Job title: Underwriting Manager Federated
Company: Northbridge Financial Corporation
Job description: We’re Federated Insurance. We’ve proudly been serving Canadian businesses for 100 years. We have a reputation for being one of Canada’s leading commercial insurance providers. Our employees are dedicated to focusing on our customers’ unique needs and we go above and beyond to help Canadian businesses have a safer and brighter future. We’re a company of passionate people who put people first. Do you want to join a team that believes in working hard – and having fun at work – all while making a difference? Look no further than Federated.
The Underwriting Manager is responsible for the management of underwriting staff and the execution of the operational business plan and rate adequacy, risk selection, data quality and service levels. They are also responsible for the achievement of regional goals for profitability and the production of desirable business.
KEY ACCOUNTABILITIES:
Underwriting:
Execute the renewal rate and exposure, retention, and rate adequacy guidelines.
Responsible for the successful evaluation, documentation, selection, negotiation, and pricing for assigned policies in order to ensure a profitable book of business within the team aligned with the established underwriting authority.
Along with appropriate recommendations, refer and redirect requests for pricing decision and risk selection for risks beyond personal authority. Monitor to ensure endorsements, renewals, reissues, and cancellations are reviewed and analyzed in accordance with underwriting guidelines and with the corporate Service Level Agreements (SLA’s)
Analyze new business for risk profitability by assessing exposures and hazards as determined by review of underwriting data and referring as required.
Monitor trends and developments identifying areas of concern regarding loss ratios, risk trends, or other discrepancies.
Understand and apply best business practices towards compliance, internal control and operational risk controls in accordance to national standards and regulatory standards and policies.
Maintain working knowledge of all Information Systems/Programs within underwriting and analyze/recommend improvements to work processes and procedures.
Evaluates, selects and establishes/negotiates proper rate and ITV levels for risks in order to ensure a profitable book of business within established underwriting guidelines.
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.
Conduct price monitoring, risk selection and data quality performance reviews.
Responsible for the successful management and pricing of designated portfolio of accounts.
Fully supports and understands corporate and Regional financial and underwriting goals and objectives and ensures all underwriters are knowledgeable as to these goals and objectives.
Sales/Negotiations:
Develop and maintain a professional relationship with brokers and/or customers to enhance understanding of the target market and to contribute to quality service, problem solving, and risk selection.
Collaborate with brokers and customers to assist in business retention and customer satisfaction through regular interactions.
Investigate customers’ risk factors relative to corporate pricing approach to gain support, agreement and enhance relationships.
Participate in the communication and education of brokers concerning the corporate underwriting philosophy, policies, and procedures as required.
Maintain knowledge of industry trends, developments, and regulatory changes including competitive analysis and information, and ensure all necessary broker management systems are updated and current.
Develop relationships with brokers to ensure the delivery of efficient and focused targeted sales activities to brokers.
Provide quality customer service to assigned brokers including clarification of coverage, wordings, and claims history.
Identifies, investigates, and develops new business/expansion opportunities for assigned segment.
Understand and adhere to service standards in accordance with company guidelines. Participate in problem resolution between brokers and underwriting staff.
Awareness of product changes or enhancements to support ongoing communication to brokers and/or customers in a timely manner.
Participate in market research and analysis and participate in the development of business cases for proposed new products or product lines changes or enhancements.
Forge new business relationships and solicit new business opportunities.
Coaching/Mentoring:
Ongoing training, career development, and mentorship of team members.
Ensure the team’s performance, completion, and discussions required in the Coaching Reviews program of peer file reviews and audits.
Act as a resource on risks outside of the authority level for less experienced Underwriters and authorize risks within own established authority levels.
Provide training, development, and technical guidance to colleagues regarding products, systems, and processes as required.
Collaborate with and support corporate underwriting teams in the development of products and pricing strategies to achieve profitable growth.
Provide effective daily leadership, coaching and motivation of staff to ensure service and quality objectives are met.
Provide individual and team feedback for the purpose of coaching staff to meet or exceed planned results in the areas of price adequacy, risk selection, data quality, and service levels.
Operational Leadership:
Provide input to their manager or Division Head on various underwriting, strategic, staffing and other issues as requested.
Develop and maintain a knowledge and understanding of company operations and procedures, including demographic, economic, and social characteristics to increase market share.
Consult with Corporate Underwriting regarding development of new products and changes to existing policy wordings.
Develop and execute the unit/region business plan, and ensure strategies contribute to corporate objectives.
Maintain knowledge of the competitive market and participate in the development of business cases for proposed new products or product lines changes or enhancements.
Direct the introduction and communication of rating and exposure strategies, coverage and/or product changes in a timely manner.
Provide input to the Director on various underwriting, strategic, staffing and other issues as requested.
Managing:
Assist in the training and development of staff, and provide technical expertise and advice regarding products, systems, and processes.
Manage new and existing account underwriting workflows.
Monitor staff production on an on-going basis to ensure standards are being met.
Responsible for resource and workload planning and organization.
Manage the hiring, development, retention, reward, and motivation of staff in the unit/region.
Complete annual performance objective planning for direct reports and teams.
Assess staff training and development needs and provide recommendations for training opportunities to build a competent staff capable of performing all underwriting functions within the unit.
Ensure team and regional service level goals are met and maintained.
Other:
Work collaboratively on special projects and assignments when required.
Other duties as assigned.
QUALIFICATIONS:
Post-secondary school education and/or equivalent on the job experience.
Completion of the CIP and/or FCIP designation.
Minimum 10 years experience in the property and casualty industry
Minimum 3 years leadership experience
Working knowledge of company underwriting philosophy, policy contracts, rating programs, risk information sources, underwriting/technical manual information, statuary constraints, and computer workflow procedures.
Ability to work within and adapt to PC oriented environments, including familiarity with e-mail and Internet skills. Working knowledge of Microsoft Office.
Fluently bilingual (English / French) is a definite asset (a requirement in Quebec Region).
Sound knowledge and understanding of underwriting discipline and pricing models.
Working knowledge of other functional areas (i.e. Claims, Risk Management, Premium Accounting, etc.)
WORKING CONDITIONS:
Indoors in normal office environment with little exposure to excessive noise, dust, fumes, vibrations, and temperature.
Frequent computer use at workstation.
Infrequent travel to visit clients, brokers, industry events and attend off-site training workshops.
Customer visits may require suitable clothing for heavy weather and dirty or oily environments.
#LI-NW1 #hybrid
At Federated we embrace and celebrate you and are committed to creating an inclusive workplace for all! No matter who you are or what makes you unique, we welcome you. Please let us know how we can assist or accommodate you during the selection process.
Expected salary:
Location: Winnipeg, MB
Job date: Sun, 14 Jan 2024 01:58:59 GMT
