Monster
 
 
 
 

Job Summary

Company
The Commerce Group, Inc.
Location
Webster, MA 01570
Industries
Insurance
Job Type
Full Time
Employee
Years of Experience
2+ to 5 Years
Education Level
Bachelor's Degree
Career Level
Experienced (Non-Manager)
Salary
50,500.00 - 78,300.00 USD /year

Product Analyst, U/W

About the Job


















Job Summary
Performs research and development activities. Develops policy forms and rating manuals. Tracks competitive product and rate activity, including analyzing the products and programs of other insurers. Develops recommendations to management to ensure Commerce programs remain competitive and profitable. Develops and documents underwriting guides and manuals. Prepares/submits rules, rates and/or forms filings to the Insurance Department.
Knowledge, Skills and Abilities
Education: Bachelor's Degree or professional level of knowledge in a specialized field, or equivalent, related experience.
Experience: 2 - 4 years - or Associates Degree equivalent plus 4 - 6 years.
Knowledge: Complete understanding and knowledge of industry practices, standards, and concepts within field of work. Applies them to perform or lead work requiring extensive analytical business skills.
Decision Making: Makes decisions using broad management limits. Applies guidelines and procedures that leave considerable room for discretion and interpretation. Decisions directly influence project, client relationships and or expenditures. Additionally, decisions exert some influence on organization's long-range goals and objectives. Participates in determining objectives of assignments.
Supervision Received: Works independently under general supervision. Work is reviewed for overall adequacy in meeting objectives.
Leadership: Provides guidance and training to less experienced staff as needed. Takes a lead role in group, team or project.
Problem Solving /Operations/Direct Work Involvement: Applies knowledge to determine solutions to complex problems with minimal direction. Uses research and analysis to develop innovative and practical solutions which are consistent with organizational objectives.
Client Contacts: Contacts other departments and or external organizations or parties frequently. Contacts are primarily at or below upper management levels. Represents organization on specific projects. Communication may involve persuasion, and negotiation.
Additional Knowledge, Skills and Abilities
Three or more years experience as a Personal Lines or Commercial Lines Underwriter, Claim Rep and/or Product Development experience, or one year Supervisory experience in the Underwriting, Auto Services or Claim Department. Excellent analytical skills. Strong written and oral communications skills. Practical experience with Excel preferred.
Essential Duties and Responsibilities

  1. Chairs line of business rate and product review sub-committee meetings with a wide range of departments and various management levels in attendance. This process includes research and analysis of competitor data, review of actuarial data, assessing agency and company needs, preparation of recommendations and implementation of approved programs. This includes creating and adhering to a timeline to ensure deadlines are met and implementation is timely.


  2. Researches, develops, recommends and implements ad-hoc product enhancements and modifications outside of the routine line of business review.


  3. Develops rate/rule/form filings for submission to the state regulatory authorities and responds to all subsequent Division of Insurance inquiries regarding the filings to ensure prompt approval.


  4. Coordinates with Underwriting the development and modification of underwriting guidelines, referral criteria and general underwriting philosophy.


  5. Educates operations areas and other appropriate departments regarding new products and product modifications/enhancements. This includes Power Point presentations to groups and the distribution of training packets.


  6. Oversees the timely development and distribution of form/rate/rule and guideline changes to the agency force and internal personnel. This includes developing Agency Bulletins, rating manuals, applications, and related materials including content development, layout, printing and distribution.


  7. Publishes and maintains the on-line Agent and Underwriting manuals as needed.


  8. Participates in Strategy Committee Meetings, and develops and distributes minutes.


  9. Develops and submits specifications/requirements documents (for product, form and/or rate changes) to AS, to ensure our production systems are updated accordingly. Acts as Product Department Liaison to Application Services, coordinating both short and long-term activities and troubleshooting any problems which might occur.


  10. Provides training and work assignments to the Assistant Product Analysts and quality controls their output.


  11. Participates in departmental planning and management as designated by the Product Supervisor or Manager.


  12. Performs/Coordinates special projects at the request of the Product Supervisor or Manager.
Adheres to Company policies and procedures as outlined in the Human Resources Policy Guide.

Follows departmental and functional area standards, rules, guidelines, processes and policies as identified by management.
Secondary Duties and Responsibilities
Physical Components

  1. Manual dexterity to operate various pieces of office equipment efficiently.
  2. Ability to stand and/or sit for extended periods of time.
  3. Ability to lift light objects.
  4. Ability to effectively communicate on the telephone and in person.
Additional Requirements
Disclaimer Statement
The statements made in the job description are intended to describe the general nature and level of work being performed by people assigned to this job. These statements are not intended to be an exhaustive list of all responsibilities, duties and skills required of the people assigned to this job.
 
 

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The Commerce Group, Inc.

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