Aon Is Looking For A Surety Broker
As part of an industry-leading team, you will help empower results for our clients by delivering innovative and effective solutions as part of our Construction Services business group within Aon Risk Solutions, in Chicago, IL. As a Surety Broker, you will report directly to the Group Supervisor of the Specialty Team.
Your Impact As A Surety Broker
The primary role of this position is to provide account and brokerage services to new and existing Aon Specialty surety accounts. Additionally, the role requires the broker to proactively advise the client of opportunities to improve on existing surety program through re-marketing of bonds as needed. Client retention and year over year book growth through penetration opportunities or new business growth is the key business result in which performance is measured.
In the role, the Broker to receives requests from clients, prepares placement memorandums that requires the broker to describe the background and organization of a company, complete an outline of the risk analysis of the types of bonds required, justify the extension of surety credit through the financial analysis of the client's audit and then make a recommendation of the terms, conditions, pricing, collateral, if required, and indemnity to support the transaction.
The Broker evaluates the financial condition of the client, the nature of the underlying risk, compares it to the credit liability associated with the request or program offering then independently decides which insurer to approach for terms and conditions. Broker then conveys the terms and conditions to the client and assists with rate/collateral benchmarking and negotiation of indemnity language.
The Broker will receive quotes from the markets, completes Quote Disclosure reports, transparency and disclosure reports, limitation of liability agreements and provides advice on the execution of indemnity agreements and collateral transfers.
Will be responsible for directing and coordinating the bond execution and delivery with the client fulfillment team who do the execution and data entry into AonBondLink. It is the broker's responsibility to ensure that documentation in client files is up to date through use of AonBondLink. The broker will attach financial information, program information and T&D documents as needed. Compliance with Aon standards and Business Practice Guidelines is performance management metric.
The job requires the broker to regularly meet with markets, understand how they price their products, the capacity they have available for each bond type and understanding the nuances of surety market indemnity agreement. The ability to successfully fulfill this role is based on brokerage experience and risk expertise gain through prior transaction. Resources available to fulfill this role are the other brokers in Chicago or across the national CSG platform.
From a sales perspective, the broker serves as point of contact for Aon Insurance colleagues and Aon Affinity Group to assist in advising their clients regarding surety matters, placing new bonds, or routing to other practice groups as needed. The ability to be team player, who seeks opportunities for innovation, engagement through a high Aon IQ and ability network across the Aon platform are key performance metrics.
A minor amount of overnight travel may be required and the ability to attend occasional meetings and social or industry events.
You Bring Knowledge and Expertise
Minimum of 3 to 5 years of underwriting experience expected.
Understanding of financial and accounting principles and the ability to demonstrate sound business judgment in the evaluation of the financial condition, credit history, experience and character of contract accounts.
Proven analytical ability to evaluate and judge underwriting risks within scope of responsibility.
AFSB certification preferred or on the path to certification with completion of the designation an expectation of continuing employment.
Demonstrates strong ability to communicate complex analyses and information in understandable written and/or oral directives for underwriting or training purposes.
Demonstrates strong communication and interpersonal skills in dealing with clients, surety markets, CPAs, bankers, attorneys, etc. required to build & maintain good business relationships.
Technically savvy and experience with diverse computer applications.
A competitive total rewards package, continuing education & training, and tremendous potential with a growing worldwide organization.
Our Colleague Experience:
From helping clients gain access to capital after natural disasters, to creating access to health care and retirement for millions, Aon colleagues empower results for our clients, communities, and each other every day. They make a difference, work with the best, own their potential, and value one another. This is the Aon Colleague Experience, defining what it means to work at Aon and realizing our vision of empowering human and economic possibility. To learn more visit Aon Colleague Experience.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
By applying for a position with Aon, you understand that, should you be made an offer, it will be contingent on your undergoing and successfully completing a background check consistent with Aon's employment policies. Background checks may include some or all of the following based on the nature of the position: SSN/SIN validation, education verification, employment verification, and criminal check, search against global sanctions and government watch lists, fingerprint verification, credit check, and/or drug test. You will be notified during the hiring process which checks are required by the position.
Aon provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, creed, sex, sexual orientation, gender identity, national origin, age, disability, veteran, marital, or domestic partner status. Aon is committed to a diverse workforce and is an affirmative action employer.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.
Job number: 2447072
Category: Account Management / Brokerage / Insurance
Location: United States, IL, Chicago