Product Development Analyst
The Product Development Analyst will support the Homeowner's (Ho3) team by owning key states' filings and evaluating new products, endorsements, and services within the product pipeline. As the Product Analyst, you will be required to have a team player mentality. In addition, strong communication skills, project management, research, organizational, and analytical problem-solving skills are essential.
What will be my duties and responsibilities in this job?
Ensure 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 in an effort to analyze the financial potential of new product ideas.
Understand rate-making 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 need 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 direction of internal resources and vetting 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.
Keep up with the latest industry and consumer trends by attending educational workshops, reviewing professional publications, Internet research, establishing personal networks, and/or participating in professional societies.
Help ensure implementation/testing of new and existing products through internal training and selling of new product ideas to sales force and client contact teams. Assist the client teams by attending client presentations as new product experts when necessary.
Provide new thought direction and expertise to channels and client teams by attending brainstorming sessions for marketing, product enhancements or new product ideas.
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.
What are the requirements needed for this position?
A minimum of 1 year experience in an insurance product development analysis capacity.
Level of knowledge ordinarily acquired through completion of a bachelor’s degree or equivalent work experience.
Strong planning, organizational, and analyzing skills.
Proven proficiency utilizing Excel.
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.
Pay Range:$60,700.00 - $101,100.00
Any posted pay range considers a wide range of compensation factors, including candidate background, experience and work location, while also allowing for salary growth within the position.
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