CL Product Development Analyst

CL Product Development Analyst Job Summary

 

The CL Product Development Analyst engages in forward-looking review of the Commercial Lines marketplace, aligning customer needs to Westfield product and service enhancements.  Leads and actively participates in research and development projects. Monitors line of business operating performance. Works closely with and supports the CL Product Development Managers with the development and management of line of business results as well as market segment business. Provides recommendations for new products/enhancements to existing products. The Analyst performs detailed analysis of consumer, competitor, and general industry data, and formulates recommendations that help to identify new market opportunities, existing product enhancements, and ensure price adequacy. Benchmarks Westfield products against competitors. The Analyst also conducts analysis on Westfield’s commercial book of business to make recommendations on profit and growth opportunities.

 

 

Essential Functions (primary functions and/or reasons the job exists in order of importance)

1. Reviews the Commercial Lines marketplace, aligning customer needs to Westfield product and service enhancements. 

2. Leads and actively participates in research and development projects, including conducting legal and economic review of industries, evaluating Westfield experience in business segments, determining market opportunity, conducting competitive overviews, and coordinating integration activities across multiple Westfield departments. 

3. Monitors line of business operating performance. Collaborates with CL Product Development Managers. Works closely with ARC, Actuarial, and Business leadership to research plan variances, analyze loss trends, adherence to underwriting strategy, and monitors other metrics such as pricing trends.

4. Provides oversight of assigned industry sectors and lines of business.  Develops sector reports leveraging business intelligence data, conducts industry research to understand customer pain points, forms product recommendations, and assists with development and maintenance of underwriting manual content.

5. Benchmarks Westfield products against competitors, examining the strengths and weaknesses of Westfield relative to those competitors.  Analyzes and understands competitor positions, rates, and product actions and makes recommendations for enhancement or development of new products to strengthen Westfield’s competitive position.

6. Works with the CL Product Development Manager, Marketing and Customer Insight, and Westfield University to develop training tools, as well as underwriting, marketing and communication strategies.

7. Makes recommendations on which classes of business to target by utilizing external data to identify market potential by industry and geographic location, evaluating results within our own book of business, and by determining the alignment of each with business unit strategies.

8. Gathers or works with third parties to gather intelligence on competitors’ products including rates, coverages, risk selection criteria, customer service standards, market share, growth strategies, marketing incentives, and commission structures in support of new product development, existing product maintenance, the rate change process, and other product and service initiatives. 

9. Develops, analyzes, and maintains sources of information used to gather and consolidate market data. 

10. Identifies shifts in the marketplace and market opportunities, and advises leadership of potential implications for Westfield through written reports, presentations and day-to-day operations.

11. Conducts research and analysis and identifies opportunities to enhance the product portfolio or grow our business in certain lines and segments profitably.  This includes the introduction of new products, enhancements to existing products, retirement of certain products, and cross or up-sell opportunities.

12. Serves as a subject matter expert for teams working to implement changes to the product portfolio.

13. Performs general insurance market research for internal employees of Westfield, as needed, in alignment with the CL R&D processes to support new product development and new market entry.

14. Travels as needed to perform essential functions.

 

 

Desired Qualifications/Experience/Certification/Education (in order of importance)

1. 4 or more years of experience working in the insurance industry.

2. 2 or more years of experience in multi-line commercial underwriting and/or product development.

3. Research and development experience including working knowledge of product lifecycle management.

4. Project management experience gained via past project participation.

5. Excellent oral, written, and interpersonal skills resulting in the ability to interact with all levels of management and employee population.

6. Strong analytical skills including understanding of insurance financial metrics.

7. Strong initiative and work management skills.

8. Experience with word processing, presentation, internet, spreadsheet, and other standard office automation software packages.

9. Working knowledge of insurance product distribution and pricing strategies.

10. Demonstrated experience developing business cases and developing and communicating business needs and project specifications.

11. Bachelor’s degree in Insurance, Risk Management, Business, or Marketing OR commensurate experience.

12. Valid driver’s license and a driving record that conforms to company standards.

 

 

Physical Requirements (specific to the role) 

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. 

• Ability to work effectively in an office environment for 40+ hours per week (including sitting, standing and working on a computer for extended periods of time).

• Ability to communicate effectively in a collaborative work environment utilizing various technologies such as:  telephone, computer, web, voice, teleconferencing, e-mail, etc.

• Ability to travel as required.

• Ability to operate an automobile within the parameters of the driving policy.

 

 

This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.

 

 

We are an equal opportunity employer/minority/female/disability/protected veteran.