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Insurance Product Development Internship Jobs in Elgin, IL

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Insurance Product Development Internship information

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

As of Aug 19, 2026, the average hourly pay for insurance product development internship in Elgin, IL is $20.95, according to ZipRecruiter salary data. Most workers in this role earn between $17.12 and $23.75 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 are the most commonly searched types of Insurance Product Development jobs in Elgin, IL?

The most popular types of Insurance Product Development jobs in Elgin, IL are:

What are popular job titles related to Insurance Product Development Internship jobs in Elgin, IL?

For Insurance Product Development Internship jobs in Elgin, IL, the most frequently searched job titles are:

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

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

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

Cities near Elgin, 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 Elgin, IL as of August 2026, with employment types broken down into 1% As Needed, 72% Full Time, 23% Part Time, and 4% Contract. Highlights an 89% Physical, 1% Hybrid, and 10% Remote job distribution, with an average salary of $43,577 per year, or $21 per hour.

AVP Product Development

Gallagher

Rolling Meadows, IL

Full-time

Re-posted 9 days ago

Arthur J. Gallagher & Co. rating

7.6

Company rating: 7.6 out of 10

Based on 93 frontline employees who took The Breakroom Quiz

213th of 310 rated insurance

Job description

Introduction
At Gallagher Bassett, we're there when it matters most because helping people through challenging moments is more than just our job, it’s our purpose. Every day, we help clients navigate complexity, support recovery, and deliver outcomes that make a real difference in people’s lives. It takes empathy, precision, and a strong sense of partnership—and that’s exactly what you’ll find here. We’re a team of fast-paced fixers, empathetic experts, and outcomes drivers — people who care deeply about doing the right thing and doing it well. Whether you're managing claims, supporting clients, or improving processes, you’ll play a vital role in helping businesses and individuals move forward with confidence. Here, you’ll be supported by a culture that values teamwork, encourages curiosity, and celebrates the impact of your work. Because when you’re here, you’re part of something bigger. You’re part of a team that shows up, stands together, and leads with purpose.

How you'll make an impact

Gallagher Bassett’s client-facing systems are industry-leading, consistently recognized by independent reviewers. As AVP of Product Development – Client Facing Systems, you will have the chance to shape the future of these award-winning systems, including innovations great and small that will make them differentiating offerings for Gallagher Bassett for years to come.

 

Responsibilities:

  • Proposes and gains leadership buy-in on a clear vision for core product innovation globally ensuring continual improvement in terms of system usability, functionality, flexibility, security, and distinctiveness — ultimately driving system usage and client satisfaction.
    • Ensures the voice of business stakeholders (e.g., clients and GB Client Services) are heard and that their needs are represented in the vision
  • Deconstructs product vision into achievable product roadmap and feature blueprints, aligning with delivery (IT) teams on technical feasibility
    • Establishes product roadmaps (internal and external) and keeps these up to date
    • Acts as business owners throughout the development process to ensure that decisions (both major and detailed) are made in furtherance of the product vision
  • Oversees implementation of core product vision in partnership with execution functions (e.g., Gallagher Bassett (GB) IT, Analytics, Data Science; and technology/vendor partners)
    • Aligns with GB IT on technical platform(s) to meet core product needs where an existing platform is insufficient
    • Influences vendor and partner product direction, both formally and informally, to the benefit of GB and to fulfill the product roadmap
  • Sets direction for product marketing materials, providing sales and marketing personnel key points of differentiation that should be highlighted
    • Respond to RFP/RFIs regarding the product vision and roadmap
  • Manages the product on a day to day basis, including:
    • Performing release management, including communications with users and stakeholders about core product changes and improvements
    • Providing direction on prioritization of product-related work
    • Acting as business owner during outages or technical issues (prioritize the need based on criticality / impact to end users and cost to resolve)
    • Acting as subject matter expert for sales, marketing, and user support
  • Owns and manages the product budget, including forecasting, tracking spend, and ensuring investments align with the product vision and business priorities
  • Manages vendor contracts and relationships, including negotiating terms, overseeing service levels, and holding vendors accountable to their commitments

About You

Required:

  • Minimum 8 years of relevant professional and/or technical experience, including experience leading product and/or technology initiatives.  
  • Minimum 5 years of relevant experience with client-facing systems.
  • Strong analytical, problem solving, communication, and critical thinking skills.
  • Strong understanding of product development and product management principles.
  • Strong experience developing and maintaining product roadmaps.
  • Proven experience managing projects and working in an agile manner.
  • Technical fluency with regard to client-facing systems and/or business intelligence technology platforms.  
  • Knowledge of emerging business intelligence / analytics topics and trends, including their potential application to insurance.  

  • Bachelor's degree; 6 years professional experience with quantitative analysis.

  • Less than 20% travel. Highly polished presentation skills.

Preferred:

  • Degree in a related field.
  • Background in claims, insurance, or financial services.
  • Experience working in an agile product development environment.

Work traits:

  • Adroitly pivots from visionary thinking (creative, high-level thinking; unconstrained by the today’s technical reality) to technical implementation (practical, detail-oriented) depending on the situation.
  • Combines empathy (“putting yourself in the users’ shoes”) with creativity to deliver a better product and higher client satisfaction.
  • Communicates in a clear, structured manner.
  • Breaks down large problems or challenges into bite-sized chunks that can be more easily solved; able to communicate such problem-solving frameworks to others.
  • Delegates to others as appropriate (e.g., to support team for user questions).
  • Sets clear expectations with delivery functions to ensure their work deliverables meet product goals.



Compensation and benefits

At Gallagher, we believe supporting our colleagues goes far beyond the role itself. For more information, visit our Benefits page.

  • Competitive compensation
  • Comprehensive benefits programs designed to support your well-being 
  • Career development opportunities and ongoing learning 
  • A collaborative, people-first culture with accessible leadership 
  • The opportunity to do meaningful work with global reach and local impact 

At Gallagher, we are dedicated to building an inclusive and authentic workplace. If your past experience doesn’t align perfectly, we encourage you to join our Talent Community to stay connected to additional career opportunities. At times, we will consider transferable skills from previous roles.

Gallagher is an affirmative action/equal opportunity employer (Minorities/Females/Veterans/Disabled)

Qualifications:

Required:

  • Minimum 8 years of relevant professional and/or technical experience, including experience leading product and/or technology initiatives.  
  • Minimum 5 years of relevant experience with client-facing systems.
  • Strong analytical, problem solving, communication, and critical thinking skills.
  • Strong understanding of product development and product management principles.
  • Strong experience developing and maintaining product roadmaps.
  • Proven experience managing projects and working in an agile manner.
  • Technical fluency with regard to client-facing systems and/or business intelligence technology platforms.  
  • Knowledge of emerging business intelligence / analytics topics and trends, including their potential application to insurance.  

  • Bachelor's degree; 6 years professional experience with quantitative analysis.

  • Less than 20% travel. Highly polished presentation skills.

Preferred:

  • Degree in a related field.
  • Background in claims, insurance, or financial services.
  • Experience working in an agile product development environment.

Work traits:

  • Adroitly pivots from visionary thinking (creative, high-level thinking; unconstrained by the today’s technical reality) to technical implementation (practical, detail-oriented) depending on the situation.
  • Combines empathy (“putting yourself in the users’ shoes”) with creativity to deliver a better product and higher client satisfaction.
  • Communicates in a clear, structured manner.
  • Breaks down large problems or challenges into bite-sized chunks that can be more easily solved; able to communicate such problem-solving frameworks to others.
  • Delegates to others as appropriate (e.g., to support team for user questions).
  • Sets clear expectations with delivery functions to ensure their work deliverables meet product goals.


Education:UNAVAILABLEEmployment Type: FULL_TIME

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