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The Vice President and Chief Underwriting Officer (“CUO”) will lead and manage the Underwriting Department. The CUO is directly responsible for the quality and profitability of the business underwritten. The CUO will establish and maintain the Company’s underwriting guidelines, product offerings, coverage forms and rates. In addition, the CUO will be a member of Company’s Senior Executive team, contributing to the overall leadership and governance of the Company.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. These are functions that a person must be able to perform in the job, either unaided or with the assistance of a “reasonable accommodation”. The essential function should be related to the overall job purpose, done with great frequency, cause severe consequences if omitted and cause difficulty if re-assigned. The job would be fundamentally altered if the essential duty were removed.
- Participate in the overall leadership and management of the Company as a member of the Senior Executive Team; including strategic, operational and budget planning
- Daily management of the underwriting department to ensure the effective solicitation, selection, pricing, and retention of profitable business
- Implement underwriting strategies to meet market needs, including new underwriting programs, procedures and products
- Assist in developing and achieving annual operational plan for the underwriting department, supported with annual plans for each Territory Manager
- Assign underwriting authority to staff and establish and maintain controls to monitor their ability to accept risks, determine pricing and coverages, and place reinsurance
- Develop and maintain a comprehensive underwriting manual or guide that presents the Company’s underwriting appetite, standards, policies and requirements
- Establish and maintain underwriting audit processes and controls to verify compliance with underwriting authorities, established guidelines, standards and procedures
- Oversee underwriting of difficult, complex accounts and resolve issues beyond the authority of underwriting staff
- Working with the actuarial group, ensure rate adequacy and pricing integrity
- Perform periodic written evaluations of direct reports and staff, including development plans, corrective action plans and disciplinary action when required
- Responsible for managing expenses, employee retention and productivity and achieving annual budget
- Responsible for handling reinsurance matters for both treaty and facultative sources as required
- Collaborate with other departments regarding regulatory issues, accounting, processing, marketing or other company issues
- Responsible for overall leadership and management of the underwriting staff in accordance with the Company’s policies and all applicable laws and regulations;
- Interview, hire, train, and develop underwriting staff;
- Performance manage through coaching and periodic written reviews, including corrective action and disciplinary plans when necessary.
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Job Summary
Manage an assigned underwriting territory to achieve profitable growth, including underwriting new business, renewals, endorsements and other transactions. Identify new business opportunities and manage agency relationships.
Roles and Responsibilities
- Develop relationships and educate agents within agency plant to maximize opportunities and achieve profitable growth.
- Initiate outbound calls to agencies to identify sales opportunities and collect agent intelligence.
- Achieve new business premium, renewal premium retention and rate change objectives.
- Within company guidelines and granted underwriting authority, evaluate new and renewal account information to determine risk acceptability, terms / conditions to be quoted, and pricing.
- Make sound risk and pricing decisions that achieve profitable loss ratios.
- Maintain underwriting quality score of 90% or greater. Document underwriting file to support acceptability and pricing in accordance with company guidelines.
- Achieve customer service standards, including established objectives for:
o New business quote turnaround
o Renewal quotes
o Endorsement, cancellation, audits and other transactions
o Policy issuance
- Provide detailed issuance instructions to ensure policy is delivered consistent with quoted terms and conditions and in accordance with established guidelines relative to policy construction.
- Review mid-term endorsement requests for acceptability and provide instructions for processing.
- Evaluate premium audit referrals to determine class acceptability and/or appropriateness of current exposure base. Adjust current term with acceptable changes to ensure company gets timely payment of adequate premium.
- Order and review inspections to confirm accounts written are consistent with preliminary underwriting information and takes action when the inspection reveals unacceptable risk characteristics.
- Determine if facultative reinsurance is needed and if so, factor reinsurance cost in gross pricing, complete cession procedures; documentation file, and follow established workflow procedure to ensure proper reporting / accounting.
- Utilize various underwriting tools to:
o Determine acceptable risk characteristics
o Determine accurate exposure classifications
o Set adequate property limits to accomplish appropriate insurance to value
- Rate and quote business to agents
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Under moderate supervision, reconcile insured’s accounts and discrepancies and assist team in resolving matters pertinent to the processing and recovery of insured’s balances. This position will also provide processing and back-up support to the Surplus Lines Tax Specialist. This position will be assessed based on customer focus, productivity, accuracy and thoroughness, and ability to learn and apply new skills.
Responsibilities
- Research, correct, provide phone assistance and correspond with agents, policy holders, and mortgage companies regarding issues with billing, payment processing, installments, cancellation notices, audits, commissions, or refunds on a daily basis.
- Coordinate with Underwriting and/or Agents regarding policy rewrites, receipt of monies for reinstatement and cancellations, and payment options.
- Receive, review, and perform data entry in billing systems for various transactions and rejected payments.
- Enter, correct, and process cash entries daily.
- Review, process, and mail notices, acknowledgements, monthly agent account statements and other correspondence.
- Monitor email accounts and respond in a timely and professional manner to email inquiries and communications.
- Maintain and monitor disbursements in the billing system for timely issuance of credit balances to policy holders or agents.
- Audit and reconcile accounts, coordinate with other departments to properly establish commissions, premiums, and other monies.
- Responsible for maintaining the company receivables by following the statutory guidelines of clearing aged transactions timely.
- Proactively research and address all outstanding receivables before they reach 90days.
- Provide support to all interdepartmental personnel as requested or assigned.
- Complete special projects assigned by management.
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The Underwriting Manager manages the day to day activities of production underwriters and coordinates their activities with internal and outside personnel. Operates within a letter of authority for referral underwriting and quality control. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.
Responsibilities
- Supervises, coordinates, and monitors activities and results of the production underwriting team to obtain and ensure accurate, quality work while at the same time maintaining high production standards.
- Monitors workflow of unit to ensure work is done in a timely fashion and deadlines are met.
- Provides technical guidance and expertise to underwriters. Conducts agency visits as required by company standards and coaches production underwriters in successful agency interactions. Helps production underwriters analyze agency production progress and put together action plans for agency management.
- Recommends procedural changes and plans, organizes and implements these changes. Keeps current on all changes effecting unit's work production and on changes within the insurance industry.
- Responsible for the profitability and production of the team per annual goals and budgeting.
- Arbitrates and solves issues between agents, insured's, or other departments.
- Develops and utilizes management reports to assist in monitoring team and individual underwriter results.
- May testify in court and/or participates in the taking of depositions as needed on claims or coverage issues.
- Participates in pricing reviews.
- Oversees training and development of staff. Evaluates and gives guidance to staff on an on-going basis as to their abilities and duties and makes personnel recommendations to ensure proper and optimum use of personnel.
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Work with team to underwrite new business submissions and help service book of business and meet overall business objectives. Risk transactions include, but are not limited to new business underwriting, inspections, endorsements, renewal underwriting and audits.
Responsibilities
- Review and Underwrite new business submissions for acceptability according to authority granted.
- Serve as the primary back up for the Territory Manager and the Underwriting team.
- Review and underwrite fast track and non-fast track renewals as needed, based upon authority granted, achieving renewal premium retention and rate change objectives.
- Make sound risk and pricing decisions that achieve profitable loss ratios.
- Maintain underwriting quality score of 90% or greater. Document underwriting file to support acceptability and pricing in accordance with company guidelines.
- Achieve designated customer service standards.
- Provide detailed issuance instructions to ensure policy is delivered consistent with quoted terms and conditions and in accordance with established guidelines relative
- to policy construction.
- Review mid-term endorsement requests for acceptability up to the authority granted.
- Review inspections to confirm accounts written are consistent with preliminary underwriting information and refer to underwriter when the inspection reveals
- unacceptable risk characteristics.
- Utilize various underwriting tools to determine acceptable risk characteristics, accurate classifications, insurance to value, calculate rates, etc.
- Review audits and refer to underwriter based upon authority granted.
- Assist with training, mentoring and coaching of less experienced team members.