Commercial Insurance Business Analyst

Overview

The Commercial Insurance Business Analyst plays a critical role in the insurance industry by analyzing commercial insurance operations, identifying business needs, and

implementing improvements to support business growth and efficiency. This position involves collaborating with stakeholders, gathering data, and providing insights to enhance product offerings, pricing strategies, underwriting processes, and claims management within the commercial insurance sector.

Key Responsibilities:

Data Analysis and Reporting:

o Collect, analyze, and interpret large volumes of data related to commercial

insurance products, market trends, claims, underwriting processes, and client demographics.

Create and maintain reports, dashboards, and KPIs to monitor commercial insurance performance and highlight areas for improvement.

Perform financial analysis to assess profitability, loss ratios, and claims

reserves, and provide actionable insights to senior management.

Business Process Improvement:

o Analyze existing commercial insurance processes (e.g., quoting,

underwriting, claims handling) and recommend improvements for efficiency

and cost-effectiveness.

Work closely with IT teams to enhance existing systems and implement new technologies or tools that streamline operations.

Policy and Product Analysis:

Review existing commercial insurance policies and products, identifying

opportunities for innovation, coverage expansion, or refinement.

Assist in pricing strategies and help design new insurance products based on market research and competitor analysis.

Stakeholder Engagement:

Liaise with internal teams, including underwriting, claims, actuarial,

marketing, and sales, to ensure alignment between business needs and

technical solutions.

Act as a bridge between technical teams (e.g., IT, actuarial) and business stakeholders to ensure the successful delivery of business requirements. Market Research and Competitive Analysis:

Conduct market research to understand competitor offerings, pricing models, and industry trends to help shape the company's commercial insurance strategy.

Provide recommendations on pricing adjustments, product diversification, and sales tactics based on market and competitor analysis.

Regulatory Compliance and Risk Management:

Ensure that commercial insurance operations adhere to industry

regulations, standards, and compliance requirements.

Assess risk factors associated with commercial insurance policies and

recommend mitigation strategies to minimize exposure.

Project Support:

o Support commercial insurance-related projects by defining business

requirements, assisting in system upgrades, and managing timelines for implementation.

Provide analytical support during the project lifecycle, ensuring the final

outcomes meet business objectives and improve operational performance. Training and Documentation:

o Develop and deliver training materials and documentation to business users

on new systems, processes, and tools.

Ensure that key business process changes are communicated effectively

across the organization.

Skills and Qualifications:

Educational Background:

A bachelor's degree in Business Administration, Finance, Economics,

Insurance, or a related field. An MBA may be advantageous.

Experience:

2-4 years of experience in business analysis, preferably within the

commercial insurance industry.

o Experience working with commercial insurance products, underwriting,

claims management, or pricing is highly preferred.

• Analytical Skills:

o Strong analytical and quantitative skills, with the ability to interpret data and

produce actionable insights.

o Proficiency in data analysis tools, including Excel, Power BI, Tableau, or

similar platforms.

Insurance Knowledge:

o In-depth understanding of commercial insurance policies, underwriting

processes, claims handling, and risk management practices.

Familiarity with industry regulations, compliance standards, and best

practices in commercial insurance.

Technical Proficiency:

o Ability to manage and manipulate large datasets and perform statistical

analysis.

Communication Skills:

Excellent written and verbal communication skills, with the ability to communicate complex data and analysis to both technical and non-

technical stakeholders.

Problem-Solving and Critical Thinking:

o Ability to think strategically and solve complex problems using data-driven

insights.

Strong attention to detail and a proactive approach to identifying potential

issues.

Preferred Skills:

• Power BI, SQL, Agile Methodology / Scrum

Mandatory - Candidate should be worked on Commerical insurance project.

Job Types: Full-time, Permanent

Pay: ₹400,000.00 - ₹600,000.00 per year

Schedule:

• Day shift

Experience:

• Commercial insurance products: 2 years (Required)
• Power BI: 2 years (Required)
• Business analysis: 2 years (Required)
• SQL: 2 years (Required)

Work Location: In person