Job Title: Personal Lines Performance Senior Analyst - Specialty Lines
Job ID: 03456
Division : Product Management
Work Location(s): United States-Wisconsin-Madison
Full/Part Time: Full-Time
The Personal Lines Performance Sr. Analyst analyzes and monitors the performance of the Personal Lines book of business and provides product strategy recommendations to Product Management leadership based on performance data. Provides expertise to internal and external business partners regarding line initiatives and profit and growth. Serves as advisor to Product Management leadership on all issues related to line level profit and growth.
- Line Performance Monitoring and Analysis (25%)
- Proactively monitors and analyzes the Personal Lines book of business for line area of accountability against financial & growth plans, and corporate, divisional, and departmental Initiatives. Provide ongoing reporting of findings to management.
- Analyzes impact of expense and loss information on the performance of a Personal Lines insurance line.
- Leads in the planning and development of various analyses which are used by divisional leadership to evaluate decision options. Alerts management to risks, issues and opportunities and recommends initiatives to address gaps or opportunities.
- Monitors information from business partners regarding, but not limited to, market trends, economic conditions, legal and regulatory developments, and competitor strategies and actions; provides analyses, insights, and recommended strategies to Product Management Leadership based on findings.
- Participates in rate revision process to develop an awareness of state level plans and provide input based on line initiatives and expertise.
- Leads the profit & growth planning efforts of personal lines products, including unit, premium, loss, and expense forecasts, as well as initiative impact forecasts.
- Maintains awareness of competitive position and financial benchmarking studies. Maintains expertise on all facets of profit and growth and the related financial implications for an insurance line of business.
- Product Line Representative and Expert Knowledge (20%)
- Provide expert knowledge of personal lines product performance metrics and initiatives to division leadership and business partners.
- Maintain awareness of state level metrics, initiatives, and issues/opportunities and offer line knowledge to support these efforts.
- Maintain understanding of corporate financials and represent Product Management on cross-divisional financial initiatives.
- Collaborate with business partners to identify areas of opportunity as it relates to data and information sharing for areas of accountability. Proactively identify opportunities for use of cross-divisional data.
- Represents Product Management on various cross divisional committees on issues related to profit and growth.
- Provides profit & growth expertise and perspective to division and business partners.
- Financial Analysis Modeling and Reporting (20%)
- Collaborates with business partners to obtain and develop product and sales metrics for line area of accountability. Consolidate information for Product Management leadership, as requested
- Works with divisional leadership to develop management and executive level reports and presentations as requested.
- Collaborates with divisional leadership and business partners to develop financial and growth models to estimate potential impacts for upcoming implementations.
- Provide assistance with defining requirements and design solutions to capture required data with project and initiatives and designed reporting mechanisms to display and report the metrics.
- Collaborates with business partners to measure impact of loss cost, growth, and business practice initiatives utilizing both internal and external competitor and industry information. Report findings and recommendations to management.
- Develop solid understanding of data information sources and tools used for data mining, analysis, and reporting.
- Product Management and Profit & Growth (20%)
- Analyzes the performance of select lines of Personal Lines business and assesses performance based on current profit and growth plans.
- Contributes on an ongoing basis to the profit and growth planning process. Advises Product Management leadership on decisions regarding profit and growth planning.
- Defines initiatives to positively affect profit and growth and monitors initiative effectiveness. Evaluates new initiatives expected and actual impact on profit and growth of the line.
- Provides input into personal lines product strategy to Product Management leadership based on external industry and economic trends, and internal capabilities and business performance.
- Establish and review short-term and long-term product strategies through the integration of the sales, services, underwriting and pricing functions.
- Develops strong knowledge of industry and competitor activities, sales projections and actual results, product performance, and customer satisfaction measures.
- Integration of Product Strategies (15%)
- Collaborate with regional Product Management leadership and business partners to integrate the national product strategy with the planning and operational efforts of the functional divisions (Actuarial, Marketing, Personal Lines, Sales, Claims, Controller).
- Makes recommendations to modify the initial product forecasts when implementing initiatives that could have an impact on profit and growth.
- Collaborates with business partners to identify strategic fit of products, develop recommendations, and determine product retirements as needed to meet profit and growth objectives.
- Partner with the field Sales team to develop state profit and growth strategies including product positioning and marketing approach.
- Partner with Actuarial and participates in rate revision process; in collaboration with Actuarial, guides the development and implementation of mathematical models and predictive modeling techniques used to identify possible rating solutions and long term profitability; monitors product performance and recommends changes to the rating plans.
- Collaborates with Marketing Division to formulate product portfolio strategies in line with corporate personal lines product strategies.
- Partner with Personal Lines division to review on-going analysis of underwriting profit/loss results & trends and risk selection parameters to support the overall product strategy.
- Responsible for product concept development, including building a business case, legislative/compliance review, business system impacts, and operational, data and metric requirements/analysis.
Specialized Knowledge and Skills Requirements
- Achieve Results
- Be Accountable
- Maximize Customer Experience
- Analytical Thinking
- Business Acumen
- Information Gathering
- Relationship Building
- Technical Expertise
- Demonstrated experience developing insurance product strategies.
- Demonstrated experience performing complex financial, actuarial or business analysis.
- Demonstrated experience planning, managing, and/or leading complex projects or initiatives.
- Extensive knowledge and understanding of advanced financial and data analysis techniques.
- Solid knowledge and understanding of Property and Casualty Insurance product design and product management.
- Solid knowledge of industry, market, and regulatory trends in Personal Lines coverage.
- Solid knowledge of the insurance industry and insurance-related financial concepts.
Offer to selected candidate will be made contingent on the results of background checks.
A career move to join American Family Insurance may also mean a physical move for you. If you are selected for an interview, information will be provided on the level of relocation assistance available during the interview.
We offer a comprehensive benefits package that includes health, life and dental insurance, a 401(K) plan, paid holidays, vacation and sick leave and the opportunity for career development. If you would like to put your career in motion apply online today!
At American Family Insurance careers really take off. A leader in insurance and financial products, we offer the training, technology, and pay-for-performance your talent deserves, in an inclusive, empowering environment you’ll love. With a history of stability and growth, innovation and opportunity, American Family Insurance is the perfect place for a career to flourish. To learn more, visit www.americanfamilyinsurance.jobs
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