Policy Analyst
Indianapolis, IN, US, 46204
Work for Indiana
Begin a fulfilling career with the State of Indiana by joining one of the largest employers in the state, offering a range of opportunities across 60+ agencies. At the state, you'll find competitive compensation, a robust benefits package and a commitment to work-life balance. Most importantly, you'll have the chance to make a real and measurable impact on the lives of Hoosiers across Indiana.
About the Indiana Department of Insurance (IDOI):
The purpose of the Indiana Department of Insurance is to protect Hoosiers as they purchase and use insurance products to keep their assets and their families from loss or harm. Consumers may need assistance with certain claim situations or just help in understanding how their policies work. Our other primary obligation is to monitor the financial solvency of the insurance companies domiciled in Indiana so that the legal promises made in insurance policies are honored. To these ends, our Department staff is committed to providing exceptional customer service for both our consumers and our companies, and to maintain a fair and objective viewpoint as we examine each issue and circumstance within our jurisdiction.
Role Overview:
As a Policy Analyst, you will be responsible for reviewing and approving rate and form filings for compliance with state insurance laws and regulations. These filings form the basis for insurance products sold to Indiana residents by various insurance companies.
Salary Statement:
The salary for this position traditionally starts at $53,222.00 but may be commensurate with education or work experience.
A Day in the Life:
The essential functions of the job are as follows:
- Reviews insurance policy contract form filings to verify compliance with state laws and regulations
- Conducts preliminary rate reviews to determine the need for referral of rate requests to a credentialed actuary
- Increased involvement in actuarial reviews of rate requests submitted by insurance companies
- Works closely with and assists a credentialed actuary in evaluating rate revision requests
- Advising/consulting with insurance company personnel, rating organizations, or other industry-related persons on technical questions relating to the law and/or regulations
- Conducts research and provides feedback to supervisor and high-level administrators within the agency on proposed changes, bulletins, possible legislation or special projects
- Answers telephone and e-mail inquiries as prescribed by the agency
- Direct and assist clerical and secretarial personnel in work assigned
- Communicates directly with policyholders and assists consumer consultants with complaint files
- Monitors all filing submissions for receipt of filing fees via an Electronic Funds Transfer (EFT) system
- Initiates correspondence with insurance companies if confirmation of receipt of fees is not shown for each company listed on the product filing
- Performs related duties as assigned
The job profile is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee. Other duties, responsibilities and activities may change or be assigned at any time with or without notice.
This position is exempt from overtime compensation for additional work hours which may be required to complete essential functions or other assigned work. Exempt employees may work more than 75 hours in a pay period without additional compensation and must report a minimum of 75 hours per pay period of work hours and/or paid leave taken to receive their base biweekly salary.
What You'll Need for Success:
You must meet the following requirements to be considered for employment:
- Bachelor's Degree
- Extensive knowledge of insurance principles and contract forms in one or more of the following types of insurance: property/casualty (personal and commercial lines) life and annuities, accident and health, and other speciality lines
- Knowledge of insurance industry practices, trends, developments and techniques
- Effective verbal and written communication skills are required for productive interaction with all levels of the public and private sectors
- Ability to organize and plan work with limited supervision
- Ability to gather and analyze data in order to reach sound conclusions with limited supervision
- Abililty to perform some level of mathematical/statistical computations and analysis
- Ability to logically support the compliance views of the agency
- Ability to instruct and coordinate the work of peers and staff when necessary
- Ability to learn Indiana insurance law and regulations relating to product filings being reviewed
- Able to perform essential functions with or without reasonable accommodation.
Supervisory Responsibilities/Direct Reports:
Benefits of Employment with the State of Indiana:
The State of Indiana offers a comprehensive benefit package for full-time employees which includes:
- Three (3) medical plan options (including RX coverage) as well as vision and dental plans
- Wellness Rewards Program: Complete wellness activities to earn gift card rewards
- Health savings account, which includes bi-weekly state contribution
- Deferred compensation 457(b) account (similar to 401(k) plan) with employer match
- Two (2) fully-funded pension plan options
- A robust, comprehensive program of leave policies covering a variety of employee needs, including but not limited to:
- 150 hours of paid New Parent Leave and up to eight weeks of paid Childbirth Recovery Leave for eligible mothers
- Up to 15 hours of paid community service leave
- Combined 180 hours of paid vacation, personal, and sick leave time off
- 12 paid holidays, 14 on election years
- Education Reimbursement Program
- Group life insurance
- Referral Bonus program
- Employee assistance program that allows for covered behavioral health visits
- Qualified employer for the Public Service Loan Forgiveness Program
- Free Parking for most positions
- Free LinkedIn Learning access
Equal Employment Opportunity:
The State of Indiana is an Equal Opportunity Employer and is committed to recruiting, selecting, developing, and promoting employees based on individual ability and job performance. Reasonable accommodations may be available to enable individuals with disabilities to complete the application and interview process as well as perform the essential functions of a role. If you require reasonable accommodations to complete this application, you can request assistance by contacting the Indiana State Personnel Department at jobs@spd.IN.gov.
Nearest Major Market: Indianapolis
