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Compliance Analyst

Nirvana Insurance

Nirvana Insurance

IT, Legal
United States
Posted on Tuesday, July 9, 2024

Who we are:

Nirvana is on a mission to modernize commercial insurance and enable a safer world. Our technology platform delivers modern insurance & risk management to not only help our customers protect their businesses, but actually improve safety for everyone.

To start, we’re transforming the legacy, $1T+ commercial insurance industry through cutting-edge predictive models using real-time IoT data (~50B connected devices by 2030), automation to deliver instantaneous quotes & faster underwriting, & proactive, and data-driven insights to help customers prevent accidents.

Backed by top-tier VCs including General Catalyst & Lightspeed Ventures, Nirvana became the fastest insurtech EVER to launch in Jan 2022 and crossed >$10M run rate in under 6 months, more than 2x faster than best-in-class insurtechs. Our leadership team has helped scale multi-billion dollar companies from scratch including Samsara, Rubrik, Acko & Flexport, and includes industry veterans from Hiscox, AIG, Liberty Mutual, American Family, The Hartford & RLI.

About the role:

We’re looking for an experienced Senior Regulatory Compliance & Product Analyst who can contribute independently as well as work effectively with a team that’s growing a modern commercial insurance product from the ground up!

This role will be responsible for overseeing and improving our regulatory compliance function across all of Nirvana’s states and lines of business. This role will report to the Insurance Product Director.

What you’ll do:

  • Serve as a liaison between Nirvana Insurance and the state departments of insurance

  • Oversee vendors who currently assist with various regulatory compliance functions

  • Create, maintain, and improve all required Statistical Reporting, DMV Reporting, and other state-required reports for all states and lines of business in which Nirvana operates

  • Manage state surcharge/taxes/fees assessment process

  • Partner with Claims to create and send state-required Special Investigations Unit (SIU) and Fraud reports

  • Research and tailor countrywide product changes to meet the regulatory requirements in each state

  • Draft, review, and implement policyholder notices explaining rate changes, product changes, and/or regulatory changes

  • Interpret state laws and regulatory changes, determine impact to Nirvana’s product portfolio and operations, and create recommendations to efficiently comply with the regulations

  • Assist state and/or reinsurance auditors in retrieving historical rates, rules, underwriting guidelines, policy forms, or agent communications

  • Review and analyze state insurance department statutes, regulations, bulletins, etc. to determine new reporting requirements and create recommendations to comply.

  • Maintain company licensing and accreditation and prepare supportive filings

  • Assist in drafting state objection responses and work with various stakeholders to overcome department objections and achieve business objectives

  • Assist with ensuring the agency and agent appointment process is compliant with state regulations

  • Lead and respond to state data calls

  • Assist with market conduct exams

  • Own various other Insurance Product projects as they arise

  • Respond to compliance research requests from across the company to provide regulatory guidance on various initiatives

  • Be a foundational driver of results for an emerging insurance product

About you:

  • 3+ years of experience at a Commercial Property & Casualty insurance carrier within the Product Management, Product Development, State Management, State Filings, Underwriting, Legal, Compliance, or related functions.

  • Four (4) year completed degree in a related field or equivalent work experience

  • Ability to identify, analyze, and solve problems related to regulatory operations activities

  • Highly organized

  • Experience with SQL, SAS, Python or other programming language

  • Associate in Regulation and Compliance (ARC) and/or Chartered Property and Casualty Underwriter (CPCU) preferred but not required

  • Excellent team player who effectively works cross functionally

  • Strong communication skills, both written & verbal

  • Thorough critical thinker who isn’t afraid to make decisions

  • Self-starter who independently seeks out opportunities to learn & succeed

  • Bias-to-action - you’re not afraid to get your hands dirty & stretch yourself

  • Owner mentality - take accountability for your actions & results

  • Successfully able to work in high-growth & ambiguous start-up environments

Benefits:

  • Competitive salary & equity

  • Medical, dental & vision insurance

  • 401k with company match

  • Unlimited PTO

  • Work from home friendly

  • #LI-Remote