Product Development Business Partner

Found in: Jooble US O C2 - 2 weeks ago


Chicago IL, United States Munich Re Full time

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Munich Re Specialty Insurance (MRSI) provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients’ needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.

Munich Re Specialty Insurance (MRSI) is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSI, including licensing, regulatory-required, and other information on the operating companies, visit .

Future focused and always one step ahead

The Opportunity

This Product Development Business Partner role will support our US underwriting teams by drafting and amending policy coverage forms and Reinsurance contracts, and collaborating with claims and underwriting teams. This role reports to the Product Development Manager.

Responsibilities:

End-to-End development of new insurance products to support multiple business units and coverage lines, including General Liability (Casualty, Excess and Umbrella), Commercial Property, Management and Professional Liability. Develop and maintain coverage forms and endorsements needed to support new and existing products to meet industry developments and trends.

Review and/or draft Reinsurance contract wordings that meet business unit negotiated terms and comply with internal Guidelines and market standards. Provide guidance to Underwriters on reinsurance contract terms, conditions and coverages.

Remain apprised of U.S. case law, regulations, legal trends and emerging issues affecting insurance and reinsurance coverage matters.

Compare and analyze competitor insurance policies, providing a competitive edge, best-in-class products and deliberative underwriting.

Perform industry and regulatory research to support client needs and product compliance, and coordinate special projects to support strategic goals, as needed.

Provide thought leadership and product support to assigned business lines including analyzing industry trends, regulatory developments and product innovations.

Job Requirements:

Juris Doctor Degree from an accredited law school required.

10+ years advanced experience of products, concepts and procedures relating to re/insurance industry and product development from previous law firm or relevant insurance company experience in product development, claims or progressive underwriting experience.

Extensive knowledge of product development process and product knowledge based on previous law firm or relevant insurance experience in product development or claims in Standard, Specialty, Primary, Excess and Reinsurance lines of business, including sophisticated underwriting applications and techniques.

Strong command of general re/insurance product concepts, regulatory concepts, legal concepts, along with a strong collaborative, proactive and self-starter nature

Superior interpersonal, communication, and time management skills

Solid ability to contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

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