Hanover Programs - Underwriting Program Manager
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Itasca, IL 60143
Hanover Programs – Underwriting Program Manager
Itasca, IL, USA * Windsor, CT, USA * Worcester, MA, USA * Virtual Req .#14380
Friday, September 24, 2021
The Hanover is seeking to add a dynamic, skilled, and collaborative Hanover Programs, Underwriting Program Manager to its team.Hanover Programs has built one of the strongest program teams in the business.We collaborate with our partners to achieve program success by building custom programs based on client needs and capabilities.This position can be based in our Itasca, IL; Worcester, MA; Windsor, CT offices or fully remote with easy access to a large airport and local office presence as needed.
The Program Manager is the primary representative to the program administrators that partner with Hanover Programs. Responsible for premium production and underwriting results, as well as overseeing compliance within the program administrators granted authority. The Program Manager works closely with the program administrators based on criteria set forth in the administration agreement and program underwriting guidelines. The Program Manager is the referral underwriter and performs periodic on-site underwriting audits of the program administrators. The Program Manager is responsible for production planning, analysis and monitoring, customer relations and all administrative activities relating to the assigned programs. Report to senior management through a formal program review process that requires a written report and presentation.
This is a full-time/exempt role.
- Serves as mentor to program underwriters and other underwriting staff.
- Delegates some work assignments, gives authority to work independently, and sets expectations and monitors delegated activities.
- Responsible for the screening, hiring, evaluation, professional development, training, coaching and corrective action of direct reports if applicable.
- Conveys knowledge to staff to aid in making appropriate underwriting decisions.
- Prices and binds insurance within underwriting authority.
- Reviews all required information on an account including but not limited to the application, the proposed pricing of the risk, loss control, and financial condition of the risk.Line specific information such as the WC experience modification rating worksheet, individual motor vehicle records, property insurance to value calculations, evaluation of the currently valued historical loss information, and web-based information available to assist the underwriter in evaluating and pricing the account.
- Provides prompt service regarding all servicing aspects of the program book of business including timely response to submissions, clear communication when an account does not meet the underwriting parameters established for the specific program book.
- Monitor monthly production, claim reports, hi-lighting positive as well as negative trends on a monthly basis in terms of production and profitability.
- Evaluate the loss potential due to catastrophe, severity, and/or frequency.
- Utilize facultative reinsurance, knowledgeable of placement process and evaluate competitiveness of reinsurance quotes.
- Performs other duties as assigned.
- Bachelor’s degree from four-year college or university in business or one to three years’ related experience and/or training; or equivalent combination of education and experience.
- Minimally 10 years in commercial lines insurance industry; must have program underwriter experience; extensive work experience with various types of ART (Alternative Risk Transfer) programs required.
- Competent of how the reinsurance structure works for the assigned program, including a full understanding of the reinsurance pricing structure and targeted loss ratios that need to be achieved to insure the profitability of the specific program.
- Knowledge of loss responsive rating plans including but not limited to the expense components, collateral requirements with respect to GAAP Schedule F and program aggregate attachments.
- Knowledge and understanding of captive agreements and the supporting reinsurance agreements/cover notes executed in connection with the program.
- Knowledge and understanding of reinsurance commission components and financial impact.
- Ability to read and understand actuarial reports prepared to support program business. Ability to work with loss triangles, loss development (paid vs. reserved) and IBNR in evaluating the proposed program structure.
- Knowledge of product development including drafting manuscript coverage forms unique to the specific program and the ability to facilitate product development with specific program state filings.
- Ability to create a program proposal, including the letter of intent, binder terms and conditions and pricing components of the program.
- Ability to provide cross functional support with various departments including claims, operations, premium accounting, reinsurance accounting and information technology.
- Ability to read, analyze, and interpret general business periodicals, professional journals, procedures, or regulations. Ability to write reports and business correspondence. Ability to effectively present information and respond to questions from groups of managers, clients and customers.
- Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
- CPCU or IIA designation preferred.
- Competent in Internet software; Spreadsheet software and Word Processing software.
- Competent communication, interpersonal, and organizational skills; ability to multi-task.
- Some travel required
- Analytical – Synthesizes complex or diverse information; Collects and researches data.
- Design – Demonstrates attention to detail.
- Problem Solving – Identifies and resolves problems in a timely manner; Gathers and analyzes information skillfully.
- Interpersonal Skills – Focuses on solving conflict, not blaming; Maintains confidentiality.
- Oral Communication – Listens and gets clarification; Responds well to questions.
- Written Communication – Writes clearly and informatively; edits work for spelling and grammar; Varies writing style to meet needs; Able to read and interpret written information.
- Teamwork – Balances team and individual responsibilities; Contributes to building a positive team spirit.
- Professionalism – Accepts responsibility for own actions; Follows through on commitments.
- Quality – Demonstrates accuracy and thoroughness; Looks for ways to improve and promote quality.
- Attendance/Punctuality – Is consistently at work and on time.
- Dependability – Follows instructions, responds to management direction; Commits to additional work hours when necessary to reach goals.
- Initiative – Takes independent actions and calculated risks; Asks for and offers help when needed.
Applicants who are California residents:To see the types of information we may collect from applicants and employees and how we use it, please.
- Job Function Underwriting
- Pay Type Salary
- Travel Required Yes
- Required Education Bachelor’s Degree
- Itasca, IL, USA
- Windsor, CT, USA
- Worcester, MA, USA
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The Hanover values diversity in the workplace and among our customers. The company provides equal opportunity for employment and promotion to all qualified employees and applicants on the basis of experience, training, education, and ability to do the available work without regard to race, religion, color, age, sex/gender, sexual orientation, national origin, gender identity, disability, marital status, veteran status, genetic information, ancestry or any other status protected by law.
Furthermore, The Hanover Insurance Group is committed to providing an equal opportunity workplace that is free of discrimination and harassment based on national origin, race, color, religion, gender, ancestry, age, sexual orientation, gender identity, disability, marital status, veteran status, genetic information or any other status protected by law.
As an equal opportunity employer, Hanover does not discriminate against qualified individuals with disabilities. If you require a reasonable accommodation, as a candidate for employment, please inform The Hanover Talent Acquisition office.