The Personal Lines Product Analyst is responsible for assisting the Director of Personal Lines Products in the development of new personal automobile products, along with maintaining and enhancing existing products to achieve corporate profit and growth objectives. Assists in all areas of product management. This includes analysis of product results, along with recommendations that include pricing, underwriting, and process improvement. Utilizes market research data to identify, analyze, and evaluate markets, products or services that are potential areas for the company to enter. Also contributes to the development and execution of strategic plans for entry into new markets, or the development and introduction of new products and services.
Multiline focus on Personal Lines
Analyze product results including: loss ratio data; production; new business quality distributions; retention; comparative raters; and competitive data, Recommend appropriate actions needed in management of the Personal Lines book to maximize profit and growth, which would include rate needs, underwriting guidelines, agency management, and competitive data. Rate research is done in conjunction with actuarial reviews.
Projects and Product Change Implementation
Coordinates implementation of auto product rate and coverage changes with stakeholders. Coordinates Auto projects to ensure project components are completed timely. This includes reviewing business requirements, Underwriting Guidelines, state filings, IT implementations and rate/coverage changes. Communicate product or rate changes to the Business Analyst area, including for comparative rater review.
Research for State Plans
Completes research for state action plans and coordinated sales implementation. Ensures state plans include synergy between auto and property products as it relates to growing target market (e.g., provides cross sell runs/reports to sales managers and tracking results of efforts).
Assists in the preparation of auto production, profitability, and quality reports by state and program to present to leadership with special attention to loss ratio, trends, new business production and retention. Requests updates on reports to ensure needed information is available.
Training and Communications
Assists in training PL Underwriting, Customer Service Center, and Sales staff on product initiatives and changes. Identifies other training needs for continual improvement of department knowledge. Works on agency communication and training plans, including development of the associated documents, on product initiatives.
Research and evaluate effectiveness of new and existing vendor products for maximization of cost and utilization.
Undergraduate studies such as insurance, actuarial science, mathematics, risk management, economics, finance, accounting, business administration or related fields.
Insurance licenses or designations such as CPCU, ARM, CLU, FLMI, ChFC, CFP, NASD etc preferred.
Typically 6 or more years experience in personal lines insurance.
In-depth knowledge of personal lines of business, underwriting policies and best practices, and performance measurement techniques.
Knowledge of related pricing, marketing, insurance models/contracts, and financial analysis.
Excellent verbal and written communications skills necessary to effectively influence, present information, communicate with management, peers and agents.
Must be skilled in the use of Microsoft Excel and PowerPoint. Experience with analytical tools a plus
Ability to drive for results, deal with ambiguity, solve problems, learn on the fly, make decisions, see trends/patterns within regions.
Excellent project management skills.