Product Development Specialist (Finance)

JOB DESCRIPTION

Chubb Personal Risk Services, PRS, is looking for a Product Development Specialist to play a key role in the development of admitted insurance products. Reporting to the PRS Product Development Contract Manager, the Product Development Specialist is responsible for the development of admitted insurance contract forms, endorsements, and contract modifications. In addition, the Product Development Specialist will assist with the evaluation, design and implementation of best practice business processes to improve workflow and business efficiency.

Key Responsibilities

Develop insurance contract language for Chubb's personal lines products (home, auto, excess liability, recreational marine, valuable articles, etc.), designed to meet the needs of successful clients and their families. Creatively develop new solutions to contribute to Chubb's value proposition. This work includes:

• Analyzing work requests containing business requirements and estimating time and effort needed to complete product development work
• Understanding of regulatory requirements that apply to personal insurance products
• Ability to analyze changes in state laws and regulations pertaining to personal insurance products
• Adapting contract language to comply with state specific requirements
• Drafting accurate and compliant policy language and developing quality contract mockups in a timely manner
• Ability to analyze competitor policy language
• Understanding of emerging risks and hazards impacting personal insurance
• Developing or modifying Rate and Rule manuals in accordance with Actuarial materials, Binding Guidelines, premium or coverage forms, required notices or disclosures, mock-ups with generating instructions for IT, and customer/producer/field correspondence for new or revised products
• Scheduling and facilitating policy review meetings with stakeholders
• Creating and maintaining accurate documentation and templates
• Collaborating with Legal to ensure that policy language complies with applicable laws and meets business objectives
• Collaboratively work with a variety of stakeholders, such as project managers, who may be involved in larger projects; Line of Business managers, to ensure product and appetite alignment; State Filings, to work with state departments of insurance; and IT to help inform business requirements; collaborate with IT and Underwriting on implementation/posting of approved contract modifications and endorsements, as needed
• Respond to ad hoc business requests, including coverage questions, product analysis, reviewing communications for accuracy, ensuring alignment to strategies, and historical research on prior projects
• Document all work to meet internal compliance standards and achieve favorable audit results
• Coordinate quality, efficiency projects and activities to ensure continuous best business practices and quality improvement by utilizing tools such as Sharepoint and Microsoft Teams.
• Oversee the workflow design, implementation, and long-term maintenance for finalized forms and endorsements. This includes maintaining multiple product libraries and collaborating with underwriting.

QUALIFICATIONS

Competencies:

• Strong

  ABOUT US

  Chubb is a world leader in insurance. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.

  At Chubb, we are committed to equal employment opportunity and compliance with all laws and regulations pertaining to it. Our policy is to provide employment, training, compensation, promotion, and other conditions or opportunities of employment, without regard to race, color, religious creed, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental and physical disability, medical condition, genetic information, military and veteran status, age, and pregnancy or any other characteristic protected by law. Performance and qualifications are the only basis upon which we hire, assign, promote, compensate, develop and retain employees. Chubb prohibits all unlawful discrimination, harassment and retaliation against any individual who reports discrimination or harassment.