Life Sciences Underwriting Executive - Medmarc

An exciting opportunity exists to join the ProAssurance family of companies!

Our mission is powerful and simple: We protect others. Choosing a place to apply your talents is an important decision for anyone. You have plenty of options. Why choose ProAssurance?

At ProAssurance, we sell a pledge, and that pledge is delivered by our team members. We are seeking individuals who value integrity, leadership, relationships, and enthusiasm—and want to build their career with a great company where they can be their authentic self and feel valued, recognized, and rewarded for their contributions. ProAssurance specializes in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. We are an industry-leading specialty insurer operating in all 50 states, with in-office, hybrid, and remote job opportunities around the country.

This position supports our life sciences line of business, Medmarc, and can be fully remote. Candidates should be located near a major airport in order to meet the business needs of the position. Preference is for this position to be based on the East Coast - Philadelphia, New York and Boston are strongly preferred; however, we will consider qualified candidates located in the CST time zone.

For full consideration, candidates should have life sciences underwriting experience.

Job Summary:

The Life Sciences Underwriting Executive develops and builds broker relationships with national and regional life sciences brokerages to write profitable new business and retain existing policyholders in the assigned territory. The underwriter’s focus will be on the Department’s largest and most complicated accounts, both as a primary underwriter and a referral source for the Department’s junior team members. The Life Sciences Underwriting Executive follows the underwriting authority granted by the Chief Underwriting Officer. He or she will solicit, examine, accept, and decline insurance risks based on underwriting guidelines in all market segments of the program, including clinical trials, distributors, and manufacturers of medical devices and pharmaceuticals. He or she will classify and price acceptable accounts to meet underwriting profit goals and expense objectives; grow a new business pipeline in the assigned territory; and monitor, analyze, and report on the quantity and quality of the territory’s book of business. The underwriter will develop and manage a business plan for the territory book of business that is in line with the Department’s overall profit and growth objectives. This underwriter displays the attributes of a subject matter expert, both in insurance coverage and life sciences matters, to provide technical expertise and guidance to brokers, insureds, and internal audiences. Additional responsibilities include providing coverage and sales training/mentoring for junior team members; conducting policy language analysis, comparison, and review; and providing coverage consultation to internal and external audiences.

Essential Duties and Responsibilities:

• 35% - Underwrite new and renewal submissions to assess insurability. Create terms and conditions for each applicant based on underwriting guidelines, program rates, and coverage forms. Compare year-over-year risk profiles and loss information and take necessary steps to ensure each risk is classified and priced appropriately.
• 30% - Support the Company’s efforts to grow its business profitably, including by developing a robust new-business pipeline with national brokerages that specialize in life sciences risks and by soliciting, writing, and retaining “target” accounts. Arrange and conduct meetings with brokers and insureds/prospects to discuss terms and conditions, exposures, claims, and related concerns. Focus on capturing and retaining accounts more than $100 million in annual sales.
• 15% - Exercise underwriting authority to review and approve proposed quotations for underwriters who have less authority. Coach underwriters on risk analysis for more hazardous exposures and accounts.
• 10% - Work with Claims and Risk Management colleagues to establish terms and conditions on accounts with claims activity/history or accounts with significant exposure to loss.

Secondary Responsibilities:

• 5% - Analyze key competitor forms and maintain selling points.
• 5% - Display leadership qualities by providing coaching and mentoring to less experienced underwriters in support of their individual development plans.

Qualifications:

• Bachelor’s degree required with a preference for study in Insurance, Business Administration, or a Life/Biological Sciences-related field.
• Minimum of 7-10 years’ experience in a casualty insurance environment; prior life science products liability underwriting experience preferred.
• CPCU, AIC, or ARM highly desired.
• Proven self-starter with strong multi-tasking and relationship management skills.
• Superior negotiation, marketing, and sales skills.
• Able to make sound decisions and devise appropriate solutions.
• Able to review the work of others, provide feedback, and approve other underwriters’ quotations.
• Strong negotiating skills.
• Excellent listening, speaking, writing, and presentation skills.
• Ability to process information logically.
• Meets work deadlines and has excellent desk management skills.
• Solid knowledge of rating and documentation management and workflow systems.
• Able to create, build, and develop superior relationships with brokerages.
• Able to create, build, and develop superior relationships with internal colleagues in different departments within the organization.
• Proficient in Microsoft Office Suite.
• Up to 20% travel.

#LI-Remote

We are committed to providing a dynamic and inclusive environment where everyone can do their best work and grow personally and professionally.

For that reason, we partner with The Predictive Index (PI) – an organization equally committed to improving the working lives of people, to help us hire the best talent by providing additional insight about one’s work style. 

The position you applied to requires completion of two assessments prior to being scheduled to interview with a hiring manager. Completion of the assessments is not required in order for your application to be reviewed and to speak with a Talent Acquisition team member. These assessments are Behavioral and Cognitive (internal candidates will only receive the Behavioral assessment), and each assessment takes less than 12 minutes to complete.

After submitting your application, you will receive two emails from The Predictive Index inviting you to complete each of these assessments (please check your SPAM or Junk email folder if you do not see these emails in your inbox).

Position Salary Range$96,465.00 - $159,184.00The salary range displayed represents the entirety of the pay grade for this position. Most candidates will start in the bottom half of the range. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have, your location and comparison to other team members already in this role.

Build your career with us and enjoy access to a best-in-class benefits program.