Underwriting Specialist – Alternative Markets

Underwriting Specialist – Alternative Markets

Requirements

• Understanding and knowledge of the intent, scope and purpose of the Workers Compensation, General Liability, and Automobile coverage forms and endorsements with the ability to tailor to the sold captive program design.
• Possess a thorough understanding of loss sensitive programs, excess & surplus lines programs.
• An understanding of captive programs is desired, but not required. This would include products, pricing, expensing, actuarial loss projecting techniques, retention and aggregate setting, limit profiles, ALAE, credit risk, and effective utilization of facultative reinsurance.
• Understanding and knowledge of exposure identification and analysis.
• Possess a cross functional generalist knowledge of other disciplines including claims, risk control, audit, premium accounting, finance and legal.
• Knowledge of regulatory and compliance issues.
• Excellent communication skills – written, verbal and presentation.
• Sales and Negotiation skills.
• Be able to provide leadership and support to other team members.
• Ability to perform multiple tasks simultaneously.
• Have the ability to influence within levels of authority and be willing to work in a collaborative and team environment.
• Bachelor’s degree or equivalent training required.
• Three (3) to Five (5) years underwriting experience and/or experience in the Loss Sensitive, Excess & Surplus marketplace, or captive insurance marketplace.
• Proficiency with Excel, Word and PowerPoint.

Responsibilities

• Solicits and reviews new and renewal account information required to evaluate a risk.
• Identifies all potential exposures and hazards in relation to coverage requested and individual and program risk characteristics.
• Assesses insurance and related financial risk in order to structure appropriate captive programs to effectively protect against frequency, severity, catastrophic and credit risk. Engage other internal resources as necessary.
• Underwrites, prices and prepares proposals within authority and with necessary input of Arch Actuarial, Credit and Alt Market team.
• Prepares program binders and presents to captive manager/producer and or prospective insured.
• Coordinates all administrative duties related to existing and prospective accounts.
• Quarterbacks all pre and post bind activities including policy production, compliance issues, audits and adjustments, legal agreements, receipt of collateral, legal agreement execution, TPA coordination and any other related items. Together with internal team members, takes responsibility to deliver promised service to customers.
• Responsible for the renewal and retention management and manages the renewal process to achieve targeted retention and price change goals. Initiates, coordinates and conducts a mid term account review.
• Develops and maintains relationships with producers and insured’s to achieve overall production and profitability goals.
• Meets with producers and insureds to discuss individual account issues, uncover critical customer needs and financial buying characteristics.
• Develops a strategic plan for positioning and selling Arch at both the producer and the insured level.
• Engages and introduces other team members or management team as appropriate.
• Develops and maintains relationships with producers to generate a flow of qualified submissions.
• Responsible for all underwriting and policy file documentation which is in compliance with Arch’s internal audit process.
• Completes ad hoc projects as assigned by management.

Preferred Qualifications

• An understanding of captive programs is desired, but not required.
• Established broker or captive program relationships not necessary.