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Vice President, Commercial Underwriting
at ICW Group
This is a new exciting opportunity for an executive role with an industry leading company. The leader will join a dynamic team of insurance professionals and help build the company to the next level. The Vice President, Commercial Underwriting starts up and profitably grows the Commercial Multi-Peril (CMP) product line including General Liability, Property, Inland Marine and ancillary coverages in order to provide broader insurance opportunities for our current agents and customers and expand our market presence for prospective customers to achieve Company growth targets and increase shareholder value.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Develops and executes on a CMP start up and multi-year growth strategy and business plan to achieve a profitable book
- Determines market entry and growth strategy and documents in comprehensive strategy document
- Gather data and research and builds business plan in alignment with strategy, providing business, budget and resource forecasts in addition to start up activities.
- Partners with Customer Experience to collect and analyze marketing intelligence on prospective customers and markets
- Partners with other Lines of Business to identify cross-selling opportunities and collaborates on cross-selling methodology and messaging
- Partners with Finance to develop financial models and forecasts, capital, operating budgets and billing methodology;
- Partners with Actuarial, EDA, Product Management and Legal to build pricing models, meet reporting and other regulatory requirements and ensure proper filings;
- Partners with IT to determine technology needs and implementation roadmap;
- Develops plans for Claims management, reinsurance utilization, and agency management
- Collaborates with Enterprise Marketing to create branding, and market entry/development strategy
- Establishes organization structure and roles and identifies staffing plans
Creates CMP line of business Team Member infrastructure
- Partners with Human Resources to write job descriptions, establish base and incentive compensation plans, create hiring criteria, staffing, on-boarding and training plans;
- Identifies needed tools and resources and works with PVMS, IT, Corporate Facilities and other departments to ensure resources are available to Team Members upon hire;
- Determines hiring priority and partners with Recruiting Team to source, assess and hire for key positions.
- On-boards and trains new staff, fully engaging them in the company mission and values, brand promise, CMP value proposition, sales methodology and Line of Business standards and processes.
Collaborates with IT to create technology infrastructure for managing underwriting and claims operations
- Identifies business requirements and best practice technologies for managing CMP activities;
- Partners with IT and PVMS to assess current in-house available technologies and, if warranted, conduct RFP activities to source and evaluate new vendors;
- Selects technology(ies) and serves as Project Sponsor, overseeing implementation, ensuring delivery of needed functionality and management of cost.
Creates policies and standards for CMP Underwriting and formally documents
- Researches and determines best practice policies for CMP Underwriting.
- Creates underwriting policies, authority levels and referral processes and documents in CMP Underwriting Manual
- Designs and documents underwriting business processes and standards for quotes, submissions, binds, etc. and documents in Underwriting Manual
- Works with Legal to design forms, create appropriate coverage language and meet regulatory requirements
- Partners with Learning Team to create Underwriter and support staff training based on CMP Underwriting Manual
- Conducts periodic review of policies and processes in CMP Manual once business in up and running to ensure relevance, practicality and adherence to use.
Identifies business development prospects and designs agency outreach activities that result in creation of positive agency relationships and business submissions for start up operations
- Establishes target lists and creates agency management plan for each prospect;
- Assigns agencies to available personnel and establishes submissions, quotes, binds, premium and other metrics for evaluating both opportunity and effectiveness of prospecting contacts;
- Plans, conducts and evaluates agency marketing events, partnering with Enterprise Marketing and Other Lines of Business, as applicable.
Develops and leads CMP team and manages the CMP Department in its daily operations.
- Provides strategic and tactical direction to CMP Department. Communicates Mission, Values and other organization operating principles to direct and indirect reports.
- Establishes and maintains the overall work cadence and, in partnership with CMP Supervisors, ensures performance and outcomes strive for excellence in delivery and customer experience. Ensures that the entire team is engaged and that leadership practices in the department encourage development, recognition and retention.
- Establishes and holds supervisors accountable to hiring criteria, on-boarding and training requirements for incoming staff.
- Oversees the performance management and development process for the department and performs performance management duties, development planning and coaching for direct reports.
- Acts as a resource for CMP leaders and team members to answer questions and solve complex problems.
- Manages department budget, technology and other resources, workload and customer experience. Ensures adherence to all Company policies and procedures and compliance responsibilities.
This position directly supervises CMP supervisor and indirectly a team of underwriters and support personnel.
EDUCATION AND EXPERIENCE
An accomplished insurance industry executive with a career demonstrating increasing responsibility as a senior Commercial Multi-peril Underwriting business leader, typically with 10 or more years in the industry. Highly effective in business strategy, business development, P & C operations, underwriting and leadership.
Successful history leading growth of P & C business from start-up through growth target
Demonstrated leadership ability at the senior level in an organization with strong sense of urgency and drive, successful history of executing on major initiatives and as a major contributor to the senior management team of the Company.
Undergraduate degree in business or related field; Masters degree preferred.
KNOWLEDGE AND SKILLS
Highly developed P & C skillset in the areas of Agriculture (including Landscape Gardening), Truck Farms, Restaurants & Taverns and Commercial Habitational exposures
Expert underwriting technical knowledge in multiple insurance products including General Liability, Property, Inland Marine and ancillary coverages
Exceptional sales skills and expert knowledge of marketing and selling CMP products; proven ability to motivate sales teams, consistently achieve sales targets, and build a dynamic sales organization.
Working knowledge of the financial modules of Enterprise Resource Planning systems – preferably SAP - and general knowledge of ERP applications across the enterprise.
Effective strategist with experience in establishing and executing on P & C vision and strategy for product growth. Experience in effectively implementing change – technology and process – required.
Must have solid understanding of emerging technology, including digitization, artificial intelligence and machine learning and its impact on delivering customer value in the Multi-Line P &C marketplace.
Must be a highly credible and effective people manager and organization champion. Strong collaboration skills and demonstrated success in building and maintaining a high performing team.
Must have excellent communication and presentation skills, combined with outstanding interpersonal skills at all levels in the Company and with external constituencies.
Must demonstrate a strong sense of integrity and commitment to ethical behavior and be able to hold others accountable to those standards.
CERTIFICATES, LICENSES, REGISTRATIONS
This position maps to the Executive level. Additional competencies required: None.
While performing the duties of this job, the employee is regularly required to sit or periodically stand and work on a computer for 80-90% of time. Will be viewing a video monitor 80-90% of time. The employee is occasionally required to reach with hands and arms and climb or balance. The employee must frequently lift and/or move up to 5 pounds and occasionally lift and/or move up to 25 pounds.
The noise level in the work environment is usually moderate.