Product Development Specialist
About the role
Future focused and always one step ahead! This Product Development Specialist role will support underwriting business units through effective project management, maintenance and development of new and innovative insurance products and services. The role will foster continuing development of knowledge of product lines, regulatory developments and coverage innovations. The Product Development Specialist will work closely with the Product Development team, and other stakeholders in Corporate Underwriting and functional Business Units.
Responsibilities
- Create and maintain speed to market guidance in regulatory compliance and drive filing strategy for proprietary P&C and Specialty Products.
- Draft all regulatory notices and change endorsements, and state-specific endorsements to comply with regulatory requirements in connection with form filings.
- Primary contact for Product Development for all regulatory inquiries relating to filings, and application of regulatory issues on surplus lines business.
- Regularly review regulatory and bureau (ISO, NCCI and AAIS) changes and insurance department actions to determine applicability to the Company’s products.
- Research emerging issues related to our products and operations and make recommendations to management and updates, where needed.
- Continue development of depth of knowledge of specific product lines and regulatory developments, including coverage innovations.
- Provide ad hoc drafting support to Product Development team on P&C and Specialty products, as needed.
Qualifications
- Bachelor’s Degree required; Juris Doctor Degree or CPCU a plus
- 6–10 years product and/or insurance regulatory experience
- Extensive knowledge of product development and form/rate filings processes for P&C and Specialty Products based on relevant insurance experience in product development in Standard, Specialty, Primary and Excess lines of business including sophisticated underwriting applications and techniques
- Experience with bureau (ISO, NCCI and AAIS) and insurance regulatory web resources
- Proven ability to develop and foster relationships with key external and internal stakeholders
- Superior interpersonal, presentation, oral and written communication skills
- Excellent research, detail orientation, creative problem solving and project management skills
- Proficiency in enhancing existing processes and feedback loops
Benefits
- Two options for health insurance plans (PPO or High Deductible)
- Prescription drug coverage (included in health insurance plan)
- Vision and dental insurance plans
- Basic life insurance equal to 1× annual salary and AD&D coverage equal to 1× annual salary at no cost
- Short- and long-term disability coverage
- Supplemental life and AD&D plans purchasable for self and dependents (includes spouse/domestic partner and children)
- Voluntary benefit plans (Accident, Critical Illness and Hospital Indemnity)
- A robust 401(k) plan with up to a 5% employer match
- A retirement savings plan that is 100% company funded
- Paid time off beginning with 24 days each year, with additional days for milestone service anniversaries
- Yearly bonus eligibility as a Munich Re employee
- Health and wellness programs provided at no cost
- Paid time off for eligible family care needs
- Tuition assistance and educational achievement bonuses
- A corporate matching gifts program for charitable donations
- Paid time off to volunteer in the community
Pay
The base salary range anticipated for this position is $101,700 – $169,500, plus opportunity for a company bonus based upon a percentage of eligible pay. The offer will be adjusted per geography. Factors that may be used to determine your actual salary include specific skills, years of experience, and comparison to other employees already in this role.
Schedule
The Company is open to considering candidates in numerous locations, including New York City (NY), Chicago (IL), Princeton (NJ), and Hartford (CT).