Insurance Product Analyst II

  • Insurance Product Analyst II
  • What will I be doing?
  • Do I qualify?
  • Can I be successful?
  • Benefits
  • How do I apply?
Class Number: 
7576
Annual Salary Range:
$33,276.00 – $46,992.00
Twice-a-Month Salary Range:
$1,386.50 – $1,958.00
Pay Grade: 
A20

View Class Specification Document

Definition

This is journey-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, analyzing and approving or disapproving 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. Work may include participating in the orientation and training of lower-level Insurance Product Analysts. General supervision is received from the Insurance Product Section Supervisor; however, the employee is expected to exercise independent judgment in the performance of assigned responsibilities.

Job Duties

Analyzes a variety of accident, health and/or life insurance policy contracts and related forms of insurers, health service corporations, health maintenance organizations and prepaid dental plans to ensure compliance with statutes and regulations and to evaluate potential impact on the insurance-buying public.

Analyzes a variety of 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.

Approves or disapproves policy contracts and related insurance forms for use in the State of Missouri.

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

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.

Analyzes filings and makes recommendations concerning admission of insurance companies applying to do business in the State of Missouri.

Analyzes both internally and externally generated data to monitor the insurance industry's compliance with statutes and regulations.

Participates in the orientation and training of lower-level Insurance Product Analysts.

Responds to inquiries from insurance company representatives, consumers and state officials regarding policy contract language, rates, coverage and exclusions.

Provides input for proposed administrative rules governing the regulation of insurance products available within Missouri.

Performs other related work as assigned.

Areas of Interest: 
BUSINESS REGULATION, SAFETY & INSPECTION; BUSINESS SERVICES

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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.)

One year as an Insurance Product Analyst I in the Missouri Department of Insurance.

OR

Two years of professional experience in insurance regulation, underwriting, policy contract review and/or development, claims adjusting, risk management or closely related areas; and graduation from an accredited four-year college or university with specialization in insurance, risk management, business or public administration or closely related areas. (Possession of the professional designation of Fellow, Life Management Institute (FLMI) or Chartered Property and Casualty Underwriter (CPCU) may be substituted for one year of the required 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?

Considerable knowledge of accident, health and/or life insurance, health service corporations, health maintenance organizations and prepaid dental plans.

Considerable knowledge of property and/or casualty policy contracts, endorsements, premium rates and manuals of rules.

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

Working knowledge of marketing, underwriting and other practices and procedures routinely utilized in the insurance industry.

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