What is an insurance analyst and what do they do?

Strategic and change initiatives are on the agenda for almost every insurance company, in order to remain competitive within the market. These initiatives require modifications to business processes and business analysts play an essential role in identifying, facilitating, documenting, and communicating the new business requirements

Business analysts in insurance can be involved in a variety of projects, but typically these will focus on providing information to help improve operational efficiency, rationalise the organisation’s cost base and assist with strategic decision making and change initiatives. The work of a business analyst is often closely related to the IT sector and part of their role also involves determining how to best implement, integrate and use the latest technologies.

Key responsibilities

Responsibilities will vary, but examples include:

  • Performing analysis of key business problems, or potential growth, and develop solutions to solve them
  • Providing regular, accurate financial analysis and insight to support the development of the business strategy and other initiatives (e.g. new business opportunities)
  • Working closely with the business stakeholders to define requirements
  • Collating and interpreting research data
  • Conducting and analysing feasibility studies/impact assessments, regarding technology change
  • Persuading stakeholders of the benefits of new technologies or strategies
  • Overseeing the implementation of new technology and systems
  • Contributing to the annual budget/plan and regular forecast process
  • Developing a good working knowledge of relevant sectors, act as a subject matter expert for any queries relating to financial performance
  • Conducting research and analysis to develop a detailed understanding of local market trends
  • Producing reports and analysis for Underwriters
  • Assisting in identification of insurtech developments and trends

Why are they important?

Business analysts bridge the gap between Finance, IT and the business, often acting as a translator that facilitates communication between business departments. They play a key role in aligning the needs of the business with the capabilities that can be delivered by technology and can be instrumental in creating new models that support business decisions.

Skills needed for this role

Strong communication and analytical skills are essential for a business analyst, as is the ability to engage with stakeholders at all levels. Attention to detail is key and excellent organisation skills are required in order to successfully manage multiple projects at any one time

Strategic Professional Options examinations linked to this role

Advanced Performance Management

Career opportunities presented by this role

Business analyst roles in the Insurance industry are widely available and there is an established career development path. In addition, the role has many transferable skills which allows analysts to move into different fields. Experienced analysts can also become independent consultants.

Competencies

High level competencies required include:

  • Advisory and consultancy

    A. Gathers and understands financial and non-financial information to develop complete knowledge of the client business and the environment in which it operates.

    B. Provides expert advice that will add value to the business and gain advantage.

    C. Identify and advise on business partnering to develop strategic relationships to create opportunities, improve performance and solve business problems.

    D. Prepare and present business plans and advise on the actions to implement these plans.

     

  • Data, digital and technology

    A. Identifies strategic options to add value, using data and technology.

    B. Analyses and evaluates data using appropriate technologies and tools.

    C. Applies technologies to visualise data clearly and effectively.

    D. Applies scepticism and ethical judgement to the use of data and data technology.

  • Stakeholder relationship management

    A - Positively develops relationships with internal and external stakeholders.

    B - Communicates and gains commitment from internal and external stakeholder.

    C - Uses emerging technologies to collaborate and communicate effectively with stakeholders.

    D - Applies professional and ethical judgement when engaging with stakeholders.

    E - Aligns organisational strategic objectives with stakeholder needs and manages expectations.
     

  • Strategy and innovation

    A. Applies business acumen and commercial awareness to deliver business objectives.

    B. Recommends a range of suitable strategic options from which to develop sustainable plans and objectives.

    C. Evaluates, justifies and implements suitable strategic options.

    D. Adopts and applies innovative methods to implement strategy and manages change.