Job Description

UNDERWRITING SPECIALIST- FINANCIAL INSTITUTIONS - D&O, E&O, CRIME, FIDELITY, CYBER

If you're looking for an employer who provides a great place to work and opportunities to grow . . . we can show you more.

As a market leader with over 100 years of experience and an “A” rating for financial strength, we understand the multitude of challenges and unique exposures of the financial industry. CNA’s unparalleled service, expertise and comprehensive products are designed to meet the Financial Institutions industry specialty insurance and P&C needs. We provide full-service enterprise risk management solutions, with our underwriters (Specialty & PC teams), claim professionals and risk control consultants working together for the needs of the customers.

This position will focus on Specialty Lines for Financial Institutions including: Management Liability (D&O), Professional Liability (E&O), Crime/Fidelity Bond, Cyber Liability.

Financial Institutions are comprised of both Public and Private Institutions: Banks/Lending Institutions including Credit Unions, Regional Banks and Community Banks; Asset Managers including Private Equity/Venture Capital, Real Estate Funds & REITs, investment advisors, mutual funds, hedge funds; Insurance Companies including Life and property & casualty companies; Life Agents/Registered Representatives – insurance company or broker/dealer sponsored field forces

POSITION SUMMARY

The Underwriter is responsible for using technical, sales and analytical skills to provide insurance solutions that help CNA’s customers manage risk. The Underwriter will have a thorough understanding of CNA’s strategies and appetites and will use internal and external data to make appropriate individual and portfolio risk decisions.

The Underwriter is responsible for the profitable growth of an assigned book of business, utilizing underwriting policies and guidelines, rating manual rules and insurance laws and regulations. The open position is located in our Chicago Office reporting to the AVP FI Territory Leader and is responsible for a Financial Institutions book of business.

ESSENTIAL DUTIES AND RESPONSIBILITIES INCLUDE THE FOLLOWING. OTHER DUTIES MAY BE ASSIGNED.

1. UNDERWRITING EXPERTISE

• Reviews applications and financial requirements to determine acceptability of risk in accordance with CNA’s guidelines and standards
• Understands pricing components and rating methodology as well as use of the predictive modeling tools; prices risk based on financial and competitive analysis
• Uses all appropriate underwriting tools (e.g., RST, BPMT, Merlin, etc.), disciplines and knowledge of strategies to ensure underwriting guidelines are followed
• Demonstrates technical underwriting skills through strategic, thorough account reviews and file documentation
• Prepares or analyzes information on adverse underwriting decisions, rate appeals, underwriting requirements, status and declinations in order to drive results within the assigned territory
• Adheres to CAT guidelines and underwriting discipline to minimize exposure and appropriately price
• Keeps current on state/territory issues, regulations and trends

2. PORTFOLIO MANAGEMENT

• Manages assigned portfolio to achieve gross written premium, profitability, rate, retention, product mix, new business and portfolio management goals
• Prioritizes time and resources to effectively manage and optimize producer performance
• Operates with an Enterprise perspective to identify cross sell opportunities and create growth within other lines of business and customer segments
• Demonstrates in-depth knowledge of CNA’s products and appetite while clearly communicating CNA’s position at the point of sale

3. SALES & DISTRIBUTION MANAGEMENT

• Builds/maintains rigorous sales practices using all CNA systems including SalesForce.com and other sales tools and disciplines
• Develops producer relationships to build pipeline, agency intelligence, and drives performance to meet and exceed results
• Develops and implements distributor specific plans, monitors performance, and adjusts plan to ensure a substantial pipeline for future profitable growth
• Drives effective relationship management and customer activities to build trust, facilitate negotiation and secure commitment with the customer
• Proactively identifies cross-sell opportunities and partners with other underwriters to deliver comprehensive insurance solutions for the customer

Driven by our commitment to our customers, CNA’s winning behaviors (externally focused, accountable, collaborative, innovative, and continuously learning) distinguish us from our competitors. CNA employees exemplify these behaviors in all responsibilities and interactions. 

KNOWLEDGE, SKILLS AND ABILITIES

• Knowledge of underwriting processes, coverages, and tools to gather and evaluate information in order to reach appropriate decisions on renewals and new business
• Ability to effectively interact and communicate with all levels of external and/or internal business partners within scope of responsibility, team and/or matrix environment
• Ability to uncover customer needs, position specific solutions, handle objections and close deals
• Ability to exercise judgment, negotiate and make sound business decisions effectively based on level of authority
• Strong ability to identify, analyze and solve problems as well as the ability to learn rapidly, adapt quickly to change, exercise influence, and manage and prioritize multiple concurrent projects

Company Description

Since 1897, when CNA entered the insurance market, we’ve been there for our customers and evolved to meet the needs of our times. Today, we focus on what we do best — providing insurance solutions for businesses and professionals in the U.S., Canada, Europe and Asia, complemented by our broad range of products and world-class Risk Control and Claim customer services. #WeAreCNA