Business Development Manager

Munich Re•Princeton, NJ

11d•$185,800 - $272,500•Hybrid

About The Position

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that. As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products. Future focused and always one step ahead. The Business Development Manager (“BDM”) develops and implements strategies to maximize the profit potential for assigned P&C reinsurance prospects, clients & brokers, consistent with divisional priorities and line of business appetite. The BDM collaborates closely with MR US underwriters, other MR US staff and members of other business units in the execution of the strategy including delivery of new products and value-added services. The BDM serves as the primary point of contact for clients and their designated brokers with respect to business underwritten in the division. The BDM is responsible for the reinsurance results generated through the client relationship.

Requirements

Bachelor’s degree in Business and/or equivalent work experience
Approximately 10 years of Reinsurance and/or relevant Insurance experience (underwriting, account executive, and/ or actuarial preferred)
Strategic thinker who can develop effective action plans to achieve desired outcomes
Entrepreneurial spirit
Strong interpersonal and social skills with a special focus on relationship management
Strong leadership skills needed to manage client teams in a matrix reporting environment
Effective presentation skills with ability to explain complex transaction structures to both technical and non-technical audiences
Strong sales orientation with ability to make a compelling link between MR offerings and critical client needs. Ability to handle tough negotiations that result in win-win outcomes.
In-depth knowledge of insurance and reinsurance principles and procedures
Familiarity with accounting, finance and actuarial concepts
Experience with Primary Insurance and non-traditional products

Responsibilities

Create, prioritize and implement forward looking client strategies for all assigned clients and prospects, in line with MRUS Key Priorities and Line of Business Strategies.
Create, prioritize and implement forward looking broker strategies that go beyond the transaction.
Thinking beyond the current portfolio to imagine a target picture and future possibilities to generate profitable revenue that does not exist today.
Lead client team in developing new business opportunities and servicing the in-force business. Ensure consistent understanding of target objectives and strategy for achieving desired outcomes.
Develop negotiation strategies and tactics to ensure achievement of financial objectives for assigned clients. Partner with Underwriting, Claims and Actuarial to establish final terms for individual placements including share size, price and other relevant terms and conditions.
Develop and maintain deep and thorough understanding of assigned clients and brokers, particularly of their key underwriting, capital and risk management objectives. Build strong relationships with client & broker staff that can provide strategic insights on evolving needs and value derived from the Munich Re (MR) relationship.
Manage client & broker relationships, establishing MRUS’s position consistent with our segmentation strategy (e.g., the lead reinsurer for our most desirable clients). Serve as primary point of contact within Munich Reinsurance America, Inc. (MRAm) for assigned clients and their designated brokers as respects traditional reinsurance business.
Market the full Munich Re Group product range, including pitching new products and services as appropriate for the client’s needs. Share the Munich Re perspective on important industry issues at industry events and individual client/broker meetings.
Contribute, as needed, to broker marketing activities and other initiatives to develop new products/services or improve operating effectiveness.