Product Development Analyst Salary Jobs (NOW HIRING)

NJM Insurance Group, is a leading mid-sized U.S. property and casualty insurance company with 90 consecutive years of A+ financial strength ratings by AM BEST. Due to exceptional employee experience, NJM has been included on the latest Forbes List of Best Employers in New Jersey for the fourth year in a row. The NJM reputation for being a top provider of outstanding customer service was reaffirmed by the most recent J.D. Power Auto Insurance Claims Survey.
Over the last five years, the Company has focused on a strategic plan that calls for it to become a regional property & casualty insurer and has transitioned away from its affinity-based membership model. To that end, the Company has added an independent agency model for new lines of middle and large commercial and has more than doubled its product offerings. NJM now offers its various products to businesses across New Jersey, Pennsylvania, New York, Maryland, Delaware, and Connecticut.
Celebrating its 110-year anniversary in June 2023, NJM's focus on policyholders stands at the center of its values. Its mission is to provide value-based insurance solutions to policyholders while maintaining the highest levels of service, integrity, and financial stewardship.
NJM's Commercial Lines department conducts business for policyholders and preferred agencies within the Mid-Atlantic region, specifically NJ, PA, NY, MD, DE, CT. Products include Commercial Auto, G/L, Workers Comp, BOP, Excess/Umbrella, and Package. The Commercial Lines function encompasses Underwriting, Sales, Operations, Premium Audit, Product Management, Product Development, Loss Prevention and Business Process Unit.
The Product Analyst is a member of the Commercial Lines Product Development department ( this can be filled at the associate, analyst or senior level). below in order of priority. Reasonable accommodations may be made to enable individuals to perform the essential duties. Regular and predictable onsite attendance is an essential function of the job.
The Commercial Lines Product Development Analyst coordinates the development of new products and enhancements to new and existing products with a primary focus on our new up and coming Commercial Package Policy business, with a focus on Commercial Property. The Product Development Analyst identifies, analyzes and evaluates potential areas for enhanced coverages, changes and new market entry opportunities with guidance from senior leadership. This role develops and oversees their assigned product line to optimize profit and meet marketing, financial, and corporate growth objectives.
The Commercial Lines Product Development Analyst coordinates the development of new products and enhancements to new and existing products with a primary focus on our new up and coming Commercial Package Policy business, with a focus on Commercial Property. The Product Development Analyst identifies, analyzes and evaluates potential areas for enhanced coverages, changes and new market entry opportunities with guidance from senior leadership. This role develops and oversees their assigned product line to optimize profit and meet marketing, financial, and corporate growth objectives.
Essential Duties and Responsibilities: Essential functions of this job are listed below in order of priority. Reasonable accommodations may be made to enable individuals to perform the essential duties. Regular and predictable onsite attendance is an essential function of the job.

• Utilizes market research data to identify, analyze, and evaluate industries that are potential areas for enhancement or new entry.
• Recommend form coverages, terms/conditions and pricing, balancing based on competition, policyholder and business needs.
• Conceives, develops and implements insurance schemes or products.
• Interfaces with the actuarial function for the design and pricing of products along with profitability analysis for assigned lines of business.
• Monitors product programs for effectiveness and, with guidance, lead the development of recommendations to improve product performance in ways that align with enterprise strategies and objectives.
• Plan and prepare state filings as needed for assigned line of business.
• Review new forms with claims legal and law & regulation for compliance, acceptability and related reasons as needed for assigned line of business.
• Manage circular distribution and recommend actions to be taken for assigned line of business.
• Work with IT and other business units to write business rules in support of implementing new product and systemic updates related to forms, rates, and rules.
• Provide information to underwriting for assigned products from a forms and compliance perspective.
• Serves as primary product contact for state specific issues and function as product subject matter expert in developing state specific rates and plans.
• Develops and maintains a high level of understanding of economic conditions, regulatory issues, demographics, and competitor practices with respect to pricing, products, and marketing for assigned line of business.
• Participates in the development and implementation of training materials to appropriate underwriters and related staff on assigned line of business.
• Proactively builds relationships with peers, internal and external departments to support completion of ongoing assignments.
• Assists with other duties as assigned

Required Qualifications:

• Experience and knowledge in the following areas: Risk segmentation, commercial lines product and pricing, insurance marketing channels, and business analysis for Businessowners (BOP), Commercial Property and WC policies is preferred. Other lines of business knowledge are a plus.
• A candidate will need:
  
  • Expertise in the rating, forms, and underwriting requirements for Businessowners (BOP), CP and WC Policies preferred. Other lines knowledge in these areas is a plus.
  • Strong industry knowledge, including commercial lines marketing, pricing and product philosophies.
  • Collaborative focus does well working with other departments and building relationships.
  • Comfortable taking initiative and being a self-starter.
  • Strong oral and written communication skills.
  • Experience gathering business requirements and working collaboratively with Information Technology and Business teams.

• Minimum of 3 years of experience in the P&C Insurance industry and/or the product development field; or equivalent combination of education and experience.
• High School Diploma or Equivalent
• Focus related to Businessowners (BOP), CP and WC policies preferred.
• Strong analytical and quantitative skills required.
• Track record of demonstrated creativity in pricing and/or product development.
• Strong critical thinking and problem-solving skills.
• Ability to review moderately complex issues and develop solutions.
• Must have initiative and be a self-starter.
• Must have strong interpersonal skills and be able to build commitment to decisions.

Preferred Qualifications

• Bachelor's degree preferred.
• Insurance designations such as CPCU, ARM, etc. are a plus

Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business.
NJM reserves the right at any time to amend, add or delete any aspect of the job description for this position based on business needs.
Compensation: Salary is commensurate with experience and credentials.
Pay Range: $81,124-$94,141
Eligible full-time employees receive a competitive Total Rewards package, including but not limited to a 401(k) with employer match up to 8% and additional service-based contributions, Health, Dental, and Vision insurance, Life and Disability coverage, generous PTO, Paid Sick Leave, and paid parental leave in addition to state-mandated leave. Employees may also be eligible for discretionary bonuses.
Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business.