Product Research Senior Analyst
Job Description
Job Summary The Product Research Senior Analyst is responsible for assisting Product Managers Product Management Leader to drive profitable growth objectives. The role extracts and manipulates data from various sources to analyze trends, identify/understand key drivers and monitor results against expectations. The role develops and evaluates expected business impacts due to planned initiatives including monitoring and reporting. The role conducts competitor analysis, market research and utilizes strong analytical skills, an insatiable curiosity, a drive to solve problems by analyzing complex data, and the ability to work with limited supervision to discover and implement solutions. Job Responsibilities
- Independently conduct and understand data analysis of business results (frequency/severity, customer mix, rate need, competitive position) to assess profitability and growth opportunities and identify root cause.
- Formulate and execute potential recommendations to drive desired growth & profitability impacts based on established strategy with consideration for marketplace conditions and internal results
- Present, inform and influence product and pricing recommendations to business partners including underwriting and sales.
- Serve as the analytical BOP lead for rate reviews, territory analyses, segmentation studies, and new rating variable development.
- May function as a subject matter expert in strategic initiatives to support the goals and objectives of the broader organization.
- Develops top and bottom-line forecasts and rigorously analyzes and evaluates product performance metrics against those plans to identify divergence from expectations. Recommends actions based on actual results and builds contingency plans.
- Monitor effectiveness of business initiatives and strategies, impacts to rate and pricing changes, book mix changes, and any outliers in trends; then provide recommendations on potential course of actions.
- Evaluate underwriting performance and partner with Underwriting leadership to refine rules or guidelines.
- Collaborate with IT and Product Development to drive implementation of rate, rule, and system updates.
- Demonstrates excellent problem-solving abilities, in a practical way, to balance between addressing root cause and introducing changes in fast order.
- Acquires market and competitive intelligence and develops knowledge of emerging trends to effectively compete in a rapidly changing environment and shares knowledge with the organization.
- Develops a deep understanding of the regulatory and statutory environments for assigned states and/or lines of business. Ensures product decisions and processes are in alignment with company policies and meet all legal and regulatory requirements.
Job Qualifications
- 3-5 years of experience in Product Research, Insurance industry or a related field.
- Bachelor's degree in market research, statistics, data science, business, or a related field and/or commensurate work experience.
Location
- Hybrid - defined as working three or more days per week in the office if the employee's residence is within 50 miles of Westfield Center, OH; OR Remote-if the employee resides more than 50 miles from Westfield Center, OH.
Behavioral Competencies
- Certified Market Research Professional (CMRP)
- Collaborates
- Customer focus
- Communicates effectively
- Decision quality
- Nimble learning
- Certified Analytics Professional (CAP)
Technical Skills
- Business Requirement Gathering
- Technical Documentation
- Data Reporting and Analysis
- Product Development Lifecycle
- Business Analysis
- New Product Development
- Market Research
- Product Analytics
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.
About Us
Founded in 1848, Westfield is a global leader in property and casualty insurance, delivering superior risk insights and innovative solutions to customers through a diverse portfolio of insurance products. Westfield underwrites commercial, personal, surety, and specialty lines of coverage through a network of leading independent agents and brokers in the United States and specialty products through Lloyd's of London Syndicate 1200. As a mutual insurance company with more than 3,000 employees, Westfield has revenues in excess of $4 billion and more than $10 billion in assets. Apply tot his job Apply To this Job