What are the responsibilities and job description for the Production Underwriter position at Allied Solutions, LLC?
Job Duties and Responsibilities:
Pricing & Underwriting (50%)
• Follow established underwriting guidelines and CPFM department processes to analyze and document risks for new and renewal business in support of the company’s underwriting objectives.
• Exercise judgment and assess risks within defined procedures and guidelines to determine appropriate underwriting or pricing action steps. These guidelines are typically based on client level analytical & trend data, industry trends, regulatory requirements, and the company's risk appetite.
• Evaluate and make recommendations to CPFM department leadership, within SLA standards which determine whether to accept, modify, or decline new or renewal business which deliver positive impact toward achieving profitability metrics and targets.
• Coordinate review of work product and recommendations with senior underwriters or department management to measure whether established objectives and metrics are achieved.
• Analyze coverage and insurance limit requests and recommend offer terms and product structure.
• Evaluate and determine when the product risk requires escalation to the senior underwriting team members and leaders.
Product & Profitability Performance Analysis (30%)
• Initiates a product performance evaluation process when an unprofitable loss ratio is detected. Coordinates these efforts with department leadership or senior underwriting staff.
• Data Mining, Collection & Preparation – Collect data from various sources including databases, spreadsheets, and other relevant platforms. Research and identify potential causes of premium, revenue, claims, and expense trending.
• Data Analysis and Interpretation - Analyze routine data sets using familiar statistical techniques and data analysis methods. Identify trends and patterns within the data.
• Product performance - Evaluates the appropriate underwriting course of action for policy changes, tracking system changes, risk management operations issues and claims processing issues. • Reviews and recommends corrective performance changes with department leadership or senior underwriting staff.
Be alert for product and service performance improvements that drive operational efficiency, minimize cost, reduce claims and maximize revenue production. Identifying these opportunities may require some understanding of other RMO teams.
• Recommend and implement product level corrective or positive measures.
• Suggest innovation and standardization of risk management and business techniques.
• Consider all product & services relationships when evaluating a client’s profitability.
Communication & Collaboration and Perform Duties as assigned (10%)
• Support execution of Company Key Plan & Strategy Initiatives and CPFM department goals.
• Communicate and collaborate primarily within CPFM, intermittently with other RMO teams and may occasionally communicate externally with Allied Solutions carriers, partners or clients.
• Coordinate communication of periodic review of assigned tasks which is reviewed with CPFM department management to measure progress and completion of goals and objectives.
• Coordinate and provide input on goals with department leadership.
• Document and maintain progression within the requested format.
• Ability to explain policies, practices and procedures of the Production Underwriter I responsibilities to other CPFM and RMO team members.
• Monitor and follow up on outstanding customer relations management (CRM) tickets.
Maintain understanding of third party insurance carrier requirements and CFPB, NCUA, & State Regulations (10%)
• Maintain accurate records of underwriting decisions, correspondence, and other relevant documentation in accordance with regulatory requirements and company policies.
• Advance a culture of ongoing learning and continuous improvement.
• Maintain an understanding of CFPB, NCUA & State Regulations. This includes:
• Ability to assess and apply appropriate schedule rating factors.
• Develop working knowledge of State regulated specific insurance forms.
• Awareness of the need for updates to underwriting guidelines, process documentation, Unitrac insurance tacking system and iVos claims system.
• Maintain required continued professional education certification.
Qualifications (Education, Experience, Certifications & KSA):
Bachelor’s degree required in the field of study of Accounting, Finance, Risk Management or Business.
1-2 years of work-related experience required.
•Property and Casualty License Required
•Requires broad knowledge of the technical and operational practices within the insurance underwriting field.
•Computer Skills - Requires above average proficiency in the use of computer (Word Excel, PowerPoint, and Power BI) for compiling reports, statistical data, composing memoranda and other similar documents.
The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not intended to be an exhaustive list of all responsibilities, skills, efforts or working conditions associated with a job.
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We offer our employees a robust compensation package! Our comprehensive benefits include: medical, dental and vision insurance coverage; 100% company-paid life and disability coverage, 401k options with company match, three weeks PTO by the end of the first year and much more. Allied proudly promotes from within as part of a strong commitment to providing career growth opportunities for employees of all levels. Our diverse business portfolio allows employees broad career options with the advantage of staying with the same organization.
All qualified candidates will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability status, protected veteran status, or any other characteristic protected by law.
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