Product Compliance Specialist at Northwestern Mutual

Milwaukee, Wisconsin, United States

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Not SpecifiedCompensation

Junior (1 to 2 years), Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

Insurance, Financial ServicesIndustries

Requirements

Bachelor's degree with upper level course work in English and Mathematics
Excellent communication skills (both oral and written)
Strong analytical ability
Familiarity with NAIC model regulations and state statutes and regulations preferred
Willingness to attend industry meetings and foster relationships with regulators and peers at other companies in the insurance industry

Responsibilities

Participate in policy contract drafting teams and the regulatory approval process for assigned projects
Review company product marketing materials for compliance with state laws and regulations for assigned product lines
Respond to states' concerns on contracts, forms, rates, and marketing materials and negotiate for approval
Provide counsel to home office clients on correction and revision of contracts and forms to achieve compliance while staying within company practices
Participate in drafting teams for assigned projects to create insurance contracts and related company forms that match product specifications and comply with statutes and regulations in 51 jurisdictions
Provide counsel to client departments on state-mandated regulations and make recommendations for variations to forms
Negotiate and implement state-mandated changes, considering all contract and company impacts
Perform technical product review of marketing materials
Perform regulatory submission process for contracts, related forms, and marketing materials
Address states' concerns regarding new contracts, forms, and marketing materials and negotiate with state insurance departments for approval
Research regulations through various sources to adhere to state requirements and create state form variations
Confer with associates to determine whether variations will change meaning of contracts and forms, and work with associates and drafting team on questionable issues
Implement policy contracts and state variations, and communicate the variations to appropriate parties
Act as liaison with client departments on implementing variations to forms other than contractual forms
Keep abreast of proposed and adopted regulations for assigned product lines in 51 jurisdictions and implement all necessary changes to contracts and related company forms
Act as liaison between Actuarial and client departments on contract forms and compliance
Act as liaison between contract group and Systems personnel for complex technical issues related to contract and forms production
Prepare contract assembly instructions for System implementation and update existing instructions when changes warrant
Verify that all contracts coming through the New Business system are correct and complete prior to production

Skills

Regulatory Compliance

Insurance Products

Policy Contract Drafting

Marketing Materials Review

State Regulations

Negotiation

Project Management

Product Approval Process

Northwestern Mutual

Provides financial security services, and wealth management

About Northwestern Mutual

Northwestern Mutual offers personalized financial planning, life insurance, and investment services, leveraging leading-edge technology to manage over $125 billion in client assets for more than 4.5 million clients.

Milwaukee, WisconsinHeadquarters

1856Year Founded

N/ACompany Stage

Consulting, Fintech, Financial ServicesIndustries

10,001+Employees

Benefits

Growing your Career

Compensation & Time Off

Insurance plans

Health Savings Account

Wellness programs & resources

401(k) plan and cash balance contributions

Risks

Fintech platforms like Carefull challenge traditional financial advisory services.

Internal competition may arise from Wellthi's focus on the Black community.

Customer dissatisfaction may grow due to increased retirement age expectations.

Differentiation

Northwestern Mutual maintains the highest financial strength ratings in the industry.

The company launched 'The Great Realization' campaign to refocus customer priorities.

Northwestern Mutual offers a unique Long-Term Advantage product with life insurance benefits.

Upsides

The aging population increases demand for retirement planning and long-term care solutions.

Partnerships with tech firms enhance Northwestern Mutual's data analytics capabilities.

Digital transformation in insurance leads to more personalized customer experiences.

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