Attorney in Chicago, IL

In-House

Chicago, IL

Attorney in Chicago, IL

Non-practicing Attorney

7-10 yrs required

No

Product Analyst

Job Title: Product Analyst

Job Responsibilities:

The Product Analyst at the company will collaborate closely with the Accident & Health (A&H) underwriters to design, draft, and maintain policy forms and endorsements for both new and existing products. The primary objective is to ensure that the policy terms accurately reflect the underwriting intent and comply with state regulations. The role involves extensive collaboration with various stakeholders and functional areas, including underwriting, legal and compliance, actuarial, and claims departments. The Product Analyst will assist business units in ongoing efforts to ensure product forms are issued pursuant to approved filings and remain competitive. The successful candidate must demonstrate a comprehensive understanding of Accident & Health insurance form requirements, including leisure Travel, Pet insurance, and Employer Stop Loss. This role demands a high level of personal accountability, sharp analytical skills, and meticulous attention to detail.

Specific responsibilities include:

- Drafting policy forms efficiently to facilitate business objectives within established timelines.
- Assisting in the Product Development process for new products, product re-writes, and endorsements from inception to completion.
- Drafting language for new products and product enhancements.
- Analyzing and developing expertise in state-specific language requirements.
- Collaborating with A&H compliance/legal, underwriting, actuarial, claims, and operations staff to ensure products, product drafts, and amendments meet internal and state requirements.
- Creating and maintaining product issue instructions for the proper issuance of MGU (Managing General Underwriter) forms for approved products.
- Conducting research and providing competitive analysis on accident & health products and policy form language.
- Assisting in the review of product proposal output and marketing materials.
- Assisting with the maintenance of the forms library.
- Assisting in the delivery of products for filing submissions.
- Reviewing, responding to, and negotiating approval of form objections from state insurance departments during the filing submission process.
- Researching general subject matter requests as necessary using online resources, including insurance law applications and other available resources.
- Leading and managing projects related to form development and implementation.
- Tracking and reporting on the status of form-related projects.

Additional duties, responsibilities, and activities that are appropriate to the nature of this role may also be required.

Education and Experience Information:

The ideal candidate should possess the following qualifications and experiences:

- A Bachelor’s degree coupled with relevant Product Analyst experience is required.
- 7 to 10 years of prior Accident & Health insurance product drafting experience, preferably with supplemental A&H products.
- Ability to effectively draft policy wordings to facilitate business objectives.
- Ability to self-start tasks, lead, and manage projects related to form development and implementation.
- Familiarity with A&H state filing and regulatory requirements.
- Ability to quickly analyze complex problems and create timely solutions.
- Ability to collaborate with various teams/departments.
- Strong project management skills.
- Excellent oral and written communication skills.
- Proficiency with Microsoft Office Suite applications.

Preferred qualifications include a Juris Doctorate.

Role Factors:

- The role requires embracing a hybrid culture, with the expectation to be in the office three days per week.
- Much of the work involves using computers, analysis, and communication, necessitating comfort with prolonged screen time.

Salary Information:

For this position, the company expects to offer a base salary in the range of $85,000 to $115,000. The salary offer will be based on an assessment of various factors, including specific experience and work location. In addition to the base salary, the candidate will be offered competitive target incentive compensation, with awards based on overall corporate and individual performance. The benefits package includes comprehensive and competitive offerings such as medical plans for the candidate and their family, health and wellness programs, retirement plans, tuition reimbursement, paid vacation, and more.

Where this role is based in the United States, it is considered Exempt for FLSA purposes.