Product Development Specialist

Product Development Specialist Company Munich Re America Location New York , United States

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

Munich Re Specialty North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients' needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.

Munich Re Specialty North America is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSNA, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html.

Future focused and always one step ahead

The Opportunity

This Product Development Specialist role will support our US underwriting teams by drafting and amending policy forms, liaising with the regulatory and operations teams during the form filing process, and collaborating with claims and underwriting teams. This role reports to the Product Development Sr Manager Property and Reinsurance.

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:

• Create insurance coverage forms for multiple business units and Property based coverage lines, including Commercial Property, Inland Marine, Crime, and additional standard P&C lines.
• 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.
• Research, develop and maintain coverage forms and endorsements needed to support new and existing products to meet industry developments and trends. Perform industry and regulatory research to support client needs and product compliance, and coordinate special projects to support strategic goals, as needed.
• Provide guidance and advice to assigned business units in development and issuance of insurance and reinsurance products, coverage and underwriting intent.
• 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, Excess and Reinsurance lines of business including sophisticated underwriting applications and techniques.

Job Requirements:

• Bachelor's Degree. Juris Doctor Degree or CPCU a plus.
• 5-8 years insurance experience in product development process and overall product knowledge based on previous law firm or relevant insurance and/or reinsurance experience in product development, claims or underwriting in Commercial Property, Inland Marine, Crime, additional standard P&C lines of business, including sophisticated underwriting applications and techniques
• Strong command of ISO Commercial Lines, ISO Manuals/Circulars, regulatory concepts, along with a strong collaborative, proactive and self-starter nature
• Superior interpersonal, communication, and time management skills and ability to develop and foster relationships with key internal and external stakeholders and contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters
• Excellent research, detail orientation, creative problem solving and project management skills
• Proficiency in enhancing existing processes and feedback loops

The Company is open to considering candidates in numerous locations, including Hartford, CT; Chicago, IL; Princeton, NJ; and New York, New York. The salary range posted below applies to the Company's NYC location.

The base salary range anticipated for this position is $110,500 - $162,000 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 displayed represents the typical salary range for candidates hired in this position in NYC. 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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