We currently have an opening for a Product Development Specialist. Requirements: Education and Experience:
1) Develops or amends commercial insurance products including forms, rules and rating structures. Researches concepts, analyzes data, and develops contract language and rating methodologies. Reviews state statutes, regulations and other requirements to ensure products are compliant. Assists in drafting responses to state insurance department inquiries on regulatory matters.
2) Establishes and conveys product development strategies to business areas. Serves as the senior technical expert in the area of product development and regulatory matters pertaining to new or amended products and services. Advises leadership of underwriting, marketing, legal, information technology, and actuarial groups of developments.
3) Reviews, researches and monitors developments in product development including conducting continual analysis of competitors’ and rate bureaus’ products to develop or amend company products. Reviews fliers, newsletters, laws and regulatory/legislative developments and incorporates changes within our products.
4) Assembles complex project plans, monitors work efforts on a daily basis, and ensures products are delivered in accordance with established schedule. Provides advice to stakeholders of developments.
5) Prepares background material for independent filings, for submission to the states, including filing memorandums, side by side comparisons and supporting documentation. Amends the products to meet state requirements and prepares responses to states to achieve approval of products. Works with the state filing group to plan and coordinate filings to required states.
6) Reviews circulars from rating bureaus for changes impacting our products. Prepares and distributes analysis of the revisions, their impact and proposes necessary action to leadership. Develops new or revised rules and forms to implement changes within our products.
7) Drafts notice language for policyholder for advisement of coverage or other changes to the insured’s policy.
8) Provides new or revised forms, rules and rates and implementation instructions to IT staff to incorporate into policy-writing systems. Coordinates implementation with underwriting, actuarial and operations. Assists field operations with product and coverage issues.
9) Maintains databases of historical, pending and in- force forms and rules for company’s independent products.
10) Trains new team members in product development protocols and procedures. Provides technical support to team members and other functional areas to develop new or revised products.
Broad knowledge of insurance operations including some depth in underwriting and regulatory compliance as well as contractual language and insurance rating. Able to perform highly complex work under limited supervision and exercises independent judgment in accordance with specified policies and guidelines. This role also requires a general understanding of actuarial, legal, and information technology functions. This role requires excellent communications skills, and the ability to effectively communicate with all levels of internal and external staff.
The ideal candidate will have a Bachelors degree with 7+ years of increasing experience in insurance functions. Actuarial exams, RPLU, CPCU, and advanced degrees preferred.
We currently have an opening for a Product Development Specialist.
Education and Experience: