Senior Business Analyst Life Insurance & Annuity Products

Company: O3 Technology Solutions

Location: Bensalem, PA

Posted on: May 21

Job Title: Senior Business Analyst Life Insurance & Annuity Products

Client: Insurance Industry Client

Location: Homedale, NJ or Bensalem, PA (Onsite 3 days/week mandatory)

Employment Type: Contract / Full-time

Visa Status: Open to all visa types

Experience Required: 1012+ years

Job Summary:

We are seeking a Senior Business Analyst with deep domain expertise in life insurance and annuity products. The ideal candidate will be responsible for gathering and analyzing business requirements, designing solutions, and supporting the implementation of product enhancements and regulatory compliance initiatives. This role involves working closely with product, compliance, actuarial, and IT teams to drive business objectives and optimize operational efficiency.

Core Competencies:

• Domain Expertise in life insurance and annuity product lifecycle.
• Strong analytical and problem-solving skills with attention to detail.
• Effective communicator capable of interfacing with cross-functional teams and executives.
• Proficient in business analysis methodologies (Agile/Scrum/Waterfall).
• Hands-on knowledge of regulatory and compliance requirements in the insurance industry (e.g., NAIC, DOL fiduciary rules).
• Able to manage multiple priorities in a dynamic, fast-paced environment.
• Exposure to product configuration platforms or insurance admin systems is a plus.

Key Responsibilities:

Requirements Gathering & Analysis:

• Collaborate with business stakeholders, including product managers, actuaries, legal, compliance, and IT teams, to capture and document business needs.
• Analyze current business processes, systems, and data to identify gaps and opportunities for improvement.

Solution Design:

• Translate business needs into detailed business requirements documents (BRDs), functional specs, user stories, and use cases.
• Work with solution architects and developers to design workflows, logic, and integration touchpoints for life and annuity systems.

Product Development & Support:

• Lead initiatives related to new product launches, feature enhancements, or regulatory updates across life and annuity lines.
• Support testing and implementation of product configuration changes within policy administration platforms.

Testing & Validation:

• Define and execute test cases, test plans, and facilitate user acceptance testing (UAT).
• Validate calculations, rule processing, and policy behavior to ensure accuracy.

Stakeholder Management:

• Serve as the primary liaison between business users and technical teams.
• Facilitate regular stakeholder meetings and ensure alignment on goals, deliverables, and timelines.

Regulatory & Compliance:

• Ensure documentation, system logic, and product features adhere to applicable insurance regulations and compliance standards.
• Monitor updates from regulators and coordinate change management efforts as needed.

Process Improvement & Governance:

• Recommend and implement enhancements to business processes and BA best practices.
• Participate in business readiness and training initiatives as required.