Product Development Business Partner

About the Role

This Product Development Business Partner role will support our US underwriting teams by drafting and amending Reinsurance contracts, and policy coverage forms, and collaborating with claims and underwriting teams. This role reports to the Product Development Manager.

Key Responsibilities

• Draft and review Reinsurance contract wordings that meet business unit negotiated terms and comply with internal guidelines and market standards.
• Provide guidance to underwriters on Reinsurance contract terms, conditions and coverages.
• End-to-End development of new insurance products to support multiple business units and coverage lines, including General Liability (Casualty, Excess and Umbrella), Commercial Property, Management and Professional Liability.
• Develop and maintain coverage forms and endorsements needed to support new and existing proprietary products to meet industry developments and trends.
• Remain apprised of U.S. case law, regulations, legal trends and emerging issues affecting insurance and reinsurance coverage matters.
• Compare and analyze competitor insurance policies providing a competitive edge, best-in-class products and deliberative underwriting.
• Review wordings evidencing 'covered business' to ensure Reinsurance contract terms and conditions are appropriate.
• Perform industry and regulatory research to support client needs and product compliance, and coordinate special projects to support strategic goals, as needed.
• Provide thought leadership and product support to assigned business lines including analyzing industry trends, regulatory developments, and product innovations.

Qualifications

• Juris Doctor Degree from an accredited law school required.
• 10+ years advanced experience of products, concepts and procedures relating to reinsurance and primary insurance products from previous law firm or relevant insurance company experience in product development, claims or progressive underwriting experience.
• Extensive knowledge of product development process and product knowledge based on previous law firm or relevant insurance experience in product development or claims in Standard, Specialty, Primary, Excess and Reinsurance lines of business, including sophisticated underwriting applications and techniques.
• Strong command of general re/insurance product concepts, regulatory concepts, legal concepts, along with a strong collaborative, proactive and self-starter nature
• Superior interpersonal, communication, and time management skills
• Solid ability to contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters

Location

The Company is open to considering candidates in numerous locations, including Princeton (NJ), Philadelphia (PA), New York City (NY) or Chicago (IL).

Pay

The base salary range anticipated for this position is $138,400 - $215,000, plus opportunity for company bonus based upon a percentage of eligible pay. The offer will be adjusted per geography, with the higher end being more aligned with the NYC job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

Benefits

• Two options for your health insurance plan (PPO or High Deductible) with prescription drug coverage included
• Vision and dental insurance plans
• Basic life insurance equal to 1x annual salary and AD&D coverage equal to 1x annual salary, provided at no cost
• Short and Long Term Disability coverage
• Supplemental Life and AD&D plans available for purchase for yourself and dependents (includes Spouse/domestic partner and children)
• Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity)
• Robust 401k plan with up to a 5% employer match
• Retirement savings plan that is 100% company funded
• Paid time off that begins with 24 days each year, with more days added at milestone service anniversaries
• Eligibility to receive a yearly bonus
• Health and wellness programs provided at no cost
• Paid time off for eligible family care needs
• Tuition assistance and educational achievement bonuses
• Corporate matching gifts program that further enhances your charitable donation
• Paid time off to volunteer in your community