Ohio Indemnity
For over a half-century, Ohio Indemnity has helped safeguard financial institutions through a unique blend of well-conceived insurance programs and a commitment to personal attention. Founded in 1956, the company is widely recognized as one of the nation's leading specialty insurance carriers for banks, credit unions, finance companies and non-profit 501 (c)(3) organizations, offering a variety of custom-designed products that enable our clients to serve their customers with assurance and peace of mind.
Lender Services is a division of Ohio Indemnity and accounts for the majority of OIC profits. For more than 50 years, they have met the insurance needs of lenders by helping them protect their loan portfolio, reduce charge-offs and enhance profits. They are proud to be the only insurer in the nation whose primary focus is on serving lenders.
Ohio Indemnity is a leading provider of blanket Vendor's Single Interest – VSI, Guaranteed Auto Protection – GAP and Creditor Placed Insurance – CPI and Equipment Physical Damage – EPD.
Ohio Indemnity is headquartered in Columbus, Ohio.
Job Objective
The incoming President will lead Ohio Indemnity's high performing Lender Services Division. Over time, this individual will be expected to introduce new short-tail, low-risk, low-margin products with the goal of business growth and diversification.
Candidates do not necessarily need experience in the lender space. Insurance executives with relevant or adjacent experience could be considered.
Essential Functions of the Position:
Lender Services General Management
Provide leadership and oversight for the direction and daily management of the Lender Services Division.Manage and mentor a team of 24 employees, including 4 direct reports, across functions including claims, product management, client service, operations and business development.Ensure the profitability of existing mature product lines while maintaining a strong focus on client satisfaction and operational efficiency.Collaborate with senior management to align divisional goals with company-wide strategy.Gain a deep understanding of the details, specifics and nuances of deals with MGAs, especially around reinsurance and contingent commissions.Work in a smaller-sized company environment without a lot of complex processes/rigidity where the candidate will need to be self-reliant with minimal administrative support. Business Growth and New Product Development
Spearhead the development and launch of short-tail, low-risk, low-margin insurance products with loss ratios under 60%, a commission structure of 30%, and retention of 5% to 7.5%.Establish and nurture partnerships with program administrators or managing general agents to issue policies and oversee claims processes.Manage reinsurance agreements with producers' captive insurance companies or provide contingent commissions to producers to align their interests with Ohio Indemnity's retention.Leverage Ohio Indemnity's position as a fronting company, handling compliance, licensing and providing “A” rated paper.Key Goals and Milestones:
Year 1: Oversee the smooth transition of leadership in the Lender Services Division, maintain strong client relationships and begin exploring potential new product opportunities.
Year 3: Successfully launch at least one new short-tail, low-risk insurance product, driving measurable revenue growth.
Year 5: Achieve significant EBIT growth through product diversification and expansion into new markets, establishing a long-term strategic direction for the division.
The Candidate
Leadership & Management: Proven ability to lead, mentor and motivate a diverse team across various functions.Industry Expertise: Deep knowledge of insurance products and markets, with a focus on managing programs through agents or MGAs.Significant insurance industry experience, ideally in program management, product management, or product administration through MGA structures, or related distribution channels.Business & Financial Acumen: Strong understanding of financial drivers, revenue models and insurance product profitability.Entrepreneurial Mindset: Demonstrates initiative, independent decision-making and a hands-on approach in a smaller company environment.Interpersonal & Communication: Strong ability to build relationships within and outside the organization and to collaborate effectively with external partners and internal teams.Adaptability: Ability to handle diverse tasks with minimal support, including managing personal schedules, meetings and travel.Experience with compliance, licensing, reinsurance and captive insurance models are highly desirable.Comfortable working in a close-knit, non-bureaucratic environment.Strong focus on client satisfaction, accountability and teamwork.
