What do I need to know to be an insurance pricing analyst - entry level?

Question

Please inform me on the specifics to what an insurance co. pricing analyst should know, also in an interview for the position. Entry level, but would like to be impressive.

Answer 1

Great question! Insurance pricing is a very interesting field, if you enjoy working with numbers.

For an entry-level analyst position, most companies just want you to have the skills. You need to be proficient with numbers, especially ratios. You need to know Excel, and preferably be expert at it. Knowledge of graphs and regression analysis is a big plus. Excel will be your best friend in pricing. (It's kind of funny ... you walk through the claims department and hear people trash-talking about their basketball skills; but you walk through the pricing department, and you hear the actuaries trash-talking about their Excel skills. "Is that the best way you could figure out how to do that? Hey, let me work on it for a few minutes, and I'll even make it into a macro for you!")

Beyond that, any knowledge about insurance pricing and actuarial analysis would be helpful, but not required. If you know which line of business you'll be pricing, then it would be helpful if you know some general knowledge about the types of variables used in rating that line of business. For example, if you are going to be pricing auto insurance, then it would be helpful to know how we use driver age/s*x/marital status, driving record, territory, and so on; and it would be helpful to know the coverages and the main competitors in your market.

However, keep in mind that you can't just bluff your way through the interview. A good interviewer will cut through it. I always asked enough probing questions until I reached the point where the person didn't know, because I wanted to find the limits of their knowledge. EVERYONE has limits on their knowledge, especially for an entry level position, so I wanted to find the limit, and see how the person reacted. If they tried to BS me, they lost points in the interview. If they acknowledged that they didn't know, but asked me questions about it so they could learn in the interview, then they gained points. I would take someone with healthy curiosity and a desire to learn any day over someone who tries to BS me.

Good luck!

Answer 2

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