Commercial Underwriter Small Business (SME UW)
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Job ID : 5887
Category : Commercial Insurance
Brand : Economical
Regular/Temporary : Regular
Fulltime/Parttime : Full Time
Location : Waterloo, Canada
LOVE WHAT YOU DO
Economical is part of Definity, which includes some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. With strong roots that date back to 1871, Definity has grown to become a digital leader in the insurance industry. We’re proud to help our clients and communities adapt and thrive in a world of constant change.
Our promise to you: It’s better here. Why? Because we CARE, and we provide an employee experience that’s collaborative, ambitious, rewarding, and empowering.
Our ambition is to be one of Canada’s leading and most innovative P&C insurers. Come be a part of our journey, and love what you do.
Starting in September, Definity employees move to a hybrid work model so we can collaborate, build mentoring relationships, and solve complex or cross-functional business opportunities together. Our teams work in whichever environment best supports what they’re working on and who they’re working with. We’re actively reinventing our offices as welcoming workspaces that optimize collaboration and empower leaders to use our space to strengthen team dynamics. Our tools and processes seamlessly connect employees from multiple locations, and our culture encourages respectful engagement and flexibility. Leaders work with their teams to determine the right balance of on-site and remote work that best meets the needs of their team, cross-functional engagement, responsibilities and timelines, plus those of our customers, our broker partners, and the company culture.
What you’ll be doing
- Ensure underwriting efficiency and effectiveness
- Assesses risks and accepts, declines, or amends new business submissions, policy endorsements, renewals, etc.
- Understands and aligns decision making to Economical's Line of Business and segmentation strategies
- With some guidance, develops solutions to achieve profitable growth targets
- Underwrite insurable risks from new business segments such as Light Manufacturing, Warehousing, Wholesale and expanded eligible risks in commercial services, Retail, Restaurants, Reality, Contractors etc….
- Leverages tools, resources and reports to appropriately evaluate risks and make effective Underwriting decisions
- Applies Underwriting judgment and relies on the guidance of senior staff and his/her Team Leader to process moderately complex risks effectively in accordance with Economical's corporate policies, Underwriting guidelines, standard operating procedures, and Line of Business and segmentation strategies
- Knows how and when to leverage Underwriting Technicians and when to refer or escalate specific transactions/issues to more senior Underwriting stakeholders, as required
- Reviews Claims activity and takes appropriate action within his/her Underwriting authority level, as required
- Customer Experience
- Contacts Brokers, where required, to request additional information, communicate risk acceptances and terms, declines as well as quote follow ups (where applicable) to achieve target hit ratios - Provides exceptional service to Brokers for all interactions, and seeks to add value in every Broker interaction
- Acts as a point of contact for inquiries related to Commercial Property Insurance
- Routes/escalates Broker inquiries to alternative points of contact within Economical to enable effective and prompt resolution of inquiries, where appropriate
- System Expertise
- Effectively manages multiple transactions within the policy case management system, leveraging system functionalities to appropriately route and document processing of transactions
- Demonstrates deep understanding of the policy administration systems and quoting systems and how functionalities can be used to best respond to Broker inquiries and needs, and completes all the required documentation in the system
- Applies knowledge of document management to access most up-to-date materials, guides and/or tools
What you bring
- Insurance knowledge with awareness on risk and at least two years of experience in Commercial Lines underwriting
- Excellent communication and people skills strong motivational skills and problem-solving skills. Attentive listener with the ability to anticipate and understand the customer's needs. Successfully maneuvers difficult conversations with ease while exercising empathy, patience, professionalism and the use of positive language.
We also take potential into consideration. If you don’t have this exact experience, but you know you have what it takes, be sure to give us more insight through your application and cover letter.
Go ahead and expect a lot — you deserve it, and we’ve got it:
- Hybrid work schedule for most roles
- Company share ownership program
- Pension and savings programs, with company-matched RRSP contributions
- Paid volunteer days and company matching on charitable donations
- Educational resources, tuition assistance, and paid time off to study for exams
- Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, access to programs for working parents
- Wellness and recognition programs
- Discounts on products and services
Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know by contacting: [email protected]
This role requires successful clearance of a background check (including criminal checks and leadership references).