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Insurance Product Development Internship Jobs in Carol Stream, IL

Linde Plc

R&D Intern - Summer 2027

Willowbrook, IL · On-site

$37 - $39/hr

Successful interns will have exceptional technical and leadership skills and the ability to ... We live our mission of making our world more productive every day by providing high-quality ...

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All JobsInsurance Product Development JobsInsurance Product Development Internship JobsInsurance Product Development Internship Jobs in Carol Stream, IL

Insurance Product Development Internship information

See Carol Stream, IL salary details

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$39

How much do insurance product development internship jobs pay per hour?

As of Sep 2, 2026, the average hourly pay for insurance product development internship in Carol Stream, IL is $21.92, according to ZipRecruiter salary data. Most workers in this role earn between $17.88 and $24.86 per hour, depending on experience, location, and employer.

What is an insurance product development internship?

An Insurance Product Development Internship is a temporary position designed for students or recent graduates to gain hands-on experience in creating and improving insurance products. Interns typically assist with market research, competitor analysis, product design, and regulatory compliance. They work closely with product managers, actuaries, and other professionals to learn about the insurance industry and the process of bringing new products to market. This internship helps develop skills in data analysis, project management, and communication, making it valuable for those interested in a career in insurance or product management.

What types of projects and responsibilities can I expect during an insurance product development internship?

As an Insurance Product Development Intern, you can expect to work on a variety of projects, such as conducting market research, assisting in the design of new insurance products, and analyzing competitor offerings. Interns often collaborate with teams from underwriting, actuarial, and marketing departments to help develop product specifications and support go-to-market strategies. This role typically involves both independent research and teamwork, providing valuable exposure to different functions within the insurance industry. You may also participate in meetings, help prepare presentations, and gain hands-on experience with data analysis tools commonly used in product development.

What are the key skills and qualifications needed to thrive as an insurance product development intern, and why are they important?

To thrive as an Insurance Product Development Intern, you typically need analytical skills, attention to detail, and a background in business, finance, or actuarial science. Familiarity with Excel, statistical analysis tools, and exposure to product management systems or databases is often expected. Strong communication, teamwork, and problem-solving abilities help you contribute effectively to cross-functional projects and adapt to a dynamic environment. These skills and qualities are crucial for developing innovative insurance products that meet market needs while complying with regulatory standards.

What is the difference between Insurance Product Development Internship vs Insurance Underwriting Internship?

AspectInsurance Product Development InternshipInsurance Underwriting Internship
Primary FocusDesigning and developing insurance products and policiesAssessing risk and determining policy terms for individual clients
Required SkillsMarket research, product design, teamworkRisk analysis, attention to detail, decision-making
Work EnvironmentCollaborative, product teams, marketing focusAnalytical, risk assessment, underwriting departments
Common Employer TypesInsurance companies, product development firmsInsurance carriers, underwriting agencies

In summary, an Insurance Product Development Internship focuses on creating new insurance products and requires skills in market research and product design. In contrast, an Insurance Underwriting Internship centers on evaluating risks and setting policy terms. Both roles are essential in the insurance industry but differ in their core responsibilities and skill sets.

What job categories do people searching Insurance Product Development Internship jobs in Carol Stream, IL look for?

The top searched job categories for Insurance Product Development Internship jobs in Carol Stream, IL are:

What cities near Carol Stream, IL are hiring for Insurance Product Development Internship jobs?

Cities near Carol Stream, IL with the most Insurance Product Development Internship job openings:

Insurance Product Development Internship jobs near you
Infographic showing various Insurance Product Development Internship job openings in Carol Stream, IL as of August 2026, with employment types broken down into 43% Internship, and 57% Full Time. Highlights an 59% In-person, 20% Hybrid, and 21% Remote job distribution, with an average salary of $45,596 per year, or $21.9 per hour.

Assistant Vice President, Product Development Attorney, Cyber & Professional Liability (REMOTE - EAS

Arch Capital Group

Chicago, IL • On-site

$133K - $207K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 12 days ago

Job description

With a company culture rooted in collaboration, expertise and innovation, we aim to promote progress and inspire our clients, employees, investors and communities to achieve their greatest potential. Our work is the catalyst that helps others achieve their goals. In short, We Enable Possibility℠.
Position Overview
In this role, the Product Development attorney will drive the design, development, and enhancement of Cyber and Professional Liability insurance products and forms and collaborate with Underwriting, Claims, Compliance, and Actuarial teams, where necessary to ensure products are competitive, compliant and aligned with corporate objectives. This role is within the Arch Insurance North America Product Development team embedded in the Corporate Underwriting (CU) division.
Key Responsibilities
Product Support & Form Development
  • Review, draft and create insurance coverage forms on Cyber and Professional Liability products.
  • Provide legal oversight and subject matter expertise for drafting policy form language and preparing coverage analyses on such lines of business.
  • Communicate and collaborate with Underwriters, Managers, Claims Professionals, Third-party business partners, and Compliance to ensure products remain competitive while protecting their profitability.
  • Identify and implement best practices to ensure proper and consistent form development and compliance while meeting business goals.
  • Leverage resources, technology, and processes to drive innovation within the form development process.

Regulatory, Market, and Stakeholder Collaboration
  • Partner with Compliance to support forms filings by providing necessary materials, information, and forms-related guidance, ensuring efficient handoffs of final forms and supporting documentation for Compliance use.
  • Engage, manage, and maintain relationships with key partners: Underwriting, Claims, Compliance, Actuarial, and other stakeholders to monitor and share knowledge on market trends, regulatory impacts, legal changes, and loss developments.

Qualifications
  • Detailed technical knowledge of Cyber products (including first-party, third-party, and crime coverages) and professional liability products.
  • Strong written and verbal communication, influencing, negotiating, listening, and interpersonal skills.
  • Strong problem-solving, critical thinking, analytical, organizational, and time management skills; ability to analyze, organize, and present information clearly.
  • Ability to participate in active strategic discussions and to work independently and in a team environment.
  • Ability to manage projects from concept to fruition with minimal oversight.

Education and Experience
  • Juris Doctor (JD); admitted to a state bar in good standing.
  • Minimum 3 - 5 years of experience in insurance product development, underwriting, regulatory legal, or related fields.
  • Willing and able to travel approximately 15-20%.
  • This is a remote position, limited to East and Central time zones.

#LI-EO1
#LI-Remote
For individuals assigned or hired to work in the location(s) indicated below, the base salary range is provided. Range is as of the time of posting. Position is incentive eligible.
$133,300 - $207,000/year
  • Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above pay range may be modified in the future.
  • Arch is committed to helping employees succeed through our comprehensive benefits package that includes multiple medical plans plus dental, vision and prescription drug coverage; a competitive 401k with generous matching; PTO beginning at 20 days per year; up to 12 paid company holidays per year plus 2 paid days of Volunteer Time Offer; basic Life and AD&D Insurance as well as Short and Long-Term Disability; Paid Parental Leave of up to 10 weeks; Student Loan Assistance and Tuition Reimbursement, Backup Child and Elder Care; and more. Click here to learn more on available benefits.

Do you like solving complex business problems, working with talented colleagues and have an innovative mindset? Arch may be a great fit for you. If this job isn't the right fit but you're interested in working for Arch, create a job alert! Simply create an account and opt in to receive emails when we have job openings that meet your criteria. Join our talent community to share your preferences directly with Arch's Talent Acquisition team.
14400 Arch Insurance Group Inc.

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