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Insurance Product Development Internship Jobs in Normal, IL

State Farm

Product Analyst, Sharing Economy

Bloomington, IL · On-site +1

$80K - $177K/yr

Develops and applies key insights and capabilities for commercial insurance exposures and products ... Collaborate with various departments within State Farm regarding product development and support.

New

COUNTRY Financial

Product Analyst

Bloomington, IL · On-site

$78K - $108K/yr

How does this role make an impact? - Drive the successful development of new products and the ... You'll be able to take advantage of our benefits package, which includes insurance benefits ...

Countryfinancial

Product Analyst

Bloomington, IL

$78K - $108K/yr

How does this role make an impact? - Drive the successful development of new products and the ... You'll be able to take advantage of our benefits package, which includes insurance benefits ...

COUNTRY Financial

P/C Senior Actuary

Bloomington, IL · On-site

$110K - $151K/yr

May specialize in pricing/product development including determining rating and pricing structures ... state insurance departments; and/or to implement new rates and rating plans, using existing ...

Countryfinancial

P/C Senior Actuary

Bloomington, IL

$110K - $151K/yr

May specialize in pricing/product development including determining rating and pricing structures ... state insurance departments; and/or to implement new rates and rating plans, using existing ...

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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 Jun 19, 2026, the average hourly pay for insurance product development internship in Normal, IL is $20.72, according to ZipRecruiter salary data. Most workers in this role earn between $16.92 and $23.51 per hour, depending on experience, location, and employer.

What would a product development intern do?

A product development intern assists in creating and improving insurance products by conducting market research, analyzing customer needs, and supporting the design and testing of new offerings. They often collaborate with teams using tools like Excel and project management software and may gain experience in industry regulations and product lifecycle 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 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 do insurance interns do?

Insurance interns assist with tasks such as analyzing policy data, supporting product development, and conducting market research. They often work alongside experienced professionals, gaining exposure to underwriting, claims, and risk assessment processes while developing skills in industry-specific tools and software.

What are the big 4 internships?

The 'Big 4' internships typically refer to internship programs offered by the four largest professional services firms: Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG. These firms offer internships in areas such as audit, consulting, tax, and advisory, providing valuable experience for those pursuing careers in finance, accounting, and consulting. For an insurance product development internship, gaining experience in finance, analytics, and industry-specific tools can be beneficial, though the Big 4 are more focused on professional services than insurance-specific roles.

What jobs can I get in insurance?

In insurance, common jobs include underwriters, claims adjusters, insurance agents, actuaries, and risk analysts. These roles involve evaluating risks, processing claims, selling policies, and analyzing data, often requiring knowledge of insurance policies, strong communication skills, and relevant certifications or degrees.

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 popular job titles related to Insurance Product Development Internship jobs in Normal, IL? For Insurance Product Development Internship jobs in Normal, IL, the most frequently searched job titles are:
What job categories do people searching Insurance Product Development Internship jobs in Normal, IL look for? The top searched job categories for Insurance Product Development Internship jobs in Normal, IL are:
Insurance Product Development Internship jobs near you
Infographic showing various Insurance Product Development Internship job openings in Normal, IL as of June 2026, with employment types broken down into 1% Internship, 3% As Needed, 17% Full Time, 78% Part Time, and 1% Temporary. Highlights an 85% Physical, 1% Hybrid, and 14% Remote job distribution, with an average salary of $43,099 per year, or $20.7 per hour.
College Financial Representative, Internship Program

College Financial Representative, Internship Program

Northwestern Mutual Life Insurance Company

Bloomington, IL • On-site

$500/wk

Internship

Medical, Life

Posted 7 days ago

Northwestern Mutual rating

8.0

Company rating: 8.0 out of 10

Based on 71 frontline employees who took The Breakroom Quiz

146th of 261 rated insurance

Job description

Overview
College Financial Representatives in the internship program at Northwestern Mutual are provided guidance, connection, and a framework for building an integrated financial planning practice from the ground up. Our college financial representatives, who come from varying academic backgrounds and experiences, begin to build a financial planning practice while engaging local and nationwide experts, exclusive financial products, and the support of a Fortune 500 company. You will have the opportunity to build your confidence, develop a professional network, and help people achieve financial freedom. Here, hard work pays off!
Responsibilities
Our internship program mimics our full-time Financial Representative career, allowing you to:
  • Learn how to prospect and network to build your business and client base
  • Develop and execute on a business strategy
  • Call on potential clients and set meetings to understand their financial goals
  • Prepare plans and offer useful recommendations
  • Gain exposure to proprietary planning software platforms
  • Engage in weekly coaching, training, and development meetings
  • Receive Risk Product State Licensing: Life, Accident, and Health
  • Build life skills that create future career opportunities

As a Northwestern Mutual College Financial Representative, you can expect a flexible schedule to work around your life and your classes. With the option to participate in our internship program year-round, you can continue to grow your practice and obtain support for registrations and certifications such as the Series 6 & 63 or CFP®. Get inspired at local and national recognition events, earn access to leadership programs, and collaborate with experts in our business. In fact, you'll find diverse resources across our culture to ensure that you experience personal and professional growth in this program. With interest, eligible students have an opportunity to interview for a full-time Financial Representative or Advisor role upon graduation.
#LI-Onsite
Qualifications
Are you a fit for this internship?
  • Full-time student; juniors and seniors preferred
  • Entrepreneurial ambitions and curiosity for sales
  • Highly involved on campus (leader, athlete, campus orgs, student government, etc)
  • Excellent time-management skills
  • Interest in financial literacy and planning tools
  • Business savvy and desire to increase critical thinking abilities

Compensation & Benefits
  • Performance-based earnings and revenue
  • Learning and Development Incentives (up to $1000/month, not inclusive of earned commissions)
  • Productivity Bonuses
  • Support for insurance licensing (life, health, DI, LTC)
  • Support for SIE, Series 6, Series 63 registrations (eligibility required)

About Us
For over 165 years, we have helped our clients spend their lives living through comprehensive and innovative financial planning. We combine the expertise of our financial professionals with personalized digital experience and industry-leading products to give our clients the ability to successfully navigate their financial lives.
Our tailored approach includes multiple financial strategies-insurance, investments, and annuities-built to reinforce each other, keeping our clients consistently on track to meet goal after goal. We lead with unmatched financial strength and access to the best products and services for our clients.
Our Financial Representatives and College Financial Representatives are valued partners and proud business owners. As such, they are considered independent contractors1 for income tax purposes, and a "statutory employee" for Federal Insurance Contributions Act (FICA) tax purposes.
As a company, we value an inclusive and belonging workplace where everyone's unique viewpoints bring new successes. We strive to create teams that reflect our customers and communities, fostering an environment where all employees are welcomed, valued, and heard.
Why join Northwestern Mutual
  • Fortune 500 company (2023)
  • Top 100 Internship Programs, Yello x WayUp (2022)
  • 5.0+ million clients and growing2
  • $257 billion retail investment client assets held or managed by Northwestern Mutual3
  • Forbes' Best Employers for Diversity (2018-2021)
  • Unsurpassed financial strength4
  • Best Place to Work for LGBTQ+ Equality- Human Rights Campaign Corporate Equality Index (2015-2021)

1 Northwestern Mutual College Financial Representatives are Independent Contractors whose income is based on production. If offered to apply for approval of an intern contract to become a Northwestern Mutual College Financial Representative, a national criminal background check is required. Should the background check results provide information which would not allow someone to work for Northwestern Mutual, approval to contract will be withdrawn.
2 As of June 30, 2023
3 Combined client assets of NMIS and NMWMC as of June 30, 2023
4 Among U.S. life insurers. Ratings are for The Northwestern Mutual Life Insurance Company and Northwestern Long Term Care Insurance Company, as of the most recent review and report by each rating agency. Ratings as of: 06/23 (Moody's Investors Service), 08/23 (A.M. Best Company), 08/23 (Fitch Ratings), 05/23 (S&P Global Ratings)
Pay Range
USD $500.00 - USD $10,000.00 /Mo.

What Northwestern Mutual employees say

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About Northwestern Mutual

Sourced by ZipRecruiter

Northwestern Mutual has been helping families and businesses achieve financial security for over 160 years through a distinctive planning approach that integrates risk management with wealth accumulation, preservation, and distribution. With more than $290 billion in assets, $30 billion in revenues and more than $1.9 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.6 million clients. People are the power behind Northwestern Mutual, and diversity makes us better. We are committed to reflecting and serving the marketplace. We do so by attracting and improving the engagement of those who bring their outstanding perspectives, ideas, and beliefs.

Industry

Finance and insurance

Company size

5,001 - 10,000 Employees

Headquarters location

Milwaukee, WI, US

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