Sr Product Analyst
- Career Level
- Experienced (Non-Manager)
The Senior Product Analyst leads the development and implementation of insurance products for personal, commercial and farm lines of business. Additionally, the Senior Product Analyst will actively participate in market analysis and agency web desktop development while leading the regulatory and compliance activities related to the assigned products.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Maintain expertise to respond as an internal resource of product research & development, competitive market analysis, demographics and financial impact analysis for assigned products.
- Participate in product research & development, competitive market analysis, review of demographics and financial impact analysis.
- Collaborate with all company departments (Underwriting, Information Technology, Marketing, et al.) in management of the product lifecycle.
- Maintenance of forms repository.
- Review, analyze, develop and modify insurance products and rules. This includes evaluation of competitive products, review and analysis of bureau information (ISO circulars) and preparation & submitting of filings to state insurance departments. Has the authority to recommend new insurance products and modifications to existing products.
- Provides information to IT regarding changes that affect web and policy-processing systems.
- Review, prepare and maintain product related items (policy forms, rate & rule manuals, policy applications, agency notices, policyholder notices, worksheets and underwriting guidelines).
- Ensure company compliance with state regulations for rule, rate and form filings. This includes submitting state product filings for approval on new and modified insurance products in coordination with Actuarial Analysts.
- Maintain company compliance documentation and keep company personnel informed of changes to regulations, requirements, forms, coverages.
- Lead in agency web desktop development for assigned products.
- Work with Actuarial Analyst on pricing-related projects.
- Provide support to Underwriting and Claims staff regarding coverage interpretations. Seeks input from these areas regarding the development of new products and changes to existing products.
SUPERVISORY RESPONSIBILITIES - None.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required.
EDUCATION AND/OR EXPERIENCE:
College degree or equivalent business experience.
5-7 years of Product Development, Underwriting or Claims experience.
Extensive knowledge of coverage forms, endorsements, rules and rating procedures.
Experience with state Insurance Department regulatory process preferred.
Advanced insurance education preferred (ex: INS, CPCU, etc…).
Job related courses and seminars are encouraged.
Preparation & submitting of filings to state insurance departments (preferred)
Advanced skills to interpret and revise complicated insurance contracts and to design and revise rate and rule manuals.
Ability to communicate effectively (both verbally & in writing) with various audiences including programmers, technicians, insurance department personnel, underwriters, claims and marketing staff, agents, insured’s and management.
Ability to understand rating & statistical algorithms including the interaction of the various factors and relativities that are applied.
Understanding of business & insurance ratios and ability to communicate the impact of business decisions upon those ratios.
Ability to understand and communicate complex insurance contract language and concepts.
Analytical thinking & problem solving capabilities.
OTHER DESIRABLE SKILL SETS:
Active listening & interviewing
Networking & relationship building
Project planning & management
Understanding underwriting appetite and exposure
Attention to detail
Microsoft Office - Especially Word as well as Access, Excel and PowerPoint
The physical demands described herein are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The employee is required to sit at a workstation to perform PC duties and other work. Standing to utilize other office equipment such as scanners, copiers, fax machines is also required. While performing the duties of this job, the employee is regularly required to sit, speak, walk, reach with hands and arms, stand and hear.
Periodic travel may be required entailing extended periods of time sitting in a vehicle.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.
This position is involved with all Strategic Development personnel and their activities associated with product development, compliance, state expansion and web agency desktop support. This position will be provided a work cubicle or an individual work area with the necessary equipment to perform the assigned duties.
Must be able to work independently and with others. Most projects require adherence to strict timelines. Many projects directly impact the financial results of the company. Attention to detail is critical.
The environment is quiet with interaction with others in the department, management and other company staff. Moderate noise level from telephone calls is expected.
Potential for limited travel to agent’s offices and various State Insurance Departments.
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