If you're passionate about helping people protect what matters most to them, as well as innovating and simplifying processes and operations to provide the best customer value, then Nationwide's Property and Casualty team could be the place for you!
Compensation Grade: H3
Please note that the job may be filled at either the Sr. Consultant or Consultant level depending on the qualifications and related experience of the chosen applicants.
This role will function as an AG business (agricultural business) underwriter.
Job Description Summary
JOB SUMMARY: Underwrites individual risk for acceptability, pricing, coverage, terms and conditions, by developing, analyzing and evaluating information and exposures on risks of the most complex technical nature with the highest level of authority . Achieves production and loss ratio goals with assigned brokers and program manager by reviewing and analyzing claims, loss history and taking appropriate action on accounts.
Broker assignments are the most complex in nature concerning coverage, broker relationships. Exercises a high level of authority and judgment with minimal direction. Responsible for determining appropriate reinsurance placement if any on individual accounts.
Fosters positive business relationships with co-workers, brokers, and reinsurers. Responsible for research, development and presentation of new classes of business including market viability forms development, manuals and available reinsurance. Assists the manager with department strategies.
Manages the workflow of assigned underwriters and employee coaching and development, and mentors underwriters at all levels. In absence of Manager, has authority to approve referrals that exceed the authority of lower level underwriters. Represent the department in various division and company committees/initiatives.
REPORTING RELATIONSHIPS: Reports to Underwriting Manager. May have up to three direct reports.
CORE JOB DUTIES & RESPONSIBILITIES:
1.Researches and develops new classes of business as directed. Researches market trends and competition.
Assesses market viability, creates forms & endorsements, and develops rates with actuarial support. On large, complex accounts, partners with Actuarial team to develop rates/pricing, Finance team to review potential insureds profitability profile and claims team to review SIR viability and potential frequency and severity of losses.
2.Reviews individual risks with assigned brokers and either declines or accepts business based upon information necessary to make the decision. The underwriter analyzes, with the highest level of technical expertise and accuracy, exposures to loss, develops an adequate premium charge for the exposure, determines endorsements and exclusions to address loss exposures for the insurance contract, including developing manuscript wording appropriate to the risk. Within department guidelines places reinsurance, if any, for the account.
3.Achieves team/individual production and loss ratio goals with assigned brokers through sound broker management and marketing. Works with the most complex issues concerning coverage, terms and conditions, etc. brokers.
The underwriter continually analyzes premium and loss results of assigned brokers; by state, major classes of business, etc. Continually assesses quality of broker submissions and makes corrective action recommendations.
4.Oversees or handles policy maintenance items and other mid-term requests. Reviews endorsement requests and authorizes necessary changes to the policy.
Reviews Loss Control reports and recommendations; partners with the broker to ensure loss control compliance. Follows up on outstanding information as required. Reviews claim activity and takes appropriate action.
5.Fosters positive business relationships with brokers, through frequent contact. Develops and maintains good rapport; and resolves broker conflicts.
Travels to broker offices as required for training or marketing visits. Entertains brokers visiting the Company as required. Assists with development of marketing ideas and strategies for Underwriting events and other marketing campaigns.
6.Demonstrates a thorough understanding of facultative reinsurance and places reinsurance per department guidelines based upon the appropriate use of all reinsurance facilities used by the department, including various treaty, semiautomatic and facultative reinsurance. Maintains good working relationship with re insurers.
7.Responsible for the resolution of technical questions of the highest complexity.
8.Proactively develops technical and business knowledge through internal and external venues. Teaches classes to build technical underwriting knowledge to brokers, SSU students and other underwriters. Acts as a mentor to new and existing underwriting talent.
9.Performs other duties as assigned.
MINIMUM JOB REQUIREMENTS:
Education: Undergraduate studies degree preferred. Equivalent work experience will be considered in lieu of a degree.
License/Certification/Designation: Completion of general insurance courses such as CPCU, CIC, AU, ARM, CPIW, CWIS, or ASLI is preferred.
Experience: A minimum of eight years CL underwriting experience handling large or complex accounts, excess & surplus lines experience required.
Knowledge of complex CL underwriting policies, practices and procedures, insurance law and underwriting/marketing principles and techniques.
Knowledge of Standard Bureau Rating plans and concepts such as catastrophe management. Knowledge of Alternative rating methods and plans and pricing theory. Knowledge of Treaty & Facultative reinsurance. Knowledge of regulatory issues, the wholesale broker system, market conditions and company operations.
Skills/Competencies: Ability to communicate effectively, orally, and in writing, inter personally with individuals and groups via telephone, tele/video conference, fax, e-mail and in person.
Demonstrates advanced negotiation skills and ability to work as a project lead. Ability to manage the line of business assigned, which may include monitoring of aggregates. Ability to work with the wholesale broker system, Ability to analyze highly complex insurance risks to determine acceptability including policy language, various commercial and alternative rating plans and methodologies, reinsurance, Ability to use/learn job related computer software.
Ability to handle the most complex accounts. Ability to devise business solutions to complex problems, implement the most appropriate, and monitor the effectiveness. Ability to make decisions on highly complex issues and work with minimal direction.
Ability to train and mentor all levels of underwriters, underwriting assistants and interns. Ability to analyze and interpret mathematical, statistical and logical data, and evaluate its reliability and significance. Ability to apply market trends and competitor intelligence to underwriting approach.
Values: Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors.
Staffing Exceptions to the above Minimum Job Requirements must be approved by the Hiring manager's leader and HRBP.
Overtime Eligibility: Not Eligible (Exempt).
Working Conditions: Normal office environment.
Extended and non-standard work hours based on project and customer deliverable. Travel required.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
Job Evaluation Activity: 1/2017 KLG
Smoke-Free Iowa Statement: Nationwide Mutual Insurance Company, its affiliates and subsidiaries comply with the Iowa Smokefree Air Act.
Smoking is prohibited in all enclosed areas on or around company premises as well as company issued vehicles. The company offers designated smoking areas in which smoking is permitted at each individual location. The Act prohibits retaliation for reporting complaints or violations. For more information on the Iowa Smokefree Air Act, individuals may contact the Smokefree Air Act Helpline at 888-944-2247.