WestfieldInsurance is a 160 year old Property and Casualty insurance company location 30 miles Southwest of Cleveland Ohio in Westfield Center. The Independent Insurance Agents of Ohio (Ohio Big ‘I’) honored Westfield Insurance with their Eagle Award, which recognizes the outstanding insurance company of the year for their ongoing commitment to the independent agency system. Additionally Westfield Insurance was recently named as one of the “Best Employers in Ohio.” The annual list of “Best Employers in Ohio” was created by the Society for Human Resource Management (SHRM) – Ohio State Council and Best Companies Group. Westfield Insurance was recognized for their family-friendly benefits. In addition to its flexible work arrangement programs, meals to go and on-site market and dry cleaning services.
TITLE: Product Analyst
DEPARTMENT: Commercial Underwriting Office
REPORTS TO: Produc tCenter Manager
SUMMARY: Implements tasks and associated details to implement product changes for specific lines of business. Responsible for the successful implementation of changes to existing policy forms and endorsements, rates, and rules as well as the successful implementation of new forms, endorsements, and associated pricing.
All functions listed below are important. The frequency in which these functions are performed will vary from time to time. Frequency may also vary among individuals filling the role and based on the assigned lines of business
Implements changes pertaining to rates, forms, rules, and coverages. Sources of these changes may include, but are not limited to, advisory organizations (such as ISO, NCCI), legislative changes, and Westfield business units (Underwriting Divisions, Claims).
Implements changes to existing rule pages and new rate/rule pages, and associated underwriting rules.
In collaboration with the appropriate Line of Business Leader, drafts policy language for new forms and changes to existing forms and content for commercial lines manual rules and exceptions.
Prepares detailed requirements for submission to IT to initiate appropriate automation changes in Westfield’s internal policy processing, rating, and issuance systems (including 5.3 and WesCom) associated with the implementation of changes to rates, rules and forms as well as new product introductions. Works in cooperation with the Line of Business leader to accomplish the requirements, and facilitates collaboration with fellow Line of Business Specialists and Resource Center staff to account for impacts to end users.
Prepares rate, rule and form filings for submission to and approval by Departments of Insurance via SERFF, I-File, or traditional paper filing methods. Proactively involves actuarial resources in advance of filing submissions to ensure actuarial certifications, when required, are included in the filing. Responds to Department of Insurance inquiries and / or facilitates the process of obtaining an answer from the appropriate party.
Cooperatively works with the Line of Business Leader, CUO Legal Counsel and Regulatory Analyst to execute implementation plans to support strategies to mitigate negative impacts to our business as well as take advantage of positive changes.
Supports Line of Business Leader to plan for execution detail associated with product maintenance/enhancement opportunities, including modifications to policy processing systems to enhance efficiency associated with lines of business.
Monitors and reports on regulations and practices provided by states and by bureaus related to rate, rule, and form filings (e.g. required forms, SERFF usage, actuarial rate certifications, filing requirements such as File & Use, Prior Approval)
Monitors state-specific compliance requirements for policy language and ensures Westfield proprietary forms and endorsements comply with the requirements.
Assists the Line of Business Leader in developing content for communications to underwriters and agents on product related changes. Facilitates the publishing of final content via CLIC, Agents’ Web Passport,etc.
Maintains the Westfield electronic commercial lines manual (i.e. ISO Suite+, Sage) for assigned lines of business, including ISO weekly download updates, Westfield exceptions for assigned lines of business. Maintains Rules Repository for assigned lines of business.
Helps prepare for market conduct exams as needed.
Creates and maintains necessary records that facilitate internal unit functions and processes, e.g., EFT transactions listings, recording individual project activities, filing logs, forms notebooks, etc. Identifies opportunities for process internal improvements.
(*) Provides subject-matter expertise and support to project teams
(*) Performs other functions as assigned and actively participates in special projects as assigned
B. JOB SPECIFICATIONS:
Bachelor’s degree (preferred in Marketing, Risk Management, Business or Communications) and four (4) years of experience working in the insurance industry, preferably in underwriting OR ten years working in the insurance industry, with experience in both underwriting / policy processing and product management; Good oral, written, and interpersonal skills; Strong initiative and work management; Experience with word processing, presentation, Internet, spreadsheet, and other standard office automation software packages, especially MS Word and MS Excel.
Effective time management and prioritization skills; Experience using 5.3 as an underwriter and/or CSS; General knowledge of insurance laws; Experience developing and communicating business requirements; Completion of Company Basic School
C. PHYSICAL REQUIREMENTS:
Ability to operate various types of automated information processing equipment, copiers, telefax, calculators, etc.
Ability to travel
Ability to read a standard typed document
Ability to communicate via a standard telephone
Benefits include medical, dental, vision and life insurnace, 401K and pension plans, free on site fitness facility and parking.
All applications must be submitted to our website at www.westfieldinsurance.com