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Legacy Services Underwriter Ii

3 months ago


Schaumburg, United States Zurich Insurance Company Ltd. Full time

The Legacy Services Unit (LSU) at Zurich Insurance is dedicated to managing and servicing inactive insurance accounts. Our primary focus is on ensuring that these accounts are maintained with the highest level of accuracy and compliance, even after they become inactive. This involves calculating and adjusting collateral requirements, completion of program amendments, addressing any service needs, and mitigating potential risks associated with these accounts. Our team of underwriters work diligently to ensure that all regulatory guidelines are met and that our clients continue to receive exceptional service and support.

This underwriting position does not involve market-facing activities or production responsibilities.

This job description outlines the responsibilities and qualifications necessary for the position of LSU Underwriter:
1. Collateral Calculation:

- Assess and calculate collateral requirements for inactive accounts in accordance with company policies and regulatory guidelines.
- Monitor collateral balances and ensure that adjustments are made as necessary to mitigate risk.

2. Account Servicing:

- Address and resolve service needs for inactive accounts, ensuring a high level of customer satisfaction.
- Manage communications with policyholders, brokers, and other stakeholders regarding inactive accounts.
- Coordinate with internal departments to address any issues or discrepancies related to inactive accounts.

4. Documentation and Reporting:

- Maintain accurate and up-to-date records of all underwriting decisions and account servicing activities.
- Prepare regular reports on the status of inactive accounts and collateral levels for management.

5. Compliance:

- Ensure all underwriting activities comply with internal policies, industry standards, and regulatory requirements.
- Stay informed about changes in regulations and industry practices that may impact the underwriting process.

6. Collaboration:

- Work closely with other team members and departments to ensure a cohesive approach to managing inactive accounts.
- Work with field underwriting team to develop pipeline for win-back opportunities
- Provide support and guidance to junior underwriters and other team members as needed.

7. Revenue:

- Assist in generating fee income without being directly involved in producing new or renewal business.

Basic Qualifications:

- High School Diploma or Equivalent and 3 or more years of experience in the Underwriting or Market Facing area
OR
- High School Diploma or Equivalent and 6 or more years of experience in the Claims or Underwriting Support area
OR
- Zurich Certified Insurance Apprentice including an Associate Degree and 1 or more years of experience in the Underwriting or Market Facing area
OR
- Zurich Certified Insurance Apprentice including an Associate Degree and 4 or more years of experience in the Claims or Underwriting Support area
AND
- Knowledge of line/s of business and the legal and regulatory guidelines
- Knowledge of time restraints for quotes on new and renewal business
- Experience with Microsoft Office

Preferred Qualifications:

- Bachelor’s Degree
- 3 or more years of Underwriting experience in Middle Market or larger.
- Ability to effectively assess risk
- Strong negotiation skills
- Superior skills in relationship building, active listening, needs analysis, and win-win negotiating
- Possess knowledge of time restraints for quotes on new and renewal business
- Excellent oral and written communication skills
- Strong knowledge of underwriting philosophy, techniques, national/local filing regulations and guidelines
- Demonstrated technical knowledge and skills reflective of progression of positions of increasing responsibility
- CPCU and ARM a plus

Now is the time to move forward and make a difference. At Zurich, we want you to share your unique perspectives, experiences and ideas so we can grow and drive sustainable change together. As part of a leading global organization, Zurich North America has over 150 years of experience managing risk and supporting resilience. Today, Zurich North America is a leading provider of commercial property-casualty insurance solutions and a wide range of risk management products and services for businesses and individuals. We serve more than 25 industries, from agriculture to technology, and we insure 90% of the Fortune 500®. Our growth strategy is not limited to our business. As an employer, we strive to provide ongoing career development opportunities, and we foster an environment where voices are diverse, behaviors are inclusive, actions drive equity, and our people feel a sense of belonging. Be a part of the next evolution of the insurance industry. Join us in building a brighter future for our colleagues, our customers and the communities we serve. Zurich maintains a comprehensive employee benefits package for employees as well as eligible dependents and competitive compensation. Please click here to learn more.

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