Product Compliance Analyst

At Allstate, great things happen when our people work together to protect families and their belongings from life’s uncertainties. And for more than 90 years our innovative drive has kept us a step ahead of our customers’ evolving needs. From advocating for seat belts, air bags and graduated driving laws, to being an industry leader in pricing sophistication, telematics, and, more recently, device and identity protection. 

Job Description

The Product Compliance Analyst plays a key role in ensuring compliance with both Group and Individual health, disability, and life insurance laws and regulations. This role requires in-depth research, regulatory knowledge, and collaboration with internal teams to ensure the successful development and submission of policy forms and applications to relevant insurance departments. The consultant will oversee the entire filing process, respond to regulatory feedback, and implement approved forms. The individual in this role will be instrumental in maintaining compliance, improving processes, and facilitating communication with insurance departments and internal stakeholders.

Key Responsibilities

• Regulatory Research & Compliance: Conduct research of health, disability, and life insurance laws and regulations to ensure compliance with applicable state and federal laws for Group and Individual insurance products.
• Form Development & Filing: Assist in the development and preparation of policy-related forms and applications, ensuring that they are submitted accurately and timely to insurance departments. Work with cross-functional teams to ensure forms meet regulatory standards and business requirements.
• Communication & Consultation: Serve as the primary point of contact for insurance departments, responding to inquiries, clarifications, and objections related to submitted forms. Communicate and collaborate with various internal departments (Underwriting, Marketing, Technology, Claims) to implement approved policy forms effectively.
• Process Improvement: Analyze feedback from insurance departments and other stakeholders to identify opportunities for process improvements in form preparation, filing, and regulatory compliance. Suggest enhancements to improve efficiency and accuracy.
• Objection Handling: Research and prepare detailed responses to objections raised by insurance departments regarding filed forms. Ensure that all regulatory concerns are addressed promptly.
• Implementation Support: Once a form is approved by the insurance department, assist in the implementation of the approved form, including review of output for compliance with state requirements.
• Documentation & Reporting: Maintain accurate records of filed forms, submissions, objections, and responses for audit purposes. Prepare reports on filing status and compliance metrics.

Education & Experience

• Education: A Bachelor's degree is preferred.
• Experience: A minimum of 4 years of experience in insurance, regulatory compliance, or product filing. Experience in health, disability, or life insurance industries is highly preferred.
• Education & Experience (in lieu): In lieu of the above education requirements, an equivalent combination of education and experience may be considered.

Supervisory Responsibilities

• This job does not have supervisory duties.

Education & Experience (in lieu)

• In lieu of the above education requirements, an equivalent combination of education and experience may be considered.

Knowledge & Skills

• Understanding of insurance laws and regulations, particularly regarding form filings and compliance.
• Excellent written and verbal communication skills to effectively interact with insurance departments, internal teams, and external stakeholders.
• Analytical and problem-solving abilities to respond to objections and improve filing processes.
• Attention to detail and ability to manage multiple tasks in a fast-paced environment.
• Proficiency with Microsoft Office Suite and other relevant software tools

Additional Information

• This position may involve collaboration with various departments including Product, Legal, Underwriting, Claims, and Marketing to ensure the successful execution of product filings.
• The analyst will be expected to stay up to date on regulatory changes and best practices in the insurance industry to maintain compliance across all filings.

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Skills

Compensation

Compensation offered for this role is $50,400.00 - 88,987.50 annually and is based on experience and qualifications.

The candidate(s) offered this position will be required to submit to a background investigation.

Joining our team isn’t just a job — it’s an opportunity. One that takes your skills and pushes them to the next level. One that encourages you to challenge the status quo. And one where you can impact the future for the greater good.  

You’ll do all this in a flexible environment that embraces connection and belonging. And with the recognition of several inclusivity and diversity awards, we’ve proven that Allstate empowers everyone to lead, drive change and give back where they work and live. 

Good Hands. Greater Together.

Allstate generally does not sponsor individuals for employment-based visas for this position.

Effective July 1, 2014, under Indiana House Enrolled Act (HEA) 1242, it is against public policy of the State of Indiana and a discriminatory practice for an employer to discriminate against a prospective employee on the basis of status as a veteran by refusing to employ an applicant on the basis that they are a veteran of the armed forces of the United States, a member of the Indiana National Guard or a member of a reserve component.

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