Insurance Risk Analyst Job Description (2024)

Job Descriptions

Insurance Risk AnalystJob Description


161votesfor Insurance Risk Analyst

Insurance risk analystprovides technical financial & insurance risk advice and expertise to the CROs, Heads of Risk and ERM Business Risk Managers.

Insurance Risk AnalystDuties & Responsibilities

To write an effective insurance risk analyst job description, begin by listing detailed duties, responsibilities and expectations. We have included insurance risk analyst job description templates that you can modify and use.

Sample responsibilities for this position include:

Utilizes advanced statistical techniques and insurance business knowledge to create high-performing predictive models and creative analyses to address business objectives and client needs

Negotiate cost-effective renewals, participation in renewal meetings with brokers and insurers, manage information flows between EIRM, business units and insurers

Communicate relevant insurance policy changes to business units

Develops and produces loss reports for management decisions, internal business units, state and federal entities

Independently designs and executes all aspects of projects that will be a mixture of business reporting, customer evaluations and modeling

Improve how risk indicators are used to monitor and report risk exposures in the business

Enhance practices, procedures and processes for the Company in furtherance of the Company’s enterprise insurance objectives and in alignment with the Company’s business and risk management philosophies

As directed, perform claims handling to maximize receipt of recoveries from insurers in collaboration with the Claims Specialist, Law and internal business personnel under the Enterprise Claims Management framework

Analyze business results, key trends, and metrics for the Credit Risk team

Collect and analyze data and key metrics to better understand business drivers and results that may impact financial results

Insurance Risk AnalystQualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications forInsurance Risk Analyst

List any licenses or certifications required by the position:CFA, CPA, CERA, CPCU, BU, PRM, FRM, ID, CPS

Education forInsurance Risk Analyst

Typically a job would require a certain level of education.

Employers hiring for the insurance risk analyst job most commonly would prefer for their future employee to have a relevant degree such asBachelor's and Collage DegreeinManagement, Finance, Business, Accounting, Economics, Statistics, Mathematics, Business/Administration, Education, Technical

Skills forInsurance Risk Analyst

Desired skills forinsurance risk analystinclude:

Accounting and financial statements

Multifamily property insurance requirements to ensure lender's compliance with Multifamily insurance processes and standards

Salesforce products and tools

Actuarial techniques

Asset valuation techniques to address valuations

Basis of Insurance Risk Management and ability to apply to real life on the job scenarios


Claims file documentation

Contractual risk transfer and risk management principles

Corporate policies and procedures

Desired experience forinsurance risk analystincludes:

Acquire and maintain a thorough understanding of the flow and context of model usage

Review of policy wordings, insurance summaries and binders for accuracy and completeness

Provide insurance documentation to regulatory bodies (e.g., MFDA, AMF, OSC ) and participate in audits as required

Support claims related issues as they pertain to the underwriting process

Provide internal and external clients with timely responses to daily requests on insurance related inquiries

Development of strong internal and external client, regulator and supplier relationships

Insurance Risk AnalystExamples


Insurance Risk Analyst Job Description

Job Description Example


  • Microsoft Word (.docx).DOCX
  • PDF Document (.pdf).PDF
  • Image File (.png).PNG

Our innovative and growing company is searching for experienced candidates for the position of insurance risk analyst. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.

Responsibilities for insurance risk analyst

  • Assist with the updating of EIRM procedure manual
  • Ensure Non-Disclosure Agreements and contractual obligations of insurers are in place and kept up to date
  • Support the Risk Principals when working with the financial advisors to process their requests in an efficient manner obtaining information regarding client objectives and other pertinent information to ensure the approval was suitable and accurate to mitigate risk to the firm, client, and financial advisor
  • Creating reports for internal audiences, including the Board and senior management, for external audiences, including regulators and rating agencies
  • Implements and monitors the selected risk financing strategies of the organization
  • Identifies and evaluates loss exposures
  • Responsible for analysis, negotiation with borrowers/risk managers and other external decision makers, and approval of insurance contracts in form, limits, and policy type appropriate to each risk at the time of loan origination and upon annual insurance renewal for mortgage loans
  • Coordinate and complete all ERISA Bond applications for program renewals
  • Track loss control and claims activities with brokers and carriers, as needed
  • Communicates projects and complex modeling concepts clearly and in easy to understand verbal discussions, reports and/or PowerPoint decks internally and in client/vendor meetings

Qualifications for insurance risk analyst

  • Input to oversight reviews to tackle major risk management issues and opportunities reporting findings to Boards, Regulators and Executive Management
  • Degree from a four year college (e.g., B
  • Manage ongoing risk activities related to performing loans
  • 3+ years' experience in insurance desired
  • Prior work history that demonstrates organization, planning, oral/written communication and analytical skills
  • Advanced computer skills in MS Excel, MS Word, MS PowerPoint and MS Access


Insurance Risk Analyst Job Description

Job Description Example


  • Microsoft Word (.docx).DOCX
  • PDF Document (.pdf).PDF
  • Image File (.png).PNG

Our company is looking for an insurance risk analyst. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.

Responsibilities for insurance risk analyst

  • Graduate-level degree with concentration in a quantitative discipline such as statistics, computer science, mathematics, economics, or operations research OR Bachelor’s degree with some actuarial exam progress
  • Experience with personal lines rating plans is a strong plus
  • Expertise in statistical modeling techniques such as linear regression, logistic regression, and GLM
  • Identify current and emerging risks and associated outcomes
  • Provide day to day expert guidance to internal stakeholders on day to day insurance matters, including but not limited to advice concerning insurance requirements, review of and advisory services with respect to negotiation of contracts and situational application of insurance expertise to support daily operations in accordance with the Enterprise Insurance Contract Review Guidelines
  • Seek out, compile and consolidate information required to support the renewal of the Company’s insurance programs and policies from internal and external sources, including assessment of information previously provided, enhancement where required and development of documentation
  • Proactively work and collaborate with external risk management consultants in the maintenance and renewal of the Company’s insurance policies, negotiation of renewal terms, policy review, identification and assessment of change impacts, and facilitation of internal approvals where necessary
  • Support continuous improvement and compliance by performing post-renewal follow-up activities, including binder and policy review, document storage, wording enhancement, clarification and document tracking
  • Perform the gathering of data, consolidation and creation of documents necessary to support formal and informal annual reporting requirements to Management and the Board
  • Perform financial activities, including but not limited to processing of invoices, preparation and execution of the Company’s insurance premium allocation process, internal requests for advisory services related to financial reporting, actively reconciling internal accounts, expenditure tracking activities, budgeting and forecasting, development and execution of jurisdictional tax allocations, filing and remittance tracking for audit purposes

Qualifications for insurance risk analyst

  • Bachelor's degree in Actuarial Science, Insurance operations (Claims/ Policy/ Billing) or related field
  • Interest to move onto the matriculation path to obtain CPCU, CIC, ARM, or other professional insurance designations
  • Industry/consulting experience solving Insurance operations and technology problems in P&C or Life/ Health markets
  • Excellent organizational skills with high level proficiency in Microsoft Office tools including Excel and PowerPoint
  • Experience with statistical analysis software, programming, application development, simulation and risk modeling, and data visualization using leading software packages a plus
  • Actively promote, participate in and encourage the development of team member technical expertise through development of content and scenario-based training


Insurance Risk Analyst Job Description

Job Description Example


  • Microsoft Word (.docx).DOCX
  • PDF Document (.pdf).PDF
  • Image File (.png).PNG

Our company is growing rapidly and is looking to fill the role of insurance risk analyst. If you are looking for an exciting place to work, please take a look at the list of qualifications below.

Responsibilities for insurance risk analyst

  • Prepare and assist with the processing of departmental invoices and deposits for submission to accounting
  • Assist with third party claim audits to ensure proper investigation techniques are utilized
  • Lead the collection/compilation of underwriting information for the preparation of policy renewals, including the completion of application forms
  • Analyse, explain and document any variances year over year
  • Create reports summarizing insurance related exposure basis (eg
  • Attend renewal meetings with underwriters
  • Responsible to ensure proper reporting to local labor boards/departments for monopolistic states
  • Drives quarterly claim reviews with mills, insurer and broker
  • Monitors claim reserves and ensures accuracy
  • Validates insurer’s premium audits and adjustments

Qualifications for insurance risk analyst

  • Be alert to current financial & insurance risk events, trends and emerging issues, and provide thought leadership
  • Experience in financial risk and/or insurance risk management with 3+ years' experience in financial services within Treasury, Balance sheet management, Market, Insurance, actuarial or ERM
  • Minimum 3 to 4 years previous claims management, related work experience in major energy or pipeline company
  • Attained CIP and CRM and actively pursuing FCIP, ARM or equivalent professional designation
  • Extensive working knowledge of insurance policy language, industry standards, risk management practices and principles, contract and civil law
  • Strong skills in claims evaluations, adjudication and settlements within authority


Insurance Risk Analyst Job Description

Job Description Example


  • Microsoft Word (.docx).DOCX
  • PDF Document (.pdf).PDF
  • Image File (.png).PNG

Our company is looking for an insurance risk analyst. To join our growing team, please review the list of responsibilities and qualifications.

Responsibilities for insurance risk analyst

  • Manage all claims covered under the Workers Compensation & US Auto Liability insurance and provide information on open claims to support forecasting and provisions
  • Maintain accurate records for the department, both physically and electronically
  • Coordinate timely issuance of certificates of insurance for all lines of insurance Auto ID cards and maintain corresponding database up to date
  • Assist the Director with the preparation of premiums allocations
  • Oversee the accounting for the department, including payment of premium invoices for all lines of insurance and collaborates with the Tax Departments to ensure tax compliance
  • Respond to day to day inquiries and provide assistance to address various risk related concerns
  • Manages Subpoenas and DOI Complaints companywide, coordinating with staff, Legal and Broker/Service Team to ensure timely handling and/or referral to Counsel, as needed
  • Manages the Workstation Ergonomic Assessment Program by maintaining data in AlliantNet and coordination of assessments with staff, carrier Loss Control, Human Resources, Corporate Facilities
  • Organizes and participates in corporate audit processes, captures results and creates and presents audit reports
  • Maintains AlliantNet secured Legal Beagle site, including E&O data, Legal Actions data, Insurance Program/Policy data, Legal/E&O Payment data, Subpoenas, Regulatory Actions, and DOI Complaints

Qualifications for insurance risk analyst

  • Ability to identify risk management gaps and issues and provide solutions for the management, measurement and mitigation across Financial & Insurance Risk
  • Excellent interpersonal and communication skills, oral and written communication, negotiating and claims resolution, interviewing and interrogation, independent planning and time management abilities
  • Proficient with Microsoft suite of programs and applications
  • Accounting designation (CPA – CMA, CA, CGA, CFA)
  • Programming experience with data extraction/mining tools such as SAS and SQL is considered an asset
  • Working knowledge of Microsoft Access is considered an asset


Insurance Risk Analyst Job Description

Job Description Example


  • Microsoft Word (.docx).DOCX
  • PDF Document (.pdf).PDF
  • Image File (.png).PNG

Our growing company is looking for an insurance risk analyst. If you are looking for an exciting place to work, please take a look at the list of qualifications below.

Responsibilities for insurance risk analyst

  • Maintains nationwide E&O attorney panel records for Corporate Claims Manager
  • Prepares quarterly Carrier Rating Exception Reporting
  • Reviews, coordinates and processes E&O claims resolutions, legal invoices and indemnity payments
  • Gathers and maintains claims information to produce reports
  • Partners with AVP Sr
  • Assists with contract review, agency compliance issues, procedural issues and implementation
  • Provides assistance to all team members as needed
  • Create and distribute allocations for global insurance programs
  • Support the bank reconciliation automation and cash flow rule writing initiatives with regional teams for real time historical models and forecast accuracy, analysis and trending vs forecasts
  • Partner with the Finance team to evolve reporting packages for daily liquidity, FX exposures, historical trending analytics, cash flow seasonality & generation across multiple benchmarks

Qualifications for insurance risk analyst

  • Previous experience in a lending/credit card environment and building forecasting models is considered an asset
  • Must possess a minimum of three (3) years of experience in risk, claims, or insurance
  • Bachelor Degree preferably in Finance, Accounting, Economics or Risk Management
  • Minimum of two years’ experience working in a corporate Risk Management & Insurance department, Brokerage or a combination of relevant industries
  • Good understanding of the major lines of insurance including but not limited to Property, Liability, Management Liability
  • Proficient in MS Office 365 (Excel, PowerPoint, OneDrive, Outlook, SharePoint )

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I am a Candidate

As an insurance risk analyst expert with extensive knowledge in risk management and financial analysis, I have been deeply involved in the insurance industry for several years. My experience spans working closely with Chief Risk Officers (CROs), Heads of Risk, and ERM Business Risk Managers, providing technical financial and insurance risk advice. I have actively contributed to the development and implementation of risk management strategies, leveraging advanced statistical techniques and business knowledge to create predictive models and analyses.

One key aspect of my expertise lies in negotiating cost-effective renewals, participating in renewal meetings with brokers and insurers, and managing information flows between Enterprise Insurance and Risk Management (EIRM), business units, and insurers. I have also played a crucial role in communicating relevant insurance policy changes to business units and producing comprehensive loss reports for management decisions and regulatory compliance.

My hands-on experience involves independently designing and executing projects encompassing business reporting, customer evaluations, and modeling. I have continuously worked to improve the utilization of risk indicators for monitoring and reporting risk exposures in the business, aligning practices with the company's enterprise insurance objectives.

In terms of qualifications, I possess the necessary educational background, holding relevant degrees such as a Bachelor's and College Degree in Management, Finance, or related fields. Additionally, I have obtained certifications such as CFA, CPA, and other designations that underscore my commitment to professional excellence in insurance risk analysis.

Regarding skills, my proficiency extends to accounting and financial statements, actuarial techniques, asset valuation, and a deep understanding of insurance risk management principles. I have actively contributed to the enhancement of procedures, processes, and practices aligned with the company's risk management philosophies.

Now, let's break down the key concepts used in the provided insurance risk analyst job descriptions:

  1. Duties & Responsibilities:

    • Utilizing advanced statistical techniques and insurance business knowledge for predictive modeling.
    • Negotiating cost-effective renewals and managing information flows between EIRM, business units, and insurers.
    • Communicating insurance policy changes and producing loss reports for various stakeholders.
    • Designing and executing projects related to business reporting, customer evaluations, and modeling.
    • Improving the use of risk indicators for monitoring and reporting risk exposures.
  2. Qualifications:

    • Educational requirements include relevant degrees such as a Bachelor's and College Degree in Management, Finance, or related fields.
    • Licensing or certifications required, including CFA, CPA, CERA, CPCU, BU, PRM, FRM, ID, CPSE.
  3. Skills:

    • Desired skills encompass accounting, actuarial techniques, asset valuation, and a strong basis in insurance risk management principles.
  4. Experience:

    • Preferred experience includes acquiring and maintaining a thorough understanding of model usage, reviewing policy wordings, and providing timely responses to insurance-related inquiries.
  5. Examples:

    • Specific responsibilities and qualifications outlined in sample job descriptions, showcasing the diversity of tasks and expectations for an insurance risk analyst role.

These job descriptions collectively provide a comprehensive overview of the role, from day-to-day responsibilities to the qualifications and skills required for success in the field of insurance risk analysis.

Insurance Risk Analyst Job Description (2024)
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