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Product Development Specialist

Location Chicago, United States Job type Full-Time Work mode Hybrid Job level Professional Job ID 11010 Company Munich Re Specialty - North America Employment type Regular Area of expertise Audit, Compliance & Legal
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All locations Chicago, United States; Hartford, United States; New York, United States; Princeton, United States;

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America.

The Opportunity

Future focused and always one step ahead!

This Product Development Specialist role will support our U.S. Underwriting teams by drafting new and amending existing policy form wordings, liaising with the regulatory and operations teams during the form filing process, and collaborating with claims and underwriting teams.  This role reports to the Product Development Sr Manager Casualty.

The Product Development Specialist will work closely with the Product Development team, and other stakeholders in Corporate Underwriting and functional Business Units. This role will foster continuing development of knowledge of product lines and other functions.

Responsibilities

  • Minimum 10 years of Property and Casualty underwriting experience preferably with an Insurance Carrier or Wholesale Insurance Broker
  • ISO and Manuscript Insurance Coverage and Form competency necessary
  • Ability to research and resolve technical insurance issues
  • Proficient in all Microsoft Office programs (Outlook, Word, Excel, One Note, PowerPoint, SharePoint, and Teams)
  • Strong influencing skills to ensure alignment with Underwriting, Operations, Finance, Technical, and Compliance
  • Strong leadership skills with the ability to build rapport, teamwork, and resolve conflicts
  • Presentation and training experience
  • Bachelor’s or University Degree in Business Management, Science, Finance or equivalent required
  • Insurance Designation such as CPCU, ASLI, AU a plus

Qualifications

  • Bachelor’s Degree required. Juris Doctor Degree preferred. CPCU a plus.
  • 5-8 years insurance experience in product development process and overall product knowledge based on previous law firm or relevant insurance and/or reinsurance experience in product development, claims or underwriting in Commercial Casualty and Professional Liability lines of business, including sophisticated underwriting applications and techniques
  • 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
  • Excellent research, detail orientation, creative problem solving and project management skills
  • Proficiency in enhancing existing processes and feedback loops

The Company is open to considering candidates in numerous locations, including New York City (NY), Chicago (IL), Princeton (NJ), and Hartford (CT). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $99,700-$166,100, plus opportunity for company bonus based upon a percentage of eligible pay.  In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO). 

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the New York City job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

  • Two options for your health insurance plan (PPO or High Deductible).
  • Prescription drug coverage (included in your health insurance plan).
  • Vision and dental insurance plans.
  • Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
  • Short and Long Term Disability coverage.
  • Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
  • Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

  • A robust 401k plan with up to a 5% employer match
  • A retirement savings plan that is 100% company funded.
  • Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
  • Eligibility to receive a yearly bonus as a Munich Re employee.
  • A variety of health and wellness programs provided at no cost.
  • Paid time off for eligible family care needs.
  • Tuition assistance and educational achievement bonuses.
  • A corporate matching gifts program that further enhances your charitable donation.
  • Paid time off to volunteer in your community.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

#LI-MB1

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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