- Develops and implements strategic underwriting plans for all lines of professional liability. This will include miscellaneous professional liability, media liability, technology professional liability, and any other related professional liability lines and opportunities. Provides business forecasting related to trends, and profitability within region/channel.
- Develop and maintain relationships with internal underwriters while supporting existing broker distribution relationships.
- Directs the development, implementation and monitoring of underwriting guidelines, rates, forms, product endorsements and procedures. Monitors and approves the preparation of rates, forms, and endorsement filings and authorizes the use of such rates, forms, and endorsements.
- Directs the general agency, brokerage relationships/results, and recommends corrective action if necessary. Conducts regular visits with brokers to understand business needs and to identify new business opportunities.
- Approves accounts which exceed underwriting staffs' authority due to level of complexity, premium, and class of business or coverage provided.
- Communicate with key underwriting personnel on all operational levels, and work closely with direct reports and ensure that they are adhering to underwriting guidelines and marketing plans
- Monitors industry trends to stay well-informed of new products, distribution systems, trends, competitor offerings, emerging business and legal trends impacting management liability exposure.
- Maintain and uphold knowledge of emerging business and legal trends impacting the management liability exposure of the line of insurance we write.
- Keep informed of the competitor products, philosophy, and distribution systems.
- Responsible for the management of associates including performance management, salary planning and administration, training and development, workflow planning, hiring and placement, and disciplinary actions.
- Provide performance management for underwriting staff.
- Maintain responsibility for underwriter's professional growth and development.
- Assist in developing annual business plan and budgets for respective territories.
- Review account submissions for brokerage territory and make determination on adequacy of information and preliminary risk acceptability.
- Analyze and review application, financial documents, company management and prospects, industry prospects, legal structure and outstanding litigation.
- Determine proper insurance program including layer attachment, terms, conditions, pricing and alternatively decline or non-renewal coverage.
- Service of existing account and new accounts, including quote letters, binders, policy issuance, endorsement drafting and issuance.
- Claims and loss analysis.
- Maintains composition of designated book of business to achieve favorable results. Monitors performance and provides report card on regional/channel results. Takes action based on results as needed.
- Responsible for overall production and loss ratio goals through sound marketing. Promotes company products and programs.
- Interacts with all departments of the company to achieve company goals and objectives.
- Communicates regional and/or brokerage initiatives and goals. Builds alignment within territory teams within the region and across the regions
- 30 or more years related experience as a professional liability lead underwriter or professional liability executive underwriters.
- Experience profitability growing professional liability books of business of $50M or more in annual gross written premium.
- Proven ability to supervise, train, motivate employees and set work priorities in all aspects of multi-line underwriting support and rating.
- Some experience in the technical aspects of data management, imaging and procedures and processes helpful.
- Deep and productive relationships with wholesale insurance brokers that produce professional liability insurance submissions.
- In-depth knowledge of underwriting policies, practices and procedures specific to professional liability insurance products.
- In-depth knowledge of financial documents, financial analysis, investments, market conditions essential.
- Legal knowledge related to insurance, contract and business law preferred.
- Excellent verbal and written communication skills to communicate with individuals and groups via telephone, fax, e-mail and in person.
- Demonstrates advanced negotiation skills. Ability to direct a highly technical staff. Ability to work with the wholesale/general agency/brokerage distribution 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 apply/learn job related software.
- Ability to devise business solutions to complex problems, implement the most appropriate and monitor effectiveness.
- Ability to make decisions on highly complex issues and work with minimal direction.
- Ability to coach, train and mentor managers and underwriting personnel.
- Ability to analyze and interpret mathematical, statistical and logical data and evaluate its reliability and significance.
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VP, Professional Liability Middle Market Underwriting - New Jersey, United States - Nationwide Private Client
Description
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 At Nationwide, "on your side" goes beyond just words. Our customers are at the center of everything we do and we're looking for associates who are passionate about delivering extraordinary care.Job Description Summary
Are you a leader who can create, develop, and manage a strategy and plan that meets customer service and business goals? If you are driven to achieve top financial goals by leading an insurance underwriting line of business and seeking opportunities to build and grow business, we want to hear from youThis role is responsible for the expanded product development, profitability, claims management, marketing, broker development and policy/endorsement wording for E-Risk's book of professional liability insurance for the entire nation. This will include directing a strategy for an expanded underwriting appetite for E-Risk's professional liability for primary and excess business.
In addition, you'll be responsible for the operational, direction, control, and conceptual integration of administrative services for small and middle market professional liability and day to day management planning and budgeting processes for capital, physical and human resources; project planning; the research, development and implementation of technological innovations; the implementation of audit policies and procedures; and the strategic measurement system.
Job Description
Key Responsibilities:
May perform other responsibilities as assigned.
Reporting Relationships: VP, Technology & Cyber Small Market Underwriting – E&S and Specialty
Typical Skills and Experiences:
Education: Undergraduate studies with focus in finance, accounting, economics, and/or risk management. Master's Degree preferred, but not required.
Experience:
Knowledge, Abilities and Skills:
Other criteria, including leadership skills, competencies and experiences may take precedence.
Staffing exceptions to the above must be approved by the hiring manager's leader and Human Resource Business Partner.
Values: Regularly and consistently demonstrates Nationwide Values.
Job Conditions:
Overtime Eligibility: Not Eligible
Working Conditions: Normal office environment.
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.
Benefits
We have an array of benefits to fit your needs, including: medical/dental/vision, life insurance, short and long term disability coverage, paid time off with newly hired associates receiving a minimum of 18 days paid time off each full calendar year pro-rated quarterly based on hire date, nine paid holidays, 8 hours of Lifetime paid time off, 8 hours of Unity Day paid time off, 401(k) with company match, company-paid pension plan, business casual attire, and more.
