Company Summary
Taking care of our customers, our communities and each other. That’s the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.
Target Openings
2
Job Description Summary
Our two Underwriting Officer vacancies are newly created roles within our Business Insurance (BI) Speciality (Syndicate and London Market) team reporting to the Chief Underwriting Officer. These roles will see you working in partnership with the Speciality Underwriting Leadership team to:
– develop and manage strategic underwriting across all lines of business
– monitor the performance of assigned portfolios including risk tolerance and volatility (managing risk/reward through exposure and pricing tools)
– have oversight of, lead (when required) and contribute to the Underwriting Review process.
You’ll have had previous experience in a similar role managing portfolios ideally in casualty lines in Lloyd’s or London Market. You’ll need to be able to demonstrate excellent technical underwriting knowledge as well as the ability to collaborate across teams and influence people.
Primary Job Duties & Responsibilities
Be Committed, Be Connected, Be Creative and Be Energised – these are the values we are passionate about. Understanding and embracing our values will shape your success and contribute to making this a great place to work. The following key activities form a core part of your role;
Partnering with the BI specialty leadership team, the role will share responsibility for the profitable growth of the assigned lines of business. You will:
- participate in (and where required lead) the development, implementation, co-ordination and management of strategic underwriting direction (both short and long term to include rate strength, appetite, business mix and capacity deployment) & alternative risk transfer mechanisms ( including reinsurance) which is consistent with the corporate strategy to effectively position the right products, lines of business programmes and/or services to the right market segment through responsible underwriting decisions.
- be proactively involved (and where required lead) in the setting of strategy for rate adequacy, product and pricing within assigned portfolios to achieve planned ROE.
- participate in the strategic businesses planning activities that are designed to increase the presence in the market of portfolios; retain the appropriate mix of business; and achieve overall growth and profit goals.
- support the Business with marketing, and development of profitable business. Providing direction, as necessary, to underwriters regarding production underwriting techniques and assists with broker development.
- Effectively mentor and coach /underwriting staff to ensure production, underwriting standards and profitability objectives are achieved.
- Support the selection of underwriting staff.
Portfolio Management
- Participates in (and where required lead) the portfolio CURE process
- Contribute to setting net risk appetite in conjunction with the Actuarial and Capital Modelling teams
- Review portfolio mix (real time portfolio visibility views of business mix, exposures and profitability
- Performance monitoring includes:
- Mix/exposure, rate strength, loss experience and emerging loss trends,
- Market indicators including comparison with competitors
- Spot deviation from plan and ensure follow through quickly with corrective action
- Monitor accumulations and aggregations (e.g. terrorism, flood, cyber and casualty) and take strategic action where appropriate
- Contribute to the development and implementation of Reinsurance solutions
- Monitor emerging issues and trends and provide resultant underwriting direction incorporating feedback from Claim, Risk Control, Distribution, Ceded Re and Actuarial
- In conjunction with Business Intelligence, Finance, Risk Control and Actuarial develops and ensures effective utilisation of detailed monitoring standards to assess underwriting quality, production and loss results (line profitability analysis, quarterly loss trends and utilisation/productivity
- In conjunction with Actuarial – governance and oversight of rating tools, associated infrastructure, & provision of rates.
Working in conjunction with UW Controls, Wordings & Product:
- be the advisor to the AVP’s, Senior Underwriters, Product and Marketing & Communication teams in the development of new and maintenance of existing TRV products to ensure they are / remain consistent with profit, growth and retention strategies.
- Have oversight of technical content of BI underwriting materials (e.g. TRV policy wordings; underwriting guides, policy summaries, procedures, technical resource articles etc.) and non-Travelers wordings to ensure they meet minimum standards.
- Design and delegate Underwriting Authorities.
- Contribute to establishing, review and execution of underwriting standards and controls as required.
- Respond to external changes in the regulatory and legislative environment including liaison with regulatory and technical bodies (e.g. Lloyd’s PRA, CBI, Pool Re, ABI, Insurance Ireland, ELTO together with the relevant direction of Enterprise including SOX).
To be successful you will need to consistently deliver a great experience in every customer contact; connect with the right partners internally to find creative solutions to problems; be a role model and behave in a way that actively supports an inclusive work environment; and consistently deliver on your commitments.
Minimum Qualifications
- Thorough underwriting experience in the Lloyd’s or London market required.
Education, Work Experience, & Knowledge
- Previous proven track record of leading Line of Business or Planning Line responsibility.
- Thorough knowledge of industry business operations and work methods, critical business issues and financial drivers that affect the Line of Business/Planning Line.
- Thorough knowledge of the local insurance marketplace and effectively uses that knowledge to the Company’s advantage; continuously seeks out local market insight.
- Routinely sought out by others as a knowledge resource; coaches / mentors less experienced employees on an ongoing basis.
Licensing or Certificates
- ACII qualification preferred
Job Specific Technical Skills & Competencies
- Advanced level of proficiency required in the following: Organisation, Financial Acumen, Communication, Collaboration, Presentation Skill, Networking, Risk Selection and Critical and Analytical Thinking.
- Advanced level of proficiency required in the following leadership competencies:
- Leading the Business including; Change Management, Strategic Planning, Making Decisions, Results Orientation, Influencing, Leadership, Business Perspective, Risk Taking, Innovation and Understanding & Navigating the Organisation.
- Leading Others including; Forging Synergy, Develops Employees, Building Collaborative Relationships, Communicating Effectively, Leveraging Differences, Participative Management and Leading Employees.
- Leading Self including; Openness to Influence, Flexibility, Demonstrates Leadership Stature, Self-Awareness, Credibility and Seeks Opportunities to Learn.
Employment Practices
Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.
If you have questions regarding the physical requirements of this role, please send us an email so we may assist you.
Travelers reserves the right to fill this position at a level above or below the level included in this posting.
