Associate Product Analyst

About Canal Insurance

Canal Insurance Company specializes in insurance for commercial trucking and specialty transportation operations. Canal was founded in 1939 and is located in Greenville, South Carolina. At Canal, we recognize that our success would not be possible without the hard work and dedication of our employees. We know that happiness and productivity go hand in hand, and to that end, we consciously cultivate a culture that enables us to recruit and retain the very best talent in the business.

Associate Insurance Product Analyst

Job Summary

The Associate Product Analyst position is responsible for providing analytical support and analysis for various departments in the company and to all levels of management.

Major Accountabilities

• Research and propose to Underwriting & Product Management a monthly analysis of rating variables, factors and other underwriting considerations on a statewide level to maximize profitability and meet market needs.
• Analyze monthly reports and communicate findings to interdepartmental Management in relevant business terms. Suggest and implement enhancements to existing reports for better visibility into our company’s performance.
• Serve as departmental resource to Underwriting & Product Management by assessing applicable internal and external data and analytics to prepare recurring and ad-hoc analysis in a clear and concise manner. Highlight the driving factors to Management and recommend adjustment for improvements.
• Assist with the submission of rate and rule filings, including amending the rating manual, handling objections from the DOI and coordinating the implementation of the updated rates with the necessary departments.
• Work closely with Actuarial Department on rate indications, recommended pricing adjustments and DOI justifications.
• Conduct competitor research through online rate filing tools. Review DOI filings for strategic and tactical information.
• Implement rate changes in the rating system each month or as needed to maintain profitability by state. Create rate change tickets in the ticketing system, review QA test results of implemented rates, and update rate change documentation.
• Troubleshoot system bugs and answer questions from UW and Ops in relation to rating.
• Consistently seek to provide additional, pertinent points of analysis in addition to conceptualizing ways to streamline and improve upon existing business processes.
• Act as liaison with Finance, IT, Claims, Actuarial and other departments to validate data integrity and coordinate interdepartmental reporting and analysis activities.
• Perform other duties as assigned by Management.

Qualifications

Education/Training Requirements

Bachelor’s Degree required with concentrations in Mathematics, Economics, Risk and Insurance or Business preferred.

Experience/Specialized Skills

Strong analytical skills required. Advanced computer skills (word processing, spreadsheets, databases, etc.) required. Knowledge and experience in Cognos, SERFF, SQL, R, Power BI, and similar analytical tools preferred. Experience working in the insurance industry is advantageous.

Special Considerations

Physical Requirements

Constant use of vision, hearing, and communication (oral and written/in-person and via telephone). Frequent concentration, standing, walking, handling, reaching, and grasping. Heavy use of computer and office equipment.

Travel/Hours of Service

Occasional travel may be required. Periodic work outside of standard business hours or on weekends may be required.