Regulatory Product Analyst at Penn Lumbermens Mut Ins Co

Philadelphia, Pennsylvania, United States -

Full Time

Start Date

Immediate

Expiry Date

16 Jun, 26

Salary

0.0

Posted On

18 Mar, 26

Experience

2 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Product Analysis, Underwriting Compliance, Regulatory Filings, Policy Language, Rating Structures, Competitive Intelligence, ISO Changes, State Filing, System Implementation, Product Development, Rate Testing, Quality Audits, Project Management, Communication Skills, Time Management, Attention To Detail

Industry

Insurance

Description

Description 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: 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. Demonstrates a clear understanding of the department operations and possesses technical expertise on coverages, forms, and rating rules. Is committed to actively pursuing professional continuing education and training. 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. 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. 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: Undergraduate degree required or experience commensurate with the role. Additional professional insurance-related coursework or designations (CPCU, ARC, AINS, AU) preferred. Commercial Insurance industry experience or knowledge including insurance products, underwriting procedures, systems development, business process, and compliance rules. Considerable knowledge of ISO commercial rates, forms, and coverages preferred. Requirements Physical Requirements: 1. Ability to hear. 2. Ability to speak clearly. 3. Ability to sit for extended periods of time. 4. Ability to see.

Responsibilities

The Product Analyst supports product feature development, underwriting compliance, and competitive positioning by assisting with existing product maintenance, new product development, and preparing/resolving regulatory filings. This role acts as a liaison between product management and various departments like Underwriting and Marketing, and manages departmental projects on strategic initiatives.