Product Development Analyst - Senior - Commercial
There’s never been a better time to join NJM! With a nationally ranked reputation for outstanding customer service and a history that spans more than a century, NJM is a leading provider of worker’s compensation, automobile, and homeowner’s insurance in New Jersey. It is an exciting time to join NJM as we are expanding into other states.
Become a member of our team and you’ll be part of a company that operates for the benefit of its policyholders and is committed to maintaining the highest levels of service. Team members are offered a competitive compensation package and benefits including: a 401k plan, health coverage, a generous paid time off plan, and much more!
NJM's Commercial Lines Product Development Team has an opening for a Senior Product Analyst. This position coordinates the development of new products and enhancement to new and existing products with a primary focus on our new up and coming to Commercial Package Policy business. The Senior Analyst identifies, analyzes, and evaluates potential areas for enhanced coverages, changes, and new market entry opportunities. This role develops and oversees assigned product lines to optimize profit and meet marketing, financial, and corporate growth objectives.
- Utilizes market research data to identify, analyze, and evaluate industries that are potential areas for enhancement or a new entry.
- Recommend form coverages, terms and conditions, and pricing, balancing based on competition, policyholder, and business needs.
- Conceives, develops, and implements insurance schemes or products.
- Interfaces with the actuarial function for the design and pricing of products along with profitability analysis for assigned lines of business.
- Works closely with customer base to identify key needs and appropriate product solutions.
- Monitors product programs for effectiveness and leads to the development of recommendations to improve product performance in ways that align with enterprise strategies and objectives.
- Plan and prepare state filings as needed for assigned lines of business.
- Review new forms with claims legal, and law and regulation for compliance, acceptability, and related reasons as needed for assigned line of business.
- Manage circular distribution and actions to be taken for an assigned line of business.
- Work with IT and other business units to write business rules in support of implementing new product and systemic updates related to forms, rates, and rules.
- Provide expertise and consultation to underwriting for assigned products from a form and compliance perspective.
- Work with marketing in support of strategies related to assigned lines of business.
- Serves as primary product contact for state-specific issues, and functions as product subject matter expert in developing state-specific rates and plans.
- Develops and maintains a high level of understanding of economic conditions, regulatory issues, demographics, and competitor practices concerning pricing, products, and marketing for assigned lines of business.
- Participates in the development and implementation of training materials to appropriate underwriters and related staff on the assigned line of business.
- Proactively builds relationships with peers, internal and external departments to support the completion of ongoing assignments.
- Assists with other duties as assigned.
- Experience and knowledge in the following areas: Risk segmentation, commercial lines product and pricing, insurance marketing channels, and business analysis for Businessowners (BOP), GL and WC policies is preferred. Other lines of business knowledge are a plus.
- A candidate will need:
- Expertise in the rating, forms, and underwriting requirements for Businessowners (BOP), GL and WC Policies preferred. Other lines knowledge in these areas is a plus.
- Strong industry knowledge, including commercial lines marketing, pricing and product philosophies.
- Collaborative focus does well working with other departments and building relationships.
- Comfortable taking initiative and being a self-starter.
- Strong oral and written communication skills.
- Experience gathering business requirements and working collaboratively with Information Technology and Business teams.
- Development of test plans and coordinating/performing User Acceptance Test.
Education and Qualifications:
- Bachelor’s degree required. Insurance designations such as CPCU, ARM, etc. are a plus
- Minimum of 5 years of experience in the P&C Insurance industry and/or the product development field; or equivalent combination of education and experience
- Focus related to Businessowners (BOP), GL and WC policies preferred
- Strong analytical and quantitative skills required
- Track record of demonstrated creativity in pricing and/or product development
- Strong critical thinking and problem-solving skills
- Ability to review moderately complex issues and develop solutions
- Must have initiative and be a self-starter
- Must have strong interpersonal skills and be able to build commitment to decisions