Job Classification:
Project Mgmt, Transformation & Strategy - Project Mgmt, Transformation & Strategy
Continuing on the execution of our vision of expanding access to insurance and financial products, Prudential created a ‘start-up’ operating environment within the existing ILI business to accelerate and win in the Simplified Solutions space. This dedicated team leverages the size and scale of ILI’s business while creating an opportunity to integrate insurance with technology and achieve exponential growth.
This is a team of fully empowered, accountable, and innovative owners that are eager to drive growth in new markets while operating beyond functions (an integrated approach to how work gets done with no functional constraints). A broad skillset with the necessary expertise and an ongoing focus on learning, evolving, fast decision making and executing will be key. Although different from the traditional teams we are used to, working within this operating structure creates a start-up environment that is nimble yet retains scale benefits.
Each of the team members is 100% dedicated and accountable to drive the strategy, deliver on the day to day to drive exponential growth, innovate and transform the end-to-end customer experience and the overall success of our Simplified Solutions portfolio. Everyone on this team is an owner and plays across the team with the expertise they bring to achieve Simplified Solutions business objectives.
This model accelerates our Simplified Solutions trajectory by dynamically combining the best of insurance and technology, ultimately expanding access, and protecting many more lives.
Chief Growth Officer Role (Business Development)
This role will be responsible for all the business development activity within Simplified Solutions with the goal of closing partnership deals with target companies in different segments, like large financial institutions and also fintechs and insurtechs. This role will also develop and execute the strategy around partnership in different industry verticals that that Prudential Simplified Solutions will operate on. This role also works on developing and delivering Simplified Solutions sales presentations to prospects, representing the unit in market events and refining our value proposition of Prudential in each of these spaces. Finally, this role will be accountable for all the business development activity related to prospecting, negotiating and closing contracts with potential distribution partners.
Peers of this role are :
Chief Partner Optimization Officer – that will optimize sales in every new partner signed by the Chief Growth Officer
Chief Operating Officer – responsible for the end-to-end operation of each partner, from sales, underwriting to claims and customer service.
Chief Product and Customer Experience Officer – responsible for the insurance product and end-to-end channel and customer experience.
Chief Technology Officer – responsible for all technology support for the operation
Chief Marketing and Strategy Officer – responsible for the strategic plan and management of our go-to-market strategy.
Chief Pricing and Data Analytics Officer – responsible for pricing and all sales analytics
Responsibilities
Accountable for all business development activities related to prospecting new corporate partners, negotiating and closing contracts and overseeing the first sale of each distribution partner. This is primary a sales position.
Development and execution of the strategic plan of target industries, verticals, and segments where Simplified Solutions will operate and set the prioritization of these segments based on current resources available and future resource development
Development and management of the customized value proposition to each partner segment, including all the components of a stellar customer speech and “reason why” to work with Simplified Solutions. This role will be delivering this speech to all target distribution partner companies.
This position will be responsible for the prospecting activity across the US territory. Our target industries include retail, financial institutions, fintech’s, Insurtech’s and are mostly non-insurance companies distributed across the country. They are a mix of Fortune 500 companies and digital start ups. They have in common the target customer segment of middle and low income market. The candidate should be able to navigate both worlds of large corporations and medium size tech companies and be comfortable developing business opportunities, business plans and the execution and delivery of launching a partnership.
This role will also be responsible to active manage the SS pipeline of partnership deals and the realization of goals of the area in terms of number of signed deals, average revenue of signed deals, launched deals, deals in negotiation (including tracking all activity in internal systems and hosting periodic update meetings with key senior management capability-contributors).
Establishing a commercial discipline within the group, with periodic updates and leading the prioritization efforts for implementation of accounts.
Ensuring that Prudential is included in all relevant deal RFPs and other solicitation processes.
Collaborating with Prudential venture capital ecosystem to ensure that investments are made contemplating a plan for “monetization” via partnership-based distribution.
Proposal authoring and presentation (including coordinating with relevant contributors to develop content and with business stakeholders to confirm alignment and/or required approvals).
Participating in the establishment of overall partnership business governance and delegated authority to ensure that there is sufficient “empowerment” to do business development on a level that is appropriately nimble and fast but properly controlled from a risk perspective.
Providing validated feedback to internal stakeholders about Prudential capabilities and remaining competitively viable in the most competitive arenas of the partnership business.
Working through prioritization of internal efforts in relation to development of new channels / clients with peers
Knowledge and Experience
Significant (similar) experience in partnership deal business development, preferably in the insurance industry (insurance company, insuretech, intermediary, insurance team within a non-insurance-company partner-type organization) – with demonstratable record of success in driving growth.
Deep knowledge of inner-workings of consumer lines of insurance (especially Life, A&H, Travel Insurance) including P&L, financials, underwriting considerations / risk, distribution strategies, innovation, use of digital technology, operations, and claims.
Experience with consumer insurance “mass distribution” including via digital touchpoints with a high degree of context and embeddedness.
Strong experience in developing commercial relationships in both large corporations and medium size tech companies.
An innovation mindset with resilience to navigate ambiguity and be result oriented.
Knowledge of / experience with US deals that are digital in-nature
Geographic Scope of position
This position will be part of the Simplified Solutions group located in Newark. However, since we expect a significant travel portion on the total work time, this role could be based outside of Newark in any major urban area across the country.
What we offer you:
Prudential is required by state specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $207,800.00 to $281,200.00. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills.
Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance. To find out more about our Total Rewards package, visit Work Life Balance | Prudential Careers. Some of the above benefits may not apply to part-time employees scheduled to work less than 20 hours per week.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status, medical condition or any other characteristic protected by law.
