Underwriting Analyst

Company
Munich Re America
Location
Princeton , United States

Underwriting Analyst

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that.

The Company

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. By aligning our single risk business in one unified team we better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.

The Opportunity

With this opportunity, your primary responsibility will be to assist our MR F&C Corporate Property underwriters. You will be responsible for delivering timely and accurate risk clearance, account setup, rating and policy issuance. You will assist in the transition to new systems including testing and training. Duties will include reviewing and handling submission requests: processing new and renewal business through the Company’s insurance and reinsurance systems; researching risks for prior coverage and losses; collecting and reconciling submission data and run rating and pricing models; entering quotes in quoting and rating systems and accurately updating insurance and reinsurance systems; completing all required aspects of policy, certificate, endorsement functions such as binding, issuance and service requirements. In this role you will communicate with brokers/agencies, customers and internal departments.

Key Responsibilities of this position include:

• Review and organize the submission or specification for new and renewal business and endorsements within the time standard and business hours set out by the department.
• Provide internal processing and research support on complex submissions. Provide Underwriters with required reports and analysis.
• Review the limits, deductibles and input terms and conditions into global and local systems.
• Clear submissions for single risk and facultative certificate in the appropriate Munich global system.
• Request information and follow up for any missing information using email.
• Prepare submissions for entry into the underwriting systems for rating purposes.
• Set up folders electronically for submissions, new and renewal business, and endorsements. Clear any incoming mail/emails in the underwriting system, match up with appropriate file(s).
• Perform quality control of system entries to ensure accurate financials and mitigate any resulting financial impacts; maximize the integrity, quality and usability of information which will minimize discrepancies encountered by local and global data consumers.
• Work with Underwriters, internal departments and clients to ensure all assumptions are properly included.
• Run basic rating and pricing models.
• Complete insurance single risk, reinsurance facultative certificate pricing and data analysis with minimal supervision.
• Independently handle endorsements, resolve claims and accounting issues:
  • Processing of Certificates and Endorsements for both our Direct and Broker clients.
  • Clear accounting discrepancies and assist claims with any information they may require.
• Recommend process improvements, tool enhancements, testing of system and process changes.
• Participate on global or local projects as assigned.

Qualifications:

• College degree with emphasis on insurance, business or accounting preferred.
• 4+ years insurance or reinsurance company experience with emphasis on analytic functions in underwriting, accounting or 2+ years experience as an Underwriting Analyst.
• Working knowledge of pricing models, insurance policies and reinsurance contracts for property/casualty (or otherwise agreed) lines of business.
• Basic knowledge of primary and/or reinsurance underwriting process and coverage.
• Good interpersonal, verbal and written communication skills.
• Understanding of global and local systems, applications and reports; how the data flows through, how to read and interpret policies, binders and contracts.
• Excellent customer service skills with successful ability to take ownership of and resolve issues
• Detail oriented and results-driven
• Intermediate to expert level computer skills – Microsoft Excel, Word, PowerPoint, SharePoint, and Outlook
• Ability to Travel – Princeton / New York.

The ideal candidate:

• Has a proactive and passionate service approach with ability to take ownership and drive issues to resolution.
• Is highly adaptive and able to work effectively in ambiguous and changing environments
• Is able to work quickly and with minimal direct oversight
• Demonstrates the ability to manage competing priorities within a team first, solutions oriented culture

At Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

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