Insurance Product Development Internship Jobs in New York

Location Designation: Hybrid - 3 days per week
Location: This position follows a hybrid work schedule and may be based in either our New York, NY or White Plains, NY office. Employees are expected to work onsite Tuesday through Thursday and may work remotely Monday and Friday.
Business Overview:
New York Life's Group Membership Association Division (GMAD) is the leading provider of life, disability, and supplemental health programs for the association market. In 2025, GMAD expanded into the Accident & Health insurance market to broaden its product portfolio and execute on a key growth initiative for New York Life. Today, the business has $600M+ of premium in force, 500+ group clients, and nearly 1M customers.
Role Overview:
To advance this next chapter of growth, GMAD is seeking an Insurance Product Development & Strategy Lead to shape and drive the division's expanding portfolio of insurance solutions. Reporting to the Head of Strategy & Analytics, this leader will serve as both a product strategist and cross-functional program lead - translating strategic vision into disciplined execution across Life (Term Life, Whole Life), Disability, Accident & Health, and Supplemental Health lines.
The ideal candidate brings insurance product experience, including benefit structure, pricing mechanics, regulatory filing, and competitive positioning. This is a role for someone who has sat close enough to the actuarial and underwriting work to challenge assumptions and drive better product decisions - whether that background comes from product development, pricing, or a technical actuarial career path for someone looking to broaden into strategy and leadership.
What You'll Do:

• Contribute to the design and evolution of GMAD's multi-year product strategy, informed by market trends, competitive intelligence, and internal capabilities.
• Identify opportunities and unmet needs within group association, affinity, and accident & health markets.
• Develop and refine business cases for new product concepts, enhancements, and go-to-market strategies.
• Define and prioritize the product development agenda, ensuring resources and focus are directed toward initiatives with the highest strategic and growth impact.
• Conduct competitive analysis and market scans to inform product differentiation, pricing strategy, and value proposition development.
• Partner closely with Actuarial and the Analytics team to model product impact, ensure pricing integrity, and evaluate the success of product rollouts.
• Own GMAD's value-added services strategy and implement across clients.
• Lead and support enterprise-wide product initiatives from ideation through implementation-engaging stakeholders across the value chain.
• Act as a subject matter expert (SME) and consultant on GMAD products to senior leadership and internal business partners.
• Create and present executive-level updates and product briefing materials for committees, senior leadership, brokers, clients, and external partner review boards.
• Support internal/external relationships with high-level product knowledge.

What You'll Bring:

• 10+ years of experience in the financial services industry, with emphasis on strategy and product development. Direct insurance industry experience desired.

• Experience with some or all insurance products offered by GMAD, including Life (Term Life, Whole Life), Disability, Accident & Health, and Supplemental Health.
• Demonstrated success leading cross-functional initiatives and ability to manage multiple projects simultaneously.
• Strong strategic and analytical skills with the ability to translate vision into actionable roadmaps and measurable outcomes.
• A bias for action and proven ability to execute is critical to this role.
• Executive presence and strong communication skills, with experience presenting to senior leadership audiences.
• Bachelor's degree required; MBA or advanced degree a plus.

Pay Transparency
Salary Range: $119,000-$170,000
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Actual base salary will be determined based on several factors but not limited to individual's experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.
Company Overview
At New York Life, our 180-year legacy of purpose and integrity fuels our future. As we evolve into a more technology-, data-, and AI-enabled organization, we remain grounded in the values that drive lasting impact.
Our diverse business portfolio creates opportunities to make a difference across industries and communities-inviting bold thinking, collaborative problem-solving, and purpose-driven innovation. Here, you'll find the rare balance of long-standing stability and forward momentum, supported by an inclusive team that honors tradition while embracing progress.
As a Fortune 100 mutual company, we offer a place to grow your skills, contribute to meaningful work, and deliver solutions that matter. Your ideas drive what's next, and your growth powers it.
Our Benefits
We provide a full package of benefits for employees - and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work.Click hereto discover more about our comprehensive benefit options or visit our NYL Benefits Site.
Our Commitment to Inclusion
At New York Life, fostering an inclusive workplace is fundamental to who we are and how we serve our communities. We have a longstanding commitment to creating an environment where individuals can contribute their best and succeed together. This foundation is rooted in our core values of humanity and integrity, ensuring that every employee feels valued and supported. By embracing a broad range of perspectives and experiences, we achieve greater success and fulfill our promise of providing financial security and peace of mind to families across all communities. Click here to learn more about New York Life's leadership in this space.
Recognized as one of Fortune's World's Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.
Visit our LinkedIn to see how our employees and agents are leading the industry and impacting communities.
Visit our Newsroom to learn more about how our company is constantly evolving to meet our clients' and employees' needs.
Job Requisition ID: 93699
About NY Life Insurance Company
Diversity & Humanity-two values that are deeply rooted in the New York Life culture and have laid the foundation for over 175 years of commitment to our employees, agents, policy owners, and the communities where we live and work. At New York Life you become a valued part of a welcoming, inclusive, and caring culture that has a long-standing legacy in stability and growth. The strength of New York Life revolves around our diversified, multi-dimensional business portfolio that goes beyond life insurance, and we want you to be a part of our legacy.
As a Fortune 100 company and industry leader, we provide an environment where you can explore your career ambitions, offering opportunities to tackle meaningful challenges and stretch your skills while balancing work and life priorities. You will be part of a diverse team guided by our belief to always be there for each other-providing the support and flexibility to grow and reach new heights while making an impact in the lives of others.
You are our future, and we commit to investing in you accordingly.
Visit our Linkedin to see how our employees and agents are leading the industry and impacting communities.
Visit our Newsroom to learn more about how our company is constantly evolving to meet our clients' and employees' needs.
Required Legal Notices - All Candidates Please Click Here