Product Analyst

Description

Pharmacists Mutual Insurance has an opening for a Product Analyst. This role will analyze policy/coverage forms, rates and rule revisions in support of Company strategic initiatives. Initiates internal reviews to monitor profitability and competition.  Assists with the development of new products and product enhancements, expansion of existing businesses, or special products.  Partners with Underwriting, Distribution and Member Support, Legal, Compliance, Marketing, Claims and Finance to assure product modifications meet requirements of those departments. Assists business units with complex analytical projects, and identifies and addresses key business issues.  Prepares presentations for Executive Management of alternative and recommended product changes. Initiates Company implementation of required and selected revisions.

Product Analyst I

• Responsible for basic ratemaking and/or product duties.
• Manages small and medium sized projects and initiatives with direction and assistance.
• May train others on product development programs.

Product Analyst II

• Responsible for moderately complex ratemaking and/or product duties.
• Manages small, medium, and large sized projects and initiatives with minimal direction and assistance.
• Trains others on product development programs.

Essential Functions

Essential functions may include, but are not limited to the following:    

• Reviews advisory organization filings and assesses impact on PMIG.
• Researches industry trends, competitor products and pricing, niche markets, insurance regulations and statutes.
• Demonstrates a working understanding of rate adequacy analysis and/or policy coverage.  
• Develops advisory organization form, rate and rule change analyses for presentation to Executive Management.
• Develops Company proprietary form, rate and rule revisions.
• Demonstrates a working knowledge of data extraction, manipulation and analysis.
• Submits complete and accurate filings to state Departments of Insurance with minimal objections.
• Coordinates with IT to develop specifications to implement form, rate and rule projects.
• Monitors and assists in testing policy processing system revisions.
• Assists in developing and presenting revision training to internal users.
• Monitors effects of pricing revisions implemented.

Knowledge, Skills and Abilities

• Knowledge of PMIC products and pricing.
• Understand principles and practices of insurance underwriting.
• Interpret premium algorithms and coverage nuances.
• General understanding of insurance accounting and Company financial statements.
• Communicate effectively with others (oral and written).
• Analyze complex issues and make critical decisions.
• Maintain records, prepare reports and conduct correspondence related to the work.
• Interpret and apply laws, rules and regulations, as well as complex policy and contract coverage.
• Obtain and use sensitive information discreetly and objectively, both internal and external.
• Determine when to escalate concerns to the appropriate level of management.
• Follow oral and written directions.
• Correct English usage, spelling, grammar, vocabulary and punctuation.
• Work effectively with others in a team environment.
• Contribute effectively to the accomplishment of team or work unit goals, objectives and activities.
• Establish and maintain effective working relationships with those contacted in the course of work.
• Excellent customer service skills.
• Ability to organize and prioritize work.
• Work independently and demonstrate drive and initiative.
• Ability to handle multiple tasks at once.
• Meet definite deadlines and deal with pressure situations.
• Collect, interpret, and input data efficiently and accurately.
• Use computer and related software effectively.

Qualifications

Experience and Education Qualifications

Product Analyst I

• Associate’s degree or equivalent and 3 years of related experience; or

• Bachelor’s Degree

Product Analyst II

• Associate’s Degree or equivalent and 5 years of related experience; or

• Bachelor’s Degree and 3 years of related experience; or

• Master’s Degree

Work Environment

• Primary work environment is in a climate-controlled office setting

• Work may involve travel to attend meetings at other locations