Assistant Vice President, Regulatory Compliance ...

Job Title: Assistant Vice President, Regulatory Compliance ServicesJob Location: Chicago, ILOffice Schedule: Hybrid, 3 days in-officeDepartment: Regulatory Compliance ServicesSupervisor: Vice President, Regulatory Compliance ServicesWho We Are:Old Republic International Corporation (ORI), which traces its beginning to 1923, is a Fortune 500 company and one of the nation's 50 largest shareholder-owned insurance organizations. Our subsidiaries actively market, underwrite and provide risk management services for a wide variety of coverages, mostly in the general and title insurance fields.Our Mission is to provide quality insurance security and related services to businesses, individuals and public institutions, and be a dependable long-term steward of the trust that policyholders, shareholders and other important stakeholders place in us.Position Overview:The AVP Regulatory Compliance Services will lead the implementation of products, enhancement, and maintenance of insurance products. This role will oversee state filings and manage relationships with the Old Republic Specialty Insurance Group's Chicago based insurance companies, subsidiary operation centers, and any other third-party partners such as brokers, agents, Managing General Underwriters (MGUs), and Managing General Agents (MGAs). The AVP Regulatory Compliance Services will collaborate with internal stakeholders to help ensure that products are compliant with regulatory requirements, competitive in the market and responsive to associated distribution channel partners.Essential Job Functions:Product Development:Oversee and help ensure compliance throughout the product development lifecycle, from initial concept to market launch.Oversee the enhancement and refinement of existing insurance products to adhere to regulatory changes.Regulatory Filings:Direct the preparation, submission, and tracking of state regulatory filings for new and existing insurance products.Help ensure all products meet state and federal regulations, working closely with the stakeholders, legal and regulators.Liaise with state regulatory authorities and represent the company in discussions related to filings.Monitor and respond to changes in insurance regulations that could impact product offerings or marketability.Third-Party Management:Support in the negotiation of contracts and service agreements, to help ensure third-party partners comply with company standards and regulatory requirements.Oversee the appointment and performance of third-party partners to help ensure they align with the company's objectives and customer needs.Help ensure that brokers, agents, and other partners have the tools, support, and knowledge necessary to effectively represent and sell company products.Process Improvements:Identify and Analyze Inefficiencies: Lead initiatives to identify, evaluate, and analyze current business processes, systems, and workflows to detect inefficiencies, bottlenecks, or areas for improvement.Implement Process Improvement Strategies: Design, develop, and implement process improvement strategies that align with organizational goals.Drive Continuous Improvement Culture: Foster a culture of continuous improvement within the team by encouraging innovation, accountability, and the proactive identification of opportunities for optimization.Cross-functional Collaboration: Collaborate with cross-functional teams to streamline processes and implement best practices that enhance productivity, reduce costs, and improve service quality across departments.Monitor and Measure Process Performance: Establish KPIs and performance metrics to monitor the effectiveness of new processes, ensuring alignment with organizational goals and identifying areas for further enhancement.Lead Change Management Efforts: Act as a change agent to help ensure the successful adoption of process improvements by coaching, training, and supporting employees through the transition to new processes.Technology and Automation Integration: Evaluate and integrate technology solutions to automate manual processes, improving operational efficiency and reducing errors or redundancies.Resource Allocation and Optimization: Analyze resource utilization and implement process changes that optimize resource allocation, improving efficiency and reducing operational costs.Risk Mitigation and Compliance: Help ensure that process improvements comply with regulatory requirements and industry standards while identifying and mitigating potential risks associated with process changes.Mentor and Develop Team in Process Excellence: Mentor and develop team members on process improvement techniques, empowering them to identify and lead process improvement initiatives within their functional areas.Leadership and Team Management:Provide strategic direction and leadership to the product development and filings teams.Foster a culture of continuous improvement and innovation, encouraging collaboration and teamwork across departments.Mentor and develop team members, setting clear goals and performance metrics.Lead cross-functional project teams to help ensure timely delivery of product initiatives.Qualifications:Bachelor's degree in business, Insurance, Risk Management, or a related field or equivalent professional experience.Minimum of 7-10 years of experience in insurance product development, regulatory filings, appointments, and third-party partner management.Strong understanding of insurance products, regulatory environments, and state filing processes.Proven leadership experience in managing cross-functional teams and projects.Excellent interpersonal, negotiation, and communication skills.Experience working with brokers, agents, MGUs, MGAs, and other third-party partners.Ability to work effectively in a fast-paced, dynamic environment with multiple priorities.Proven ability to work effectively in a highly matrixed organization, managing diverse operating entities.Preferred Skills:Advanced knowledge of state insurance regulations and NAIC guidelines.Strong analytical skills with the ability to interpret and apply regulations to product development.Familiarity with policy administration systems and tools used in product filings.Experience with digital insurance platforms and distribution channels.ORI is an Equal Opportunity Employer. ORI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

Created: 2025-01-26