Underwriter Specialty, Hanover Specialty Industrial

About the role

Responsible for identifying, soliciting, and underwriting renewal Specialty accounts that drive profitable growth and align with Industry Segments, appetite, and mix goals. Apply advanced technical, sales, and analytical skills to provide insurance solutions that help Hanover’s customers manage risk. Demonstrates a thorough understanding of Hanover’s strategies and appetites and will use internal and external data to make appropriate individual and portfolio risk decisions. Operates within a broad Letter of Authority for all underwriting decisions and with limited direction while managing an assigned book of business, generally with high technical complexity and coordination.

Responsibilities

• Thorough knowledge and understanding of business strategy (segments, coverage differentials, partner/non-partner, etc.).
• Applies advanced underwriting concepts including risk selection, exposure and hazard identification and control, coverage implications, and loss analysis.
• Advanced knowledge of pricing components and rating methodology and correlates pricing to exposure, financial, and competitive analysis.
• Adheres to CAT guidelines and applies increased knowledge of CAT aggregation strategies to decision making.
• Identifies types of coverages including gaps in coverages typically provided within given operations; explains coverages and correlating exposures and controls to agents to complete the value-added proposition.
• Manages assigned portfolio to achieve gross written premium, profitability, rate, retention, industry and LOB mix, new business, and portfolio management goals.
• Demonstrates ability to properly leverage competencies, act as a resource, and build long-term, profitable, and mutually beneficial relationships with agencies, internal management, and external resources.
• Constructs and executes portfolio business plans independently through organized workflow and desk management, which may include special projects.
• Reviews key metrics and uncovers trends that may lead to new business opportunities within agents while achieving profitable growth.
• Drives the implementation of profit improvement initiatives with key agents by leveraging resources.
• Advocates and coordinates with Specialty departments to learn and share knowledge in cross-sell opportunities to help manage portfolio/book of business.
• Operates with a franchise perspective to identify and drive enhanced sell opportunities and create growth within other lines of business and customer segments.
• Utilizes Hanover’s value proposition to enhance agency economics, partner conversion, and product specialization in partnership with local management.
• Prioritizes and drives effective relationship management and producer activities to build trust, facilitate negotiation, and secure commitment to improve yield and retention ratios.
• Engages at the customer level for the most complex and prominent accounts within their territory through the stewardship process.
• Independently implements territory business plans, monitors performance, and adjusts plans to ensure a substantial pipeline for future profitable growth.
• Provides proper training and product knowledge transfer to existing and prospective agents so they can effectively sell Hanover as the go-to market for their customers.
• Uncovers customer needs, positions specific solutions, handles objections, and closes deals.

Requirements

• Bachelor’s Degree or equivalent experience.
• 3+ years of Underwriting experience.
• 3+ years’ experience driving agency relationships resulting in profitable renewal business.
• Consistently demonstrates a high level of proficiency across LOB UW core competencies.
• May specialize/certify in 1-2 specialty areas.
• Proficient in ability to identify, analyze, and solve problems and manage and prioritize multiple concurrent projects.
• Is used as a resource by others to collaborate on more complex risks, pricing, trends, industry segments, coverages, and product knowledge.
• May conduct peer-to-peer self-audits under the direction of management.
• Demonstrates ability to adapt quickly to change, exercise influence, and act as a change advocate being open to new and different ways of thinking.
• Viewed as an informal leader amongst the team/branch/region/LOB.
• Open to and proactively shares knowledge and expertise with peers, management, and leadership.
• Acts as a mentor for less experienced underwriters or newly hired underwriters; may assist with training other team members.

Skills

• Communication: Interacts and communicates with confidence with all levels of external and/or internal business partners within scope of responsibility, team, and/or matrix environment. Can judge appropriate means and method to communicate based on the nature of the communication. Able to influence desired outcomes to drive actions and results. Adept at influencing even when holding a position contrary to the majority opinion.
• Judgement and Decision Making: Ability to exercise judgment, negotiate, and make sound business decisions based on level of authority. Applies judgment and expertise to determine when escalation is needed. Demonstrates confidence in one’s ability to apply decision making to underwriting assessment.
• Teamwork and Collaboration: Consistently fosters collaboration and respect among team members. Easily adapts to the diverse interests, styles, and perspectives of key players. Is able to engage multiple members of a group to share information and to consider other points of view to reach objectives, consensus, and/or deadlines. Experienced in working with a wide range of teams and readily shares lessons learned.

Career Development

It’s not just a job, it’s a career, and we are here to support you every step of the way. We want you to be successful and fulfilled. Through on-the-job experiences, personalized coaching, and our robust learning and development programs, we encourage you—at every level—to grow and develop.

Benefits

• Medical, dental, vision, life, and disability insurance
• 401K with a company match
• Tuition reimbursement
• PTO
• Company-paid holidays
• Flexible work arrangements
• Cultural Awareness Day in support of IDE
• On-site medical/wellness center (Worcester only)

Click here for the full list of Benefits