Product Development Specialist at Chubb in Whitehouse Station, New Jersey

Job 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. 

Chubb Personal Risk Services, PRS, is looking for a Product Development Specialist to play a key role in the development of admitted insurance products.  Reporting to the PRS Product Development Manager, the Product Development Specialist is responsible for the development of admitted insurance contract forms, endorsements, and contract modifications.  

Key Responsibilities

• Develop insurance contract language for Chubb’s personal lines products (home, auto, excess liability, recreational marine, valuable articles, etc.), designed to meet the needs of successful clients and their families.  Creatively develop new solutions to contribute to Chubb’s value proposition.  This work includes:


• Analyzing work requests containing business requirements and estimating time and effort needed to complete product development work


• Adapting contract language to comply with state specific requirements


• Drafting accurate and compliant policy language and developing quality contract mockups in a timely manner


• Ability to analyze competitor policy language


• Understanding of emerging risks and hazards impacting personal insurance


• Developing or modifying Rate and Rule manuals in accordance with Actuarial materials, Binding Guidelines, premium or coverage forms, required notices or disclosures, mock-ups with generating instructions for IT, and customer/producer/field correspondence for new or revised products


• Scheduling and facilitating policy review meetings with stakeholders


• Creating and maintaining accurate documentation and templates


• Collaborating with Legal to ensure that policy language complies with applicable laws and meets business objectives


• Collaboratively work with a variety of stakeholders, such as project managers, who may be involved in larger projects; Line of Business managers, to ensure product and appetite alignment; State Filings, to work with state departments of insurance; and IT to help inform business requirements; collaborate with IT and Underwriting on implementation/posting of approved contract modifications and endorsements, as needed 


• Respond to ad hoc business requests, including coverage questions, product analysis, reviewing communications for accuracy, ensuring alignment to strategies, and historical research on prior projects


• Document all work to meet internal compliance standards and achieve favorable audit results  

Competencies:

• Strong analytical and critical thinking skills.  Must pay thorough attention to details.


• A track record of working independently, managing competing priorities and meeting deadlines.


• Advanced oral and written communications skills. Written samples may be requested, or an editing test may be administered.


• Collaboration skills. Must have a demonstrated record of working with others to achieve business results.   


• Advanced Microsoft Office skills required including MS Word, Excel, and PDF. Experience with PowerPoint, Jive, xPression, or Sharepoint a plus

Education:

• Bachelor’s degree.  Advanced degrees in business or law a plus.


• Experience with product development role for an insurance company is preferred.  Personal lines experience a plus.

Chubb strives to offer a diverse and inclusive and rewarding work environment.  Teamwork and mutual respect are central to how Chubb operates, and we believe the best solutions draw upon diverse perspectives, experiences and skills.  We operate in such a way where everyone, regardless of their singular background has the opportunity to contribute to our collective success.