What are the responsibilities and job description for the Senior Product Specialist - Workers Compensation position at PMA Companies?
The Senior Product Specialist - Workers Compensation manages large or complex changes to existing products, develops new or enhanced products, maintains all loss-sensitive products, and provides advanced technical support to Products Specialists, Underwriting, Underwriting Operations, program managers, Claim, Legal and Actuary. The Senior Product Specialist supports the transformation of policy administration systems by acting as a subject matter expert for the line of business. The Senior Product Specialist may also be responsible for providing similar support for affiliated Old Republic International companies.
Responsibilities include :
- Review Circulars and notices published by NCCI, independent rating bureaus, state Departments of Insurance and other state entities. Evaluate large or complex updates to rates, rules and forms and present recommendations to the Product Manager.
- Conduct periodic analysis of PMA and competitor loss cost multipliers.
- Engage with Underwriting, Distribution and brokers to identify target markets and any unmet needs of those markets.
- Evaluate products offered by key competitors.
- Develop proprietary rates, rules and forms that meet the needs of target markets.
- Implement new and amended products in a timely fashion, including securing regulatory approval, updating policy administration systems, notices and associated processes, and communicating changes to Underwriting, Underwriting Operations and affiliated ORI companies.
- Support the transformation of policy administration systems by acting as a subject matter expert for the line of business.
- Assist the Product Manager with development of go to market strategies and point of sale marketing materials.
- Respond to inquiries regard coverage interpretation, loss-sensitive products and alternative rating options.
- Publish and maintain product guidelines.
- Research emerging issues and develop responses.
- Assist Underwriting with the development of underwriting guidelines and tools.
- Create and maintain internal reference materials.
- Develop training materials and conduct training sessions.
- Coordinate with third-party entities, as assigned.
- Complete research.
- Proficient at reviewing bureau Circulars, preparing filings and securing regulatory approval.
- Advanced understanding of all coverage forms, rules and rating plans published by NCCI and independent rating bureaus.
- Advanced understanding of alternative rating rules, including large deductible, retrospectively rated programs, consent to rate, deregulation and NY Free Trade Zone.
- Proficient at drafting proprietary forms and rules.
- Working knowledge of competitor products
- Able to manually rate all rating plans.
- Able to construct loss-sensitive policies.
- Proficient at applying proprietary pricing models.
- Strong organizational skills demonstrated by the ability to manage multiple priorities and complete all objectives in a timely and accurate manner.
- Skilled at writing clear and concise technical reference materials.
- Skilled at collaborating with others, internally and externally.
- Skilled at completing research and presenting findings in a clear and concise manner.
- Skilled at providing technical training.
- Able to present to large groups and senior executives.
- Proficient in algebra
- Proficient with Microsoft Word, Excel, Outlook, Teams, Adobe Acrobat and Verisk Mozart.
- Proficient with NCCI online tools.
- Able to work on a hybrid schedule, including periodic travel to home office.
- Able to travel.
