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Director, Product Innovation
HSB Canada
Toronto, CAN
Full Time
Director
Hybrid
2 days ago
Product InnovationStrategyMarket ResearchBusiness Case DevelopmentIoT StrategyCross functional Leadership
Free
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Product InnovationStrategyMarket Research
About the Role
HSB Canada seeks a Director of Product Innovation to lead enterprise-wide innovation strategy, turning market signals and emerging risks into new insurance products and tech-enabled risk solutions.
Key Skills for This Role
Product InnovationStrategyMarket ResearchBusiness Case DevelopmentIoT StrategyCross functional Leadership
Responsibilities
- Build and maintain an enterprise innovation roadmap across multiple lines, translating strategy into a prioritized portfolio of product and service opportunities.
- Lead structured market and customer discovery, synthesizing broker/customer insights, competitor intelligence, market research, and emerging risk trends into product hypotheses and recommendations.
- Develop executive ready business cases and investment recommendations, managing research and insights budget.
- Define the IoT solution strategy for Canada: priority use cases, target segments, value proposition, required data/telemetry, and partner ecosystem.
- Run a hypothesis driven 'test & learn' approach, designing low risk experiments to validate desirability, viability, and feasibility before scaling.
- Build and own a repeatable incubation playbook (problem framing, customer discovery, prototype, P&L, underwriting/claims/legal review, pilot, launch).
- Steward and continuously improve the innovation governance process: intake criteria, prioritization, stage gates, and transparent decision documentation.
- Establish meaningful metrics and dashboards for pipeline health, launch progress, and measurable outcomes.
- Lead cross functional delivery of 1 2 new products per year from concept to launch: coverage design/wording, underwriting appetite, pricing approach, operational readiness, and go to market enablement.
- Partner with Underwriting, Actuarial, Claims, Legal/Compliance, and Technology to ensure new products are implementable and aligned with underwriting intent and risk appetite.
- Serve as a trusted advisor to senior leaders, framing decisions, facilitating alignment, and telling a clear story from data to recommendation.
- Lead, coach, and develop a team of Product Innovation Strategists, establishing team operating rhythms and removing delivery blockers.
Requirements
- University level education in finance, business administration, economics, risk management, or equivalent professional experience
- 8 12 years demonstrated experience in strategy, innovation, or product roles; insurance or broader financial services
- Structured, hypothesis driven problem solving
- Strong analytical capability
- Multi workstream leadership
- People leadership experience (formal or informal)
- Executive communication skills
- Strong P&C insurance product knowledge (coverage/wordings, underwriting appetite, pricing fundamentals, regulatory considerations) is an asset
- Prior strategy consulting experience (Engagement Manager/Senior Manager level) or equivalent internal strategy/innovation consulting experience is an asset
- Experience building ecosystems/partnerships (vendors, data providers, technology partners) is an asset
Full Job Posting
Company Overview
- HSB Canada, part of Munich Re, is Canada's premier engineering driven specialty insurer and provider of inspection, engineering and technology services.
- We bring technical expertise to help clients stay ahead of complex, emerging and technology based risks.
Role Overview
- Director, Product Innovation acts as a strategic catalyst and internal innovation & strategy consultant, turning market signals, data, and emerging risks into new insurance products/coverages and tech enabled risk solutions/services for Canada.
- This role reports to the VP, Strategy & Innovation and sits within the Senior Leadership Team, with high visibility to the CEO and Executive Leadership Team.
- Will have 1–2 direct reports (Product Innovation Strategists).
Job Responsibilities
- Build and maintain an enterprise innovation roadmap across multiple lines, translating strategy into a prioritized portfolio of product and service opportunities.
- Lead structured market and customer discovery—synthesizing broker/customer insights, competitor intelligence, market research, and emerging risk trends into clear product hypotheses and recommendations.
- Develop executive ready business cases and investment recommendations, managing research and insights budget.
- Define the IoT solution strategy for Canada: priority use cases, target segments, value proposition, required data/telemetry, and partner ecosystem.
- Shape bundled offerings that combine insurance with technology and value add services (prevention, monitoring, response).
- Run a hypothesis driven 'test & learn' approach—designing low risk experiments to validate desirability, viability, and feasibility before scaling.
- Build and own a repeatable incubation playbook (problem framing, customer discovery, prototype, P&L, underwriting/claims/legal review, pilot, launch).
- Steward and continuously improve the established innovation governance process—intake criteria, prioritization, stage gates, and transparent decision documentation.
- Establish meaningful metrics and dashboards for pipeline health, launch progress, and measurable outcomes.
- Lead cross functional delivery of 1–2 new products per year from concept to launch: coverage design/wording, underwriting appetite, pricing approach, operational readiness, and go to market enablement.
- Define product KPIs and performance monitoring plans and translate insights into iteration post launch.
- Partner with Underwriting, Actuarial, Claims, Legal/Compliance, and Technology to ensure new and evolving products are implementable, governed, and aligned with underwriting intent and risk appetite.
Qualifications
- University level education in finance, business administration, economics, risk management, or equivalent professional experience; MBA or equivalent graduate degree an asset.
- 8–12 years demonstrated experience in strategy, innovation, or product roles; insurance or broader financial services.
- Structured, hypothesis driven problem solving: ability to frame ambiguity, develop options, assess trade offs, and drive to clear decisions.
- Strong analytical capability: extracting insights from data and market research and translate them into strategy and action.
- Multi workstream leadership: proven ability to manage multiple initiatives in parallel while maintaining quality, pace, and stakeholder alignment.
- People leadership experience (formal or informal): ability to coach talent, delegate effectively, and drive accountability in a small, high performing team.
- Executive communication: ability to produce crisp, compelling materials and present complex topics simply and persuasively to senior audiences.
- Strong P&C insurance (or broader financial services) product knowledge—coverage/wordings, underwriting appetite, pricing fundamentals, and regulatory considerations is an asset.
- Prior strategy consulting experience (e.g., strategy consulting Engagement Manager/Senior Manager level) or equivalent internal strategy/innovation consulting experience is an asset.
- Experience building ecosystems/partnerships (vendors, data providers, technology partners) to enable product and service innovation is an asset.
Company Benefits
- An engaging and collaborative environment that promotes continuous learning and development.
- A hybrid work environment that combines weekly in office and remote days.
- A great compensation package including an annual company bonus.
- Competitive company paid flexible health and dental benefits, starting on your first day.
- Flexible dollars provided by the company to put towards a Health Spending Account and/or Wellness Spending Account.
- Wellness program with tools and resources supporting your mental, physical, and financial wellbeing.
- Participation in the DC Pension Plan with a progressive employer contribution scale based on tenure starting at 4%, plus optional company match in the RRSP plan.
- Generous time off including vacation, personal days, unplanned time, Statutory Holidays and company wide early closure half days.
- Learning and development programs and resources, including unlimited access to LinkedIn Learning, Education Assistance Program, and reimbursement for professional fees.
- Employee Referral Program and Recognition Program.
Compensation
- Base salary range for this role is between CAD 145,170 and CAD 169,365 per year.
- Plus an opportunity for an annual company bonus based upon a percentage of eligible pay.
Work Schedule
- This role is located in our Toronto office on 390 Bay St, and we operate in a hybrid work model.
About HSB Canada
- HSB Canada is committed to providing a work environment that is inclusive and free of employment barriers and discrimination.
- Accommodations will be made for qualified applicants with a disability throughout the recruitment process.
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