A. TITLE: AVP, Underwriting
B. KEY OBJECTIVE
This position would be as a product line manager responsible for underwriting, marketing and growing the Commercial Auto support line of business in the Westchester Environmental Department.
C. MAJOR DUTIES & RESPONSIBILITIES: Duties may include but are not limited to:
· Negotiates pricing, terms and conditions for Commercial Auto accounts using assigned underwriting authority and company guidelines
* Underwriter of New Business and Renewal Book – Applies ISO standard rates, rules, and regulations and calculates premiums on new business, renewals and endorsements related to the Underwriting of product.
* People Management – Responsible for hiring and development of staff. Also manages staff performance
* Sets Underwriting guidelines and processes and/or assists in data analytics to help the general underwriting process. Responsible for technical and administrative activities related to auto insurance and supporting an underwriting division.
* Determines Profitability – Reviews classification, state, units, claims, etc. Ensures premiums are accurate for the operations of the insured and coverage provided. Validates the classifications and exposures of prospective accounts. Ensures the accuracy of claims data used in the development of the Insured’s experience rating and can help detect premium fraud. Assists in determining classifications for existing and/or new operations to the insured. Assists Claims professionals in the calculation of business income and other financial losses. Identifies potential hazardous situations observed during review. Verifies value of units and exposure. Verifies eligibility databases versus premiums remitted by the insured.
* Initiates and reviews underwriting guidelines and processes and/or performs data analytics to help the general underwriting process. Reviews and seeks filed rates in all states with a goal of profitability. Responsibility for audits, preparation of technical product documentation, handbooks and contracts, or handling the technical quality and processing of transactions.
* Analyzes and develops sustainable, repeatable and quantifiable process improvements. Provides training on improved processes. Provides training and development for reporting underwriters through continual review, feedback and on-the-job development
* Risk Assessment.
* Ability to identify risk exposures, special or common hazards, and appropriate controls.
* Ability to select risk based on exposure and risk analysis.
* Ability to analyze claims and quantify losses.
· Financial proficiency
* Understanding of financial statements and ratios used in risk analysis.
* Understanding of insurance financial fundamentals; impact of underwriting decisions on company assets.
* Ability to understand credit risk.
* Actuarial fundamentals. Ability to understand loss trends, loss triangles, and ratemaking.
* Ability to quantify risk based on experience history and forecasting methods.
· Documents the underwriting files with account review, analysis and conclusions
· Binds coverage
· Marketing and Communications.
+ Ability to sell and negotiate to achieve bottom line profitability for the Company.
+ Ability to make presentations and communicate articulately.
+ Ability to base communications on strategic thinking.
* Ability to manage producer strategy.
D… MINIMUM REQUIREMENTS:
o 7-10 years underwriting experience
o Experience underwriting Commercial Auto insurance
o Experience in managing underwriting staff
o Bachelor’s degree
E. DESIRED QUALIFICATIONS:
* Experience in underwriting Commercial Auto (at least 5 years),
* Experience in managing underwriting staff (at least 3 years)
* Experience with wholesale brokers
* Knowledge of insurance industry
* Ability to review and analyze commercial auto due diligence
* Ability to review, evaluate and develop coverage forms and endorsements
* Technical capabilities (ability to work comfortably with various IT systems)
§ Understanding of risk management approaches including risk transfer
§ Knowledge of underwriting concepts, practices, and procedures
§ Internet usage and research
§ Detailed understanding of company Financial Statements (Balance
* Sheet, Income Statement, 10-K, etc.)
* Ability to work in a collaborative, team environment
* Ability to share knowledge and develop staff
* Oral and written communication skills
§ Negotiation skills
§ Marketing skills
§ Basic leadership skills