Commercial Product Analyst I, II, Sr., Lead

Job Description

Farmers Insurance Group is one of the premier property and casualty insurers in the United States, with operations nationwide and corporate headquarters located in the greater Los Angeles, CA (Woodland Hills) area. Farmers has been independently certified as a Great Place to Work based on its high-trust, high-performance workplace culture. Extensive development opportunities are available through the award-winning University of Farmers, named by Training Magazine as a top 10 corporate training organization in the world.

Start your career at Farmers today!

Think BIG! ... with Farmers Business Insurance Group

Farmers’ Business Insurance Group (BIG) has the luxury of leveraging the resources of a Fortune 500 company, while being a small enough part of the enterprise to operate nimbly. Here at Farmers, we are embracing rapid shifts in technology to improve the way we do business with a customer-centric approach, backed by data-driven insight.

Whether your passion lies in big data analytics, formulating pricing and marketing plans to hit profit and loss targets, or strategic product development to differentiate Farmers in the marketplace and provide a better customer experience, it’s an exciting time to be in BIG!

Members of the Product Management Team are responsible for driving profitable growth in their assigned Farmers’ line of business or state. Partnerships with other departments will help to ensure each line of business or state performs at the highest possible level. In Product Management, industry knowledge, experience, instinct and business acumen combine to drive dynamic decision making.

• Analyzing product rate levels, segmentation and underwriting practices to maintain profitability.
• Performing analyses using data manipulation and statistical methods to develop strategies and tactics that support revenue growth and profitability.
• Providing support to product managers in implementing and communicating product and pricing changes.
• Using knowledge of state regulatory guidelines and constraints to ensure product compliance.
• Maximizing product marketability by assessing product features, evaluating the competition, gathering customer feedback and agent quoting behavior.
• Collaborating with departments outside of Product, including Actuarial, Distribution, Claims, IT, and Legal.
• Acts as a mentor for less experienced analysts.

The Analyst role supports the Product Management Team through obtaining, analyzing, implementing and communicating information that provides for continued revenue growth and profitability.

• Evaluate market needs and competitor changes by:
• Researching across customers, agents, competitors, departments of insurance, and more.
• Analyzing this information to uncover industry trends.
• Providing thoughtful recommendations to the Product Management Team on pricing and other strategic decisions.
• Provide data analytics by:
• Querying databases to conduct ad-hoc analysis on specified or varied metrics.
• Conducting complex analysis to support business decisions on their assigned product.
• Building tools to create efficiencies for day-to-day tasks.
• Implement product changes by:
• Coordinating meetings with revision stakeholders, writing programming Requirement documents, and interfacing with IT directly.
• Assisting in preparation of documents for regulatory filing, as well as measuring and monitoring success of state filings.
• Creating bulletins, marketing material, training, and online updates as needed for state filings, product changes, are more.
• Engage with the greater organization by:
• Preparing reports and presentations which summarize and demonstrate analysis, recommendations, or other strategic decisions.
• Communicating with other departments as-needed to optimize the team’s success
• Aiding in training and development of other team members.
• Representing the Product Manager in their absence.

Demonstrating excellence in the day-to-day tasks of this role may lead to special projects and other advanced opportunities being presented to the Analyst.

Required job duties are essentially sedentary in nature, consisting of occasional walking, standing, lifting and/or carrying ten pounds maximum.

Required job duties are normally performed in a climate controlled office environment with occasional job duties performed in company car, airplane, hotels and various physical sites dictated by travel that are not always in a climate controlled environment.

Education & Experience Requirements:

• College Degree required. Major in Math, Economics, Finance or Business preferred.
• Exposure to computer programming language preferred.
• 1-4 years of experience in either insurance product management, actuarial, or in an analytical role preferred.

• Excellent verbal & written communication skills.
• Proficient in PC usage, including familiarity with word processing, spreadsheet and database software.
• Familiarity with SAS/SQL preferred.
• Familiarity with the Microsoft Office Suite preferred.
• Strong analytical skills and financial acumen.
• Ability to manipulate and analyze data, uses reason and logic to draw conclusions.
• Excellent organization and time management skills.
• Commercial Insurance product and coverage knowledge preferred.
• Familiarity with the Scaled Agile Framework is a plus!

Role requirements of higher Salary Grades involve higher levels of expected autonomy, self-direction, creativity, end-to-end ownership, and ability to start on earlier stages of the product management lifecycle.

Candidate qualifications may be reviewed against the requirements for the associated levels of this position's core function. Salary grade will be based on selected candidates' experience and skills.