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Product Underwriting Legal – Product Counsel

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American International Group (AIG)

Sep 11

  • Job
    Full-time
    Senior Level
  • Legal
  • London
  • Quick Apply

AI generated summary

  • You must have a legal degree, relevant qualifications, experience in insurance law, strong communication skills, problem-solving ability, attention to detail, and proficiency in Microsoft Office and legal research tools.
  • You will draft and update AIG products, support compliance, advise on policy wording, identify trends, train staff, and liaise with stakeholders on endorsements and product development.

Requirements

  • - Legal degree and current legal qualification/licenses required
  • - Demonstrated experience advising senior business partners/clients on complex insurance wording, coverage, and related insurance transactional matters within aggressive timeframes
  • - Proven ability to work in a team environment to successfully achieve goals
  • - Strong ability to prioritize projects, respond promptly in an appropriate manner and deliver with excellence in a high pace environment
  • - Exceptional oral and written communicator with the ability to distill complex topics and issues into to relatable and easy to understand concepts for non-lawyers
  • - Driven problem solver with demonstrated success in proactively addressing internal and external client needs with fit for purpose solutions in a timely fashion
  • - Very detail oriented and focused on developing thorough documentation to support sustainable processes and practices
  • - Avid curiosity and eagerness to learn from experiences and new situations
  • - Advanced proficiency in Microsoft Office tools and legal research databases

Responsibilities

  • Draft and develop both new and updated standard proprietary AIG products, policies, and endorsements.
  • Support Compliance and Regulatory Filings to obtain required approvals, where necessary.
  • Support the Lead Underwriting Counsel in providing advice to the office of the CUO in adopting new and updated policies and endorsements and work with appropriate parties to effectuate the transition.
  • Develop AIG policies and endorsements based on broker and other insurers’ forms, to address client-specific exposures and to promote the use of AIG preferred wordings in policy placements.
  • Work closely with GLCR colleagues to address legal, regulatory and compliance issues of all types related to product development and policy wordings.
  • Provide advice and insights with respect to policies and endorsements used by other market participants.
  • Ensure underwriting intent is reflected by utilizing clear and unambiguous policy and endorsement wording.
  • Work with other areas in AIG, such as Claims, Actuarial, and the Coverage Litigation team, to identify exposure trends relative to policy and endorsement wordings and to appropriately address the trends in policies and endorsements standard language.
  • Drive remediation of existing policies and endorsements, identifying those that should be retired, updated, or replaced.
  • Act as a liaison coordinating and driving policy and endorsement wording drafting and discussions with line of business leaders, chief product underwriters, senior claims executives and other internal and external stakeholders.
  • Support the population and maintenance of a comprehensive policy and endorsement repository.
  • Support the Lead Underwriting Counsel in providing advice to the office of the CUO on the development of guidelines and authorities to facilitate comprehensive product and wordings governance.
  • Provide policy and endorsement training for AIG underwriting staff, giving direction and insight on wording and usage.

FAQs

What is the main responsibility of the Product Counsel at AIG?

The main responsibility of the Product Counsel is to support the Lead Underwriting Counsel in drafting and developing new and updated standard proprietary AIG products, policies, and endorsements.

What qualifications are required for this position?

A legal degree and current legal qualification/licenses are required, along with demonstrated experience advising on complex insurance wording and transactional matters.

Who does the Product Counsel report to?

The Product Counsel ultimately reports to the Global Head of Underwriting and Reinsurance Legal within AIG’s legal department.

What types of projects will the Product Counsel support?

The Product Counsel will support time-sensitive, highly visible projects that are key to AIG’s strategic business initiatives.

Will collaboration with other departments be necessary?

Yes, the role requires collaboration with various teams, including the North America and International Insurance line of business legal teams, Underwriting, Claims, Actuarial, and Reinsurance colleagues.

What skills are essential for success in the Product Counsel role?

Essential skills include strong communication abilities, problem-solving skills, attention to detail, and the ability to prioritize projects and work in a team environment.

Is travel required for this position?

No, the estimated travel percentage for this role is 0%.

What is AIG's approach to diversity and inclusion?

AIG is committed to creating a culture that respects and celebrates talents, backgrounds, and goals through flexible work arrangements, cultural awareness activities, and Employee Resource Groups.

Does AIG provide accommodations for applicants with disabilities?

Yes, AIG is committed to working with and providing reasonable accommodations to job applicants and employees with disabilities.

What kind of benefits does AIG offer its employees?

AIG offers a comprehensive Total Rewards Program that includes benefits focused on health, wellbeing, financial security, and professional development.

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American International Group (AIG)

Finance
Industry
10,001+
Employees
1919
Founded Year

Mission & Purpose

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies offer insurance solutions that help businesses and individuals in approximately 70 countries and jurisdictions protect their assets and manage risks. AIG common stock is listed on the New York Stock Exchange. AIG is the marketing name for the worldwide property-casualty and general insurance operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Benefits

  • Physical and Mental Health benefits

  • Market-aligned base pay

  • Equitable incentive compensation

  • Life and disability insurance options