Specialty Risk UW
The Special Risks Underwriter is responsible for the evaluation, analysis, pricing and servicing of various warranty offerings using accepted Company procedures, standards and guidelines that have been established for various industries and product categories.
• Understanding of extended warranties (service contracts), GAP and other similar insurance-related programs related to the product grouping to be assigned.
• Having an in-depth knowledge of the products on which assigned warranty programs are being developed and services that are required for product repairs;
• Having knowledge of product service programs and the costs associated with parts and labor for completion of repair services;
• Conducting periodic reviews of existing extended warranty business to ensure that the programs are desirable from an Underwriting viewpoint and providing the required profitability. Reviews and revises pricing and coverage to ensure that the premiums being charged and the reserves are commensurate with the program’s exposure.
• Provides actuarial team with the appropriate information for in-depth rating of those projects defined by Management.
• Reviews Service Terms and Conditions to ensure that the contractual provisions are consistent with those services that have been priced and approved for the requested program.
• Establish guidelines, procedures and rate approval for Special Quotes or Large Programs/National Accounts.
• Discusses new opportunities with Company Sales Representatives and potential/existing clients to understand the risk at hand; suggests additional questions to be posed to potential/existing clients to better define the programs such that Underwriting can design and rate the program according to its risk and customer requirements.
• 3 + Years’ Experience in Special Risk/Warranty
• College degree or extensive experience in the Service and Warranty industry having superior knowledge in Service Contracts.
• Adequate knowledge of Microsoft Office Applications and ability to learn new software programs that are generally used in the process of program Underwriting.
• Having knowledge of SAS or SQL is a plus
• Strong analytical ability and organizational skills
• Willingness to travel 2 days per month