Underwriter I - MPL Physicians

Coverys•Boston, MA

7d•$72,355 - $97,885•Remote

About The Position

The Underwriter reviews insurance applications to evaluate, classify, and rate each risk to determine acceptability, coverage, and pricing. This role involves examining documents such as application forms, inspection reports, past claims, and medical reports to determine the degree of risk based on factors like applicant financial standing, business operations, loss experience, and the condition of the risk. The Underwriter determines whether to accept, modify, or decline risks, establishes types and limits of coverage, and determines if reinsurance is needed, working with supervisors and reinsurers to place it on high-risk policies. They calculate standard rates and premium charges, adjust policy values for substandard risks, and specify applicable endorsements or ratings to ensure profitable distribution of risks. This position also involves suggesting new or modified policy wording, monitoring liability limits, and evaluating potential losses due to catastrophe or excessive insurance. Consultation with field representatives, agents, brokers, and other insurance or inspection companies is a key part of gathering information, quoting rates, and explaining underwriting policies. A strong knowledge of the Insurance and Healthcare Industry, including medical, legal, and insurance terminology, is essential. Occasional overnight travel may be required (up to 25%).

Requirements

2+ years of MPL Physicians underwriting experience required
Bachelor's degree (B.A.) in Business Administration from a four-year college or university; or two to four years related experience and/or training; or equivalent combination of education and experience.
Property and Casualty Producers license or pursuit thereof required.
Willing to complete requirements of the CPCU or RPLU designation, or equivalent related experience and/or training.
Previous medical malpractice underwriting experience is required.
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, governmental regulations, underwriting guidelines and manuals, bylaws, financials, articles of organization, loss runs, Joint Commission reports and other industry reports.
Ability to write reports, business correspondence, and procedure manuals.
Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
Proficient in Microsoft Office
Ability to learn the use of new software applications as required.
Employee will be required to become proficient in the use and understanding of the Company's core underwriting operating system (Netcore).

Responsibilities

Examines documents such as application forms, inspection reports, past claims, and medical reports to determine degree of risk from such factors as applicant financial standing, business operations, loss experience, and condition of risk.
Determines whether to accept, modify, or decline risks.
Establishes types and limits of coverage to be provided.
Determines if reinsurance is needed and works with supervisor and reinsurers to place reinsurance on policies when risk is high.
Calculates standard rates and premium charges by using approved formulas and tables.
Decreases value of policy when risk is substandard to limit company obligation, and specifies applicable endorsements, or applies rating to ensure safe and profitable distribution of risks.
Works with Supervisor by suggesting new or modified policy wording when standard text is not appropriate.
Monitors the limits of liability in force on single risk or group of closely related risks, and evaluates possibility of losses due to catastrophe or excessive insurance.
Consults with field representatives, insurance agents, or brokers, and other insurance or inspection companies to obtain further information, quote rates, or explain company underwriting policies.