Commercial Product Consultant
- Career Level
- Not Specified
Works with Business Insurance Division and corporate and regional teams to develop corporate responses to business insurance product challenges. Creates new forms and products and modifies existing forms and products in order to meet marketplace and regulatory demands and legal requirements.
Key Responsibilities :
1. Evaluate bureau and competitor products and lead the development of State Auto's response, considering loss cost implications, other development priorities and marketplace demand.
2. Create and draft proprietary policy forms and endorsements that respond appropriately to regulatory changes and can withstand legal scrutiny. Considers both loss cost implications and marketplace demand.
3. Assess the impact of case law, legislation and regulatory directives on State Auto's profit and growth potential, applying knowledge of each state's statutes, rules and regulations in order to conduct business without regulatory criticism.
4. Acts as technical resource and subject matter expert on loss exposure and insurance coverage issues. Consults with claims, underwriting, compliance and legal departments to resolve complex issues.
5. Archive past and current as well as pending industry standard forms, rates and rules.
6. Participate in product and technical coverage training for associates and agents.
Minimum Experience / Education:
- At least five years' commercial lines underwriting experience and a bachelor's degree, or a combination of education and experiences deemed the equivalent of a bachelor's degree.
- The candidate should have completed the Chartered Property Casualty Underwriter (CPCU) program or have a firm commitment to complete it within a reasonable time after assuming the BI Product Consultant position.
- Completion of the Associate in Commercial Underwriting (AU), Associate in Risk Management (ARM), Associate in Reinsurance (ARe) or other relevant industry coursework is preferred.
- Strong commercial property background (CP, IM, Crime).
- Preferred experience: Prior experience working with Guidewire
● Written: Advanced business writing skills are necessary in order to effectively draft insurance forms and contracts, prepare detailed written reports to management, draft formal letters to regulators, and create communications to company personnel, reinsurers, and agents.
● Oral: Strong oral communication skills are required in order effectively lead all aspects of product creation, conduct training sessions for both associates and agents, lead business meetings, and communicate with reinsurers and regulators.
Technical Knowledge: Superior insurance technical skills are required, including a deep understanding of commercial insurance coverage forms, loss exposures faced by State Auto's current and potential customers, and how exposure and coverage relate.
Problem Solving: Demonstrates a strong ability to assess changes in the legal, regulatory, and market environments. Leads the determination of our corporate response to such changes, and executes solutions that meet corporate profit and growth goals as well as comply with all legal and regulatory requirements.
State Auto offers a competitive salary, an annual bonus program, an excellent benefit program including medical, dental, vision and prescription insurance coverage, life insurance, matching 401(k) plan, flexible spending accounts, tuition assistance, and a stock purchase plan.
State Auto is committed to the principal of equal employment opportunity for all associates and applicants and to providing associates with a work environment that is free from discrimination and harassment. All employment decisions (hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation, training and work assignments) are based on business needs, job requirements and individual qualifications without regard to race, color, religion, gender, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, marital status, citizenship status, military status, or status as a covered veteran in accordance with applicable federal, state and local laws. State Auto will not tolerate discrimination or harassment based on any of these characteristics.
State Auto is a smoke-free work environment. We utilize drug screening and background checks as conditions of employment. For all exempt positions we also obtain motor vehicle reports (MVR s). State Auto will not accept candidates from third-party recruiters without a signed agreement with State Auto.