Product Counsel, North America

About the role

American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide financial security. We are seeking an experienced attorney to join the Product Underwriting Legal team as Product Counsel in the Global Legal, Compliance and Regulatory (GLCR) department at AIG. The Product Underwriting Legal team is comprised of attorneys, and other para-professionals, providing high quality advisory, transactional and regulatory support across AIG. This role will support projects that are time-sensitive, highly visible inside and outside of the company, and key to AIG's strategic business initiatives. This position ultimately reports to Head of Product Underwriting Legal within GLCR. The primary responsibility of the Product Counsel is to support the Lead Underwriting Counsel in developing market leading products through drafting and developing both new and updated standard proprietary AIG policies and endorsements. The role supports all product lines across the breadth of AIG; however, the non-exclusive focus will be on product Lines within North America. The role requires collaboration with other legal teams in GLCR, and with Underwriting, Claims, Actuarial, and Reinsurance colleagues. This is a high-profile role within our organization, on a team with evolving responsibilities, so there will be the opportunity to shape this role to support AIG's business needs.

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.
• Provide input to data science teams as an advisor on the design, development, and deployment of AI-enabled tools to assist with policy wording management and governance.

Requirements

• 5+ years of Product Counsel experience
• JD required
• Experience in Property and Casualty experience preferred.
• 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 proficien

Additional Information

Product Underwriting Legal - Product Counsel

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