Insurance Product Development Specialist at American Agricultural Insurance Company – Schaumburg, Illinois
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About This Position
AmericanAg®, a global provider of diversified reinsurance solutions, is seeking a Property & Casualty Insurance Product Development Specialist to work out of our office in Schaumburg, Illinois. This is a hybrid position, with the expectation of working in the office a minimum of three days a week.
Our Research & Product Development team studies emerging risks, analyzes market trends and products of our primary insurance carrier clients’ competitors, and translates those insights into practical, market-ready insurance solutions. A core component of this work is the development and maintenance of the coverage forms and endorsements that support the comprehensive, end-to-end products relied upon by our primary insurance carrier clients.
This role is heavily focused on forms drafting, policy language development, and analyzing P&C insurance policy forms and endorsements. If you are an innovative thinker with experience developing policy language, coverage research, and drafting insurance forms, this role might be a good fit for your.
We are looking for someone who enjoys solving complex coverage questions and collaborating across departments to turn research into actionable solutions.
Key Responsibilities:
- Draft, revise, and maintain policy language, including coverage forms and endorsements, and developing manuscript language to address emerging risks to improve clarity, drive growth, and increase market competitiveness
- Analyze and compare competitor products, including comparison to ISO forms, manuscript endorsements, and policy language to identify coverage gaps and opportunities
- Collaborate with Underwriting, Actuarial, Claims, and Legal to ensure alignment of policy language, coverage intent, and regulatory compliance
- Conduct market research and competitor benchmarking to identify emerging trends, coverage gaps, new product opportunities, and product innovations
- Develop and prepare business use cases and product proposals for new offerings and enhancements
- Participate in underwriting file reviews of our primary insurance carrier clients to evaluate forms and endorsements and ensure alignment with treaty language
- Analyze datasets related to policy, claims, and customer demographics to generate insights that support product performance
- Build and maintain reports and dashboards to track key product KPIs (e.g., loss ratios, customer retention, and profitability)
What You Will Bring To This Role:
- Bachelor’s degree or equivalent experience
- 5+ years of experience drafting or revising P&C insurance forms, endorsements, or policy language
- Experience in forms drafting, including development of endorsements and coverage forms; familiarity with ISO forms and manuscript wording strongly preferred.
- Strong understanding of P&C insurance product development, coverage structures, and policy construction
- Excellent written and verbal communication skills, along with the ability to manage projects effectively across all levels at the company
- Strong research, analytical, and problem-solving skills and the ability to translate findings into clear, actionable recommendations
- Proficiency with Microsoft Office products, particularly Excel and PowerBI
- Professional designations such as CPCU or ARe preferred
The expected starting salary range for this position is between $100,000-$130,000. Applicable salary ranges may differ across markets. Actual pay will be determined based on experience and other job-related factors permitted by law. This position is also eligible for an annual bonus. For information regarding our benefits, please click here.
We do not sponsor employment visas and are unable to take over an employment visa from another employer. Applicants must be authorized to work in the U.S. for ANY employer without the need for employment visa sponsorship.
Who We Are
Since 1948, AmericanAg® has provided reinsurance services that promote the financial strength and success of its clients. We are a direct provider of reinsurance to farm bureau insurance companies and also participate in assumed U.S. and international reinsurance programs through the broker marketplace.
Reasons to Consider AmericanAg®: At AmericanAg®, you’ll work alongside a diverse team of highly educated and experienced professionals. We foster a dynamic culture where innovative ideas are championed and brought to life and where employees are appreciated, engaged, and encouraged to reach their full potential. AmericanAg® participates in E-Verify. Learn more about applicant rights under Federal Employment Laws.
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Job Location
Job Location
This job is located in the Schaumburg, Illinois, 60173, United States region.