Underwriting Specialist Jobs

The Underwriting Specialist is responsible for underwriting and servicing accounts in accordance with established guidelines and business objectives. The Underwriting Specialist is expected to solve complex underwriting challenges using a broad perspective to identify solutions.

KEY ACCOUNTABILITIES:

1. Responsible for the evaluation, selection, negotiation, and pricing for assigned policies.

• Execute individual pricing and risk selection decisions within the assigned underwriting authority and in accordance to corporate strategies for New Business and renewals.
• Analyze new prospects for eligibility by assessing exposures and hazards at the prospects place of business.
• Apply rate, exposure, retention, and rate adequacy guidelines to ensure profitability.
• Act as a resource on risks outside the authority level of less experienced Underwriters and authorizes risks within own established authority level.
• Support the introduction and communication of rating and exposure strategies, coverage and product changes.
• Refer and redirect requests for pricing decision and risk selection of risks beyond personal authority, along with recommendations.
• Maintain the long term profitability of a significant portfolio of accounts regardless of market conditions. This includes the ability to successfully negotiate terms, conditions and pricing to achieve new business, renewal and profitability targets.
• Execute individual pricing and risk selection decisions within the assigned underwriting authority and in accordance to corporate guidelines for correct pricing techniques.

2. Develop and maintain a professional relationship with Commercial Insurance Specialists (CIS) and/or clients to enhance understanding of the target market and to contribute to quality service, problem solving, and risk selection.

• Collaborate with CIS’s and clients to assist in business retention and client satisfaction through regular interactions.
• Understand and adhere to service standards in accordance with company guidelines.
• Provide quality service including coverage explanations, wordings and claims activity.
• Maintain knowledge of industry trends, developments, and regulatory changes including competitive analysis and information.
• Participate in the communication of the corporate underwriting philosophy, product changes/enhancements and procedures as required to assist in the informal training and development of CIS’s.
• Participate in market research and analysis, and participate in the development of business cases for proposed new products or product lines changes or enhancements as required.

3. Understand and apply best business practices towards compliance, internal control and operational risk controls in accordance to national standards and regulatory standards and policies.

• Complete peer file reviews and audits.
• Assist in the price monitoring, risk selection and data quality performance reviews for the purpose of building knowledge and expertise.
• Monitor trends and developments identifying areas of concern regarding loss ratios, risk trends, or other discrepancies.

4. Mentor and train underwriters and support staff.

• Provide direction to support staff on data entry into the underwriting and pricing systems.
• Participate in the training of other Underwriting staff members. Provide technical expertise and advice regarding products, underwriting methods, pricing models, etc.

5. Develop and maintain a knowledge and understanding of company operations and procedures, including demographic, economic, and social characteristics to increase market share.

• Provide recommendations for Corporate and Regional underwriting objectives including concepts such as Rate Adequacy, documentation and service standards.
• Monitor and assess competitive factors in the market to keep informed of changing conditions to report to management.
• Be familiar with and have relationships with departments that interact regularly with Underwriting such as Sales, Risk Services, and Claims.
• Information Systems/Programs within Underwriting and analyze/recommend improvements to work processes and procedures.

6. Work collaboratively on special projects and assignments requiring advanced technical skills and knowledge.

7. Provide input to their Manager, Director and/or Corporate Underwriting on various underwriting, strategic, staffing and other issues as requested.

8. Other duties as assigned.

QUALIFICATIONS:

• Post-secondary school education and/or equivalent on the job experience.
• Completion of CIP, FCIP or CRM designation(s)
• Working knowledge of Microsoft Office.
• Broad knowledge and understanding of corporate and alternate underwriting disciplines and pricing models.
• Minimum 7-10 years of experience in the property and casualty industry.
• Bilingual (English / French) is a definite asset (a requirement in Quebec Region).

WORKING CONDITIONS:

• Indoors in normal office environment with little exposure to excessive noise, dust, fumes, vibrations, and temperature.
• Client visits may require suitable clothing for heavy weather and dirty or oily environments.
• Frequent computer use at workstation.
• Potential for frequent travel to visit prospective clients, CIS’s, industry events and attend off-site training workshops.