Commerical Business Analyst

Job Description

Job DescriptionExperience - 2 to 4 yearsBudget - 5 to 6 LPALocation - OMR, ChennaiShift - General Shift (5 days working)Mode of interview - Virtual Mode F2F (If required)Notice Period - 0 to 15 DaysNo of Position - 1Job Summary:The Commercial Insurance Business Analyst plays a critical role in the insurance industry by analyzing commercial insurance operations, identifying business needs, andimplementing 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 managementwithin the commercial insurance sector.Key Responsibilities:Data Analysis and Reporting:o Collect, analyze, and interpret large volumes of data related to commercialinsurance 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 claimsreserves, 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 efficiencyand 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, identifyingopportunities 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 andtechnical 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 companys 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 industryregulations, standards, and compliance requirements.Assess risk factors associated with commercial insurance policies andrecommend mitigation strategies to minimize exposure.Project Support:o Support commercial insurance-related projects by defining businessrequirements, assisting in system upgrades, and managing timelines for implementation.Provide analytical support during the project lifecycle, ensuring the finaloutcomes meet business objectives and improve operational performance. Training and Documentation:o Develop and deliver training materials and documentation to business userson new systems, processes, and tools.Ensure that key business process changes are communicated effectivelyacross the organization.Skills and Qualifications:Educational Background:A bachelors 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 thecommercial 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 andproduce actionable insights.o Proficiency in data analysis tools, including Excel, Power BI, Tableau, orsimilar platforms.Insurance Knowledge:o In-depth understanding of commercial insurance policies, underwritingprocesses, claims handling, and risk management practices.Familiarity with industry regulations, compliance standards, and bestpractices in commercial insurance.Technical Proficiency:o Ability to manage and manipulate large datasets and perform statisticalanalysis.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-driveninsights.Strong attention to detail and a proactive approach to identifying potentialissues.Preferred Skills:
• Power BI, SQL, Agile Methodology / Scrum
Mandatory - Candidate should be worked on Commerical insurance project.

Keyskills :
power bisqlcommercial insurancebusiness analyticsscrum