WHAT DOES AN INSURANCE ANALYST DO?

Updated: Nov 03, 2025 - The Insurance Analyst coordinates risk management activities, including inspections, regulatory filings, premium reconciliations, and compliance reviews to ensure accurate and effective insurance program administration. This role involves preparing presentations, conducting quantitative analyses, developing reports with recommendations, and maintaining proper documentation of insurance policies and certificates. The analyst also manages communications with external contacts, supports industry representation, and oversees workers’ compensation insurance placement and program compliance.

A Review of Professional Skills and Functions for Insurance Analyst

1. Insurance Analyst Duties

  • Research: Perform research, modeling, forecasting and coordination of data collection from Claims and other groups
  • Analytical: Perform deep-dive analysis to understand the root cause of the issue and effectively communicate the findings to senior management
  • Data Monitoring: Understand and deliver insights by monitoring internal claims loss data and incorporating Industry trends
  • Trend Review: Review and interpret current reporting, identifying trends to improve operational efficiency
  • Process Support: Support accountability and ownership in the claims process by providing an accurate and unbiased picture of claims operations
  • Industry Evaluation: Leverage Industry data and knowledge to evaluate the results in relation to the Industry
  • Stakeholder Collaboration: Work with internal stakeholders in Claims, Product, Actuarial, Finance and Technology to identify new trends and initiatives
  • Mentorship: Provide guidance and mentorship to junior analysts
  • Customer Service: Provide excellent customer service by establishing a rapport with clients and the state agencies
  • Claims Management: Receive and prioritize claims, questionnaires, determinations and other unemployment-related data
  • Case Analysis: Analyze individual case information by reviewing data accessed through the PC, from the investigative telephone calls or document images, to determine if the facts warrant a response
  • Regulation Interpretation: Using the details regarding an employee’s separation provided by the client, interpret and apply state laws and regulations in response to unemployment documents

2. Insurance Analyst Details

  • Adjuster Coordination: Follow up for adjuster assignments on reported claims and make sure adjusters have connected with appropriate company contacts
  • Claim Advancement: Work with carrier Adjusters or Project teams for information to advance the claim process
  • Data Compilation: Provide Sr. Management with data compilation for internal claim reports
  • Claims Interaction: Coordinate and manage interaction between project teams, legal, brokers, and insurer related to claims matters
  • Data Updating: Update claim data in the software program and other compliance or OSHA-related items
  • Confidentiality Maintenance: Maintain company confidentiality regarding claims information
  • Policy Review: Review Owner Builder’s Risk or OCIP policies for adequacy of coverage and limits
  • Risk Support: Assist with other day-to-day risk management needs such as insurance items related to contracts, project-specific insurance, coordination with safety, or questions from Owners or Subcontractors
  • Bond Assistance: Assist teams with bond requests
  • OCIP Tracking: Assist and track OCIP enrollments
  • Renewal Support: Assist the CFO with data collection for insurance renewals, final audits, policy subjectivities or extension requests
  • Broker Communication: Follow up with the insurance broker for all requested policies
  • Response Handling: Respond to emails and phone calls promptly

3. Insurance Analyst Responsibilities

  • Data Analysis: Analyzing insurance data for both life and non-life insurance
  • Coverage Improvement: Use Danfoss' big data to improve insurance coverage
  • Program Support: Support the implementation of global employee benefit insurance programs
  • Broker Contact: Contact with insurance brokers servicing Danfoss
  • Carrier Contact: Contact with insurance companies servicing Danfoss
  • Report Production: Produce Power BI reports on insurance-related data
  • Cross-Functional Liaison: Liaison with other relevant functions/departments to identify data and gather input on analysis
  • Case Management: Administration and oversight involving Workers’ Compensation and Federal Black Lung case management
  • Carrier Communication: Communicate with insurance carriers, brokers, outside counsel and third-party administrators
  • Department Collaboration: Interface with team members and internal departments including Legal, Human Resources, Finance, Safety and Accounting
  • Claim Review: Attend and manage quarterly claim reviews to address the accuracy of reserves and outstanding liability
  • Retention Knowledge: Understanding applicable claim retention levels/deductibles
  • Claim Reporting: Handle reporting of General Liability and Automobile Liability claims

4. Flood Insurance Analyst Job Summary

  • Policy Review: Reviews, interprets and approves flood insurance policies pre-loan boarding and for the life of the loan
  • Risk Mitigation: Identifies and mitigates potential Flood risk issues
  • Audit Interaction: Interacts with Bank personnel including audit and compliance, about remediation issues
  • Decision Making: Applies higher-level decision-making techniques for inquiries, approvals and requests within policies and procedures
  • Map Processing: Processes flood map changes to ensure compliance with applicable laws and regulations
  • Guidance Provision: Provides guidance and direction to lenders, documenters, relationship managers and insurance agents
  • Document Analysis: Analyze appraisal documents, survey maps, elevation certificates and calculate insurance values under regulations
  • Data Integrity: Responsible for data integrity of flood insurance tracking across systems and vendor tools
  • Regulatory Liaison: Interface with Internal Audit, Compliance and regulatory agencies such as OCC and FEMA
  • Customer Resolution: Processes and resolves complex customer issues, problems or inquiries
  • Complex Evaluation: Understands high complexity issues regarding structures, insurance amounts and qualifying criteria
  • Regulation Knowledge: Maintains knowledge of applicable banking and FEMA rules and regulations
  • Process Consultation: Consults with Legal and Credit Administration to validate policies and improve processes
  • Project Management: Manages special projects and other independent activities
  • Quality Assurance: Assumes responsibility for monitoring, data gathering and reporting for audits and management
  • Program Commitment: Maintain proactive support for Customer First, CRA and EEO programs
  • Excel Utilization: Utilize Excel for data organization and exception tracking

5. Insurance Analyst Accountabilities

  • Product Development: Support the development of new and existing insurance products
  • Project Management: Manage projects with tech, product, design, and copywriting teams
  • Initiative Ownership: Lead end-to-end ownership of complex initiatives to drive solutions
  • Performance Review: Lead review of product performance and propose enhancements
  • Dependency Alignment: Support the identification and alignment of key dependencies between departments
  • Carrier Collaboration: Work with third-party insurance carriers to develop new product offerings
  • Business Reporting: Deliver output materials for business reviews and leadership updates
  • Strategic Execution: Support the execution of the Insurance team’s strategic priorities
  • Market Analysis: Conduct market and competitor analysis for strategy and product design
  • Regulatory Strategy: Work with advisors on licensing and compliance strategies
  • Industry Bridging: Serve as the bridge between the insurance industry and the Booking.com business
  • Cross-Functional Support: Support cross-functional initiatives across departments
  • Project Support: Support internal Booking.com projects, enabling the Insurance team outcomes
  • Status Tracking: Track and report on project statuses and results to management

6. Insurance Analyst Functions

  • Renewal Communication: Communicate requests for insurance renewal information with agents, borrowers, and management agents
  • Compliance Analysis: Analyze insurance renewal information to ensure investor insurance requirement compliance
  • Ongoing Monitoring: Assure continual monitoring of insurance compliance for the life of the loan
  • Invoice Processing: Request and process insurance premium invoices in the servicing system
  • Escrow Coordination: Communicate escrow issues and coordinate resolution with servicing staff
  • Subject Expertise: Serve as subject matter expert on technical insurance and risk management questions
  • Application Preparation: Prepare initial insurance applications, account overviews, and exposure information
  • Request Analysis: Review, analyze, and research project-specific insurance requests
  • Quote Review: Conduct review and analysis of initial quotes and broker/carrier responses
  • Broker Follow-up: Follow up with the broker for missing items
  • Document Review: Review and analyze binding documents to ensure accuracy and compliance
  • Policy Maintenance: Organize and maintain the current insurance and risk policy library
  • Instruction Issuance: Issue program instructions and update policy information for system vendors and staff
  • Training Support: Assist with content development and delivery of insurance training for the company and clients

7. Insurance Analyst Job Description

  • Requirement Analysis: Analyze insurance requirements for vendors with CPS and the COI monitoring company
  • COI Oversight: Direct and oversee issuing CPS COIs within Self-Insured Retention limits
  • Agreement Review: Review insurance requirements and COIs for license agreements before CPS property use
  • Vendor Management: Manage analysis of insurance for Student Transportation vendors
  • COI Comparison: Complete COI comparison against policy declaration pages and enter into the database
  • Data Gathering: Assist in the annual gathering and organizing of data for the CPS insurance program placement
  • Exposure Management: Manage liability, property, and specialty area exposures
  • Risk Monitoring: Participate in the preparation and monitoring of Risk Management processes
  • Inquiry Response: Answer department-related phone calls and emails, escalating as needed
  • Record Maintenance: Maintain department records and databases with current information
  • Invoice Coordination: Coordinate payments of vendor invoices and other Risk Management expenses

8. Senior Insurance Analyst Overview

  • Mentorship: Providing guidance and mentorship to other analysts
  • Consultative Role: Works in a highly consultative role and presents solutions to senior management
  • Decision Influence: Influencing the decisions of executive leadership by leading complex, cross-functional projects and analysis to develop actionable, innovative, data-driven recommendations
  • Staff Engagement: Engages less senior staff in preliminary work, upskills less senior staff
  • Process Improvement: Finds ways to improve processes and bring groups together to drive efficiencies
  • Data Analysis: Using tools like SAS, SQL, Microsoft Excel, Essbase to access and analyze large amounts of data (may also use other tools such as Tableau, Snowflake, PowerBI, Python, etc.)
  • Performance Communication: Understanding and proactively communicating the overall performance and strategy of personal line products in assigned markets
  • Risk Quantification: Quantifying catastrophe risk and identifying risk management strategies
  • Revenue Planning: Leading the effort to build annual revenue plans and explaining variances to these plans
  • Cross Collaboration: Working cross-functionally with partners across the organization, including Marketing, Actuarial, Finance, and others, to support the development, design, and implementation of new products, programs, and processes

9. Insurance Analyst Details and Accountabilities

  • Insurance Procurement: Assist in the procurement of Comerica's insurance program to provide adequate coverage for exposures
  • Underwriting Information: Obtain underwriting information submitted on behalf of the company and determine insurable interest
  • Claims Processing: Process forms and claims on appropriate policies
  • Loss Tracking: Monitor and track losses and recoveries
  • Settlement Negotiation: Negotiate standard settlements according to guidelines and adjust to property losses
  • Financial Transactions: Responsible for all financial transactions in Risk Management including budget tracking
  • Claims Management: Responsible for claims management of Property Liability, REO Liability Policies, and 3rd party claims
  • Policy Research: Research and review insurance policies to determine coverage and interpret contract language
  • Management Communication: Communicate and problem-solve with senior management regarding complex insurance and risk issues
  • Quote Management: Manage carrier quote success rate and accuracy by understanding rating mechanics
  • Quote Optimization: Optimize quote offerings, discounts, and reduce discrepancies between initial and bindable quote
  • Carrier Relations: Work closely with carrier partners to ensure applicants fit underwriting appetite
  • Product Partnership: Partner with Product on launching new insurance products via A/B testing
  • Marketing Partnership: Partner with Marketing to maximize return on ad spend via acquisition targeting model
  • Service Collaboration: Partner with Service and CX to improve retention and onboarding strategy
  • Sales Compliance: Work with Sales to ensure compliance with underwriting guidelines for each carrier partner
  • Performance Dashboard: Work with carrier partners and internal teams to develop KPI dashboards related to carrier performance

10. Insurance Analyst Tasks

  • External Liaison: Serve as a liaison to external contacts
  • Risk Presentations: Plan, prepare and develop risk management presentations to the insurance marketplace
  • Industry Representation: Represent the Company in the insurance industry and professional associations
  • Inspection Planning: Plan and schedule inspections of facilities with carriers and consultants
  • Rate Coordination: Coordinate the General Rate Case process and filings related to Corporate Insurance
  • Premium Reconciliation: Review and reconcile premium amortization schedules and master data requests
  • Data Response: Respond timely and accurately to internal and external data requests and inquiries
  • Policy Monitoring: Monitor the receipt of insurance binders, policies and endorsements
  • Policy Safekeeping: Manage the safekeeping of original insurance policies
  • Risk Studies: Conduct ad-hoc risk studies and quantitative analysis
  • Report Development: Develop reports summarizing analytical results and recommendations
  • Decision Documentation: Ensure proper documentation of decisions
  • Certificate Management: Manage the liability and property certificate of the insurance program and letters of self-insurance
  • Compliance Review: Review evidence of insurance from third parties for compliance with standards
  • Program Support: Support worker's compensation insurance placement, regulatory compliance and oversight
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