Senior Underwriter - Contrac Pac (Peoria, IL or Eagan, MN)
About The Position
RLI is a specialty insurance company that helps customers navigate the world of insurance and risk. For more than a half century, we’ve been helping people and companies safeguard their assets through our innovative portfolio of property and casualty coverages and surety products. We’re not what you’d expect from a typical insurance company. From our products to our business model, our culture to our results — we’re different. Our remarkable people are among the smartest and most knowledgeable in the business. They are experts at building relationships that last with our brokers and customers by providing outstanding service and creating ideal coverages with competitive premiums. Our underwriting focus is on seeking underserved niches in the marketplace and providing coverages that meet very specific needs. We eliminate unnecessary bureaucracy, give our underwriters authority and share the profits. Our entrepreneurial culture at RLI has created a business model that works: hire smart, ethical people, make them owners of the business, and give them the freedom to succeed. Our employees are encouraged to seek out opportunities, make things happen and do the unexpected. This position is responsible for underwriting new or renewal accounts and building strong relationships with producers, reinsurers, and contacts. The role involves the ownership and responsibility to review complex sources of profit by selecting appropriate risks, and is also responsible for increasing submission flows.
Requirements
- Bachelor's degree in insurance, finance, risk management, business or a related field.
- Minimum of 5+ years of related experience.
- Ability to use analytical methods in underwriting processes to find workable solutions.
- Ability to verbally and in writing, communicate findings and recommendations to internal and external contacts on underwriting matters.
- Ability to use software to summarize and analyze large amounts of data.
- Understands, applies, & properly documents nature of operations of the risk for accounts assigned & communicates findings.
- Ability to prepare, review, and complete underwriting analysis of accounts.
- Analytical skills and understanding of submission requirements, model entry, and product appetite.
- Participates in underwriting related continuing education.
- Ability to generate innovative solutions within the underwriting department.
- Has typically obtained letter of authority.
- Has a good understanding of the markets and clients being serviced.
- Has some authority to process approval, issuance, or change requests for policies.
- Works on slightly more complex risks than UW I and has obtained higher level of authority.
- Presents solutions to management on non-standard issues without prior oversight or guidance from manager.
- Ability to know proper sign off & correct UW judgement in most cases.
- Possess a thorough understanding of the internal processes of the product and displayed understanding of loss rating/credibility.
- Working toward building and maintaining a profitable book of business.
Responsibilities
- Analyze, evaluate, accept, decline, rate, quote, and bind new or renewal submissions with high premium or risk exposure.
- Build strong relationships between agents, reinsurers, and contacts.
- Review complex submissions, account losses, pricing models, and profitable premiums.
- Review complex sources of profit by selecting appropriate risks.
- Assist with special projects or other duties as needed.
Benefits
- Employee Stock Ownership plan
- 401(k) — automatic 3% company contribution
- Annual 401k and ESOP profit-sharing contributions (Up to 15% of eligible earnings)
- Paid time off (PTO) and holidays
- Paid volunteer time off (VTO)
- Parental and family care leave
- Flexible & hybrid work arrangements
- Fitness center discounts and free virtual fitness platform
- Employee assistance program
- Comprehensive medical, dental and vision benefits
- Flexible spending and health savings accounts
- 2x base salary for group life and AD&D insurance
- Voluntary life, critical illness, & accident insurance for purchase
- Short-term and long-term disability benefits
- Training & certification opportunities
- Tuition reimbursement
- Education bonuses
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What This Job Offers
Job Type
Full-time
Career Level
Senior
