Product Development Business Partner

Munich Re Specialty - North America; Princeton (NJ); On-site; USD 138,400 - 215,000; Full time

Benefits offered by this job

Health insurance coverage

401k match

Life insurance

Paid time off

Tuition assistance

Job summary

Munich Re Specialty - North America is seeking a Product Development Business Partner in Princeton, NJ. This role focuses on drafting reinsurance contracts and developing new insurance products. Candidates should hold a Juris Doctor Degree and possess over 10 years of relevant experience in insurance and product development. The position offers a competitive salary range of $138,400 to $215,000, plus bonuses and a comprehensive benefits package, fostering a diverse and inclusive culture.

Qualifications

• 10+ years of experience in reinsurance and primary insurance fields.
• Extensive knowledge of the product development process.
• Strong command of general re/insurance product concepts.

Responsibilities

• Draft and review reinsurance contract wordings.
• Lead development of new insurance products.
• Analyze competitor insurance policies.

Skills

Regulatory knowledge

Communication skills

Time management

Collaborative nature

Education

Juris Doctor Degree

Job description

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, 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 to provide 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

• 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.

Salary and Benefits

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).

• 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).
• 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.