03/28/2022

Product Development Specialist

  • Chubb
  • Whitehouse Station, NJ, United States
Full Time

Job Description

Product Development Specialist

Description

Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. 

The Product Development Specialist will be responsible for working with the commercial and financial lines underwriting units and other service areas on policy language and insurance product development. Policy language development includes working on a team to craft new insurance contracts, endorsements and ancillary insurance documents as well as unique manuscript endorsements. Additional responsibilities include policy language analysis, comparison and review; and consultation with underwriting on language. Candidates must be able to work effectively in a team environment with underwriters, attorneys, underwriting business units, product development specialists, claims, underwriting support services, actuarial, and other constituencies.

Major Functional Responsibilities:

  • Development of insurance contract language that accurately reflects relevant underwriting strategies, loss considerations and state regulations and mandates;
  • Reviewing, analyzing, drafting and revising insurance policy language and developing new products;

Review ISO and other insurance industry forms and assess their impact on Chubb products;

  • Consult and provide analysis of insurance contract language;
  • Ensure consistency of language by line of business throughout commercial and financial lines insurance products;
  • Assist in preparation of all required supporting product documentation, comparisons, explanatory memorandums, annotated contracts, and disclosures;
  • Provide guidance regarding marketing materials and contract training;
  • Develop manuscript policy language to support account specific transactions;
  • Assist in responding to regulatory criticisms and mandates; and
  • Adhere to Chubb’s standards, guidelines and templates for product development.

Knowledge and Skills:

Candidates for this position must have at least 1-3 years of property & casualty insurance contract development or claims or underwriting insurance experience. Paralegal experience also helpful. The candidate should have superior writing and language comprehension skills; strong analytical acumen and an advanced understanding of commercial and financial lines underwriting and property & casualty insurance industry theories and practices. Candidates must demonstrate a high proficiency in time management, leadership, influence, and project management skills.

Candidates must have a proven track record of results achievement, customer development, collaboration, teamwork, problem solving, and marketing/negotiation skills. Candidates must have strong interpersonal and communication skills and the ability to effectively interact with a broad spectrum of constituencies. 


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