Product Development Jobs in Illinois (NOW HIRING)

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America.

The Opportunity

Future focused and always one step ahead!

This Product Development Specialist role will support underwriting business units through effective project management, maintenance and development of new and innovative insurance products and services. The role will foster continuing development of knowledge of product lines, regulatory developments and coverage innovations.

The Product Development Specialist will work closely with the Product Development team, and other stakeholders in Corporate Underwriting and functional Business Units. This role will foster continuing development of knowledge of product lines and other functions.

Responsibilities

In this position you will:

• Create and maintain speed to market guidance in regulatory compliance and drive filing strategy for proprietary P&C and Specialty Products.
• Draft all regulatory notices and change endorsements, and state-specific endorsements to comply with regulatory requirements in connection with form filings.
• Primary contact for Product Development for all regulatory inquiries relating to filings, and application of regulatory issues on surplus lines business.
• Regularly review regulatory and bureau (ISO, NCCI and AAIS) changes and insurance department actions to determine applicability to the Company's products.
• Research emerging issues related to our products and operations and make recommendations to management and updates, where needed.
• Continue development of depth of knowledge of specific product lines and regulatory developments, including coverage innovations.
• Provide ad hoc drafting support to Product Development team on P&C and Specialty products, as needed.

Qualifications

Successful candidates will possess the following experience/skills/qualifications:

• Bachelor's Degree required, Juris Doctor Degree or CPCU a plus
• 6-10 years product and/or insurance regulatory experience
• Extensive knowledge of product development and form/rate filings processes for P&C and Specialty Products based on relevant insurance experience in product development in Standard, Specialty, Primary and Excess lines of business including sophisticated underwriting applications and techniques.
• Experience with bureau (ISO, NCCI and AAIS) and insurance regulatory web resources.
• Proven ability to develop and foster relationships with key external and internal stakeholders
• Superior interpersonal, presentation, oral and written communication skills
• Excellent research, detail orientation, creative problem solving and project management skills
• Proficiency in enhancing existing processes and feedback loops

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

• Two options for your health insurance plan (PPO or High Deductible).
• Prescription drug coverage (included in your health insurance plan).
• Vision and dental insurance plans.
• Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
• Short and Long Term Disability coverage.
• Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
• Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

• A robust 401k plan with up to a 5% employer match
• A retirement savings plan that is 100% company funded.
• Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
• Eligibility to receive a yearly bonus as a Munich Re employee.
• A variety of health and wellness programs provided at no cost.
• Paid time off for eligible family care needs.
• Tuition assistance and educational achievement bonuses.
• A corporate matching gifts program that further enhances your charitable donation.
• Paid time off to volunteer in your community.

The Company is open to considering candidates in numerous locations, including New York City (NY), Chicago (IL), Princeton (NJ), and Hartford (CT). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $101,700 - $169,500, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the New York City job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

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