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- Tasks: Support product analysis, data management, and market research to enhance our insurance offerings.
- Company: Join UIB, a trusted insurance brokerage serving over 2.5 million members across the UK.
- Benefits: Enjoy 25 days annual leave, ongoing training, and a great work/life balance.
- Why this job: Be part of a dynamic team that values insights and fosters professional growth in a regulated environment.
- Qualifications: Degree in Mathematics, Economics, Finance, or Data Science; strong Excel skills required.
- Other info: Work from our London office one day a week with travel expected between Edinburgh and London.
The predicted salary is between 24000 - 32000 £ per year.
JUNIOR PRODUCT ANALYST
About Us:
UIB is a leading insurance brokerage, trusted by customers across the UK. Working in partnership with some of the largest Trade Unions, we have set up policies for over 2.5 million members.
Our policies are designed to provide simple, easy-to-understand protection that ensures peace of mind and reliable support when it\’s needed most. Since 1999, we\’ve paid out over £45 million in claims.
Our UK-based operation is regulated by the Financial Conduct Authority, and our dedication to staff Training & Development has seen us recognized with Investors in People status since 2002.
The Role:
As Junior Product Analyst, you\’ll play a key supporting role in delivering precise and insightful product analysis to inform our pricing strategies, risk assessment, and operational improvements. Working alongside the Senior Product Analyst, you\’ll contribute to the profitability and competitiveness of our product offerings by analyzing data and sharing valuable insights with colleagues across the business.
Key Responsibilities:
Product & Financial Analysis:
• Analyze product performance metrics, including revenue, claims trends, lapse rates, and loss ratios
• Support the development and maintenance of financial models for product profitability and scenario analysis
• Contribute to regular dashboards and reports that effectively communicate performance metrics
• Identify patterns or anomalies in performance data and escalate appropriately
Data Management & Reporting:
• Extract, clean, and validate datasets from internal systems and external sources
• Utilize Excel, SQL, or tools like Power BI to create effective visualizations and reports
• Monitor data quality and assist in resolving data discrepancies or reporting issues
• Maintain data files, templates, and documentation to ensure accuracy and accessibility
Regulatory Compliance & Governance Support:
• Assist in maintaining documentation in compliance with FCA PROD, Solvency II, and internal governance requirements
• Support the preparation of product assessments, fair value documentation, and regulatory submissions
• Ensure accuracy and timeliness of data inputs for quarterly regulatory returns
Market Research & Strategic Input:
• Conduct comparative analysis of competitor products to assess market positioning and pricing
• Monitor industry standards, product trends, and evolving customer expectations
• Synthesize research findings for the Senior Product Analyst and contribute to strategic discussions
Cross-Functional Collaboration:
• Work closely with colleagues in actuarial, finance, underwriting, and compliance to share data insights
• Participate in cross-functional meetings and complete follow-up analysis as required
• Assist the Senior Product Analyst in preparing presentations and summaries for senior stakeholders
What We Offer:
• 25 Days Annual Leave + Bank Holidays
• Ongoing Training & Development opportunities
• Excellent work/life balance
• Room for professional growth in a regulated environment
Salary:
£30,000 – £40,000
Who We\’re Looking For:
• Degree in a numerate discipline such as Mathematics, Economics, Finance, or Data Science (or equivalent experience)
• Strong Excel skills, including proficiency with formulas, charts, and pivot tables
• Knowledge of SQL or similar query languages would be advantageous, though not essential
• Experience with reporting tools such as Power BI or Tableau would be beneficial
• Previous insurance industry experience is desirable but not essential; experience in a similar FCA regulated field would be particularly valuable
• Strong attention to detail and analytical capabilities
• Excellent written and verbal communication skills
• Ability to manage multiple priorities and meet deadlines in a dynamic environment
• Collaborative approach with an aptitude for working across different departments
Location:
Based in the UK with presence in our London office required 1 day per week and regular travel expected across Edinburgh and London
Recruitment Process:
• CV screening
• Initial 10-15 minute Teams interview for successful applicants
• In-depth Teams interview with hiring manager for shortlisted candidates
• Final stage face-to-face interview with hiring manager and another team member
Junior Product Analyst employer: UIB (also known as Union Insurance Services)
Contact Detail:
UIB (also known as Union Insurance Services) Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Junior Product Analyst
✨Tip Number 1
Familiarise yourself with the insurance industry, especially focusing on FCA regulations and product analysis. Understanding the market landscape will help you engage in meaningful conversations during interviews.
✨Tip Number 2
Brush up on your Excel skills, particularly with formulas, charts, and pivot tables. Being able to demonstrate your proficiency in these areas can set you apart from other candidates.
✨Tip Number 3
Network with professionals in the insurance and data analysis fields. Attend relevant events or webinars to make connections that could provide insights or even referrals for the Junior Product Analyst role.
✨Tip Number 4
Prepare to discuss how you've used data to drive decisions in past experiences. Be ready to share specific examples that highlight your analytical skills and collaborative approach, as these are key for the role.
We think you need these skills to ace Junior Product Analyst
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant skills and experiences that align with the Junior Product Analyst role. Emphasise your analytical abilities, proficiency in Excel, and any experience with SQL or reporting tools.
Craft a Compelling Cover Letter: Write a cover letter that showcases your enthusiasm for the role and the company. Mention specific aspects of UIB's mission and values that resonate with you, and explain how your background makes you a great fit for the position.
Highlight Relevant Projects: If you've worked on projects involving data analysis, financial modelling, or market research, be sure to include these in your application. Describe your role and the impact of your contributions to demonstrate your capabilities.
Proofread Your Application: Before submitting, carefully proofread your CV and cover letter for any spelling or grammatical errors. A polished application reflects your attention to detail, which is crucial for a role that involves data analysis.
How to prepare for a job interview at UIB (also known as Union Insurance Services)
✨Know Your Numbers
As a Junior Product Analyst, you'll be dealing with data and metrics. Brush up on your understanding of product performance metrics like revenue, claims trends, and loss ratios. Be prepared to discuss how you would analyse these metrics and what insights you could derive from them.
✨Showcase Your Technical Skills
Make sure to highlight your proficiency in Excel, SQL, and any reporting tools like Power BI or Tableau. Bring examples of how you've used these tools in the past to create reports or visualisations that helped inform decisions.
✨Demonstrate Attention to Detail
Attention to detail is crucial in this role. During the interview, provide examples of how you've ensured accuracy in your work, whether it's through data validation or maintaining documentation. This will show that you understand the importance of precision in product analysis.
✨Prepare for Cross-Functional Collaboration
You'll be working closely with various departments, so be ready to discuss your experience in collaborative environments. Share examples of how you've effectively communicated insights to different teams and contributed to cross-functional projects.
