Product Development Analyst - BOP

NJM Insurance Group•Trenton, NJ

5d•$81,124 - $94,141•Onsite

About The Position

NJM Insurance Group is a leading mid-sized U.S. property and casualty insurance company with a strong financial history and a reputation for outstanding customer service. The company has been recognized on Forbes' Best Employers list for New Jersey for four consecutive years. NJM is undergoing a strategic transition to become a regional property & casualty insurer, expanding its product offerings and agency model. The Commercial Lines department operates in the Mid-Atlantic region, offering products such as Commercial Auto, General Liability, Workers Comp, BOP, Excess/Umbrella, and Package policies. The Product Development Analyst role is within the Commercial Lines Product Development department and can be filled at the associate, analyst, or senior level. This position requires regular and predictable onsite attendance. The analyst will coordinate the development of new and enhanced insurance products, with a primary focus on Commercial Package Policy business, particularly Commercial Property. They will identify, analyze, and evaluate opportunities for enhanced coverages, changes, and new market entry, working under the guidance of senior leadership to optimize profit and meet business objectives.

Requirements

Minimum of 3 years of experience in the P&C Insurance industry and/or the product development field; or equivalent combination of education and experience.
High School Diploma or Equivalent
Strong analytical and quantitative skills required.
Track record of demonstrated creativity in pricing and/or product development.
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.
Experience gathering business requirements and working collaboratively with Information Technology and Business teams.

Nice To Haves

Experience and knowledge in risk segmentation, commercial lines product and pricing, insurance marketing channels, and business analysis for Businessowners (BOP), Commercial Property and WC policies is preferred.
Expertise in the rating, forms, and underwriting requirements for Businessowners (BOP), CP and WC Policies preferred.
Other lines of business knowledge are a plus.
Other lines knowledge in these areas is a plus.
Strong industry knowledge, including commercial lines marketing, pricing and product philosophies.
Collaborative focus does well working with other departments and building relationships.
Comfortable taking initiative and being a self-starter.
Bachelor’s degree preferred.
Insurance designations such as CPCU, ARM, etc. are a plus.

Responsibilities

Utilizes market research data to identify, analyze, and evaluate industries that are potential areas for enhancement or new entry.
Recommends form coverages, terms/conditions and pricing, balancing based on competition, policyholder and business needs.
Conceives, develops and implements insurance schemes or products.
Interfaces with the actuarial function for the design and pricing of products along with profitability analysis for assigned lines of business.
Monitors product programs for effectiveness and, with guidance, leads the development of recommendations to improve product performance in alignment with enterprise strategies and objectives.
Plans and prepares state filings as needed for assigned line of business.
Reviews new forms with claims legal and law & regulation for compliance, acceptability and related reasons as needed for assigned line of business.
Manages circular distribution and recommends actions to be taken for assigned line of business.
Works with IT and other business units to write business rules in support of implementing new product and systemic updates related to forms, rates, and rules.
Provides information to underwriting for assigned products from a forms and compliance perspective.
Serves as primary product contact for state-specific issues and functions as product subject matter expert in developing state-specific rates and plans.
Develops and maintains a high level of understanding of economic conditions, regulatory issues, demographics, and competitor practices with respect to pricing, products, and marketing for assigned line of business.
Participates in the development and implementation of training materials for appropriate underwriters and related staff on assigned line of business.
Proactively builds relationships with peers, internal and external departments to support completion of ongoing assignments.
Assists with other duties as assigned.