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Senior Underwriting Expert, Hanover Specialty Industrial

2 months ago


Worcester, Massachusetts, United States The Hanover Insurance Group Full time

For over 170 years, The Hanover has upheld its commitment to fulfilling promises and being present during critical moments. Our core values are reflected in our daily operations, showcasing our dedication to CARE through our values, ESG initiatives, and IDE journey.

Hanover Specialty Insurance is seeking a talented Underwriter to become part of our expanding team.

Position Overview:

The Underwriter will be accountable for recognizing, soliciting, and underwriting renewal Specialty accounts that promote profitable growth and align with our Industry Segments, appetite, and mix objectives. This role requires advanced technical, sales, and analytical skills to deliver insurance solutions that assist Hanover's clients in managing risk effectively. A comprehensive understanding of Hanover's strategies and appetites is essential, utilizing both internal and external data to make informed individual and portfolio risk decisions. The Underwriter will operate within a broad Letter of Authority for all underwriting decisions with minimal supervision while managing a complex assigned book of business.

Key Responsibilities:

  • Possess a thorough understanding of business strategy, including segments, coverage differentials, and partner/non-partner distinctions.
  • Apply advanced underwriting principles such as risk selection, exposure and hazard identification, coverage implications, and loss analysis.
  • Demonstrate advanced knowledge of pricing components and rating methodologies, correlating pricing to exposure, financial, and competitive analysis.
  • Adhere to CAT guidelines while integrating knowledge of CAT aggregation strategies into decision-making processes.
  • Identify coverage types and gaps typically found in operations, explaining coverages and related exposures to agents to enhance our value proposition.
Portfolio Management & Financial Acumen:
  • Manage an assigned portfolio to meet gross written premium, profitability, rate, retention, industry, and LOB mix goals.
  • Leverage competencies to build long-term, profitable relationships with agencies, internal management, and external resources.
  • Independently construct and execute portfolio business plans through organized workflow and desk management.
  • Analyze key metrics to uncover trends that may lead to new business opportunities while achieving profitable growth.
  • Drive profit improvement initiatives with key agents by utilizing available resources.
  • Collaborate with Specialty departments to learn and share knowledge on cross-sell opportunities for effective portfolio management.
Sales Management:
  • Identify and pursue enhanced sales opportunities to foster growth across various lines of business and customer segments.
  • Utilize our value proposition to improve agency economics, partner conversion, and product specialization.
  • Prioritize effective relationship management and producer activities to build trust and secure commitments for improved yield and retention ratios.
  • Engage with customers at the highest level for complex accounts within the territory.
  • Implement territory business plans independently, monitor performance, and adjust strategies to ensure a robust pipeline for future growth.
  • Provide training and product knowledge transfer to agents to enable effective selling of Hanover products.
  • Identify customer needs, present tailored solutions, handle objections, and close deals efficiently.
Position Requirements:
  • Bachelor's Degree or equivalent experience.
  • 3+ years of Underwriting experience.
  • 3+ years of experience in driving agency relationships resulting in profitable renewal business.
  • Demonstrated proficiency across LOB UW core competencies.
  • Specialization or certification in 1-2 specialty areas may be required.
  • Proficient in identifying, analyzing, and solving problems while managing multiple concurrent projects.
  • Ability to adapt quickly to change and act as a change advocate.
  • Recognized as an informal leader within the team, sharing knowledge and mentoring less experienced underwriters.
  • Strong communication skills to interact confidently with all levels of business partners.
  • Sound judgment and decision-making abilities in underwriting assessments.
  • Foster collaboration and respect among team members, adapting to diverse perspectives.
Career Development:

At The Hanover, we view your role as a career, not just a job. We are dedicated to supporting your growth and success through on-the-job experiences, personalized coaching, and comprehensive learning and development programs.

Benefits:

We offer a wide range of benefits to promote health, financial security, and work-life balance. At The Hanover, you will find the support needed to thrive in your career.

Benefits include:
  • Medical, dental, vision, life, and disability insurance
  • 401K with company match
  • Tuition reimbursement
  • PTO
  • Company-paid holidays
  • Flexible work arrangements
  • Cultural Awareness Day in support of IDE
  • On-site medical/wellness center (specific locations only)
EEO Statement:

The Hanover values diversity and provides equal opportunities for employment and promotion based on experience, training, education, and ability, without regard to race, religion, color, age, sex/gender, sexual orientation, national origin, gender identity, disability, marital status, veteran status, genetic information, ancestry, or any other status protected by law.

As an equal opportunity employer, Hanover does not discriminate against qualified individuals with disabilities. Individuals with disabilities who wish to request reasonable accommodations should reach out to us directly.

Privacy Policy:

To view our privacy policy and online privacy statement, please refer to our website.