12/03/2021

Product Development Specialist

  • Pharmacists Mutual
  • Manchaca, TX, United States

Job Description

Pharmacists Mutual Insurance Group has an opening for a Product Development Specialist. This role will initiate internal reviews and analyze policy/coverage form, rate and rule revisions in support of Company strategic initiatives. Provides product support for sales opportunities by performing market, competitive and/or financial analysis in the identification or development of new products, expansion of existing businesses, or special products. Partners with Underwriting, Legal, Compliance, Marketing, Claims and Finance to assure product modifications meet requirements of those departments. Assists business units with complex analytical projects, and identifies and addresses key business issues. Prepares presentations for Executive Management of alternative and recommended product changes. Initiates Company implementation of required and selected revisions.

Product Development Specialist I

In training and learning:

  • Rate analysis and rate adequacy analysis steps and procedures.
  • Review of advisory organization bulletin/circular content/impact.
  • Components of regulatory filings and state filing requirements.
  • Preparation and composition of SERFF form, rate, and rule filings.
  • Data extraction and analysis.
  • Works under close supervision of manager or Product Manager / Senior Product Manager.

Product Development Specialist II

  • Performs rate adequacy and rate change analysis using developed rate analysis tools.
  • Analyzes advisory organization product and rate revisions/introductions.
  • Develops required filing documents.
  • Creates and submits regulatory filings for individual line of business revisions and assists with countrywide revision filings.
  • Manipulates established data queries and creates simple queries.
  • Conducts market analysis.
  • Works under intermittent supervision of manager or Product Manager / Senior Product Manager.

Senior Product Development Specialist

  • Performs rate adequacy and rate change analysis sometimes developing and enhancing rate analysis tools.
  • Critiques advisory organization product and rate revisions/introductions and recommends appropriate adoption of advisory organization rates and exceptions to them.
  • Demonstrates critical thinking.
  • Independently develops required filing documents.
  • Independently creates and submits regulatory filings for individual line of business revisions and assists with countrywide revision filings.
  • Independently develops data queries.
  • Independently conducts market analysis.
  • Works with minimal guidance.

Essential Functions

Essential functions may include, but are not limited to the following:

  • Reviews advisory organization filings and assesses impact on PhMIC.
  • Researches industry trends, competitor products and pricing, niche markets, insurance regulations and statutes.
  • Demonstrates a working understanding of rate adequacy analysis and policy coverage.
  • Develops advisory organization form, rate and rule change analyses for presentation to Executive Management.
  • Develops Company proprietary form, rate and rule revisions.
  • Demonstrates a working knowledge of data extraction, manipulation and analysis.
  • Submits complete and accurate filings to state Departments of Insurance with minimal objections.
  • Coordinates with IT to develop specifications to implement form, rate and rule projects.
  • Monitors and assists in testing policy processing system revisions.
  • Assists in developing and presenting revision training to internal users.
  • Monitors effects of pricing revisions implemented.

Knowledge, Skills and Abilities

  • Knowledge of PhMIC products and pricing.
  • Understand principles and practices of insurance underwriting.
  • Interpret premium algorithms and coverage nuances.
  • General understanding of insurance accounting and Company financial statements.
  • Communicate effectively with others (oral and written).
  • Analyze complex issues and make critical decisions.
  • Maintain records, prepare reports and conduct correspondence related to the work.
  • Interpret and apply laws, rules and regulations, as well as complex policy and contract coverage.
  • Obtain and use sensitive information discreetly and objectively, both internal and external.
  • Determine when to escalate concerns to the appropriate level of management.
  • Follow oral and written directions.
  • Correct English usage, spelling, grammar, vocabulary and punctuation.
  • Work effectively with others in a team environment.
  • Contribute effectively to the accomplishment of team or work unit goals, objectives and activities.
  • Establish and maintain effective working relationships with those contacted in the course of work.
  • Excellent customer service skills.
  • Ability to organize and prioritize work.
  • Work independently and demonstrate drive and initiative.
  • Ability to handle multiple tasks at once.
  • Meet definite deadlines and deal with pressure situations.
  • Collect, interpret, and input data efficiently and accurately.
  • Use computer and related software effectively.

Experience and Education Qualifications

Product Development Specialist I

  • High School Diploma or equivalent and 5 years of related experience; or
  • Associate's degree or equivalent and 3 years of related experience; or
  • Bachelor's Degree

Product Development Specialist II

  • High School Diploma or equivalent and 7 years of related experience; or
  • Associate's Degree or equivalent and 5 years of related experience; or
  • Bachelor's Degree and 3 years of related experience; or
  • Master's Degree

Senior Product Development Specialist

  • High School Diploma or equivalent and 10 years of related experience; or
  • Associate's Degree or equivalent and 8 years of related experience; and
  • The following industry related certifications: Chartered Property Casualty Underwriter (CPCU)

OR

  • Bachelor's Degree and 5 years of related experience; or
  • Master's Degree and 2 years of related experience







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