Binding Authority Underwriter

$90,000 - $118,125/Yr

Ryan Specialty Group - Sandy Springs, GA

Full-time - Mid Level

Sandy Springs, GA

Insurance Carriers and Related Activities

About the position

The position involves a comprehensive role in the insurance underwriting process, specifically focusing on binding authority and risk assessment. The employee will be responsible for reviewing and analyzing renewal and new business submissions, evaluating risks submitted by brokers, and assessing historical performance to assist in developing profitable binding terms in accordance with underwriting guidelines. The role requires effective application of binding authorities while brokering risks to negotiate placements that meet underwriting targets. The employee will evaluate various documents, including application forms, binders, and inspection reports, to determine the degree of risk and gather additional information as necessary to establish premium amounts. A critical aspect of the role is determining the profitability of the premium amounts while considering potential losses due to catastrophes or excessive insurance. The employee must ensure quality underwriting practices by adhering to established guidelines and procedures, maintaining high service standards for timely quoting, binding, and customer service. Knowledge of binding authority underwriting guidelines and compliance with regulatory and statutory policies is essential. The position also emphasizes the development of strong, long-term relationships with brokers, agents, and fellow underwriters to build a profitable book of business. The employee will identify opportunities to optimize premium coverage and monitor previous losses and actions on coverage gaps that may impact profitability. Additionally, the role includes mentoring underwriting associates by providing technical knowledge transfer and enhancing their business communication skills.

Responsibilities

• Review and analyze renewal and new business submissions and risks submitted by brokers.
• Evaluate historical performance and assist in developing profitable binding terms as per underwriting guidelines.
• Apply binding authorities effectively while brokering risks to negotiate placements that meet underwriting targets.
• Evaluate documents such as application forms, binders, and inspection reports to determine the degree of risk and establish premium amounts.
• Determine the profitability of premium amounts and evaluate potential losses due to catastrophes or excessive insurance.
• Ensure quality underwriting practices by adhering to guidelines and procedures and maintaining high service standards for quoting, binding, and customer service.
• Demonstrate knowledge of binding authority underwriting guidelines and ensure compliance with regulatory and statutory policies.
• Develop strong, long-term relationships with brokers, agents, and fellow underwriters to build a profitable book of business.
• Identify opportunities to optimize premium coverage and monitor previous losses and actions on coverage gaps impacting profitability.
• Develop underwriting associates by providing technical knowledge transfer and enhancing their business communication skills.

Requirements

• Minimum of 5 years of experience in Binding Authority and Insurance Underwriting with a Bachelor's degree, or 3 years of experience and a Master's degree.
• Bachelor's degree required; Master's degree preferred in Business Administration, Risk Management, or a related discipline.
• Licenses and Certifications: Minimum requirements for state P&C and/or surplus line licenses.

Nice-to-haves

• Certified Insurance Counselor (CIC) certification.
• Chartered Property Casualty Underwriter (CPCU) certification.

Benefits

• Paid time off for vacation, sick, and personal days.
• Paid parental leave.
• Paid company holidays.
• Comprehensive benefits package for physical, financial, and emotional wellbeing.