Life Insurance Business Analyst

Business Analyst Life Insurance - 2+ Years

Domain

Life Insurance New Business & Underwriting

Key Responsibilities

• Gather, analyze, and document business requirements from stakeholders.
• Prepare Business Requirement Documents (BRD),Functional Requirement Documents (FRD), user stories, and process flow diagrams.
• Analyze and improve New Business and Underwriting processes to enhance operational efficiency.
• Work closely with underwriters, operations teams,product owners, and development teams to define business solutions.
• Conduct gap analysis, impact analysis, and feasibility studies for system enhancements.
• Support the implementation and testing of life insurance applications.
• Participate in User Acceptance Testing (UAT),defect tracking, and resolution activities.
• Facilitate requirement workshops, stakeholder meetings, and walkthrough sessions.
• Ensure business requirements comply with regulatory and organizational standards.
• Monitor project progress and provide regular updates to stakeholders.
• Assist in change management, training, and production support activities.

Domain Knowledge Required

New Business

• End-to-end life insurance application processing.
• Proposal submission and validation.
• KYC and customer onboarding processes.
• Financial and medical underwriting requirements.
• Policy issuance and onboarding workflows.
• Premium collection and payment processing.

Underwriting

• Underwriting principles and risk assessment.
• Medical and non-medical underwriting.
• Underwriting decision processes (Standard, Rated, Postponed, Declined).
• Reinsurance concepts and underwriting rules.
• Risk classification and underwriting guidelines.
• Automated underwriting systems and decision engines.

Required Skills

Business Analysis

• Requirement gathering and elicitation techniques.
• BRD, FRD, Use Cases, User Stories, and Acceptance Criteria.
• Process mapping using Visio, Lucidchart etc.
• Gap Analysis and Root Cause Analysis.
• Agile Scrum and Waterfall methodologies.

Technical Skills

• SQL for data analysis and validation.
• Jira
• Understanding of APIs and system integrations.

Qualifications

• Bachelor's degree in Business, Insurance, Computer Science, Information Technology, or a related field.
• 2+ years of experience as a Business Analyst in the Life Insurance domain.
• Experience in New Business and Underwriting processes is mandatory.
• Certifications such as CBAP, CCBA, ECBA, or Agile BA are advantageous.

Key Competencies

• Strong analytical and problem-solving skills.
• Excellent communication and stakeholder management abilities.
• Attention to detail and documentation skills.
• Ability to work in cross-functional teams.
• Strong understanding of insurance business processes and regulations.