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Hiscox · 9 hours ago

VP, Corix Underwriting

Chicago, IL

Full-time

Hybrid

Senior Level, Lead/Staff

$200K/yr - $250K/yr

8+ years exp

Hiscox is an international specialist insurer, and they are seeking a VP for Corix Underwriting. The role involves developing a high-performing underwriting team, driving profitable growth strategies, and overseeing portfolio management while collaborating across functions to enhance performance and service.

ConsultingFinancial ServicesInsurance

Responsibilities

Develop a strong and high performing team

Participate in the identification and hiring of underwriting talent

Train new Underwriters, and coordinate with others, to establish training to optimize growth and loss ratio performance of the underwriting team

Provide continual coaching and feedback to a team of high-performing Vertically focused Underwriters for the Corix business, and focusing their efforts to achieve growth, service and profitability goals

Develop and establish Vertical Centers of Excellence (COEs), including regular forums and reporting, and ensure COEs are influential in changes to underwriting rules, coverage changes, underwriting guidelines and pricing as related to their Vertical

Retention and Talent Development –desired behaviors to elevated performance, upskill talent as necessary

In coordination with the Corix Leadership Team and colleagues, ensure appropriate metric reporting is in place to assess underwriter’s progress to goals and ensure regular feedback to deliver optimal individual underwriter results

With input from the Corix Leadership Team and CUO, drive underwriting strategy and underwriting guidelines

Execute national plans for the Corix business: execute marketing initiatives, actively develop and manage broker relationships for Corix, individual underwriter and team lead level, drive new business growth activity, and meet/exceed budget expectations

Lead Monthly and Quarterly Business Review efforts for the Corix business

Manage the team and business to key underwriting KPIs, such as quote rates, bind rates, renewal rate change, etc

Manage UW productivity, including working with the Corix Leadership Team to continually drive updates that increase profitable straight through processing

Ensure industry leading responsiveness to trading partners

Obtain senior level underwriting authority, assume responsibility for taking underwriting referrals for the team working closely with Practice Leader and CUO on complex referrals

With input and guidance from actuarial, the CUO and other peers, oversee and be accountable for the Corix business P&L and assumed volatility of the portfolio

Execution of product management strategies with underwriters and brokers to achieve profitable growth. In coordination with the Corix Leadership Team: Act as key lead in identifying and executing profitable expansion opportunities. Deliver rate and book mix in accordance with business plans and actuarial targets. Continually drive to the optimal portfolio make-up by leading changes to underwriting rules, pricing and underwriting guidelines

Develop and deliver a regular underwriting review forum (Underwriting MBR/QBR)

Analyze reports to aid in portfolio underwriting, identify specific growth and loss drivers and make data-driven recommendations for portfolio improvement

Work with Business Development Manager on building and maintaining UW pipelines to feed workflow nationally

Maintain a strategic travel regimen for all UWs and provide quarterly marketing strategy to SVP, Corix and Head of Strategic Integration

Be visible nationally: be known by practice leads, be a visible voice on media, broker presentations, industry conferences, drive marketing and new business development with our brokers

Actively manage renewal workflows nationally and drive favorable outcomes on a proactive basis, deploying standardized tools, to secure maximum retention

Oversee underwriting, pricing and negotiating of accounts to win new business and retain renewals, consistent with Hiscox underwriting guidelines and profitability targets. Engage on specific ‘needle moving’ accounts do secure new and renewal business

Develop new relationships within existing brokers and maintain existing relationships with the national broker base

Provide feedback to insurance innovation, CUO, product, actuarial, claims and marketing on ways to remove barriers to elevated performance or service and to drive increased value to our partners e.g. process tweaks/enhancements, marketing initiatives/results, product upgrades

Qualification

Insurance underwriting experienceSales experiencePortfolio managementProfessional underwriting designationTeam leadershipCustomer service mentalityAnalytical skillsInterpersonal skillsNegotiation skillsCommunication skills

Required

Develop a strong and high performing team

Participate in the identification and hiring of underwriting talent

Train new Underwriters, and coordinate with others, to establish training to optimize growth and loss ratio performance of the underwriting team

Retention and Talent Development –desired behaviors to elevated performance, upskill talent as necessary

In coordination with the Corix Leadership Team and colleagues, ensure appropriate metric reporting is in place to assess underwriter's progress to goals and ensure regular feedback to deliver optimal individual underwriter results

With input from the Corix Leadership Team and CUO, drive underwriting strategy and underwriting guidelines

Lead Monthly and Quarterly Business Review efforts for the Corix business

Manage the team and business to key underwriting KPIs, such as quote rates, bind rates, renewal rate change, etc

Manage UW productivity, including working with the Corix Leadership Team to continually drive updates that increase profitable straight through processing

Ensure industry leading responsiveness to trading partners

Obtain senior level underwriting authority, assume responsibility for taking underwriting referrals for the team working closely with Practice Leader and CUO on complex referrals

With input and guidance from actuarial, the CUO and other peers, oversee and be accountable for the Corix business P&L and assumed volatility of the portfolio

Execution of product management strategies with underwriters and brokers to achieve profitable growth

Act as key lead in identifying and executing profitable expansion opportunities

Deliver rate and book mix in accordance with business plans and actuarial targets

Continually drive to the optimal portfolio make-up by leading changes to underwriting rules, pricing and underwriting guidelines

Develop and deliver a regular underwriting review forum (Underwriting MBR/QBR)

Analyze reports to aid in portfolio underwriting, identify specific growth and loss drivers and make data-driven recommendations for portfolio improvement

Work with Business Development Manager on building and maintaining UW pipelines to feed workflow nationally

Maintain a strategic travel regimen for all UWs and provide quarterly marketing strategy to SVP, Corix and Head of Strategic Integration

Be visible nationally: be known by practice leads, be a visible voice on media, broker presentations, industry conferences, drive marketing and new business development with our brokers

Actively manage renewal workflows nationally and drive favorable outcomes on a proactive basis, deploying standardized tools, to secure maximum retention

Oversee underwriting, pricing and negotiating of accounts to win new business and retain renewals, consistent with Hiscox underwriting guidelines and profitability targets

Engage on specific ‘needle moving' accounts do secure new and renewal business

Develop new relationships within existing brokers and maintain existing relationships with the national broker base

Strong understanding of sales principles, negotiation skills and a demonstrated competitive drive

Strong interpersonal skills and ability to work independently and in a collaborative environment

Innate customer service mentality enabling one to effectively interact with all levels of internal and external customers and partners

The ability to identify business needs and how to meet those needs

Comfort operating in a hybrid environment (mix of work from home, in-office and on-site with brokers)

Comfort with ambiguity

Strong analysis skills

Excellent written and verbal communication skills

20-30% intra-regional and cross-regional travel required; some travel to other national offices required at times

Preferred

Eight or more years of insurance underwriting experience in multiple commercial P&C lines of business, management liability and/or cyber and E&O preferred

5 - 8 years of experience in a team lead role / managing a team of underwriters

Strong wholesale and retail broker relationships, preferred in tech and/or life sciences

B.A./B.S degree in Business, Finance, Economics, Risk Management or a related field is preferred

A professional underwriting designation is preferred e.g. CPCU, RPLU

Benefits

401(k) with competitive company matching

Comprehensive health insurance, vision, dental and FSA plans (medical, limited purpose, and dependent care)

Company paid group term life, short- term disability and long-term disability coverage

24 Paid time off days plus 2 Hiscox days,10 paid holidays plus 1 paid floating holiday, and ability to purchase up to 5 PTO days

Paid parental leave

4-week paid sabbatical after every 5 years of service

Financial Adoption Assistance and Medical Travel Reimbursement Programs

Annual reimbursement up to $600 for health club membership or fees associated with any fitness program

Company paid subscription to Headspace to support employees’ mental health and wellbeing

2024 Gold level recipient of Cigna’s Healthy Workforce Designation for having a best-in-class health and wellness program

Dynamic, creative, and values-driven culture

Modern and open office spaces, complimentary drinks

Spirit of volunteerism, social responsibility, and community involvement, including matching charitable donations for qualifying non-profits via our sister non-profit company, the Hiscox USA Foundation