The Travelers Companies, Inc.

Account Executive / Underwriter, Construction Surety

Posted on May 10 Hunt Valley, MD 241 views

Company Summary

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.

Target Openings

1

Job Description Summary

A surety bond underwriter becomes an expert in the financial analysis of contractors, and the contracts they undertake. Surety underwriting is a niche industry. The surety bond guarantees the contractor’s performance, and the underwriter assesses both the financial and the contractual risks that are inherent in the construction industry. We work with high-profile regional and national contractors. Under general supervision, the underwriter is responsible for the production and retention of a profitable book of business within an assigned territory that is consistent with overall Bond and Specialty Insurance/Business Unit strategies and objectives. This role does not manage others.

Primary Job Duties & Responsibilities

General Responsibilities:

  • Financial Analysis/Risk Assessment. Gather and analyze financial and other risk information in order to evaluate the acceptability of business risk. We write bonds that guarantee the performance of multi-million dollar contracts. This requires an ability to analyze both financial and non-financials risks.
  • Marketing & Consultation. Build and maintain relationships with business agents, brokers and senior leaders of medium and large companies. You will have client exposure almost immediately.
  • New business development and retention. Market to, negotiate with, and influence agents and brokers to manage a profitable book of business. This is not a sales position. This is a position for people with strong analytical and writing capabilities who also have marketing-oriented personalities.
  • Underwriting new and renewal business.
  • Consistently achieving strong financial results.
  • Collaborating with BU and region colleagues as well as internal/external business associates.
  • Sales, agency development and management.


Underwriting:

  • Underwrites and assesses risk for small to mid-size renewals and new business items in conjunction with BU strategies.
  • May underwrite larger renewals.
  • Considers different approaches toward risks to maximize profitability.
  • Makes appropriate decisions within own underwriting authority.
  • Underwrites moderately complex-to-complex accounts/risks.
  • Manages the submission and underwriting process for own agency plant, working with more experienced underwriters if outside authority.
  • Can easily articulate whether or not account is within or outside underwriting appetite/strategy, along with the reasons for that determination.
  • Independently sets account strategy, occasionally partners with AEO or MD to set account strategy.
  • May input financials and is able to calculate key ratios and more complex financial metrics, drawing conclusions about the financial health of an account.
  • In addition to, or in lieu of, financials, may review other key metrics; makes decisions regarding pricing, capacity, terms and conditions based on those analyses.
  • Proactively collaborates with regional and Home Office underwriters.
  • Maintains accurate underwriting documentation and information.
  • Meets quality assurance standards.
  • May act as a Region or industry resident expert.


Underwriting Operations:

  • Manages flow of new and renewal business.
  • Agency Management/Relationship:
  • Lead or participate in agency training sessions.
  • May be sought out by broker/agent for his/her expertise regarding industry and local issues.
  • Primary agency or broker relationship is producer / internal broker.


Sales Management/Marketing:

  • Leverages agent/broker relationships to drive new business opportunities via existing relationships as well as where there is no existing relationship; continually prospects for new opportunities.
  • Achieves and/or surpasses agency/broker visibility goals.
  • Acts as a business partner to agents and brokers. Uses strong negotiation skills and deep product knowledge to meet the needs of the account.
  • Develops agency plant sales/business plan. Sales activities should include some of the larger and more important agency/brokers/clients.
  • Participates in, and may lead, underwriting/agency meetings.
  • Actively contributes in Region and/or Business Unit sales meetings.
  • Regularly attends agency/broker events and/or industry functions.
  • Takes the initiative to partner with colleagues in other Bond and Specialty Insurance or Travelers.


Minimum Qualifications

  • A minimum of 2 years of underwriting experience is required.
  • A current/valid drivers license is required.


Education, Work Experience, & Knowledge

  • 3-6 years of underwriting or similar experience preferred.
  • Bachelor degree preferred.


Industry Knowledge:

  • Understands the local insurance marketplace, industry business operations, critical issues and financial drivers that affect the BU, region and local office. Is able to apply that understanding to the sales plan, pricing strategy and underwriting strategy.
  • Continuously seeks out market insight from others and uses acquired knowledge to assist less experienced employees.


Product Knowledge:

  • Knowledge of BU products/coverages and pricing and the linkages to strategy and can easily explain them to others.
  • Understands organizational and regulatory rules, policies and procedures and effectively employs that knowledge in day-to-day work.


Licensing or Certificates

  • A current/valid drivers license is required.


Job Specific Technical Skills & Competencies

  • Able to proficiently use all Bond and Specialty Insurance technology tools.
  • Can negotiate skillfully in routine situations. Able to gain the trust of others quickly.
  • Takes ownership and responsibility for actions and outcomes, performance and results.
  • Can identify current or future problems or opportunities; able to analyze, synthesize and compare information to understand issues; able to identify cause/effect relationships and can explore alternative solutions to support sound decision making.
  • Able to remain energized and focused in the face of ambiguity, change or strenuous demands.
  • Demonstrates effective verbal, written and listening communication skills.
  • Can provide service excellence to internal or external clients.
  • Able to exercise sound judgment, make decisions and commit to a position.
  • Has the ability to work with and include people from different backgrounds, experiences, cultures, races, etc. and views those differences as assets to be leveraged to accomplish business goals and objectives.
  • Can seek out, build, foster and maintain productive relationships, networks or alliances to meet goals and achieve results.
  • Can work with others in situations where a team is mutually responsible to produce a result.
  • Can takes ideas different from own seriously; able to share responsibility and collaborate with others; accepts criticism well.
  • Able to self-reflect on strengths and weaknesses and is willing to improve.
  • Can seek out experiences that may change perspective or provide an opportunity to learn new things.
  • Can act as a role model for employees and keeps a positive attitude.
  • Acts in accordance with stated values; follows through on promises; uses ethical considerations to guide decisions and actions.


Employment Practices

Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.

If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.

Travelers reserves the right to fill this position at a level above or below the level included in this posting.

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