Commercial Lines Underwriter
Perform a full range of policy underwriting functions related to commercial lines of insurance, involving accepting or declining risks, determining appropriate coverage levels and terms for accepting risks, and preparing policies for issuance. Perform a variety of agent liaison/account servicing functions. The focus of the job is on managing an assigned underwriting territory consisting of moderate volume or complexity. This position requires regular oversight from senior staff on new business and minimal oversight from senior staff on existing business.
DUTIES & RESPONSIBILITIES
- Process requests for quotes on and applications for new business:
- Review and analyze request/application to determine acceptability under current company guidelines and policies, seeking additional information from agents as needed; prepare worksheets documenting analysis; approve or decline, determining appropriate terms for accepting risks, considering exposures, amount of coverage, need for inspection reports, corrective measures, and the like;
- Notify agent of/explain reasons for decisions to decline; give agents quotes;
- Prepare application and related forms for rating; review completed rating and all forms following rating for accuracy and completeness; initiate actual issuance of the policy, annotate approval prior to routing the task to be issued;
- Assign reinsurance if necessary;
- Ensure all policy documents and internal processing forms are completed;
- Order survey/inspection if needed; review inspection results, determine appropriate follow up actions, if indicated, and notify agents.
- Process policy renewals: review policies coming up for renewal; initiate pre-renewal notices to agents; if policy is to be renewed and all necessary information obtained, process for rating and issuance.
- Process policy endorsements: review for completeness of information and acceptability of risk; obtain additional information if needed; process for rating and issuance.
- Process cancellations and non-renewals at anniversary or expiration dates:
- Review agents' requests for cancellation to verify compliance with legal requirements, cancellation date, etc.; obtain additional information if needed;
- Approve and route for internal processing and formal cancellation;
- Initiate company cancellations and non-renewals, ensuring that legal notice requirements are met; execute cancellation request, ensuring that all proper documentation is completed.
- Process mid-term cancellations, at agency or company initiative, for non-payment, increase in hazard, or other allowable reasons, ensuring that all legal requirements are met, and work with the manager to obtain permission from State Insurance Commissioner if necessary.
- Review losses to detect frequency or severity problems; suggest changes to improve loss ratio and monitor potential problem policies; initiate cancellation if problems continue and no alternative coverage approaches are viable.
- Perform key liaison functions with agents within assigned geographic area: solicit information for quotes, give quotes, explain declined business, discuss problems or unusual situations, provide agents with a wide variety of information related to policy and coverage options, encourage continuing business, and the like.
- Perform as needed agency visits including attendance at company functions or agent conventions.
- Demonstrate a good commitment to customer service through prompt response to agents, effective negotiation, and overall workflow management.
- Confer regularly with manager, other underwriting staff and other company personnel to plan, coordinate and evaluate activities, exchange information, investigate and resolve problems, consult regarding acceptable risks, and the like. Seek assistance from manager or senior staff regarding any aspects of underwriting a policy that are questionable or deviate significantly from standard precedents and/or company operating policies/procedures. Obtain approval of all larger and unusual acceptable risks.
- Perform a variety of filing and recordkeeping tasks associated with assigned underwriting functions.
- Assist in daily oversight of associate underwriters.
- Keep abreast of relevant changes in legal requirements, industry standards and trends, company policies and guidelines, and so forth.
- Work with senior underwriting staff and take formal courses to acquire more advanced knowledge and skills required to become fully proficient in underwriting.
- Utilize and understand the software that is necessary to perform job: e-mail, web, word processing, spreadsheets, rating software, ImageRight, AS/400, Reference Connect and automated phone system.
- Serve on departmental or company committees as assigned.
- Perform other duties or special projects as required or as assigned.
- Associate’s or bachelor’s degree in business or other appropriate discipline plus 1 or more years of industry experience including at least 1 year of commercial lines experience with an insurance Company or agency, or a combination of education and experience from which comparable knowledge and skills are required
- Excellent math, analytical and problem-solving skills. Good writing skills.
- Proficiency with Microsoft Word, Excel and Outlook.
- Experience with Imaging systems, Reference Connect and AS400 preferred.
- Strong interpersonal skills; ability to represent the company and deal courteously and effectively with agents, as well as company personnel and others outside the company, in carrying out the varied liaison and account servicing functions of the job.
PHYSICAL DEMANDS/WORKING CONDITIONS
- Predominately sedentary office position with high frequency of keyboarding/computer work required.
- The physical demands are minimal and typical of similar jobs in comparable organizations.
- The work environment is representative and typical of similar jobs in comparable organizations.