Product Development Jobs in Wheaton, IL (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 Business Partner role will support our US underwriting teams by drafting and amending Reinsurance contracts, and policy coverage forms, and collaborating with claims and underwriting teams.  This role reports to the Product Development Manager.

Key Responsibilities

• Draft and review Reinsurance contract wordings that meet business unit negotiated terms and comply with internal guidelines and market standards. Provide guidance to underwriters on Reinsurance contract terms, conditions and coverages.
• End-to-End development of new insurance products to support multiple business units and coverage lines, including General Liability (Casualty, Excess and Umbrella), Commercial Property, Management and Professional Liability. Develop and maintain coverage forms and endorsements needed to support new and existing proprietary products to meet industry developments and trends.
• Remain apprised of U.S. case law, regulations, legal trends and emerging issues affecting insurance and reinsurance coverage matters.
• Compare and analyze competitor insurance policies providing a competitive edge, best-in-class products and deliberative underwriting. Review wordings evidencing 'covered business' to ensure Reinsurance contract terms and conditions are appropriate.
• Perform industry and regulatory research to support client needs and product compliance, and coordinate special projects to support strategic goals, as needed.
• Provide thought leadership and product support to assigned business lines including analyzing industry trends, regulatory developments, and product innovations.

Qualifications

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

• Juris Doctor Degree from an accredited law school required.
• 10+ years advanced experience of products, concepts and procedures relating to reinsurance and primary insurance products from previous law firm or relevant insurance company experience in product development, claims or progressive underwriting experience.
• Extensive knowledge of product development process and product knowledge based on previous law firm or relevant insurance experience in product development or claims in Standard, Specialty, Primary, Excess and Reinsurance lines of business, including sophisticated underwriting applications and techniques.
• Strong command of general re/insurance product concepts, regulatory concepts, legal concepts, along with a strong collaborative, proactive and self-starter nature
• Superior interpersonal, communication, and time management skills
• Solid ability to contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters

The Company is open to considering candidates in numerous locations, including Princeton (NJ), Philadelphia (PA), New York City (NY) or Chicago (IL). 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 $138,400 - $215,000, 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 higher end being more aligned with the NYC 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.

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.

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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