Regulatory Product Analyst at Penn Lumbermens Mut Ins Co – Philadelphia, Pennsylvania

Position: Product Analyst

Department: Regulatory & Gov’t Affairs

Reports To: Manager of Regulatory & Government Affairs

Position Summary: The Product Analyst supports the development of the company’s product features, underwriting compliance, and competitive position. This position assists with existing product maintenance, new product development, and preparation/resolution of regulatory filings. This includes construction and implementation of policy language, forms, required coverages, as well as rating structures and technology to enhance production and profit.

Essential Functions and Responsibilities:

1. Act as product management liaison with Underwriting, Business Development, Marketing, and Customer Service/Operations.

2. Assist in competitive intelligence efforts by reviewing competitor filings, underwriting guidelines, and marketing material.

3. Work closely with Underwriting and Operations in making determinations and developing company positions on rating organization (ISO) changes.

4. Make corresponding state filing and system implementation recommendations for rating organization changes.

5. Support new product development including development of forms, rates, rules, filing materials/support and rate testing, to post-launch monitoring and analysis.

6. Complete product analyses and provide detailed business requirements for policy issuance system.

7. Assist in maintaining forms, endorsements, rules, and rating to ensure continued compliance with regulatory requirements.

8. Participate in and support regulatory compliance activities including quality audits of business units, market conduct examinations, and research of regulatory requirements.

9. Act as departmental project manager on strategic initiatives, including new products, enhanced coverages, or other underwriting actions.

10. Perform other duties as assigned by the Regulatory Compliance Manager or SVP – Regulatory.

11. Cross train and serve as backup to Regulatory Filing Analyst.

Knowledge and Skills:

1. Demonstrates an appropriate understanding of property/casualty insurance principles and applies such knowledge in everyday business direction. Stays aware of changes in the external environment and adjusts internal practices as needed.
2. Demonstrates a clear understanding of the department operations and possesses technical expertise on coverages, forms, and rating rules.
3. Is committed to actively pursuing professional continuing education and training.
4. Exhibits strong and effective verbal and written communication skills that are professional and diplomatic including ability to competently spell, write, compose, and proofread; deals effectively with sensitive or private information; strong listener with ability to discern problems and seek solutions.
5. Possesses a solid knowledge of the company’s vision, mission, and strategic plans and is committed to their achievement. Maintains a high level of knowledge of all department activity and is innovative in seeking effective ways to address issues.
6. Demonstrates exceptional skills in the areas of accuracy and attention to detail including strong time management skills and ability to handle multiple priorities and deadlines simultaneously and effectively.

Qualifications:

1. Undergraduate degree required or experience commensurate with the role. Additional professional insurance-related coursework or designations (CPCU, ARC, AINS, AU) preferred.
2. Commercial Insurance industry experience or knowledge including insurance products, underwriting procedures, systems development, business process, and compliance rules.
3. Considerable knowledge of ISO commercial rates, forms, and coverages preferred.

Physical Requirements:

1. Ability to hear.

2. Ability to speak clearly.

3. Ability to sit for extended periods of time.

4. Ability to see.