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Consultant, Program Underwriting (Alternative Ventures - Third Party Assumed Reinsurance)

Nationwide

Nationwide

Posted on Monday, July 3, 2023
If you’re passionate about helping people protect what matters most to them, as well as innovating and simplifying processes and operations to provide the best customer value, then Nationwide’s Property and Casualty team could be the place for you!

Compensation Grade (for internal use only): G.SD140

  • This role will be focused on Nationwide’s Third Party Assumed Treaty Reinsurance book of business
  • Strong data and analytical acumen is required including experience using and accessing data via SQL, analyzing data in Power BI or Microsoft Excel, and reporting data to management and external partners
  • Strong interpersonal communication skills, towards both internal consumers and external partners, is required.
  • Strong financial acumen, including an understanding of capital frameworks, is required.
  • While direct underwriting experience is preferred, a candidate with robust insurance knowledge who can demonstrate create problem solving to analyze risk is acceptable.

Job Description Summary

Are you a problem solver who can analyze complex risk and find insurance solutions that balance customer needs with business goals? If you can take initiative, use both your analytical and creative abilities to make sound decisions and have a desire to help people solve real challenges, we want to know more about you!

As a Consultant, you'll be responsible for reviewing and analyzing numerous, highly complex lines of business. You'll underwrite individual risk for acceptability, pricing, coverage, terms and conditions. You'll lead in the development and integration of new and existing programs and identify new program opportunities. You will participate in making reinsurance decisions; assist in developing and implementing loss control and risk management strategies. You'll collaborate between business partners for development and implementation of program specific tools (i. e. underwriting guidelines, forms/rate filings, etc) for new programs or modifications to existing programs. You'll communicate program updates to program managers and other business liaisons. In order to succeed, you will need to build and maintain effective relationships with internal business liaisons, external program managers, and brokers. You will be responsible for the training and mentoring of underwriting team members.

Job Description

Key Responsibilities:

  • Drives the sales and underwriting relationship for Programs products and services. Provides input and data to help drive and implement strategic underwriting plans. Provides business forecasting related to trends, and profitability within Program vertical. Responsible for achieving established goals for assigned programs.

  • Analyzes program manager relationships/results and recommends corrective actions if necessary. Understands business needs and identifies new business opportunities.

  • Reviews highly complex (e.g. including shared and layered property, general liability, excess, auto, recreation marine, energy, environmental, inland marine, warranty and workers compensation) individual risks, programs, or referrals within assigned territory from program managers and declines or accepts business based upon information necessary to make the decision. Some of the risks could be multinational or have alternative arrangements in place that make them unique. Acts as a subject matter expert in analyzing exposures to losses; develops adequate premium charge for the exposure. Determines appropriate endorsements and exclusions to address loss exposures for the insurance contract.

  • Actively engages in discussions with re-insurers per department guidelines verifying the appropriate use of all reinsurance facilities used by the department, including various treaty, semiautomatic and facultative reinsurance. Responsible for compiling data to be provided for reinsurers presentations. Maintains good working relationship with re-insurers.

  • Develops and implements underwriting guidelines, rates, forms, product endorsements and procedures. Assists in the development of department policies and underwriting and standard methodologies.

  • Interacts with various business partners (i.e. claims, actuary, compliance, etc.) to achieve company goals and objectives. Acts as an internal consultant responsible for resolving escalated issues and communicating to business liaisons and external sources regarding program initiatives.

  • Responsible for audits of individual risks/programs for compliance with company guidelines, state regulations and reinsurance conditions. Development and implementation of specific action plans may be required. Responsible for the resolution of advanced complex technical issues.

  • Independently establishes and maintains effective relationships with Program Managers in order to generate growth and profitably. Travels to existing and potential program manager offices, as required for marketing visits. Frequently entertains Program Mangers to market services and ensure strong relationship to write profitable business.

  • Leads in the implementation of all new programs from development of underwriting guidelines, form/rate filings, compliance/regulatory matters, finance, reinsurance, claims, legal, accounting, actuarial and marketing matters to ensure proper program integration.

  • Attends industry functions to promote E&S/S Programs brand and capabilities of the programs team in order to help identify new program business opportunities.

  • Acts as a resource for direction, training and guidance for less experienced staff. May be responsible for underwriting and support staff.

  • Maintains knowledge of insurance regulations; provides consulting regarding legislation that impacts the organization.

May perform other responsibilities as assigned.

Reporting Relationships: Reports to Director/AVP. Acts primarily as an individual contributor; may have three or less direct reports.

Typical Skills and Experiences:

Education: Undergraduate studies with focus in Finance, Accounting Economics, and/or Risk Management. Graduate degree preferred.

Experience: Typically five or more years related experience as a Professional, Financial and/or Specialty lines underwriter. Program leadership experience in professional lines of business is preferred. Some experience in the technical aspects of data management, imaging and procedures and processes helpful.

Knowledge, Abilities and Skills: Demonstrated knowledge of Professional, Financial, and/or Specialty lines underwriting policies, practices and procedures, insurance law and underwriting marketing principles and techniques. Strong understanding of financial documents, financial analysis, investments, market conditions essential. Legal knowledge related to insurance, contract and business law preferred. Understanding of employment principles and practices. Must possess strong verbal and written communication skills to interact with internal/external business partners at all levels. Must have skills to influence and negotiate with internal/external business partners at all levels. Must have the ability to manage large programs; develop and apply innovative approaches to program initiatives and problem solutions. Proven ability to analyze and interpret mathematical, statistical and logical data, and evaluate its reliability and significance. Must have project and process management skills. Must have ability to evaluate, analyze and devise solutions to complex programs; implement the most appropriate solution and monitor the effectiveness. Ability to support numerous internal/external business partners and make decisions that reflect the goals of the company, both financially and ethically. Ability to lead, train, motivate employees and set work priorities. Ability to apply/learn job related software.

Other criteria, including leadership skills, competencies and experiences may take precedence.

Staffing exceptions to the above must be approved by the hiring manager’s leader and HR Business Partner.

Values: Regularly and consistently demonstrates Nationwide Values.

Job Conditions:

Overtime Eligibility: Not Eligible (Exempt)

Working Conditions: Normal office environment. Ability to travel locally and overnight for client meetings as needed.

ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.

Benefits

We have an array of benefits to fit your needs, including: medical/dental/vision, life insurance, short and long term disability coverage, paid time off with newly hired associates receiving a minimum of 18 days paid time off each full calendar year pro-rated quarterly based on hire date, nine paid holidays, 8 hours of Lifetime paid time off, 8 hours of Unity Day paid time off, 401(k) with company match, company-paid pension plan, business casual attire, and more. To learn more about the benefits we offer, click here.

Nationwide is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive culture where everyone feels challenged, appreciated, respected and engaged. Nationwide prohibits discrimination and harassment and affords equal employment opportunities to employees and applicants without regard to any characteristic (or classification) protected by applicable law.

Smoke-Free Iowa Statement: Nationwide Mutual Insurance Company, its affiliates and subsidiaries comply with the Iowa Smokefree Air Act. Smoking is prohibited in all enclosed areas on or around company premises as well as company issued vehicles. The company offers designated smoking areas in which smoking is permitted at each individual location. The Act prohibits retaliation for reporting complaints or violations. For more information on the Iowa Smokefree Air Act, individuals may contact the Smokefree Air Act Helpline at 888-944-2247.
For NY residents please review the following state law information: Notice of Employee Rights, Protections, and Obligations LS740 (ny.gov) https://dol.ny.gov/system/files/documents/2022/02/ls740_1.pdfNationwide pays on a geographic-specific salary structure and placement within the actual starting salary range for this position will be determined by a number of factors including the skills, education, training, credentials and experience of the candidate; the scope, complexity and location of the role as well as the cost of labor in the market; and other conditions of employment. If a Sales job, Sales Incentives, based on performance goals are possible in addition to this range.The national salary range for Consultant, Program Underwriting - Alternative Ventures : 101,000.00-209,000.00The expected starting salary range for Consultant, Program Underwriting - Alternative Ventures : 112,000.00 - 168,000.00