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Underwriting Officer
2 weeks ago
Underwriting Officer - Financial Institutions
**Who Are We?**
Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.
**Job Category**
Underwriting
**Target Openings**
1
**What Is the Opportunity?**
We are looking for an Underwriting Officer with substantial Financial Institutions experience to develop, shape and influence the execution of underwriting strategy and standards across all our Management Liability and Financial Institutions products. Working with stakeholders in Europe and the US, on both Company and Syndicate platforms, you be responsible for managing the portfolio and product strategy, coverage and wordings.
Travelers Europe currently offers flexibility to employees who wish to work on a hybrid basis in accordance with our Hybrid Work Arrangements Policy. This entails full time employees working three days a week in the office and two days at home (or pro rata for part-time employees). This policy may be changed at the Company's discretion. **What Will You Do?**
- In conjunction with VP BSI, CUO BSI and Enterprise colleagues in BSI US, establish strategic long and short term underwriting strategies to effectively achieve profit and growth objectives.
- Participate in the establishment of underwriting and product development strategies that reflect market competitive conditions and global BSI appetite.
- Work collaboratively with BSI Practice Leaders in the US to develop underwriting guidance and best practice.
- In conjunction with the relevant business unit leaders ensure the successful implementation of our agreed underwriting strategies.
- Support business unit leaders in strategic business planning activities.
- In conjunction with the relevant business unit leaders, responsibilities include, but are not limited to:
- Monitoring loss ratio and claim trends across all Management Liability and Financial Institutions products and making recommendations for underwriting strategy revisions.
- Monitoring the regulatory and statutory environments in territories where we trade, industry developments & claims trends, and making recommendations for underwriting strategy revisions.
- Overseeing and engaging in the approval, sign-off and development of policy wordings.
- Establishing underwriting and pricing guidelines.
- Ensuring that automation systems and the tools to support Product initiatives are designed & implemented effectively.
- Providing direction & training to underwriters on Management Liability and Financial Institutions features and underwriting/pricing techniques.
- In conjunction with the relevant business unit leaders provide oversight to portfolio management/strategic underwriting decisions to ensure production, financial and underwriting objectives with respect to profitability are achieved.
- Underwriting responsibilities include, but are not limited to:
- Act as key underwriting referral point for Management Liability and Financial Institutions products internally and where underwriting authority has been delegated externally.
- Daily interaction with Development Underwriters on their respective risks, including acting as a referral resource.
- Respond as appropriate to regulatory and legal environment changes.
- Involved with building/maintaining customer and agent relationships.
- Participate in, prepare reports and present at Collaborative Underwriting Reviews (CUREs) and Portfolio Reviews.
- Participate in underwriting audits and in conjunction with the business unit leaders, is responsible for monitoring trends and ensuring that resultant action plans/measures are implemented.
- Participate in reviewing training needs and creating and delivering training to Development Underwriters.
- Other duties as assigned
- Perform other duties as assigned.
- Bachelors degree or higher education level preferred.
- Underwriting experience across classes of business and lines of business.
- Clearly demonstrates specific knowledge of Management Liability and Financial Institutions products available in the UK relating to underwriting, marketing and product development.
- Good degree of relationships within the UK Management Liability and Financial Institutions broking communities.
- Recognises opportunities to exploit and penetrate new markets.
- Takes advantage of all critical opportunities to increase market share.
- Identifies customers needs and takes appropriate underwriting action to meet those needs.
- Acts with a sense of urgency.
- Takes intelligent risks.
- Has strong knowledge of competitive market conditions.
- Works effectively with all levels and can easily build new relationships.
- Strong understanding of business objectives to drive bottom line resu