Underwriting Specialist, Cyber

CNA Insurance • Chicago, IL

6d • $54,000 - $103,000 • Hybrid

About The Position

Under technical direction, the Underwriting Specialist is responsible for underwriting risks in a book of business. The role operates within specific limits of authority and handles assignments requiring significant technical complexity and coordination, using underwriting policies and guidelines, rating manual rules, and insurance laws and regulations.

The specialist reviews applications and financial requirements for complex risks, assesses risk acceptability, determines whether additional evidence of insurability is needed, and develops appropriate underwriting strategies. The role also determines pricing, prepares quotes, responds to external contacts, negotiates with agents, communicates underwriting decisions, analyzes portfolio quality and profitability, and develops agency and broker relationships. The specialist may guide other underwriters, keeps current on regulatory and industry developments, uses CNA systems, and consults with senior underwriters or management on risks beyond their authority or requiring special handling.

Requirements

• Advanced knowledge of underwriting and insurance industry theories and practices.
• Demonstrated high level of technical expertise and product-specific knowledge.
• Strong interpersonal, communication, and negotiation skills, including the ability to interact effectively with internal and external business partners at all levels.
• Ability to work independently.
• Strong analytical and problem-solving skills.
• Ability to exercise independent judgment and make critical business decisions effectively.
• Knowledge of Microsoft Office Suite and other business-related software.
• Demonstrated leadership skills.
• Bachelor's degree or equivalent experience.
• Typically, a minimum of three to five years of underwriting experience.

Nice To Haves

• Professional designations preferred.

Responsibilities

• Review applications and financial requirements for risks requiring complex underwriting skills.
• Determine risk acceptability according to company guidelines and standards, including the need for additional evidence of insurability and an appropriate strategy.
• Determine appropriate pricing based on financial and competitive analysis and compliance requirements.
• Prepare quotes and respond to questions from agencies, policyholders, and other external contacts; escalate issues to management with proposed solutions as needed.
• Negotiate with agents to reach positive and profitable outcomes.
• Notify agencies of adverse underwriting decisions, rate appeals, underwriting requirements, status, and declinations.
• Analyze the quality, quantity, and profitability of underwritten risks and prepare reports for management review.
• Market products and services through agencies or the brokerage community, make field visits, and develop and maintain agency and broker relationships.
• Provide guidance and assistance to other underwriters and functional areas, particularly on cross-sell opportunities.
• Keep current on state and territory issues and regulations, industry activity, and trends, and share information with others.
• Use advanced functionality in relevant CNA systems for day-to-day activities.
• Work with more senior underwriters or management on risks exceeding authority or requiring special handling.

Benefits

• Comprehensive and competitive benefits package intended to support employees’ and their family members’ physical, financial, emotional, and social wellbeing.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level