What are the responsibilities and job description for the Manager of Middle Market Sales Underwriting position at The Hanover Insurance Group?
Our Middle Market team is currently seeking a Manager of Middle Market Underwriting in our Connecticut Branch Office.
This is a Hybrid full time exempt role.
POSITION OVERVIEW:
Responsible for managing and coaching Underwriters and/or Underwriting Technicians in assigned territory to assure the team meets production, profitability, and service goals with support and guidance from branch management. In partnership with management, develops and implements strategies based on current trends, underwriting results, opportunities and directives. Provides coaching and oversight in day-to-day underwriting operations. Generally operates as an individual contributor with respect to an assigned book of business or agency plant meeting all underwriting responsibilities and functions for that assignment. Consistently demonstrates enterprise values.
IN THIS ROLE, YOU WILL:
Managing, coaching and mentoring the territory team of Underwriting Technicians and in some cases Underwriters, driving UW actions towards our business objectives.
In partnership with local leadership provides ongoing team leadership including: performance coaching, development, and engagement, talent hiring (including pipeline), selection and progressive performance management if needed.
Conducts formal/informal training sessions on coverage enhancements or emerging issues in order to help elevate the level of underwriting expertise in the branch/department.
Drives underwriting quality and adherence to corporate standards through the Self Review Process.
Drives operational efficiency through execution of best practices, including but not limited to: maximizing productivity and managing service and quality.
Technical Underwriting
Knows and applies advanced underwriting concepts including risk selection, exposure and hazard identification and control, coverage implications, and loss analysis. Able to break down complex accounts and apply sound underwriting principles.
Understands pricing components and rating methodology and correlates pricing to exposure, financial and competitive analysis.
Adheres to CAT guidelines and underwriting discipline to minimize exposure and appropriately price.
Participates in referrals and consultations from UTs and UWs within assigned territory.
Assesses technical skills of direct reports (UT, UW’s), delegating underwriting authority based on demonstrated skills, and creates a plan to increase underwriting technical capabilities.
Portfolio Management & Financial Acumen:
Reviews key metrics and uncovers trends that may lead to new business opportunities with agents while achieving profitable growth in accordance with business strategies.
Prepares or analyzes information on adverse underwriting decisions, rate appeals, underwriting requirements, status and declinations in order to drive results within the assigned territory.
Understands the relationship between changes in lines of business and industry strategies and financial results (e.g. loss ratio’s, premium, retention, and non-rate and book mix strategies).
Keeps current on state/territory issues, regulations and trends.
Supports local leadership in development of the MM PDI. • Supports execution of profit improvement initiatives with key agents.
Sales Acumen & Customer Advocacy:
Operates with a franchise perspective to identify enhanced sell opportunities and create growth within other lines of business and customer segments. Utilize our value proposition to enhance agency economics, partner conversion and product specialization in partnership with local management.
Independently implements territory business plans, monitors performance, adjusts plan to ensure a substantial pipeline for future profitable growth.
Builds mutually beneficial business relationships that improve yield and retention ratios.
Manage effective pipelining process through coaching for direct reports, including utilization of Agency insights information.
Ability to uncover customer needs, position specific solutions, handles objections and close deals.
Makes sales presentations to agents and customers:
Utilize Industry Solutions partners to augment sales process through enhanced knowledge transfer, strategic producer visits/sales calls, and effective training sessions for both agents and customers.
Effectively utilize Claims, Risk Solutions and Operations to display service and/or technical expertise to build confidence in customers to further secure business opportunities.
Through stewardship process, engage at the customer level for the most complex and prominent accounts within their territory.
Required Skills, Key Success Factors and Experience:
Bachelor’s Degree or equivalent experience
7 years Underwriting experience, with a minimum of 5 years of experience underwriting MM accounts.
7 years of experience driving Agency relationships resulting in profitable new and renewal business.
Ability to effectively coach and develop talent.