Stop Loss Underwriter

$98,120 - $128,782/Yr

Ryan Specialty Group - Pembroke, MA

Full-time - Mid Level

Pembroke, MA

Insurance Carriers and Related Activities

About the position

The Stop Loss Underwriter position at Ryan Specialty is a critical role responsible for pricing quotes and analyzing the structure of contracts for groups based on various factors such as claims experience and employee group characteristics. This position entails managing a book of business that includes renewing accounts and writing new business at profitable levels, which is essential for achieving the company's overall business targets and assigned volume of new applications or Requests for Proposals (RFPs). The underwriter will utilize various systems and tools to gather necessary data, ensuring that assigned work is completed accurately and tracked effectively. In this role, the underwriter will calculate rates, interpret pricing policies, and adapt to unusual situations that may arise. A key responsibility is to identify questionable claim patterns from renewal clients and analyze competitor claims experience for prospective clients, developing recommendations to address these situations. The underwriter will also apply corporate risk management policies and make adjustments for unique situations that may not have been considered in the standard rating process. It is crucial to identify instances where clients do not comply with corporate risk management policies or disclosure rules, and to recommend appropriate adaptations of pricing within the relevant policies or guidelines to accommodate client-specific situations. The position requires analyzing member risk and engaging with internal departments to manage this risk effectively. The underwriter will support various internal initiatives, including fraud detection, corporate compliance, wellness and disease management, and product development efforts. Completing renewals, prospect quotes, and reviewing the work of lower-level analysts in accordance with production and timeliness standards are also essential functions of this role. The ability to adapt to changing priorities as quotes come in from different markets is necessary, as is the skill to communicate recommendations for policy adaptations clearly, supported by sound rationale and management principles. Additionally, the underwriter will influence the Sales team and external audiences towards appropriate risk solutions and pricing structures for each quote, and when necessary, engage with other market partners such as brokers and Third-Party Administrators (TPAs).

Responsibilities

• Manage a book of business for renewing accounts and writing new business at profitable levels.
• Utilize various systems and tools to obtain necessary data and accurately complete and track assigned work.
• Calculate rates and interpret pricing policy, adapting to unusual situations as needed.
• Identify questionable claim patterns of renewal clients and analyze competitor claims experience for prospective clients.
• Develop recommendations to address identified claim patterns and ensure compliance with corporate risk management policies.
• Analyze member risk and engage internal departments to manage this risk effectively.
• Support internal initiatives including fraud detection, corporate compliance, and wellness/disease management.
• Complete renewals and prospect quotes, reviewing lower-level analyst work according to production and timeliness standards.
• Adapt to changing priorities as quotes come in from different markets and adjust to new requirements.
• Communicate recommendations for policy adaptations clearly, supported by rationale and management principles.
• Influence the Sales team and external audiences towards appropriate risk solutions and pricing structures.

Requirements

• 3-5 years of underwriting experience.
• Skilled interaction with various internal departments and external stakeholders.
• Ability to use applicable computer systems, electronic tools, and applications.
• Ability to work independently and manage projects from routine to highly complex.
• Demonstrate understanding and support of corporate and departmental goals and initiatives.
• Adhere to ethical business practices and all privacy and confidentiality policies and regulations.
• Good problem-solving, organizational, and negotiation skills.
• Excellent math aptitude for completing analysis.

Nice-to-haves

• Bachelor's Degree preferred.

Benefits

• Paid time off for company holidays, vacation, sick and personal days.
• Paid parental leave.
• Mental health services.
• Comprehensive benefits package for physical, financial, and emotional well-being.