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Description:
The Product Specialist leads the development and implementation of insurance products for commercial, personal or farm lines of business. Additionally, the Product Specialist will actively participate in market analysis and agency web desktop development while leading the regulatory and compliance activities related to the assigned products.
ESSENTIAL DUTIES AND RESPONSIBILITIES: Maintain expertise to respond as an internal resource of product research & development, competitive market analysis, demographics and financial impact analysis for assigned products. Participate in product research & development, competitive market analysis, review of demographics and financial impact analysis. Collaborate with all company departments (Underwriting, Information Technology, Marketing, et al.) in management of the product lifecycle. Review, analyze, develop and modify insurance products and rules. This includes evaluation of competitive products, review and analysis of bureau information (ISO circulars) and preparation & submitting of filings to state insurance departments. Provides information to IT regarding changes that affect web and policy-processing systems. Review, prepare and maintain product related items (rate & rule manuals, policy applications, agency notices, policyholder notices, worksheets and underwriting guidelines). Ensure company compliance with state regulations for rule, rate and form filings. This includes submitting state product filings for approval on new and modified insurance products in coordination with Actuarial Analysts. Maintain company compliance documentation and keep company personnel informed of changes to regulations, requirements, forms, coverages. Lead in agency web desktop development for assigned products. Work with Actuarial Analyst on pricing-related projects. Provide support to Underwriting and Claims staff regarding coverage interpretations. Seeks input from these areas regarding the development of new products and changes to existing products.
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Qualifications:
College degree or equivalent business experience. 5-7 years of Product Development, Underwriting or Claims experience. Extensive knowledge of coverage forms, endorsements, rules and rating procedures. Experience with state Insurance Department regulatory process preferred. Advanced insurance education preferred (ex: INS, CPCU, etc.). Job related courses and seminars are encouraged. Advanced skills to interpret and revise complicated insurance contracts and to design and revise rate and rule manuals. Ability to communicate effectively (both verbally & in writing) with various audiences including programmers, technicians, insurance department personnel, underwriters, claims and marketing staff, agents, insureds and management. Ability to understand rating & statistical algorithms including the interaction of the various factors and relativities that are applied. Understanding of business & insurance ratios and ability to communicate the impact of business decisions upon those ratios. Ability to understand and communicate complex insurance contract language and concepts. Attention to detail. Microsoft Office - Especially Word as well as Access, Excel and PowerPoint. Potential for limited travel to agents offices and various State Insurance Departments.
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