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Senior Product Analyst (Personal Property)

Location: This position may be located in Regina or Saskatoon (subject to desk availability in the branch)

Work hours: Full time, Monday – Friday, flexible office hours

Division: Corporate Insurance

Pay Range: $69,948.00 - $88,272.00

In Scope

Closes December 13, 2023

GENERAL ACCOUNTABILITY

The Senior Product Analyst (Personal Auto or Property) is responsible for providing business strategy support through research, analysis, and recommendations for applicable insurance products for SGI CANADA. The Senior Product Analyst contributes to the profitability of products by leading reviews and analysis of personal lines coverages, endorsements, warranties, existing underwriting practices and procedures, as well as guidelines and identifying technical system’s needs. The Senior Product Analyst leads or assists in the analysis and implementation of strategic initiatives, new insurance products and coverages. The Senior Product Analyst is responsible for researching, organizing, and coordinating aspects of necessary product development. They will interact with multiple internal departments such as Claims, Legal, Privacy and Underwriting as well as manage relationships with third party vendors and brokers. The Senior Product Analyst (Personal Auto or Property) delegates, reviews and ensures work completed by other departments meets business outcomes in the implementation of product changes and strategy.

KEY ACCOUNTABILITIES

Note: This section is not intended to be an exhaustive list of duties and responsibilities – other duties and responsibilities may be assigned.

Product Research and Pricing Analysis

• Conducts research and provides analytical, procedural and/or quality control documentation that supports personal lines insurance products.
• Leads comprehensive product reviews; provides feedback and makes recommendations on potential changes in all jurisdictions.
• Compiles, summarizes and makes recommendations on corporate, broker or underwriting feedback on requests for implemented product changes.
• Provides strategic support on personal lines initiatives through research, analysis, and recommendations, assists in the development of personal lines insurance products as well as product improvement initiatives that positively impact segment performance in all jurisdictions.
• Identifies and assists in the development of product changes and/or improvements to policy wordings, procedure manuals, forms, product marketing, business processes and system enhancements.
• Ensures product offerings align with corporate strategic initiatives.
• Updates rate manuals and develops professional or technical documents such as FAQ documents, procedures, and processing directions in collaboration with key stakeholders.

Product Development and Design

• Implements and executes the design and development of strategic initiatives, new insurance programs or products through the creation of new policy wordings, forms, and structures.
• Identifies underwriting requirements for system development/requirements and assists with standalone computer-based applications using end user tools and languages.
• Communicates and develops product offerings and strategies with internal departments and external third-party vendors and brokers.
• Drives the development and implementation of innovative products and product enhancements across all jurisdictions.
• Understands existing and emerging industry trends, market conditions, product development and profitability.
• Maintains the product initiative backlog and facilitates discussions with stakeholders to identify and negotiate resource priorities.
• Conducts testing of system changes and rate sets as requested by Systems.
• Assists in the implementation of product initiatives and business processes, coordinating with multiple stakeholder groups, gathering stakeholder approvals, balancing competing priorities and change requests to maintain alignment.

Product Performance Monitoring

• Provides technical expertise to recommend, develop and implement strategic action on competitive intelligence, product performance and profitability reviews.
• Participates in strategic and management meetings; presents results, provides recommendations and support for products through summary reporting, and analysis of the personal insurance market.
• Leads the monitoring of competitor intelligence on product offerings, product changes/enhancements and coverage restrictions for third party vendors, brokers and internal stakeholders.
• Applies a variety of quantitative and qualitative statistical techniques for complex analysis.
• Provides technical and industry expertise as a subject matter expert of personal lines segments and corporate preferred customer strategies.
• Leads or assists in Insurance Bureau of Canada error investigation and correction.

Operational Support

• Identifies and recommends changes and/or improvements to wordings for policies, rate and procedure manuals, forms, product brochures, workflow/business processes, and systems enhancements.
• Interprets and advises underwriters, adjusters, management and the Legal department on intent and use of policy wordings, conditions, limitations, and calculation of rates and premiums, with a strong focus on customer needs.
• Delegates, reviews, and ensures quality of work in the implementation of product changes and strategy.

Product and Process Training

• Provides subject matter expertise on marketing and training content and material in collaboration with other departments for new products and product changes.
• Leads the development, production and revision of content/information provided in underwriting manuals used by underwriters and brokers; written to clearly explain coverage intent.
• Provides technical assistance on product queries, and coverage interpretations.

High Performance Team & Culture

• Supports a culture of leadership and accountability to effectively meet the key accountabilities within the scope of the role.
• Displays leadership by committing to a culture of continuous learning/development of self and supports others by actively sharing knowledge, providing guidance, mentoring, training, and supporting developmental opportunities.
• Demonstrates that the Health, Safety and Emergency Management Policy is applied in area of responsibility for self and others.
• Actively applies knowledge to support transformation and strategic initiatives of the corporation, while participating and advocating change and applying a growth mindset.

TECHNICAL KNOWLEDGE & SKILLS

• Knowledge of the methods, techniques, and procedures used in technical analysis (i.e., procedural, product, financial, research, and statistical) applicable to the line(s) of insurance in the area to which applying.
• Skill in reviewing and analyzing prepared statistics and other data to extract significant information to prepare concise summaries and/or comparisons using Excel.
• Knowledge of the coverages, rating procedures, and guidelines applicable to the line(s) of insurance in the area to which applying.
• Knowledge of the principles and practices of insurance.
• Knowledge of operating systems, workflows, and processes relating to operational processes (i.e. GIS, quote vendors, broker portals, etc.).
• Skill to analyze complex rating and underwriting rules algorithms/logic to identify issues.
• Skill in the assessment of risk and risk classification systems based on established criteria and/or procedures to determine appropriate premiums, coverage, and deductibles applicable to the line(s) of insurance in the area to which applying.
• Knowledge of the various lines of insurance offered by SGI.

EDUCATION & CERTIFICATIONS

• Four-year degree from an accredited post-secondary education institution in a relevant field of study, such as Business or Mathematical & Applied Sciences, or defined equivalency.

EXPERIENCE

• 5 - 7 years’ experience in an insurance related role

Posting Close Date:

As you prepare to submit your application, and cover letter if applicable, please highlight the achievements that demonstrate why you're a great candidate for this role.