Product Development Analyst - BOP

About the role

NJM Insurance Group is a leading mid-sized U.S. property and casualty insurance company with 90 consecutive years of A+ financial strength ratings by AM BEST. The company has been recognized as one of the best employers in New Jersey for four consecutive years and has been named a top provider of customer service by J.D. Power.

Responsibilities

• Utilizes market research data to identify, analyze, and evaluate industries that are potential areas for enhancement or new entry.
• Recommend form coverages, terms/conditions and pricing, balancing based on competition, policyholder and business needs.
• Conceives, develops and implements insurance schemes or products.
• Interfaces with the actuarial function for the design and pricing of products along with profitability analysis for assigned lines of business.
• Makes sure product programs are effective and, with guidance, leads the development of recommendations to improve product performance in ways that align with enterprise strategies and objectives.
• Plans and prepares state filings as needed for assigned line of business.
• Reviews new forms with claims legal and law & regulation for compliance, acceptability and related reasons as needed for assigned line of business.
• Manages circular distribution and recommends actions to be taken for assigned line of business.
• Works with IT and other business units to write business rules in support of implementing new product and systemic updates related to forms, rates, and rules.
• Provides information to underwriting for assigned products from a forms and compliance perspective.
• Serves as primary product contact for state specific issues and acts as product subject matter expert in developing state specific rates and plans.
• Develops and maintains a high level of understanding of economic conditions, regulatory issues, demographics, and competitor practices with respect to pricing, products, and marketing for assigned line of business.
• Participates in the development and implementation of training materials to appropriate underwriters and related staff on assigned line of business.
• Assists with other duties as assigned.

Requirements

• Experience and knowledge in the following areas: Risk segmentation, commercial lines product and pricing, insurance marketing channels, and business analysis for Businessowners (BOP), Commercial Property and WC policies is preferred.
• Other lines of business knowledge are a plus.
• Expertise in the rating, forms, and underwriting requirements for Businessowners (BOP), CP and WC Policies preferred. Other lines knowledge in these areas is a plus.
• Strong industry knowledge, including commercial lines marketing, pricing and product philosophies.
• A collaborative focus does well working with other departments and building relationships.
• Comfortable taking initiative and being a self-starter.
• Strong oral and written communication skills.
• Experience gathering business requirements and working collaboratively with Information Technology and Business teams.
• Minimum of 3 years of experience in the P&C Insurance industry and/or the product development field; or equivalent combination of education and experience.
• Focus related to Businessowners (BOP), CP and WC policies preferred.
• Strong analytical and quantitative skills required.
• Track record of demonstrated creativity in pricing and/or product development.
• Strong critical thinking and problem-solving skills.
• Ability to review moderately complex issues and develop solutions.
• Must have initiative and be a self-starter.
• Must have strong interpersonal skills and be able to build commitment to decisions.

Qualifications

• Bachelor’s degree preferred.
• Insurance designations such as CPCU, ARM, etc. are a plus.

Skills

• Strong analytical and quantitative skills.
• Strong critical thinking and problem-solving skills.
• Ability to review moderately complex issues and develop solutions.
• Initiative and self-starter attitude.
• Interpersonal skills and ability to build commitment to decisions.

Benefits

• Competitive Total Rewards package, including but not limited to a 401(k) with employer match up to 8% and additional service-based contributions, Health, Dental, and Vision insurance, Life and Disability coverage, generous PTO, Paid Sick Leave, and paid parental leave in addition to state-mandated leave.
• Eligible full-time employees may also be eligible for discretionary bonuses.

Pay

$81,124-$94,141

Schedule

Regular and predictable onsite attendance is an essential function of the job.