Director, Product Development

Coaction Global•Morristown, NJ

4d•$153,000 - $216,000•Hybrid

About The Position

At Coaction, we’re a unique mix of leaders, achievers, thinkers, and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients. As Product Counsel, you will support Coaction’s underwriting teams by drafting and developing products across all verticals including Public D&O, Private/NFP D&O, Financial Institutions, Property, and other Coaction verticals. You will work closely with underwriting leaders on coverage, policy language, related regulatory issues, and product innovation. You will attend meetings with brokers/producers and engage in thought leadership in connection with such products. You will also participate in creating and executing underwriting guidelines.

Requirements

3-6 years of experience in either a law firm or relevant in-house position with an insurance focus, insurance product development experience, or claims experience.
Strong command of insurance coverage matters and coverage implications of policy wording
Strong experience with ISO, GL and Property forms
Highly organized, analytical, and detail-oriented
Ability to manage multiple projects in a dynamic environment
Strong interpersonal skills with a collaborative and energetic style are essential
Excellent writing and verbal communication skills and an eagerness to learn
Desire to learn and gain exposure to new areas
JD is preferred

Responsibilities

Assist in the product development process by working with underwriting, claims, and coverage teams to develop and draft new products, as well as improve existing products
Review and provide advice in connection with developing and drafting new insurance products and improving existing products
Advise on market standard offerings and opportunities for Coaction’s underwriting teams.
Advise on specific implications of potential business decisions and initiatives to enhance opportunities and reduce business risk.
Promote a consistent approach to coverage, coverage philosophy, coverage guidelines, and best practices.
Provide counsel and strategic advice to business units and internal clients on all insurance product and regulatory related matters.
Research, develop, and maintain policy forms and endorsements needed to support new and existing products
Monitor industry trends and changes in law impacting the relevant vertical markets.
Liaise with regulatory and operations teams during the form filing process, lead response efforts to critiques and objections from regulators, and collaborate with underwriting, claims, and coverage teams as necessary to resolve any such issues.
Ensure successful implementation of key technical initiatives by consulting with executives and other company leaders and implementing plans to improve business effectiveness.
Identify and analyze complex legal issues and make solution-oriented recommendations in resolving such issues in conjunction with Product Development Team.