Position Summary
The Benefits Underwriter is responsible for quoting, rating and issuance of new business, quotes, renewals, and endorsements. The role will work closely with Specialty Sales, Claims and Operations, Finance, Legal, Risk and Compliance to help achieve strategic initiatives, which will assure the long-term growth of profits for Health.
What will your job entail?
Job Responsibilities:
• Case underwriting of Health coverage for both renewals and new business (manual rating and experience rating)
• Analyze, select, evaluate price risks, articulate underwriting analyses and identify corrective actions, if any, to sales team and broker contacts.
• Deliver timely and accurate quotes/binder by determining premiums and calculate premiums based on the level of risk and the type of coverage requested.
• Evaluate the risk associated with insuring applicants using underwriting software and guidelines.
• Achieve new business premium targets, premium retention targets and loss ratio targets for assigned territory.
• Servicing of assigned accounts and brokers, in conjunction with other Underwriting and Sales team members within assigned territory.
• Prepare (where applicable) review and approval of case referrals.
• Analyzing applicant information by reviewing medical histories, financial data, and other relevant information
• Work closely with other functional areas: Claims; Actuarial; Operations; Finance; Legal and Compliance.
• Liaise with internal stakeholders to ensure awareness of underwriting activities that require support and service.
• Adherence to all internal and external compliance standards, including implementation of new standards.
• Assist in achieving overall Ryan Specialty goal in collaboration with Distribution. Work closely and share responsibility for overall revenue goal through new business and retention targets.
• Engage in ongoing education to stay current with industry trends, regulations, and best practices.
• Quarterly self-audit process to assure 100% and timely compliance and take necessary actions on audit recommendations and findings.
• Training to ensure compliance to underwriting authority and sales practice.
• Strategize with other members of assigned territory team to identify target market segments and to develop broker distribution relationships.
Work Experience and Education:
• Bachelor's degree in fields such as business, finance, economics, or a related field.
• 5 years of Health Insurance Underwriting or 3 years of experience with a master's degree.
Licenses & Certifications:
• State Accident and Health Insurance license a plus.
• Charter Healthcare Consultant (ChHC) or Registered Health Underwriter (RHU) is plus.
How We Support Our Teammates
Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them - and their family members - achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.
The target salary range for this position is $89,600.00 - $112,000.00 annually.
The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.
The above is intended to describe this job's general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
