Responsible for the renewal of existing business and the generation of new accounts. Determines terms and conditions for coverage and rates for program profitability. Provides reports on the underwriting results to senior management. Build relationships with the broker distribution force. Negotiate quotation and ensures policies are issued as bound
- Reviews and analyzes submissions. Examines such documents as application forms and past claims, to determine degree of risk from such known factors as applicant financial standing, age, occupation, accident experience, and value and condition of property. Evaluates unknown factors for liability coverage.
- Identifies and obtains additional information required for proper analysis of risk including cross referencing with other departments. Reviews company (insured) records to determine amount of insurance in force on single risk or group of closely related risks, and evaluates possibility of losses due to catastrophe or excessive insurance.
- Corresponds with other insurance professionals to obtain further information, quote rates, or explain company underwriting policies.
- Assesses exposure and determines rates, terms and conditions of coverage in accordance with guidelines and uses judgement underwriting to evaluate a risk.
- Negotiates terms and conditions with brokers
- Determines whether to accept, modify, or decline risks. Requests reinsurance of policy when risk is high.
- Decreases value of policy when risk is substandard to limit company obligation, and specify applicable endorsements, or apply rating to ensure safe and profitable distribution of risks.
- Develops or modifies policy wording when standard text is not appropriate.
- Binds coverage and initiate issuance of documents
- Signs policy and authorizes transmittal of documents to brokers and markets as required
- Prepares and maintains periodic reports pertinent to the ongoing operation of the department
- Services current accounts
Meet Some of Marsh & McLennan Companies's Employees
Contract Review Specialist
Nancy reviews the contracts her clients either offer or receive from vendors, taking care to monitor the insurance requirements on the provided services.
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