distributors, in order to enhance brand strength.
- Champion In-Plan retirement income product development internally in order to position AIG as a leader in In-plan retirement income product and services in the innovation arena, working closely with the cross functional teams including Individual Retirement, Pricing, and Risk Management.
- With experience in the analysis and interpretation of data, provide direction to team of Strategy analysts and actuaries to develop creative approaches to problem solving and building of commercially viable pricing on products. Leverage market research to provide insights.
- Work across teams to implement launch of new or revised In-plan retirement income products internally (Operations, Marketing, Legal, Pricing, Finance, Risk management, Legal, Compliance etc.) and externally (plan sponsors, consultants, financial advisors, etc.).
- Champion product with sales force (e.g., events), Relationship Management, Consultant Relations and other internal partners.
- Provide product support and product information on existing products to the distribution organization in addition to updates of market changes and economic trends that would affect the sales of the products, so that the bottom line is enhanced by increased sales. Prepare/provide training to all sales and service representatives in all sales channels on In-plan retirement income product offerings.
- Manage product relationships with the third-party service providers.
- Review all legal and marketing materials for accuracy of positioning, pricing and performance.
- Develop and execute internal and external communication strategy.
- Analyze sales for each existing product relative to events, competition and market conditions.
- Study competition to develop product ideas or selling strategies.
- Develop business plans and periodic product line reviews.
- Develop new markets and new revenue streams
Education Undergraduate degree required; advanced degree/MBA preferred.
Experience This senior Retirement Income professional should have 10+ years of experience in a product development/design technical role with an insurance company or investment management/mutual fund-based or retirement plans products business. The successful candidate will have strong talent management skills experienced with best in class practices to hire, coach and retain A players for their organization. S/He will have experience in designing strategies, to develop and launch new products. S/he is a driver and a thought leader who can successfully initiate and execute on business plans. S/He should have a deep understanding of the retirement income industry.
Strategic Leadership &Visionary Thinking
- As a driver of change and innovation, able to anticipate future trends and their impact on both the retirement segment and the enterprise, and initiate possible solutions or minimize the negative exposure.
- Strategic thinking to develop cutting edge/innovative and commercially viable opportunities in the retirement income markets. Able to define what success will look like and influence others of the opportunity for AIG.
- In leading the development of new ideas, ability to take calculated risks and manage returns.
- A master at communicating and influencing others inside and outside the organization in a planned, well informed, and credible manner in order to ensure that the most viable ideas are pursued and that none are overlooked or discounted because they do not “fit” with today's thinking.
- Able to evaluate opportunities and challenges as they arise, maintain a clear vision, and yet show the flexibility to alter the plan where circumstances/timing warrant change.
- Achievement of commercial value.
- Experience in a role requiring executive level influence; track record for selling ideas and effectively challenging the status quo.
Industry Knowledge/Technical Skills
- Well-informed in a variety of areas regarding the retirement income market, from an investment, insurance, product development, distribution perspective.
- In-plan retirement income product expertise and in depth market knowledge of the retirement industry to achieve product commercial success.
- Experienced in product development as part of a product life cycle, and in product management controlling a product from its innovation and development to its decline.
- Strong analytical/financial background to understand the related financial complexities of the retirement business.
- Experience developing effective solutions to fill supply and demand gaps of retirees and their behavioral patterns.
- Product research experience in studying a market to understand the customer needs, competitive landscape, and market forces with the goal of uncovering opportunities for creating product enhancements as well as new products.
- Able to create excitement around a product.
- Experience communicating the product benefits, features and target markets, and in general championing the product to internal teams such as Group Acquisition, Relationship Management, Marketing, Operations, IT and senior executives. This also includes “evangelizing the product” to external audience such as press, analysts and customers, working closely with MarCom and/or Press Relations (PR) teams.
- Show ability to drive integrative change.
- Take the initiative and move others to “make things happen.”
- Leverage internal resources and gain cooperation in a matrixed organizational environment to extract contributions to product development and move forward the product cycle.
- Utilize outside the box thinking to challenge conventional norms and execute innovative, well-thought-out, financially viable approaches.
- Strong project management skills.
People Management/Relationship Building
- Diplomatic, politically savvy, and sensitive, without being political, in navigating through highly interdependent/matrixed organization; effective in building camaraderie at the senior levels of the organization and regarded as a trusted, credible and valued colleague.
- Ability to recruit and build strong teams, where people work both individually and collectively in an interdependent, creative way, offering client-centric solutions, achieving business goals.
- Demonstrate effective interaction at all levels, internally and externally, engendering confidence and professional regard and leading the team to deliver cutting-edge product solutions and client-centric service.
- Must be able to work well with peers and be viewed as a major contributor and team player, seeking out expertise and adding value to the business.
- Track record of managing team that develops innovative, industry leading ideas.
- Familiarity with environments where “failures” may occur, and not all development ideas or projects come to fruition, but able to maintain personal and team motivation.
- Show leadership in project management and all parties involved, including, critical ability to coordinate and balance multiple tasks in a time-sensitive environment, under pressure, meeting deadlines.
- Reputation to engender confidence and credibility with all constituents; persuasive and committed to developing superb relationships and partnerships over the long term.
- Strong written/verbal communication skills
- Excellent presentation skills to present a business case, product strategy and/or business requirements on how to capitalize on the uncovered opportunities for product development.
- Ability to communicate knowledgeably and credibly with senior management and internal constituents.
- Creative, thinks out-of-the-box
- Strong problem solving skills
- Intellectual curiosity and capacity to absorb and understand significant amounts of complex
- Strong values encompassing integrity, objectivity, partnership
- High achievement orientation and pride in succeeding, giving rather than taking credit
- Strong influencing skills
- Sensitivity to individual and group needs/good listener
- Self motivating/good self management skills
- Good communications skills
- Capable of working and contributing in a team environment
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.