Job Title: Commercial Lines Performance Senior Analyst
Job ID: 03455
Division : Product Management
Work Location(s): United States-Wisconsin-Madison
Full/Part Time: Full-Time
The Commercial Lines Performance Sr. Analyst monitors and analyzes the performance of the Commercial lines book of business, provides product strategy recommendations to divisional and departmental leadership as well as the strategic business unit process at the state, regional and corporate levels based on performance data and develops initiatives related to the profit, growth and pricing of Commercial lines products. Provides expertise to internal and external business partners regarding Commercial lines profit, growth and departmental initiatives.
- Product Performance Analysis and Recommendation (35%)
- Provides analysis, recommendations, direction and support to functional business partners via the SBU process on corporate objectives relating to commercial lines profit, growth, retention and overall book of business.
- Provides information to Product Management leadership that will affect profit and growth plan execution on an ongoing basis. Develops reports, analysis, and recommended strategies related to product, pricing, process and agent business practices.
- Identifies opportunities to improve business practices and procedures. Monitors effectiveness of current products and recommends changes and/or enhancements to Product Management leadership and functional business partners for evaluation.
- Influences cross divisional profit and growth initiative participants to enact necessary changes in business practices, utilizing data from a variety of sources and incorporating persuasive abilities.
- 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.
- Defines initiatives to positively affect profit and growth and monitors initiative effectiveness. Evaluates new initiatives and their impact on profit and growth.
- Monitors estimates of sales and American Family's market share within specific markets. Compares to current plan and makes recommendations based on these comparisons.
- Develops and manages integrated set of operating and activity metrics/reports that provide insight and accurate measures of performance of projects/initiatives that impact profit and growth.
- Profit & Growth Analysis (25%)
- Contributes to the formulation and execution of state-level operational plans as a member of the state cross-divisional profit and growth planning process.
- Supports Actuarial activities related to rate reviews, profit and loss ratio based reviews, experience rating programs, etc.
- Provides details of state plan initiatives to department leadership for evaluation of potential impact on processes.
- Provides Commercial lines profit & growth expertise and perspective to Product Management Leadership and functional business partners on an ongoing basis. Recommends technical direction of Commercial lines products for consideration in the planning process.
- Works with Product Management leadership, along with appropriate staff, to develop and implement action plans. Supports activities related to business plans and profit plans.
- Pricing Research and Development (25%)
- Develops strong knowledge of industry and competitor activities by attending industry functions while building and maintaining relationships with peers within the industry.
- Develops, analyzes and monitors product line performance relative to market potential, competition, pricing, loss experience, and potential profitability of market segments in collaboration with Actuarial. Identifies opportunities to improve risk pricing processes and recommends action plans to leadership.
- Develops and implements long term strategies for maintenance, enhancement, and replacement of specific risk selection parameters in support of risk pricing structural changes.
- Obtains and analyzes information on prospective rate plan idea changes and/or enhancements in collaboration with Marketing and Actuarial. Identifies customer needs and new target markets, evaluates results of new programs and rating plans introduced by obtaining customer satisfaction data and reviewing retention, production and profit reports.
- Develops and maintains effective working relationship with functional business partners to identify and avoid overlaps or gaps, and determines opportunities, pertaining to risk pricing changes and/or enhancements.
- Commercial Lines Representation and Expert Knowledge (15%)
- Develops strong knowledge of industry and competitor activities by attending industry functions, membership in organizations and serving on industry committees.
- Provides expert interpretation of risk management and related reports, sales forecast reports, related financial reports, retention reports and expansion state metrics.
- Analyzes results and reviews initiatives to affect desired short and long-term strategies. Analyzes reports (AORs, QORs), profit results; industry trends, and division trends.
- Understands, identifies and evaluates competitive market issues, rating territories and zones, discounts, coverage, etc., that contribute to setting the final rate and product changes.
- Serve as representative for Product Management on various cross divisional committees on issues related to profit and growth.
- Works with Product Management leadership to develop management and executive level reports and presentations as requested.
Specialized Knowledge and Skills Requirements
- Achieve Results
- Be Accountable
- Maximize Customer Experience
- Analytical Thinking
- Quantitative Analysis
- Relationship Building
- Strategic Thinking
- Technical Expertise
- Demonstrated experience developing insurance product strategies.
- Demonstrated experience performing complex financial, actuarial or business analysis.
- Demonstrated knowledge of Commercial Lines/Farm Ranch policies, underwriting philosophy, product design and product management practices.
- Demonstrated leadership abilities.
- Extensive knowledge and understanding of advanced financial and data analysis techniques.
- Solid knowledge of industry, market, and regulatory trends in Commercial/Farm Ranch 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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Please review the job requirements.
American Family Insurance offers auto, home, life & annuities, health, business and farm & ranch insurance. We’ve expanded...