Product Development Analyst - Property & BOP

NJM Insurance Group•Trenton, NJ

1d•Hybrid

About The Position

NJM Insurance Group is a leading mid-sized U.S. property and casualty insurance company with a strong financial rating and a reputation for outstanding customer service. The company has been recognized on Forbes' Best Employers list for four consecutive years. NJM has been strategically expanding its presence as a regional property & casualty insurer, moving away from its membership model to an independent agency model for commercial lines. This expansion includes doubling its product offerings and serving businesses across New Jersey, Pennsylvania, New York, Maryland, Delaware, and Connecticut. Celebrating its 110-year anniversary, NJM's mission is to provide value-based insurance solutions with high levels of service, integrity, and financial stewardship. The Commercial Lines department operates in the Mid-Atlantic region, offering products such as Commercial Auto, G/L, Workers Comp, BOP, Excess/Umbrella, and Package. The Commercial Lines function includes Underwriting, Sales, Operations, Premium Audit, Product Management, Product Development, Loss Prevention, and Business Process Unit. The Senior Product Analyst is part of the Commercial Lines Product Development department and, under the direction of the Product Development Director, is responsible for designing, developing, and implementing insurance products through state product filings to support organizational growth and initiatives. This role also acts as a subject matter expert for assigned lines of business when interacting with various departments. This is a Hybrid role requiring 3 days in the West Trenton office and 2 days at home.

Requirements

Bachelor’s degree.
Minimum of 6 years of experience in the P&C Insurance industry and/or the product development field; or equivalent combination of education and experience.
Strong analytical and quantitative skills.
Strong industry knowledge, including commercial lines marketing, pricing and product philosophies.
Collaborative focus - does well working with other departments and building relationships.
Strong critical thinking and problem solving skills.
Ability to review moderately complex issues and develop solutions.
Must have initiative and be a self-starter.
Must have strong interpersonal skills and be able to build commitment to decisions.
Strong Verbal and Written Communication Skills
Experience gathering business requirements and working collaboratively with Information Technology and Business teams.

Nice To Haves

Insurance designations such as CPCU, ARM, etc.
Focus related to Businessowners, Commercial Auto, Commercial Property, Crime, General Liability, and/or Inland Marine coverages.
Other lines of insurance experience is a plus.
Track record of demonstrated creativity in pricing and/or product development.
Strong Analytical and Decision Making skills.
Ability to participate in cross functional teams.
Experience with competitive filing research websites.
Experience with SERFF is helpful but not required.

Responsibilities

Revising, creating, or withdrawing NJM proprietary forms, managing the entire form lifecycle from creation to submission and system implementation support.
Monitoring ISO, and overlaying ISO changes into applicable NJM forms, rules, etc.
Answering line of business related questions from operations, underwriting, sales, marketing, or other areas by researching and providing responses.
Acting as a subject matter expert (SME) for the assigned line of business and serving as a resource to other areas of Commercial Lines.
Reviewing ISO / NCCI circulars.
Researching competitive filings for forms, rules, and rates, aggregating the information, and providing a breakdown to requesting parties (underwriting, sales, marketing, or management).
Reviewing upcoming product revisions to ISO products and suggesting revisions to NJM products for enhancement to remain competitive.
Exhibiting behaviors aligned with NJM’s Mission, Vision, and Values, maintaining high levels of service, integrity, and financial stewardship.
Fostering teamwork and collaboration.
Holding self and others accountable for actions.
Proactively seeking development opportunities.
Identifying business process improvements to maximize operational effectiveness and minimize cost.