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0-5 years of experience
Ensured attainment of loss ratio and growth objectives through leadership of staff/agents and collaboration with NY branch managers and field marketing representatives. Managed underwriting team of 16 associates to achieve territorial business goals. Developed underwriting standards, business/financial/operational plans, and budgets.
- Developed, negotiated, and directed $3.82 million of book rolls to OneBeacon over a three year period.
- Improved book of business mix for profitable package segment from 35% to 65%.
- Implemented rate pursuit programs that resulted in 25% and 12% returns on investment.
- Developed and implemented program for profit improvement, which involved re-underwriting business.
- Temporary assignment to CGU Personal Lines Merger Integration Task Force. Developed strategy and plans for Underwriting Policy, Processing Systems, Agency Relations and Field Organization used as framework to merge the personal lines divisions of Commercial Union and General Accident companies to form CGU.
0-5 years of experience
Manage a Central CA territory consisting of over 60 highly tenured and VIP agencies. Manage quality risk submission through on going coaching and training surrounding target market risk and profitable risk selection. Effective in providing feedback and alternatives when appropriate. Exceeded quality and production goals consistently.
- Managed a territory of over $20 Million dollars, and maintained profitable loss ratio results of 60% or lower across primary lines.
- Partnered with Sales to collaborate on growth initiatives and address opportunities in training, performance and submissions
- Exceeded all travel requirements providing a value add in every meeting
- Leveraged opportunities and consistently and managed a territory of profitable growth
6-10 years of experience
Managed all functions involved in the commercial program underwriting group including account underwriting, underwriting standards and authorities, strategic plans for growth and profitability, and form design specifically for the commercial niche market and captive clients. Oversight of accounting, reinsurance, claims, administration, compliance, audit and loss control vendors.
- Generated underwriting profits on all programs being handled over a 5-year period with an underwriting loss ratio under 50% for the period. Including underwriting of the accounts and processing transactions for each captive member.
- Programs included Property, Construction, Workers Compensation, Manufacturing, Agricultural and various other industries
- Developed leads for new programs that exceeded $30 million in annual premium.
- Generated from an underwriting audit an additional premium of $280,000 and collected it from the insured and managing general agent.
10+ years of experience
Managed Risk Selection Underwriting team of 12 Underwriters which included responsibility for employee performance, customer service and expenditures. Served as Risk Selection lead in recommending and administering risk policy processes and practices for an assigned product brand or market segment. Coordinated and reviewed workflow and created daily/weekly reports.
- Championed a Large Claims Study on a quarterly basis by pulling claims over $25,000 and reviewing underwriting to determine set patterns and recommended changes in investigative procedures and guidelines.
- Communicated company policies and decisions to ensure current standards were maintained with both internal and external customers.
- Served as underwriting representative for legal and compliance related issues.
- Managed workflow of reporting staff with quarterly one-on-one reviews as well as annual performance reviews to ensure time service, productivity and quality goals were consistently met.
- Acted as liaison for all vendors and worked with the Lab, and Paramedical vendors to coordinate changes in testing concerns.
- Underwriting liaison for mergers and acquisitions team by being the main contact for coordination of processes and procedures.
- Made recommendations for changes in Blood Profile Study by reviewing materials and results and subsequently recommended changes based on findings. Saved over $12,000 approximately per year for 5 years.
6-10 years of experience
Responsible for Wisconsin and Minnesota $40 million book of business, with a staff of five underwriters and five underwriting assistants. Oversee branch office planning, underwriting budget, monitoring, recruiting, training and evaluating staff and division goals. Accounts covered manufacturing construction land service industries.
- Analyzed department structure and workflow; reorganized staffing model to improve efficiency and reduce expenses.
- Hired, trained and monitored new staff in Minnesota and existing Wisconsin office.
- Promoted to Senior Underwriter, Marketing Representative and to Underwriting Manager.
- Established beneficial relationships with key agents, clients and associates, which increase production and business retention.
- Ability to manage multiple tasks and deadlines while remaining accessible to staff and customers.
- Fast learner who received six promotions during company tenure.
- Recipient of "Employee of the year" and "Special Contributions" Awards for outstanding contributions in cost-savings accounts receivable recovery and continuously exceeding our production goals.
0-5 years of experience
Underwriting manager for Markel Risk Specialty (MRS), which converted to Markel Specialty Commercial (MSC) in 2011. MRS was a commercial generalist operation serving Markel's countrywide retail agency force with account premium ranging from $15,000 to $1,700,000. Responsibilities included 21 direct reports ranging from underwriters to processing staff with written premium of $13m. MSC consisted of new specialty programs including Recycling, Temporary Staffing, Show Caves, Museums and misc. commercial products not fitting within these programs. Responsibilities included 6 direct reports including underwriters and rating staff with account premiums ranging from $5,000 to $2,700,000 for written premium goal of $10m, Recycling program comprised 70% of goal.
- Exceeded renewal retention premium and percentage goals
- Achieved new business goals for specialty programs
- Set service standards that surpassed the expectations of the agency force, resulting in outstanding renewal retention while meeting new business premium goals.
- Implemented innovations in workflow processes and procedures to improve efficiencies and capitalize on strengths of individual team members consisting of both underwriters and raters.
- Establishment and tracking of goals, underwriting guidelines and staff training for the development of new MSC programs.
6-10 years of experience
Responsible for starting a new facility to service the surety credit needs of firm's Commercial Insurance customers with intermittent surety needs. Worked with a staff of 5 analysts and administrative professionals to get this fledgling operation off the ground and develop it into a self-sustaining profitable operation.
- Developed matrices and parameters to properly qualify the customer profile permitted to access and utilize this facility.
- Worked with agents and brokers nationwide who were generally unfamiliar with the surety line of business in order to fulfill customer needs and make the agents feel comfortable that their customers' needs were professionally handled.
- Underwrote and analyzed a wide array of credit obligations both domestic and international in nature.
- Granted sufficient underwriting authority by the firm to efficiently handle most requests on my own.
- Communicated underwriting issues to agents and brokers in order to keep lines of communication open and relationships viable.
- Established and monitored billing and collection procedures to ensure that accounts receivable were realized within company guidelines. Results in this area consistently exceeded these parameters.
6-10 years of experience
Effectively led and managed a professional team of commercial multi-line underwriters and customer service representatives, in order to achieve the strategic operating plan objectives for profit, production and service for the Commercial Programs and Select Customer business segments.
- Established new underwriting and servicing unit dedicated to commercial affinity group business.
- Managed unit with over $100 million in total written premium.
- Created and implemented profit improvement plans for poor performing programs.
- Restored profitability to the commercial program book resulting in a 2005 ROE in excess of 15%.
- Effectively managed the unit through various organizational transitions.
0-5 years of experience
Managed a team of 16 underwriters and two team leads on a FNMA non-performing review project.
- Exceeded client quality expectations with an average monthly score of 98% (Min. Req. 95%).
- Doubled underwriting production from 2 loans per day to 4+ loans per day.
- Developed reports to accurately capture daily, weekly, and monthly production.
- Tracked weekly and monthly quality scores to identify trends utilized for training opportunities.
- Designed training materials and resources to maintain the team's project knowledge levels.
- Acted as the liaison between CoreLogic and the client's credit expert and received several acknowledgements for proactively communicating expectations and process changes to our underwriting team.
0-5 years of experience
Manage a team of 65 professionals that includes Underwriters, Credit Analysts, and Credit Specialists, a AML KYC Manager and KYC Specialists
- Manage production and risk management of a $13B portfolio of loans
- Helped implement a new risk management and spread system called Navigator
- Developed and implemented an improved organizational structure to improve the productivity of the Underwriters
- Redesigned the AML KYC process to improve consistency and accuracy of the information across the country
- Improved processes to allow for a reduction in headcount of more than 10 employees
0-5 years of experience
Managed a team of two to three processors that completed the processing for five company branches
- Implemented the 'round robin' processing format which created a smoother loan process from loan
- Wrote the company guidelines of "Minimum File Needs to Submit a Loan", "Responsibilities of File
- Along with the Vice-President of Administrations introduced new procedures geared to move the company to a 'paperless' system
- Held weekly processor meetings, published a daily processing pipeline report & monitored the status of 80-90 loans
- Encouraged a team attitude with the processors who reported to me
0-5 years of experience
- Built new commercial branch office and implemented various sales strategies covering the Maryland, Virginia, and DC territories
- Achieved $1 Million in revenues within the first full year of starting the office
- Developed and maintained customer relations to increase sales
- Created a successful sales initiative for increase sales volume from key customers by keeping in constant contact with them and becoming their go-to market
- Increased branch revenues by over 20% in a relatively flat market place
- Managed budget for annual profit and revenue forecasting for 3, 6, and 12 month periods
- Performed quarterly, semi-annual, and/or annual financial analysis and underwriting of accounts to ensure each account met minimum credit and financial ratios to support their line of credit
0-5 years of experience
Oversaw the underwriters and support staff for five major insurance carriers focusing on health, life, disability and dental lines of coverage
- Performed quality audits on the associates' production to ensure meeting internal and carrier service level
- Prepared daily, weekly, monthly, quarterly and annual reports for upper management
- Gathered and prepared informative reports for annual carrier and financial audits
- Assisted staff in underwriting functions to ensure meeting monthly goals and objectives
Underwriting Manager Duties and Responsibilities
Lead Underwriting Teams Underwriting managers usually oversee a team of associate-level staff members, assigning them loans or insurance plans to assess and underwrite, ensuring that they understand expectations and delivery timelines, and stepping in to provide support, answer questions, or conduct research on specific or complex applications. Underwriting managers are ultimately responsible for driving profitability within their region or office, so building and leading effective teams are vital.
Assess Financial Risk As part of the underwriting process, underwriting managers assess risk and determine rates based on that risk. They conduct research, using risk assessment and financial modeling software to make high-level decisions about loans or insurance products. Successful underwriting managers have a solid grasp of factors that impact the risk and overall financial objectives of their organizations.
Report to Upper Management Underwriting managers frequently report to upper management, providing information on team performance and specific issues that might arise. They also confer with management and executives to set departmental goals, guidelines, and objectives. They also provide information on certain loans, trends within the department, and
Develop and Implement Procedures In addition to leading teams and conducting risk assessments, underwriting managers also play an important role in developing and enacting policies and procedures within individual, district, and regional offices. They collaborate with team members, finance and human resources departments, and upper management to establish guidelines and best practices.
Conduct Quality Control Finally, many underwriting managers conduct quality control audits and prepare monthly, quarterly, and/or annual reports, examining data and ensuring that personnel followed proper procedures and company guidelines, and properly documented client materials and communications.
Underwriting Manager Skills and Qualifications
Underwriting managers balance team coordination and leadership with financial and risk management acumen. Companies typically hire applicants with at least a bachelor's degree in a related field, along with the following skills:- Personnel management - as team leaders, underwriting managers effectively manage, inspire, and assist associate-level personnel
- Financial analysis - underwriting managers should also have experience conducting financial oversight activities, analyzing financial projections, and assessing risk
- Reviewing loans and insurance products - frequently, underwriting managers review loan and insurance packages prepared for clients, particularly if client applications are complex or special circumstances exist
- Written and verbal communication - successful underwriting managers should be skilled communicators able to convey information to their teams and to upper management
- Process enhancement - ideally, an underwriting manager should also possess the ability to examine and assess internal processes, identifying areas where practices can be improved and enhanced
Underwriting Manager Education and Training
In general, underwriting managers have at least a bachelor's degree in a related field such as actuarial science, business administration, finance, or accounting. An advanced degree can help in this position, so many underwriting managers return to school to complete a master's in business administration. Many underwriting managers begin as underwriters and achieve a record of accomplishments and successful performance of their duties before taking on management duties.
Underwriting Manager Salary and Outlook
While the Bureau of Labor Statistics does not provide information on specific salaries or employment estimates for underwriting managers, both Salary.com and Glassdoor offer similar estimates. Glassdoor estimates that the median annual wage for underwriting managers is $105,059, with the highest earners making more than $140,000 per year. Salary.com reports that the median annual salary is $104,809, with the highest-paid 10 percent making $149,855 per year and the lowest-paid 10 percent earning $75,259.
Helpful Resources
We found many resources on the web if you're interested in learning more about a career as an underwriting manager:
Underwriting Management: Things to Consider Before Accepting the Role of Manager - Underwriting manager Bill Berthiaume explores his career change from underwriter to manager, examining the leadership aspects of the role and providing insights.
First Step of Credit Risk Management: Basics of Credit Underwriting - This book explores the principles and best practices of credit underwriting and risk assessment.
Group Underwriters Association of America - This group provides information, articles, and opportunities to connect with others in the underwriting field.
Credit Risk Assessment: The New Lending System for Borrowers, Lenders, and Investors - This book proposes a return to traditional underwriting and financial risk management following the 2008 financial collapse.
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