Insurance Product Analyst

SUMMARY:

Wisconsin Mutual Insurance Company (WMI) is a regional, personal lines focused carrier writing home, auto, commercial, umbrella and farm coverage across Wisconsin and Minnesota through independent agents. We're looking for a hands-on Product Analyst to keep WMI’s policy forms, rates, and rules current, competitive and compliant.

At WMI, this person owns forms and filings across every line and works directly with the VP – Underwriting & Product Management. Much of the work happens in SERFF: researching what other carriers and the bureaus are filing, deciding what WMI should adopt, drafting the form and rule changes, and filing them with the departments of insurance. From there, the role sees each change through implementation to the policies agents issue.

This position can be filled as a Product Analyst or Senior Product Analyst, based on the selected candidate's experience. Both levels do the same work; the difference is how independently the person leads it.

ESSENTIAL FUNCTIONS:

Competitive and regulatory research (about 30%)

·         Research competitor rate, rule and form filings in SERFF, along with competitor manuals, to see what other carriers are changing; recommend which changes WMI should adopt and where WMI has coverage gaps, with the expected impact.

·         Track ISO/AAIS form and rule revisions and recommend whether WMI adopts, modifies or declines them.

·         Monitor legislative, regulatory and court developments in Wisconsin and Minnesota through OCI bulletins, MN DOC, NAMIC and the WIA; assess the impact on WMI forms and products, and document the research and conclusions behind each recommendation.

Form and manual drafting (about 30%)

·         Draft and revise policy forms, endorsements, applications, declarations, policyholder notices and underwriting manual rules, turning legal and regulatory requirements into clear, defensible language.

·         Review forms at least annually and whenever laws or court decisions change; compare Wisconsin and Minnesota requirements and keep language consistent across states where possible.

·         Bring researched recommendations to WMI's in-house legal team to confirm interpretation of significant legal developments and language changes, and work with legal and claims to revise wording that claim disputes or litigation show to be unclear.

·         Serve as the coverage expert for underwriting, claims and agents on questions about form intent and interpretation.

·         Maintain the forms library and filing log, including edition dates, state applicability, version history and filing status.

Regulatory filings (about 25%)

·         Prepare and submit rate, rule and form filings through SERFF to the departments of insurance, keeping a filing calendar so deadlines are met.

·         Write filing memoranda, explanatory exhibits and side-by-side comparisons; assemble actuarial support with the VP – Underwriting & Product Management.

·         Respond to objection letters and regulator inquiries within required timeframes.

·         Coordinate required regulatory changes across departments by their deadlines, and support Finance on statistical reporting and data calls with product and form information.

Implementation and defect management (about 15%)

·         Turn approved filings into system requirements for the policy administration and rating systems; test before the effective date and audit issued policies afterward to confirm correct forms attach and rates calculate as filed.

·         Own product defect management: log and triage rating, rule and form defects, work with IT and vendors to prioritize and verify fixes, coordinate corrections to affected policies, and address root causes.

·         Update underwriting manuals, agent manuals and rating guides, and prepare agent bulletins and training on changes.

Within the next 1-2 months

Low Cost Health Insurance

Dental Insurance

Vision Insurance

401k With Match

Paid Time Off

Flex Spending Plan

Profit Sharing

Summer Hours

Onsite Workout Room