Product Research Senior Analyst at Westfield analyzing market trends for product development and profitability. Collaborating with Product Managers under minimal supervision to implement solutions.
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.
Requirements
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.
Benefits
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.
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