What are the responsibilities and job description for the Product Specialist (Commercial Lines) position at Old Republic Specialty Insurance Group?
Who We Are:
Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, we are a leader in underwriting and risk management services for business partners across the United States and Canada. Our specialized operating companies are experts in their fields, enabling us to provide tailored solutions that set us apart.
Position Overview:
The Product Development Specialist plays a key role in developing commercial insurance products and negotiating their approval with the State Departments of Insurance.
This role is crucial in ensuring that commercial insurance policies, coverage parts, state amendatories, endorsements and applications are designed with the right underwriting intent and in a compliant manner.
The ideal candidate will have prior experience in drafting wording on commercial insurance products as well as preparing and submitting form, rate and rule filings to the State Departments of Insurance. In addition, prior experience in reviewing, analyzing and summarizing insurance laws, rules and regulations is key to ensure product compliance both during the product development process and during the state filing process.
Essential Job Functions:
- Draft policy wordings, endorsements and applications for one or more of the following commercial insurance products: Commercial Auto (including captive and large deductible), General Liability, Workers Compensation, Excess Workers Compensation, NCCI Products.
- Work with Business Units to create or revise rating plans and usage rules.
- Provide product development support concurrently for multiple products.
- Research competitor insurance products and create product comparisons as necessary.
- Prepare and submit SERFF form, rate, rule filings to the State Departments of Insurance concurrently for multiple insurance products and draft responses to state objections.
- Review and analyze ISO and NCCI circular bulletins to determine and implement product changes in a timely manner.
- Analyze and summarize insurance laws, rules and regulations to ensure commercial insurance products comply with all applicable state and federal requirements.
- Participate in the implementation of policy forms and rates.
- Actively participate in fostering a culture of continuous improvement and innovation, encouraging collaboration and teamwork across departments.
- Handle additional tasks or projects as assigned.
Qualifications:
- Bachelor’s degree in Business Administration, Insurance or related field.
- At least 3 years prior experience in drafting language for commercial insurance forms.
- Prior experience in preparing and submitting form, rate, rule filings to the State Departments of Insurance.
- At least 3 years experience in reviewing, analyzing and summarizing insurance laws and regulations.
- Prior experience working with insurance related applications such as PK1Cloud (formerly statefilings.com), ISO and NCCI is a plus.
ORI is an Equal Opportunity Employer. ORI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.