at WTW in Chicago, Illinois, United States
Job Description
The Senior Associate Broker role within the Financial Institutions & Professional Services Industry Vertical Division will be responsible for managing the day-to-day broking responsibilities for Professional Liability programs both independently and in conjunction with other team members. The Senior Associate Broker will be responsible for handling both new and renewal business as well as developing relationships with retail producers and insurance carriers. Other duties and responsibilities will include but are not limited to negotiating policy terms and conditions with underwriters, conducting renewal strategy and proposal presentations, cloud file maintenance, and adhering to internal compliance protocols.
Note: Employment-based non-immigrant visa sponsorship and/or assistance is not offered for this specific job opportunity.
Responsibilities:
+ Support placement of large, complex, and global Professional Liability programs into the marketplace. Industries will include but are not limited to Law Firms.
+ Develop broking and marketing strategy for renewal and new placements.
+ Coordinate with global colleagues on placements
+ Assist with performing policy contract reviews.
+ Negotiate renewal and new placements with insurance markets on behalf of clients.
+ Prepare draft strategy documents, proposals, submissions, and quote proposals.
+ Gather information and analytics to assess and evaluate client risks to support the placement of client risks into the market.
+ Research and evaluate all solutions (insurance and otherwise) to identify and develop optimum risk solutions for clients.
+ Research and answer questions from underwriters and producers
+ Follow up with insurance carriers and underwriters regarding the status of quotes and provides any additional information or rates as necessary.
+ Draft Memoranda of Insurance
+ Oversee diary for receipt of insurance documents.
+ Maintain electronic insurance records for accounts including compiling, calculating, and managing information.
+ Communicate by e-mail, telephone, and written correspondence with underwriters and clients.
+ Prepare draft submission documents and finalize submissions for delivery.
+ Prepare and update summaries as required.
+ Prepare coverage confirmation for review.
+ Review binders for accuracy and completeness
+ Build strong partnerships with a broad range of organizations and stakeholders in the market to secure optimum terms and conditions for clients.
+ Maintain knowledge of insurance carriers and market trends
+ Participate in continuing education to maintain licensure.
+ Support WTW producers in pursuing and closing new business opportunities.
The Requirements
Education and Experience:
+ Complexity of book: medium to high
+ 3-5 years industry experience
+ Insurance broker’s Property & Casualty (P&C) license required.
Knowledge, Skills, and Abilities:
+ Technical knowledge of FINEX product lines including but not limited to Lawyers Professional Liability.
+ Knowledge and understanding of current marketplace/carriers.
+ Demonstrates technical knowledge of insurance contracts and structures.
+ Analytical and quantitative skills to effectively communicate the value of analytical models and results for evaluating clients’ risks.
+ Demonstrates knowledge of core insurance principles and provides explanations to clients.
+ Transactional oriented; ability to work on multiple placements at once.
+ Must demonstrate core competency of WTW Values & Vision
+ Self-starter/requires minimal supervision, ability to execute assigned tasks in timely fashion.
+ Ability to interface with clients and collaborate internally with teammates to serve clients.
+ Seek guidance when needed and be receptive to feedback.
+ Strong communication and presentation skills, both written and oral
+ Good listening skills
+ Enhanced client service skills and negotiation skills
+ Ability to manage and seek higher level support in difficult situations.
+ Strong technology acumen – ability to utilize technology-based record management systems.
+ Advanced Microsoft Office skills and familiarity with other relevant online tools.
+ Travel required
This position will remain posted for a minimum of three business days from the date posted or until a sufficient/appropriate candidate slate has been identified.
Base salary range and benefits information for this position are being included in accordance with requirements of various state/local pay transparency legislation. Please note that salaries may vary for different individuals in the same role based on several factors, including but not limited to location of the role, individual competencies, education/professional certifications, qualifications/experience, performance in the role and potential for revenue generation (Producer roles only).
The base salary compensation range being offered for this role is $100,000 – $150,000 USD. This role is also eligible for an annual short-term incentive bonus.
Company Benefits
WTW provides a competitive benefit package which includes the following (eligibility requirements apply):
+ Health and Welfare Benefits: Medical (including prescription coverage), Dental, Vision, Health Savings Account, Commuter Account, Health Care and Dependent Care Flexible Spending Accounts, Group Accident, Group Critical Illness, Life Insurance, AD&D, Group Legal, Identify Theft Protection, Wellbeing Program and Work/Life Resources (including Employee Assistance Program)
+ Leave Benefits: Paid Holidays, Annual Paid Time Off (includes paid state/local paid leave where required), Short-Term Disability, Long-Term Disability, Other Leaves (e.g., Bereavement, FMLA, ADA, Jury Duty, Military Leave, and Parental and Adoption Leave), Paid Time Off (https://cdn-static.findly.com/wp-content/uploads/sites/1862/2023/01/31091722/Washington-State-Time-Off.pdf) ( Washington State only )
+ Retirement Benefits: Contributory Pension Plan and Savings Plan (401k).
EOE, including disability/vets
