The Product Development Analyst will support the Homeowners and Dwelling Fire products by evaluating new products, coverages, forms, and services. As the Product Analyst, you must have a team player mentality. In addition, project management, research, organizational, and analytical problem-solving skills are essential.
What will be my duties and responsibilities in this job? Ensure the integrity of existing products by serving as a team member on channel-driven product enhancement projects.
Assist in researching business ideas, market opportunities, or trends that lead to new product ideas. Assist to analyze the financial potential of new product ideas.
Understand ratemaking and product costs (direct and indirect) in analyzing future actions at a state level and rate-making exercises.
Define and develop new product features and market positioning based on customer needs and competitive environment.
Develop quality standards, administration, policy language, and pricing for new products.
Develop and present business plans and justification for new business opportunities/new products.
Support the direction of internal resources and vet external vendors for effective implementation of new products.
Analyze testing of new products and existing product enhancements to ensure the product maintains positioning and profitability.
Help ensure implementation/testing of new and existing products through internal training and selling new product ideas to sales force and client contact teams. Assist the client teams by attending client presentations as new product experts when necessary.
Support geographic-level reporting and analysis. Prepare maps, visual summaries, heat charts, exposure analysis, and other similar reports and analyses to understand product exposures and risk management at a granular geographic level.
Identify and confirm compliance with applicable regulations. Analyze, interpret, and communicate impact on existing products; develop rules and forms for new and revised coverages.
Prepare proprietary forms and filing notices to assist in accurate and timely submission of product filings.
What are the requirements needed for this position? A minimum of 1 year of experience in P&C insurance product development analysis capacity. Knowledge of Homeowner and Dwelling Fire product lines highly desired.
Level of knowledge ordinarily acquired through completion of a bachelor's degree or equivalent work experience in P&C insurance.
Strong planning, organizational, and analytic skills.
Proven proficiency utilizing Excel and Word.
What other skills/experience would be helpful to have? Bachelor's, master's degree or P&C Insurance Institute Designation ie. AINS, CPCU, ARM, etc. or license.
Must have some understanding of the Property Casualty Insurance Industry, such as coverages and products.
Knowledge of multiple aspects of business (finance, marketing, operations, HR, technology, legal, etc.). Requires an understanding of the Property Casualty Insurance Industry.
3 years of working in the Property & Casualty insurance industry.
Project management skills. In-depth analytical skills, including Excel software. Ability to analyze rates and policy language. Excellent listening and communication skills, including written and verbal. Strong decision-making ability.
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