Sr Product Development Analyst (Hybrid)

American Family Insurance•Madison, WI

2d•$88,000 - $145,000•Hybrid

About The Position

This role focuses on monitoring and analyzing product performance to provide strategic recommendations and solution insights to leadership. The Product Development Analyst will manage the technical aspects of Commercial Lines Insurance product development, aiming to create new or enhanced insurance products that improve the Commercial line of business. This involves utilizing contract language, underwriting rules and guidelines, system capabilities, automation, and pricing/predictive analytics. The analyst will also evaluate competitor products, pricing strategies, and target markets, conducting research to support pricing enhancements and new product development. Responsibilities include identifying potential markets, creating strategic plans for market entry, and managing the product development lifecycle for Commercial Casualty products (Workers’ Compensation, Commercial Auto, and General Liability) to increase profitable growth and enhance customer experience. The position requires strong analytical skills to generate insights and perform cost-benefit analyses using performance metrics, customer feedback, market trends, and competitor activities. Post-implementation, the analyst will monitor product performance, including customer and agent satisfaction, and financial benefit realization. This position reports to a Senior Manager, Product.

Requirements

Demonstrated experience providing customer-driven solutions, support or service.
Demonstrated experience performing complex financial, actuarial or business analysis.
Solid knowledge and understanding of customer, business industry, insurance, underwriting guidelines and risk concepts in area of expertise.
Demonstrated problem-solving and analytical skills to review complex products, and/or lines of business.
Demonstrated experience making independent decisions.
Demonstrated experience in project management methodologies, practices, techniques and tools.
Knowledge within Commercial Casualty Lines of Business (Workers’ Compensation, Auto, and General Liability)

Responsibilities

Monitor and analyze the performance of the Commercial product and book of business.
Evaluate profit factors and conduct analysis of performance data to provide product strategy recommendations relating to profit, growth, retention, and overall book of business.
Develop and maintain effective working relationships with other lines to identify product gaps and opportunities.
Research and develop concepts for complex new or enhanced products and/or services.
Work with partners in pricing/actuarial, claims, etc. to ensure product compliance and financial viability.
Prepare contract language, develop initial underwriting guidelines and standards, and oversee development of new predictive analytics including pricing models and other predictive models.
Serve as subject matter expert in development of contract language and/or underwriting guidelines.
Ensure product compliance.
Produce detailed competitive research and analysis for Commercial lines products using a variety of information sources and tools to support decision making.
Analyze all available data forming conclusions regarding our competitive position in the marketplace.
Provide recommendations to leadership to capitalize on product offerings and geographical areas.
Provide expertise regarding how competitor actions and industry trends influence Commercial lines ability to meet corporate and divisional objectives.
Make recommendations to management regarding operational and product changes that may enhance our competitive position.
Stay abreast of all rate changes, rating enhancements and program changes by our competitors; research competitor filings, rate and rule manuals to ascertain changes made and their impact on our competitive position.
Ensure analysis and reporting accuracy explaining drivers and insights relating to competitive position changes.