Pennsylvania Lumbermens Mutual Insurance Company
Position: Commercial Multi-Line Department: Technical Underwriting
Senior Underwriter
Reports to: AVP Underwriting
Position Summary: This position requires a goal-oriented individual to work in tandem with our Field Representatives to produce, and retain, profitable underwriting accounts. Receives functional policy direction and guidelines from the Manager or Assistant Vice President and operates within policies and guidelines established by underwriting management. Provides work direction to the Commercial Lines Underwriting Assistant or Operations personnel as required, but does not supervise him/her.
Essential Functions and Responsibilities:
Quotation
1. Review applications for class acceptability, completeness (request additional info, if appropriate), and risk acceptability
2. Evaluate classification for accuracy
3. Review Dunn & Bradstreet Reports or financial statement as appropriate to ensure client liquidity
4. Coordinate pricing with the broker and Field Representative by determining expiring price as well as target price and who competition is. Obtain commitment from broker regarding account placement if we meet the target price
5. Develop any additional underwriting information necessary to determine risk acceptability and if appropriate, have a tentative quotation developed. It is acceptable to quote “subject to …”. Additional information might include more detailed loss information, a Technical Services report, financial information, MVRs, etc.
6. Run location specific CAT model using JLT’s CATography software
7. Secure Reinsurance quote, if needed
8. Coordinate quotation’s release with the Field Representative.
9. Establish a diary on the quotation for follow up with broker to ascertain initial acceptability, re-diary for follow up prior to effective date to ascertain our success and, if appropriate, consider last minute revisions.
10. Refer risks exceeding underwriting authority with a recommended handling action to the Underwriting Manager.
11. Process all quotations by broker’s “need by” date.
Renewals
1. Review file for completeness of underwriting information and, if necessary, coordinate/obtain any missing or incomplete information.
2. Contact broker and implement the renewal retention program as outlined under separate cover.
3. Complete a loss analysis.
4. Evaluate most recent Technical Service information; if necessary obtain updated or new report. Confirm status of recommendations that are outstanding (or may be).
5. Make renewal decision, i.e. renew (and, if so, at what price) or non-renew. Do not assume that because the risk is on the books it is a good risk. Underwrite it!
Confirm that renewal pricing will support past loss experience. Consider the frequency/severity issues. Consider whether changes in coverage are appropriate for renewal, i.e. increase deductibles, elimination of certain coverages, etc.
6. Confirm policy construction issues.
7. Involve Underwriting Manager as appropriate.
8. Process all renewals at least 30 days prior to effective date unless the broker or insured delays processing by withholding information.
Endorsements
1. Review requests for completeness of information.
2. Evaluate request for acceptability.
3. Consider any pricing issues.
4. Process all endorsement requests within 10 days of receipt.
Special Issues - Motor Vehicle Reports
1. Verify drivers' list is complete including full names, dates of birth, drivers’ license numbers and, states of licensing. Underwrite this information in light of the risk you are reviewing.
2. Order MVRs. Re-underwrite driver information once the MVRs are available
3. Ensure compliance with Fair Credit Reporting Act.
Loss Information
1. Develop detailed loss information by reviewing hard copy from prior carriers. It is appropriate to quote subject to satisfactory loss information after binding. In this case, loss info could be based on broker’s memo or a memo from the insured outlining information. Underwrite this information. Follow up for hard copy post binding. Confirming it supports pricing. Consider closely frequency/severity trends, consider appropriate controls.
Other
1. Ensure that appropriate forms are included on all contracts.
2. Review and handle mail within 72 hours of receipt.
3. Respond to all telephone calls on the same day as received. If you make a commitment to handle something by a certain date and you are unsuccessful in
doing so, advise customer of failure to do so and reason as well as new target date.
Knowledge and Skills:
1. Bachelor’s degree in Risk Management and Insurance; or equivalent relevant experience
2. 6 plus years demonstrated multi-line underwriting experience in a similar environment
3. Professional designation of CPCU or equivalent (ARM, CIC, AU) preferred
4. Understanding of and ability to apply underwriting processes to potential and current risks
5. Demonstrated ability to analyze financial stability and determining a clients’ liquidity
6. Detailed understanding and “current knowledge” of commercial coverages and policy forms
7. Good understanding of commercial rating techniques
8. Knowledge of reinsurance marketplace, both facultative and treaty
9. Good understanding of policy construction detail
10. Knowledge of CAT management tools and understanding of exposure, both at individual account and book level
11. Outstanding organizational skills resulting in the ability to handle a large workload.
12. Strong communication skills (both oral and written)
13. Strong negotiation skills
14. Basic understanding of the insurance industry as a whole
15. Basic understanding of the sales process
16. Ability to work in a team environment
17. Ability to build and manage relationships with clients and fellow employees
18. Ability to identify and solve complex problems
Physical Requirements:
1. Ability to hear.
2. Ability to speak clearly.
3. Ability to sit for extended periods of time.