Underwriting Specialist - Cargo

Allianz Insurance • New York, NY

6d • Hybrid

About The Position

Cargo insurance for large businesses is a type of insurance that protects businesses from financial losses resulting from the damage, loss, or theft of their cargo while in transit. This type of insurance is essential for large businesses that ship large quantities of goods, as it can help to offset the costs of replacing or repairing damaged or lost cargo.
With one of the largest, most experienced networks of cargo insurance specialists, claims experts and risk consultants in the business, Allianz Commercial delivers local solutions for marine cargo risks in more than 200 countries and territories.
Reporting to the Underwriting Manager Northeast Cargo, this position will underwrite profitable new and renewal business to meet Cargo LoB targets regionally including global elements. Take ownership of large accounts/clients including negotiation of participation, pricing and terms and conditions. Training and development of team and referral point for underwriters. Develop and maintain strong relationships with brokers and clients. Specialized technical expertise/lead for at least one sub-LoB.

Requirements

• A minimum 5 years’ significant experience in underwriting profitable Cargo business.
• Specialized expert understanding of sub-LoB products and portfolio.
• Recognized relationships with brokers at peer group level and well established within market.
• Specialized understanding of regional/local Cargo insurance markets and competitor landscape, including global elements.
• Good understanding of legal and regulatory framework.
• Experience working in complex, global matrix organization.
• Ability to assess risk inherent exposures and natural hazards relevant to this Lob.
• Manage the underwriting books.
• Analyze trends and scenario plans from which portfolio strategies can be developed and implemented.
• Design, develop and implement consistent, robust wordings.
• Robust understanding of policy administration life cycle, information collection, policy issuance, premium bookings, credit control, cancellation.
• Ability to analyze highly complex data, from multiple sources, in detail; identify and resolve issues before they transpire.
• Ability to express ideas and messages clearly, both written and verbally.
• Ability to "sell" an improvised or prepared audience winning story.
• Ability to persuade and motivate others to act, without executive authority.
• Use of general office application tools (i.e. PowerPoint, Excel, Word).
• The ability to utilize AI tools to support day-today tasks, improve efficiency, and contribute to data-driven decision-making is valuable. A willingness to learn and explore how AI can enhance your role and the broader organization is expected.
• Applicants must be legally authorized to work in the United States without the need for current or future employment-based sponsorship. We are unable to sponsor or take over sponsorship of employment visas at this time, nor can we guarantee future sponsorship.

Nice To Haves

• Preferably a bachelor’s degree in Risk Management, Insurance, Business Administration, Finance or Economics.
• Completion of a professional insurance qualification.

Responsibilities

• Underwrite new and renewal accounts to meet top and bottom-line targets.
• Negotiate price and terms and conditions with producers.
• Proactively manage capacity.
• Underwrite and evaluate Natural Catastrophe Accumulation, ensuring an understanding of catastrophe modeling and interpretation of scenarios (for relevant LoBs).
• Underwrite International Insurance Programs (for relevant LoBs)
• Underwrite in line with LoB governance framework - e.g., Underwriting Authorities, global MSU, Underwriting Guidelines, Rules and Principles.
• Ensure contract certainty is achieved on all accounts at time of inception.
• Ensure utilization of global pricing tools.
• Ensure placing and binding of FAC Reinsurance prior to policy inception
• Ensure accurate policy documentation issued to producers (where AzC responsibility to do so) or producers has issued documentation (where producer responsibility).
• File maintenance – ensure file is established (whether electronic or paper) and maintained for each risk and transaction handled.
• Proactively support completion of policy administration and credit control processes
• Contribute to development and execution of regional Underwriting strategy for LoB regionally.
• Training, developing and coaching of less experienced staff (including Underwriters).
• Manage complex referrals from underwriters and spokes and re-underwrite complex business as appropriate.
• Delegate work as appropriate
• Proactively support acquisition of new business and retention of existing business (including client and producer negotiations where necessary).
• Proactively liaise with MMC on market management initiatives
• Positively represent AzC externally to the market.
• Proactively drive involvement of functional areas in Underwriting process, including e.g., MMC, ARC, Claims, Operations.
• Develop and maintain strong relationships with key producers and clients and other relevant stakeholders (e.g., risk managers)

Benefits

• At Allianz, we stand for unity: we believe that a united world is a more prosperous world, and we are dedicated to consistently advocating for equal opportunities for all. And the foundation for this is our inclusive workplace, where people and performance both matters, and nurture a culture grounded in integrity, fairness, inclusion and trust.
• We are committed to nurturing an inclusive environment where everyone feels they belong. We offer a hybrid working model, which recognizes the value of striking a balance between in-person collaboration and remote working. Please feel free to discuss flexible working arrangements with us.
• We believe in rewarding performance with a great compensation and benefits package (details vary by location), including a generous bonus scheme and pension.
• From career development and digital learning programs to international career mobility, we offer lifelong learning for our employees worldwide and an environment where innovation, delivery and empowerment are fostered.
• From our support for flexible working, health, and wellbeing (including private healthcare and generous parental leave benefits), to helping people return from career breaks with experience that nothing else can teach. We’ve got your back.
• With opportunities to be engaged in shaping a future that is safe, inclusive, and sustainable, we care for the tomorrows of our people, our industry, and our clients.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees