What are the responsibilities and job description for the Commercial Lines Product Development Professional position at Westfield Insurance?
Job Description
The Product Development Professional is responsible for providing support to the Product Development Senior Professionals throughout the product development lifecycle, including maintenance and implementation. The role ensures that the intended rate, underwriting philosophy, and compliance regulations are followed on a state-by-state basis. The role utilizes insurance knowledge to develop and communicate rate and rule/form change specifications within a delivery environment, collaborating with IT teams to prioritize changes in accordance with the rate and rule/form change schedule. The role is also responsible for ensuring that quality solutions for key individual errors/defects are delivered on time. In addition, the role maintains forms and product templates for mandated language to be used globally and respond to ad-hoc business requests, such as coverage questions, product analysis, reviewing communications for accuracy, and conducting historical research on prior projects, while ensuring alignment to strategies.
Responsibilities
Hybrid defined as three or more days per week in the office.
Behavioral Competencies
Founded in 1848, Westfield is a global leader in property and casualty insurance, delivering superior risk insights and innovative solutions to customers through a diverse portfolio of insurance products. Westfield underwrites commercial, personal, surety, and specialty lines of coverage through a network of leading independent agents and brokers in the United States and specialty products through Lloyd’s of London Syndicate 1200. As a mutual insurance company with more than 3,000 employees, Westfield has revenues in excess of $4 billion and more than $10 billion in assets.
Equal Opportunity Employer
Westfield celebrates diversity and is committed to inclusion. All qualified applicants receive consideration for employment without regard to race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, or status as a protected veteran.
The Product Development Professional is responsible for providing support to the Product Development Senior Professionals throughout the product development lifecycle, including maintenance and implementation. The role ensures that the intended rate, underwriting philosophy, and compliance regulations are followed on a state-by-state basis. The role utilizes insurance knowledge to develop and communicate rate and rule/form change specifications within a delivery environment, collaborating with IT teams to prioritize changes in accordance with the rate and rule/form change schedule. The role is also responsible for ensuring that quality solutions for key individual errors/defects are delivered on time. In addition, the role maintains forms and product templates for mandated language to be used globally and respond to ad-hoc business requests, such as coverage questions, product analysis, reviewing communications for accuracy, and conducting historical research on prior projects, while ensuring alignment to strategies.
Responsibilities
- Acts as a liaison between business, actuarial and IT by communicating acceptance criteria for rate and product changes.
- Ensures proper communication and documentation of change specifications and has final sign-off authority for acceptance criteria Supports product maintenance and implementation activities for insurance products to adhere to underwriting philosophy and compliance regulations on a state-by-state basis.
- Assists Product Development Senior Professionals with multi-state implementation of rule or form changes based on the rate and rule or form change schedule.
- Supports the IT Delivery team to ensure timely delivery of quality solutions for key individual errors or defects within stated SLA’s.
- Collaborates with stakeholders to ensure accurate and timely completion of internal and external communications, policyholder listings, return premium checks, and mailing process within the production error process.
- Manages the collection, development, analysis, documentation, and communication of acceptance criteria.
- Assists with maximizing market opportunities to achieve targets and maximize financial efficiency through proactive management of all channels.
- Assists the Product Development Senior Professionals with the product development life cycle (e.g. the development of new coverages, enhancements to existing coverages etc.) by making recommendations for appropriate action, preparing form, rate and rule materials for filing and implementing approved product changes.
- Serves as a product subject matter expert for assigned line(s) of business on projects.
- Ensures proper communication and documentation of change specifications and has authority for final sign-off of acceptance criteria.
- Performs initial screening of industry circulars/bulletins and determines what actions are necessary and makes recommendations to Product Development Senior Professionals.
- Ensures that collaborating departments (IT, Actuarial, Learning & Development, Claims and Statistical Reporting) are well informed of changes and are included in timelines.
- Monitors and tracks industry news and practices from a product perspective to identify trends to potentially act on.
- 0-3 years of experience in Product Development, Insurance industry or a related field.
- Bachelor's degree in Business or a related field and/or commensurate work experience.
Hybrid defined as three or more days per week in the office.
Behavioral Competencies
- Collaborates
- Communicates Effectively
- Customer Focus
- Decision Quality
- Nimble Learning
Founded in 1848, Westfield is a global leader in property and casualty insurance, delivering superior risk insights and innovative solutions to customers through a diverse portfolio of insurance products. Westfield underwrites commercial, personal, surety, and specialty lines of coverage through a network of leading independent agents and brokers in the United States and specialty products through Lloyd’s of London Syndicate 1200. As a mutual insurance company with more than 3,000 employees, Westfield has revenues in excess of $4 billion and more than $10 billion in assets.
Equal Opportunity Employer
Westfield celebrates diversity and is committed to inclusion. All qualified applicants receive consideration for employment without regard to race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, or status as a protected veteran.
