Product Development Specialist

About the Role

Key Responsibilities

• Develop insurance contract language for Chubb's personal lines products (home, auto, excess liability, recreational marine, valuable articles, etc.), designed to meet the needs of successful clients and their families.
• Analyze work requests containing business requirements and estimate time and effort needed to complete product development work.
• Understand regulatory requirements that apply to personal insurance products.
• Analyze changes in state laws and regulations pertaining to personal insurance products.
• Adapt contract language to comply with state specific requirements.
• Draft accurate and compliant policy language and develop quality contract mockups in a timely manner.
• Analyze competitor policy language.
• Understand emerging risks and hazards impacting personal insurance.
• Develop or modify Rate and Rule manuals in accordance with Actuarial materials, Binding Guidelines, premium or coverage forms, required notices or disclosures, mock-ups with generating instructions for IT, and customer/producer/field correspondence for new or revised products.
• Schedule and facilitate policy review meetings with stakeholders.
• Create and maintain accurate documentation and templates.
• Collaborate with Legal to ensure that policy language complies with applicable laws and meets business objectives.
• Work with project managers, Line of Business managers, State Filings, IT, Underwriting, and other stakeholders to ensure product and process alignment.
• Respond to ad hoc business requests, including coverage questions, product analysis, reviewing communications for accuracy, and historical research.
• Document all work to meet internal compliance standards and achieve favorable audit results.
• Coordinate quality, efficiency projects and activities to ensure continuous best business practices and quality improvement.
• Oversee workflow design, implementation, and long-term maintenance for finalized forms and endorsements, including maintaining multiple product libraries and collaborating with underwriting.

Requirements

• Experience in developing insurance contract language and understanding of personal insurance products.
• Knowledge of regulatory requirements and ability to analyze changes in state laws and regulations.
• Ability to draft policy language and develop mockups in a timely manner.
• Understanding of emerging risks and hazards impacting personal insurance.
• Experience with developing or modifying Rate and Rule manuals and related documentation.
• Strong collaboration skills to work with legal, IT, underwriting, and other stakeholders.
• Ability to analyze work requests, estimate effort, and manage multiple projects.
• Proficiency with tools such as Sharepoint and Microsoft Teams for project coordination.
• Ability to adapt contract language to meet state-specific requirements.

Nice to Have

• Experience working with legal teams on policy language compliance.
• Familiarity with insurance product development lifecycle.
• Knowledge of actuarial principles related to rate and rule development.

Qualifications

• Not explicitly specified in the description.

Benefits & Perks

• Not specified in the description.