Insurance Product Analyst I

  • Insurance Product Analyst I
  • What will I be doing?
  • Do I qualify?
  • Can I be successful?
  • Benefits
  • How do I apply?
Class Number: 
7575
Annual Salary Range:
$30,576.00 – $42,780.00
Twice-a-Month Salary Range:
$1,274.00 – $1,782.50
Pay Grade: 
A18

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Definition

This is entry-level professional work in the Department of Insurance reviewing and analyzing insurance products such as policy contract, rule and rate filings to ensure compliance with statutes and regulations as specified by the Missouri Insurance Code.

An employee in this class is assigned to the Life & Health or Property & Casualty Section and is responsible for reviewing and analyzing insurance policy contract, endorsement, rider, advertising, rule and rate filings, and corresponding with company officials to communicate deficiencies, omissions and recommended revisions. In addition, the employee may review premium rates and loss ratio data to ensure compliance with published rates and minimum loss ratio standards. Until the more technical phases of the work are learned, the employee works under close supervision; thereafter, the employee is required to exercise judgment in the performance of assigned responsibilities. General supervision is received from the Insurance Product Section Supervisor.

Job Duties

Analyzes less complex accident, health and/or life insurance policy contracts and related forms to ensure compliance with statutes and regulations and to evaluate potential impact on the insurance-buying public.

Analyzes less complex property and/or casualty policy contracts, endorsements, premium rates, manuals of rules and related forms to ensure compliance with statutes and regulations and to evaluate potential impact on the insurance-buying public.

Advises insurance company officials of the results of policy analysis and recommends revisions to correct identified deficiencies and omissions.

Recommends the approval or disapproval of policy contracts and related insurance forms for use in the State of Missouri.

Analyzes advertising materials, brochures, television and radio scripts, letters and videos to ensure compliance with rules and regulations and to assess impact on the insurance-buying public.

Provides assistance to the insurance-buying public and other governmental agencies relating to policy contract language, rates, coverage and exclusions.

Advises industry representatives regarding requirements for insurance forms submission and compliance with Missouri statutes and regulations.

Reviews premium rates and loss ratio data to ensure compliance with published rates and minimum loss ratio standards.

Provides technical assistance to Department staff in the area of property and casualty, accident, health and life insurance filings.

Performs other related work as assigned.

Areas of Interest: 
Business Regulation, Safety & Inspection; Business Services; College Graduates

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(The following minimum qualifications will determine merit system eligibility.  Allowable experience and education substitutions are provided in italics below the corresponding minimum qualification statement; no other substitutions will be permitted.  These minimum qualifications may also be used to evaluate applicants for Missouri Uniform Classification and Pay System positions not requiring selection from merit registers.)

Graduation from an accredited four-year college or university with specialization in insurance, risk management, business or public administration or closely related areas.

OR

Four years of professional or technical experience in one or more of the areas described below; possession of a high school diploma or proof of high school equivalency.

Special Qualifying Experience

1. Experience in an insurance regulatory agency which involved interpretation, application and/or enforcement of statutes and regulations.

2. Experience in insurance sales, underwriting, policy contract review and/or development, claims adjusting, risk management or closely related insurance experience.

Please note that documentation that supports your eligibility (i.e. transcripts, employment records, etc.) may be required at any time during the application and hiring process. If you do not possess the minimum qualifications, please consider one of many other employment opportunities with the State of Missouri.

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Key Skills

Do you possess the key skills which are considered essential for successful employment in this classification?

Working knowledge of statutes and regulations pertaining to insurance policy contracts and related forms.

Working knowledge of state and federal insurance laws, contract laws and court decisions affecting the insurance industry.

Working knowledge of the principles and practices of insurance rate establishment.

Working knowledge of the assigned line(s) of insurance.

Working knowledge of state laws and department regulations relating to property and casualty, accident, health and life insurance.

Ability to interpret and apply Missouri statutes and regulations pertaining to insurance policy contracts and related forms.

Ability to analyze insurance policy contracts and related forms and recommend revisions relating to identified deficiencies and omissions.

Ability to communicate clearly and concisely.

Ability to establish and maintain effective working relationships with insurance agents, brokers, company representatives, the general public and other employees.

Ability to analyze data and prepare reports.

View Class Specification Document

The following link will provide you with general information about State of Missouri employee benefits.

View benefits

View Class Specification Document