Responsible for profitable growth of specialty area insurance business through proper classification and pricing of risks. Evaluates routine business for risk acceptability; matching price to exposure, loss frequency and severity for profitability, and rating plans/modifications for renewal retention. Establishes collaborative relationships with agencies/producers to understand the external marketplace, and underwrite within established performance standards.
- Accepts, modifies or rejects risks based on a review of business in terms of loss experience, inspection reports, file information, web resources, policyholder tenure, related policies and nature of risk in accordance with Company guidelines, standards and compliance with state laws.
- Provides documentation for any exceptions to established guidelines and critical account information relating to the final Underwriting decision.
- Verifies coverage eligibility.
- Interprets policy contract language/forms and uses approved classification systems, rating plans and selection standards to determine eligibility, desirability and proper classification/pricing.
- Effectively communicates decisions and resolve agent/customer concerns promptly.
- Provides technical assistance to internal and external customers regarding coverage interpretations, policy and endorsement provisions, and Underwriting acceptability for specialty area coverages.
- Develops collaborative working relationships with assigned agents providing excellent customer service.
- Communicates effectively via phone calls and email to gather and analyze necessary information critical to the Underwriting process.
- Occasionally goes out on field visits to create new business opportunities and improve policy renewal retention.
- Informs management of weakness in coverage and/or products that are adversely impacting growth potential.
- Gathers pertinent competitive information to assist in developing recommendations to product development.
- Maintains Underwriting quality standards
- Develops a strong understanding of modeling systems.
- Analyzes modeling results to support Underwriting decisions.
- Places facultative reinsurance according to Company guidelines.
- Visits each broker assigned a minimum of two times a year.
- Attends marketing events that may be organized by the Company.
- Provides feedback gathered from marketing activities to management through marketing call reports.
- Participates in Underwriting and production presentations when approved by management.
High school diploma required. College-level courses up to and including a Bachelor's degree, with emphasis in Business, Accounting, Statistics or related field preferred.
1-5 yrs experience Underwriting in specialty area. Demonstrated experience with automated Underwriting systems.
Knows and applies fundamental Underwriting concepts, practices, and procedures in area of specialization. Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent and to draw and interpret bar graphs. Demonstrated ability to present complex data/information to varied audiences. Proven organizational, analytical, and time management skills. Demonstrated ability to negotiate, influence and close deals. Excellent interpersonal and teamwork skills.