Product Development Specialist - Regulatory

Munich Re; New York (NY); On-site; USD 101,700 - 169,500; Full time

Benefits offered by this job

Health insurance options (PPO or High Deductible)

401k plan with employer match

Paid time off starting with 24 days annually

Tuition assistance and educational bonuses

Volunteer paid time off

Job summary

Munich Re in New York is seeking a Product Development Specialist to enhance the company's underwriting business through innovative product development and effective project management. This role requires a strong understanding of regulatory compliance and product enhancement processes.

The ideal candidate has 6-10 years of regulatory experience and a Bachelor’s Degree, with a background in insurance and a knack for managing projects. This position offers competitive compensation and a chance to work with a leading specialty insurance provider.

Qualifications

• 6-10 years product and/or insurance regulatory experience.
• Extensive knowledge of form/rate filings processes for P&C and Specialty Products.
• Proven ability to develop relationships with key stakeholders.

Responsibilities

• Create and maintain speed to market guidance in regulatory compliance.
• Draft all regulatory notices and change endorsements.
• Research emerging issues related to products and operations.

Skills

Product development knowledge

Regulatory compliance

Interpersonal skills

Project management

Creative problem solving

Education

Bachelor’s Degree

Juris Doctor Degree or CPCU

Tools

ISO resources

NCCI resources

AAIS resources

Job description

All Locations

Chicago, United States; Hartford, United States; New York, United States; Princeton, United States;

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

• 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

• 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

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.
• Basic life insurance equal to 1x annual salary and AD&D coverage 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.

Compensation

The base salary range anticipated for this position is $101,700 - $169,500, plus opportunity for a company bonus based upon a percentage of eligible pay. The offer will be adjusted per geography.

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.