Associate Underwriter - Executive Products (Wholesale)

rlicorp; Chicago (IL); On-site; USD 46,000 - 64,000; Full time

Benefits offered by this job

PTO and holidays

Paid volunteer time off (VTO)

Parental and family care leave

Employee stock ownership plan (ESOP)

Job summary

RLI is seeking an Associate Underwriter in Chicago to learn the underwriting process from application to policy issuance under supervision. You will review submissions, analyze financial statements, and prepare quotes for brokers while building relationships with Executive Products Group brokers and agents.

The role focuses on developing underwriting skills, applying analytical methods, and contributing to a collaborative team that serves diverse clients in the private, public, and nonprofit

Qualifications

• Bachelor's degree required; preferred in insurance, risk management, finance, accounting or business.
• 0-3 years of related work experience.

Responsibilities

• Learn the entire underwriting process from start to finish.
• Review submissions to determine viability for quoting.
• Analyze financial statements to assess risk submissions.
• Provide new business quotes to brokers after review.
• Complete underwriting worksheets with financial analysis.
• Handle system entry for submissions and endorsements.
• Support underwriting with analysis of accounts and risk.
• Build relationships with Executive Products Group brokers and agents.
• Participate in underwriting-related continuing education.

Skills

Analytical skills

Communication

Financial statement analysis

Broker relationships

Underwriting processes

Education

Bachelor's degree

Job description

About Us

We're not like other insurance companies. From our specialty products to our business model, our culture to our results - we're different. Different is who we are, and how we work, interact, deliver and succeed together. Creating a different and better insurance experience doesn't just happen. It takes focus and a shared passion for going beyond the expected to forge relationships and deliver care that makes a difference. This approach rises from and is supported by our talented, ethical and smart team of employee owners united around a single purpose: to work alongside our customers and partners when they need us, in unexpected ways, with exceptional results.

RLI is a Glassdoor Best Places to Work company with a strong, successful background. For decades, our financial track record has been stellar - a testament to our culture and validation of our reputation as an excellent underwriting company.

Position Purpose

Our Associate Underwriter will learn the underwriting process from application through policy issuance under frequent supervision. They will learn to interact with internal team members and broker customers to efficiently and accurately manage the underwriting process. They will become proficient in the technical platform and processes involved in underwriting accounts for Executive Products Group. They will utilize judgement to align the aspects of the account to ensure consistency amongst the quote, binder, and policy. They will learn to review submission materials and financial statements to determine risk appropriateness for our underwriting appetite. They will study for and complete insurance examinations and attend any relevant training sessions to complete relevant insurance examinations

Principal Duties & Responsibilities

• Learn the entire underwriting process from start to finish.
• Review incoming submissions to determine viability for quoting.
• Review application and complete analysis of financial statements to determine submission viability.
• Provide new business quotes to brokers, after review with underwriter.
• Complete detailed underwriting worksheet to include financial analysis, business review and underwriting opinion
• Handle underwriting system entry for submission including rating model, selection of policy form and endorsements
• Perform policy review process and approve for policy issuance.
• Analyze, evaluate, accept, decline, rate, quote, and bind new or renewal submissions across private, public, and non-profit sectors with management guidance
• Build relationships between wholesale brokers in the territory
• Assist with special projects or other duties as needed.

Education & Experience

• Requires a bachelor's degree; preferred in insurance, risk management, finance, accounting or business
• 0-3 years of related work experience for consideration

Knowledge, Skills, & Competencies

• Ability to use analytical methods in underwriting processes to find workable solutions.
• Ability to verbally and in writing, communicate findings and recommendations to internal and external contacts on underwriting matters.
• Ability to use software to summarize and analyze underwriting accounts.
• Ability to build marketing relationships Executive Products Group brokers and agents
• Understands, applies, & properly documents nature of operations of the risk for accounts assigned & communicates findings.
• Ability to prepare, review, and complete underwriting analysis of accounts.
• Analytical skills and understanding of submission requirements, model entry, and product appetite.
• Provide timely, courteous and efficient service all internal and external candidates
• Ability to effectively review corporate financial statements
• Participates in underwriting related continuing education, i.e. RPLU courses.

Compensation Overview

The base salary range for the position is listed below. Please note that the base salary is only one component of our robust total rewards package at RLI. The salary offered will take into account a number of factors including, but not limited to, geographic location, experience, scope & responsibilities of the role, qualifications/credentials, talent availability & specialization, as well as business needs. The below range may be modified in the future.

Base Pay Range

$33.70 - $46.32

Total Rewards

At RLI, we're all owners. We hire the best and the brightest employees and allow them to share in the company's success through our Total Rewards. With the Employee Stock Ownership plan at its core, the Total Rewards program includes all compensation, benefits and perks that come with being an RLI employee.

Financial Incentives

• Annual bonus plans
• Employee stock ownership plan (ESOP)
• 401(k) - automatic 3% company contribution
• Annual 401k and ESOP profit-sharing contributions (Up to 15% of eligible earnings)

Work & Life

• Paid time off (PTO) and holidays
• Paid volunteer time off (VTO) to support our communities
• Parental and family care leave
• Flexible & h