Product Development Specialist
About The Position
Philadelphia Insurance Companies, a member of the Tokio Marine Group, designs, markets and underwrites commercial property/casualty and professional liability insurance products for select industries. We have been in operation since 1962 and are nationally recognized as a member of Ward's Top 50 and rated A++ by A.M.Best. Philadelphia Insurance Companies is expanding our Product Development team. This Product Development Specialist role will support our Property & Casualty products by drafting new and amending existing policy wordings and liaising with the Compliance team during the filing process. This role reports to the Product Development Supervisor. The Product Development Specialist will work closely with the Product Development team, and other stakeholders in Compliance, Underwriting, Claims, Actuarial, Operations and IT. This role will foster continuing development of knowledge of product lines and other functions. Role Focus: Product Development Specialist (Compliance) You’ll develop new products and strengthen existing offerings by drafting and updating coverage forms, endorsements, and rate/rule pages - making sure our products are clear, competitive, and compliant. You’ll partner closely with Underwriting, Actuarial, Claims, and IT to move product initiatives from concept to filing to product implementation. You’ll stay ahead of regulatory and legal changes, helping ensure our products continue to meet (and anticipate) evolving regulatory requirements.
Requirements
- Excellent research, detail, creative problem solving and project management skills
- Strong influencing skills to ensure alignment with Underwriting, Actuarial, Operations, Claims, IT and Compliance
- Strong command of ISO Commercial Lines, ISO Manuals/Circulars, regulatory concepts, along with a strong collaborative, proactive and self-starter nature
- Superior interpersonal, communication, and time management skills and ability to develop and foster relationships with key internal and external stakeholders and contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters
- Bachelor’s degree (or higher) from an accredited college/university preferred
Nice To Haves
- Insurance Designations a plus (CPCU, ASLI, AU, etc.,)
Responsibilities
- Drafting and updating coverage forms, endorsements, and rate/rule pages
- Preparing clear, well-supported explanatory memos for submission to Departments of Insurance (DOIs)
- Researching competitor filings to help inform product market positioning
- Monitoring regulatory and legal changes and translating them into timely updates to forms and rules
- Partnering with Underwriting and Actuarial to clarify project intent and confirm rating approach
- Collaborating with Claims to refine form language and improve clarity
- Supporting State Filings by compiling and organizing filing materials for DOI submissions
- Responding to DOI objections and coordinating updates with Underwriting and Actuarial
- Reviewing system requirements with IT to ensure programming aligns to the approved filing
Benefits
- We offer a comprehensive benefit package, which includes tuition reimbursement and a generous 401K match.
- Our rich history of outstanding results and growth allow us to focus our business plan on continued growth, new products, people development and internal career opportunities.
- Additional information on Volunteer Benefits, Paid Vacation, Medical Benefits, Educational Incentives, Family Friendly Benefits and Investment Incentives can be found at https://www.phly.com/Careers/default.aspx
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Number of Employees
501-1,000 employees
