New Job Opening: Product Specialist (Commercial Lines) in Chicago, IL

Job Description

Product Specialist (Commercial Lines)

Job Summary

Our client is seeking a highly skilled and detail-oriented Product Specialist (Commercial Lines) to join their Regulatory Compliance Services team. This individual will play a key role in commercial insurance product development, regulatory compliance, form drafting, and state filings. The ideal candidate will have 5+ years of commercial insurance product development experience, with a strong focus on Workers' Compensation, as well as experience supporting General Liability and Commercial Auto products. This position requires hands-on experience drafting policy forms, endorsements, and state amendatories; preparing and managing regulatory filings; and ensuring compliance with state insurance regulations.   

Responsibilities

As a Product Specialist, your key responsibilities will include:

• Drafting policy wordings, endorsements, and applications for commercial insurance products, including Commercial Auto, General Liability, Workers Compensation, Excess Workers Compensation, and NCCI Products.


• Collaborating with business units to create or revise rating plans and usage rules.


• Providing product development support for multiple products simultaneously.


• Conducting research on competitor insurance products and creating product comparisons as needed.


• Preparing and submitting SERFF form, rate, and rule filings to State Departments of Insurance for multiple insurance products, and drafting responses to state objections.


• Reviewing and analyzing ISO and NCCI circular bulletins to implement product changes in a timely manner.


• Analyzing and summarizing insurance laws, rules, and regulations to ensure compliance with state and federal requirements.


• Participating in the implementation of policy forms and rates.


• Fostering a culture of continuous improvement, collaboration, and innovation across departments.


• Handling additional tasks or projects as assigned.

Required Experience:

• 5+ years of Workers' Compensation product development experience


• Experience with Workers' Compensation, General Liability, and Commercial Auto products


• Drafting insurance forms, endorsements, and policy language


• Preparing and submitting SERFF filings and responding to state objections


• Monitoring and analyzing NCCI updates, loss cost filings, regulatory changes, and ISO circulars


• Reviewing and interpreting insurance laws, regulations, and bureau filings to ensure product compliance


• Collaborating with underwriting, compliance, legal, and operational teams to support product development initiatives

Compensation Package

• Salary Range from $100,000 to $130,000 Annually


• Medical/Dental/Vision – effective 1^st day of the following month


• 22 PTO days (No sick bank)


• 11 paid holidays


• 401 (k) w/6% match


• Professional development opportunities.

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