Placement Specialist, Commercial Lines
General Description: Responsible for managing marketing of new and renewal accounts to various insurance companies. Responsible for providing support to Commercial Lines team members as the primary resource for marketing analytics, negotiating carrier coverages and terms, and finalizing the market process. Required to perform essential functions and meet service standards and Best Practices developed by USI. Responsible for building and maintaining carrier relationships through meetings and professional correspondence.
- Works closely with producer and/or Account Managers to understand a client or prospect's needs.
- Serves as a primary resource/technical expert for information concerning market trends, pricing practices and other underwriting policies.
- Expertise in understanding the USI ONE Advantage; Stewardship process; and deliverables identified via the USI OMNI engine. Contribute information and ideas during strategy meetings.
- Responsible for obtaining knowledge of niche markets and their appetite for business by researching, attending market seminars, and active participation in meetings with carrier underwriters and representatives.
- Acts as the primary negotiator in obtaining the most appropriate carrier coverage based upon client need. Ability to work independently on the most complex/important placements.
- Acts as a liaison between producer/client and underwriter.
- Obtains pertinent information from producer and/or account manager needed to complete underwriting questions from carriers.
- Responsible for obtaining a complete submission to all potential markets and selling the client to underwriters.
- Responsible for obtaining comprehensive and competitive quotes from markets, including negotiation of terms, rates, and commission. In some instances, obtaining quotes from carrier requires knowledge of the carrier's online rating system.
- Responsible for completing formal Marketing Summary outlining all pertinent terms, conditions, exclusions, exposures, rates and premiums, including information necessary for compliance with USI standards, and documents requiring client's signature to bind coverage.
- Responsible for binding coverage with underwriters, including revisions to exposures, terms, or rates made between quote date and bind date.
- Responsible for finalizing the marketing process by obtaining binding documents from carriers.
- Resolve issues regarding non-renewals, rating, and terms and conditions when asked for involvement even when accounts not being formally marketed.
- Proper utilization of carrier websites for various items, i.e., necessary forms, applications, rating portals as well as other website such as Reference Connect; MVRs, NCCI, ISO fire rates, as needed.
- Responsible for information to complete Surplus Lines Due Diligence forms.
- Responsible for complete and accurate documentation in agency management system and marketing file of each account handled.
Knowledge, Skills and Abilities:
- Ability to work in a fast paced environment with minimal instruction and a high degree of accuracy.
- Sets priorities and manages work flow to ensure efficient, timely and accurate processing of transactions and other responsibilities.
- Maintain a cordial and effective relationship with clients, co-workers, carriers, vendors and other business contacts. Ability to work in a team environment.
- Keep informed regarding industry information, new product information, legislation, coverages and technology to continuously improve knowledge and performance.
- Interact with others effectively by utilizing good communication skills, cooperating purposefully and providing information and guidance, as needed, to achieve the business goals of the company.
- Minimum of 5 years experience in Commercial Property & Casualty Insurance Agency along with comprehensive understanding of all Property & Casualty insurance coverages, underwriting and rating concepts.
- High School Graduate. College degree preferred, but not required.
- In depth knowledge of agency management system functionality, workflow procedures, underwriting, sales and service processes.
- Must be proficient in Word and Excel
- Must hold state Property & Casualty insurance license or willing to obtain one within an agreed upon timeframe.
- Hold an industry designation such as ARM, CIC, CPCU or expected to further industry knowledge through courses with intent to pursue an industry designation.
- Strong written, oral and interpersonal communication skills.
- Ability to handle difficult behavior and conflict and bring to a timely resolution
- Ability to creatively and proactively problem solve.
- Ability to carry out complex tasks with many concrete and abstract variables.
- Must be able to negotiate
- Strong business acumen
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