Product Development Analyst I- P&C

Blue Cross Blue Shield of Michigan • Westerville, DE

2d • $56,700 - $94,900 • Onsite

About The Position

SUMMARY Product Development Analyst I is responsible for the oversight and development of new and updated products, working closely with leaders from Underwriting, Claims, Compliance, General Counsel, and Corporate Underwriting. This position assists the Manager of Product Development and Compliance in developing, maintaining, and reviewing bureau coverage forms and endorsements to provide Specialty Lines business units with access to quality policy language and products. ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned. Coordinating the Product Development process for Specialty Lines, including: Reviewing current policy forms and endorsements to analyze and identify unforeseen or unanticipated liabilities. Reviewing forms for new products to identify gaps and limitations in proposed policy language. Researching legal and statutory requirements by state for new and existing products. Maintains the historical record of Specialty Lines forms and collaborating with Corporate Underwriting to update and maintain the AF Group Forms Library for Specialty Lines. 2. Collaborating with Underwriting and Claims to ensure consistency in policy language and claim- handling. This includes: Working with Claims to ensure underwriters are kept apprised of potentially unforeseen or unanticipated liabilities due to policy form and endorsement language, as well as emerging claim and legal trends. Prepares draft forms and revisions for existing products and exposures for presentation to Leadership. Communicating the publishing of new or updated policy forms and endorsements to floor underwriters. 3. Coordinating Underwriting compliance for all Specialty Lines, including: With Management, responding to the states regarding Underwriting and Compliance complaints. Reviewing bulletins and circulars from trade organizations and the states to assess for applicability to Specialty Lines products and processes and referring as necessary. 4. Keeping abreast of external industry developments, including in the legislative and judicial arenas. This includes: Assisting in the review ISO, AAIS and other bureau-driven circulars and products. Referring recommended form and product changes to Management to align with AF Group’s strategic direction across Specialty Lines organizations. 5. Product Development and Product Compliance Reviewing recommended form and product changes to align with Specialty Lines strategic direction, recommend implementation options, and lead prioritization of coverage enhancements across the Division. Preparing, monitoring, drafting, and obtaining regulatory approval of rates, rules, and forms utilized by admitted products within Specialty Lines. With Management, developing responses to objections to admitted products within Specialty Lines.

Requirements

• Relevant combination of education and experience may be considered in lieu of degree.
• Bachelor’s degree required.
• Three (3) to five (5) years of experience in P&C Underwriting, Product Management, or Product Development required.
• Extensive knowledge of insurance and underwriting environment across all lines of business (Casualty / Property – Admitted / Non-Admitted – Assigned Risk).
• Ability to analyze and synthesize information for broad consumption.
• Technical acumen and the ability to command technical content for various audiences.
• Ability to effectively exchange information, in verbal or written form, by sharing ideas, reporting facts and other information, responding to questions, and employing active listening techniques.
• Ability to work effectively in a team environment and individually.
• Good communication (written and verbal), organizational, and planning skills.
• Driver's license is required.

Nice To Haves

• CPCU or ARM preferred.

Responsibilities

• Coordinating the Product Development process for Specialty Lines
• Collaborating with Underwriting and Claims to ensure consistency in policy language and claim- handling
• Coordinating Underwriting compliance for all Specialty Lines
• Keeping abreast of external industry developments, including in the legislative and judicial arenas
• Product Development and Product Compliance Reviewing recommended form and product changes to align with Specialty Lines strategic direction, recommend implementation options, and lead prioritization of coverage enhancements across the Division
• Preparing, monitoring, drafting, and obtaining regulatory approval of rates, rules, and forms utilized by admitted products within Specialty Lines
• With Management, developing responses to objections to admitted products within Specialty Lines.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 5,001-10,000 employees