Binding Operations Coordinator

$45,760 - $58,240/Yr

Ryan Specialty Group - New York, NY

Full-time - Entry Level

New York, NY

Insurance Carriers and Related Activities

About the position

The Binding Operations Coordinator is responsible for managing the binding process of insurance policies, ensuring compliance with underwriting guidelines and regulatory standards. This role involves inputting information into underwriting applications, acting as a liaison between underwriters and brokers, and providing support during the absence of underwriters and assistants.

Responsibilities

• Assists the process of binding insurance policies, ensuring accuracy and compliance with binding underwriting guidelines and regulatory requirements.
• Administers underwriting applications with the information necessary to rate, document and issue accurate and compliant policies.
• Assists with new business submission with directions from the Binding Underwriter to prepare and market to carrier.
• Coordinates between Underwriters and brokers by responding to inquiries, works with brokers to obtain information needed to quote, and provides revised quotes as requested.
• Processes and issues policy endorsements, including changes to coverage, limits, or policy terms, ensuring accuracy and timely implementation and tracks cancellation notifications, non-renewal, and renewal solicitation notifications.
• Maintains comprehensive and organized records of all binding transactions and related documentation, including policy details, endorsements, and client information.
• Communicates with clients to collect required information, explains policy terms and conditions, and addresses any questions or concerns related to the binding process.
• Executes the work assigned by underwriters and underwriting assistants when they are out of the office or otherwise unavailable.
• Prepares reports related to policy binding metrics, performance, and compliance, providing insights for process improvement.

Requirements

• Minimum of 1 year of work experience in Insurance Industry or Binding Underwriting or related field.
• Bachelor's degree required; Business Administration, Business Operations and Sales preferred.
• Licenses & Certifications: Minimum requirements for state P&C and/or surplus line licenses.

Nice-to-haves

• Certified Insurance Counselor (CIC) (Preferred)

Benefits

• Paid holidays
• Paid parental leave
• Paid time off