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The Senior Actuarial Analyst may be responsible for completing Rate Reviews and Actuarial Indications, participating in company’s planning processes, and providing tools and analysis in support of pricing adequacy. These activities are to be completed with more independence, proactively, and demonstrate a working knowledge of the core principles and standard actuarial techniques.
- Lead regular LOB and segment deep dives to identify drivers of performance and develop actionable rate and non-rate recommendations to ensure the path to target returns
- Identifies, retrieves, and prepares data in support of actuarial analysis through SQL, SAS, and other data sources. Includes internal data (exposure, premium, loss, claims, price, etc.) and various forms of external data (bureau loss costs, bureau trends, macroeconomic data, market share, market pricing, etc.)
- Ensures the accuracy and suitability of data for the business need at hand. Manipulates data, performs analysis and interprets data through Excel or other analytics platforms and presents recommendations.
- Completes Rate Reviews, Ratemaking, and Actuarial Indications including support of forecasting investment rates of return, underwriting expense provisions, frequency/severity and exposure trends. Gains management support for recommended changes.
- Works with Cross functional teams to identify segments with profitable growth potential; identifies underperforming segments and proposes corrective actions to improve profitability.
- Take a leading role in the development, maintenance and implementation of various actuarial pricing models.
- Provides tools and analysis in support of Underwriting’s pricing decisions with respect to large accounts as well as different business segments in our book.
The primary responsibility of the Operations role is Project Management. Driving outcomes through formal processes, documentation and follow-through by keeping leaders and teams accountable for established prioritization and scheduling of resources to assure deadlines are met in the achievement of strategic initiatives. This applies to but is not limited to the strategic priorities of Berkley Agribusiness, leadership initiatives, functional implementations, and the commercialization of Innovation ideas. Additionally, supporting the change management required for successful operational integration. Leveraging strong business acumen to benefit all disciplines including Underwriting, Business Development, Risk Services, Claims, Analytics & Actuarial and IT.
- Plans, directs and executes the company’s vision by ensuring best practices are established, shared and utilized. Recommends refining existing operations to ensure consistent and coordinated outcomes. Ensures that continuous improvement processes are executed to support the achievement of business results and most importantly continued efficiency improvements and expense reductions. Indirect leadership of cross functional teams will be expected.
- Supports innovation through all stages; research, development and deployment for all functions. Understands and employs cutting edge technology and competitive intelligence to better position Berkley Agribusiness in the market. Leads the development and deployment of vendor tools. Leads the change management planning, deployment and communications for innovative and new roll outs.
- Develops and maintains relationships with other Berkley operating units to capitalize on business opportunities and efficiencies. Demonstrates the development of successful collaboration between Berkley Agribusiness teams and with other Berkley operational units.
- Assists with coordination and influences company’s trade affiliation and penetration. Provides feedback and oversite for agency meeting venue, agenda, etc.
- Fosters a positive environment by modeling cultural expectations.
- Attracts, coaches and develops talent.
Surveys commercial agribusiness operations and consults with owners, managers, employees, agents and underwriting to determine the type and level of exposures present and controls needed. Determines customer’s ability to control the exposures by gathering information through physical surveys, program audits, loss history analysis, comparison to industry standards and customer interviews. Provides training, mentoring, specialized technical advice and counsel to staff. Assists underwriting with risk selection and ongoing account management.
- Surveys commercial agribusiness properties such as buildings, industrial operations, agribusiness operations, and commercial vehicles to evaluate physical conditions, safety practices, and hazardous situations according to knowledge of safety standards, established underwriting guidelines and governmental regulations.
- Utilizes experience and technical expertise to survey large or complex operations as requested by Operations. Observes business operations and management practices to determine safety issues and hazards.
- Analyzes history of accidents and claims and inspects scenes of accidents to determine causes and to consult in development of accident prevention programs. Measures insured area(s), calculates frontage, records description and amount of stock and photographs or drafts scale drawings of properties to identify factors affecting risk acceptability and insurance premiums.
- Prepares timely written reports and correspondence of findings and recommendations for risk improvement.
- Consults with insured in regard to activities and programs to control losses and improve safety. Confers with employees of insured, provides informational materials and conducts training as needed to induce compliance with safety standards, codes and regulations.
- Maintains knowledge of the industry through association involvement. Maintains knowledge of regulatory standards (OSHA, DOT) and local and national codes (NFPA) through participation in continuing education opportunities.
The Chief Underwriting Officer provides strategic direction and leadership for the Underwriting & Risk Control functions. Proactively participates with the senior management team and functional department staffs in developing and executing strategic and operational plans to meet business objectives.
- Provides strategic direction and leadership for the Underwriting & Risk Control functions. Plans, directs and executes vision for line(s) of business by developing strategy, building strong industry relationships, sharing extensive industry knowledge, communicating and capitalizing on best practices and refining existing operations to ensure consistent and coordinated underwriting and risk control processes that support the achievement of business results and enable sustainable and profitable organization growth.
- Directs successful implementation of portfolio growth by influencing, advising and collaborating with senior-level peers (SLT) to set priorities, share relevant information and ensure collective planning.
- Builds a long-term business plan including underwriting appetite, product, staffing, functional support needs and an execution.
- Grants underwriting authority based on assessment of exposures presented by specific lines of business, classes of business, reinsurance implications, and overall business need. Authority level assessments also contemplate the overall experience, training and knowledge necessary for each level. Recommends risk tolerances with respect to maximum size and capacity, balancing the needs of the products with the risk appetite of the region and/or group.
- Guides and shapes underwriting quality assurance, price, rate and exposure monitoring, price adequacy and risk selection for all products for assigned line(s) of business.
- Monitors and assesses reinsurance impacts in conjunction with internal (BARS) and external (WRBC) accountable parties. Assessment includes impact of treaty and facultative solutions on present and future business.
- Identifies opportunities for continuous improvement by conducting research and analyzing and implementing progressive, sound underwriting best practices.
- Identifies opportunities for development of new and/or enhancement to product(s). Product development oversight from initial assessment to completed filing and platform evaluations and implementation.
- Responsible for key risk control deliverables such as management reporting of risk assessments, development and implementation of appropriate and improved policies, procedures, productivity measures and quality measures. Additionally, supports and directs special projects and investigative studies for both the Field Operations and Technical Services areas to continuously improve the expertise, service delivery approach and organization within the industry as well as enhance BARS visibility of our expertise and service.
- Leads all strategic risk control business processes and supporting programs that identify, measure, and monitor risks and exposures for Risk Control as well as Claims and Underwriting departments.
- Builds strategic relationships with current and potential agents/brokers and customers by networking and providing engaged consultation to foster business growth and meet underwriting, risk control and profitability goals.
- Utilizes high degree of business acumen to drive negotiations and relationships surrounding complex risks to ensure agreements and plans contribute to organization growth and development as a competitive force in the marketplace.
- Independently manages and leads operational assessment, process improvement, process analysis and redesign, and business transformation initiatives internally as well as in conjunction with other W. R. Berkley shared-platform member companies.
- Oversight of design and setup of underwriting, risk control and agency support initiatives, including automation and streamlining of all associated underwriting and risk control processes. Establishes, improves and maintains operational support for underwriting and risk control functions including system, charter and compliance items and processes.
- Evaluate and design business controls (SOX, ORSA, etc.), implement and monitor for compliance and regulatory purposes.
- Plans, allocates and manages financial budget by anticipating expenditures, accurately forecasting resource needs/costs and properly accounting for expenses to meet requirements and achieve fiscal responsibility.
- Creates and fosters a positive environment by modeling cultural expectations and guiding leaders to reward performance and value “can do” people, accountability, diversity and inclusion, flexibility, continuous improvement, collaboration, creativity and fun.
- Attracts, coaches and develops talent. Provides frequent and specific constructive feedback to staff. Provides technical advice, direction and mentoring to underwriting staff. Coaches and mentors staff for succession at all levels of supervision and management.
- Develops and maintains relationships with other W.R. Berkley Regional Underwriting and Risk Control Officers to capitalize on business opportunities and efficiencies.
- Manages the underwriting and risk control leadership staff. Carries out supervisory responsibilities in accordance with the organization's policies and applicable laws. Responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems.
The Business Development Specialist is accountable for providing direction and leadership for their assigned territory. Partners with management team to ensure effective marketing, planning and execution resulting in retention, growth and profitability of business. Leads and influences agencies through creation and execution of sales strategies that drive an effective pipeline of new clients, profit and retention. Identifies new distribution opportunities and recommends agency appointments, while increasing relevancy in existing agencies.
- Serves as primary relationship, sales and business development leader for the territory. Travels to enhance relationships with agencies and clients resulting in business retention and new business opportunities.
- Collaborates with agencies and leadership in establishing new customer relationships and to identify, research, and develop pipeline opportunities. Drives the sales processes including prospect prioritization, initial contact and pursuit strategy, identification of opportunity, due diligence and overall management of new customer acquisition.
- Works with Underwriting and Underwriting Management to manage the territory book of business and identifies market opportunities by analyzing competitor intelligence, market and industry research, loss ratios, mix of business, policy count, premium growth, hit ratios and business retention.
- Develops, maintains and enhances client relationship related to profit improvement and Risk Control compliance. Uses resources available to build pipeline of new customer leads in conjunction with key agency partners. Maximizes the agency segmentation process and associated resource commitments.
- Ensures that tools, training and support are in place to positively impact success for the agencies and territory. Identified and communicates training needs and opportunities. Participates in program and product orientation meetings in conjunction with internal business partners including but is not limited to Underwriting, Risk Control, Actuary, Business Development, and Claims.
- Participates in the company’s distribution and operational planning process where current-year objectives are reviewed and future-years' objectives are developed. Aligns territory business objectives to support organizational goals of optimized profitability, managed growth and competitive advantage.
- Collaborates with Underwriting Management to establish and manage budgets and resources including explaining variances and related reporting.
- Field facing role, engaged with Agents and Clients to scale our distribution partners and client portfolio
- Full Letter of Authority
- Client Pipelining
- Cross-functional Territory Team Leadership
- Portfolio and Agency Performance management
- Loss Sensitive Evolution:
- Strategic partnership with cross-functional loss sensitive resources
- Formalize the go-to-market strategy on a national level
- Support distribution growth of identified Loss Sensitive broker partners
- Execute an effective sales cycle and build a loss sensitive client pipeline