What are the responsibilities and job description for the Product Forms & Compliance Intern position at First Chicago Insurance Company (FCIC)?
The Product & Actuarial Analysis Department designs, develops and launches new products and product enhancements that drive profitable growth, improve product efficiencies, and delivers return on investment through our distribution channels.
As a Product Forms & Compliance Intern, you will gain hands-on experience supporting the Product team by assisting in cross-functional initiatives that design, develop, and implement new product offerings and revisions to existing products. Under the guidance of experienced team members, the individual in this position will assist in the creation and maintenance of policy forms while developing foundational knowledge of the insurance industry.
DUTIES & RESPONSIBILITIES:
- Assist in planning and contributing to entry-level projects under the direction of senior team members
- Assist in researching, developing, and maintaining coverage forms, endorsements, and manuals needed to support existing products
- Review daily releases regarding changes to regulations and market alerts for potential impact to our products and flag relevant items to senior team members for review
- Contribute to and help maintain the department forms repository
- Conduct research and assist with basic market analysis, providing observations on target markets to the team
- Support the review of competitor product features and contract languages
- Within department, support the creation of form filings for submission to the departments of insurance to satisfy state regulatory requirements, and assist with drafting objection responses under senior guidance
- Develop knowledge of assigned form filings and enhancements, and assist team members with related inquiries as familiarity grows
- Collaborate with IT to support system changes and enhancements and assist in verifying that changes were implemented correctly
- Participate in the observation and evaluation of internal/external processes and procedures
- Build strong relationships among team members, ensuring cooperation on project objectives
- Assist with special ad hoc projects, analysis, and reporting as assigned
- Report to the Associate Forms & Product Manager
Intern will be exposed to a wide variety of insurance products which may include Non-Standard Auto, Standard/Preferred Auto, Commercial Auto, Public Transportation, and Artisan General Liability.
QUALIFICATIONS:
- Currently pursuing or recently completed a Bachelor's degree, preferably in Business, Finance, Risk Management, English, or a related field
- No prior insurance experience required; exposure to P&C Insurance concepts is a plus
- Excellent verbal and written communication skills
- Proficiency in Microsoft Word and Excel
- Strong attention to detail
- Ability to adapt to different or changing situations, requirements, or priorities
- Eagerness to proactively identify questions or issues and bring them to a supervisor's attention in a timely manner
- Basic quantitative, organizational, and time management skills with a willingness to learn and grow
- Ability to work both independently and collaboratively within a team environment
- Must be able to work in U.S. without sponsorship
Salary : $18 - $20